"20 August 2007" Archive

Policy Circular No. 05 (RE-2007)/2004-2009, Dated: 20.08.2007

Policy Circular No. 05 (RE-2007)/2004-2009 20/08/2007

The total quantity of import of marble mentioned in Para 2 (III) of Policy Circular No.01 (RE-07)/2004-2009) dated 26.7.2007 shall be amended to read as 1.4 lakh MT for the year 2007-08. This quantity does not include the unallocated quota of the previous year, i.e. 2006-07....

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Further Extention of ITR dates in Bihar till 15 September 2007

01/01/1970

The Central Board of Direct Taxes have further extended the last date of filing of income tax returns due by 31 July 2007 to 15 September 2007 in the state of Bihar in view of the continued disruption caused by floods in the state....

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Posted Under: DGFT |

Revised guidelines for issue of PAN to Indians abroad

Minister of State for Finance Shri S.S. Palanimanicham affirmed in the Lok Sabha that the income tax department has issued revised guidelines for allotment of Permanent Account Number (PAN) to Indians living abroad, foreign citizen or a company, trust or firm not having an office in India. The requirement of having a representative assess...

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Posted Under: DGFT |

Instruction regarding utilization of info. in AIRs

7/2007 16/08/2006

It has also been brought to notice of the Board that in some cases, the address of transacting parties given in AIRs is not complete. Sub-para (f) of para 10 of above-mentioned instruction outlines the procedure to be followed in case the assessee is not traceable. It may be because of incomplete address or change in address. All efforts ...

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Invocation of powers u/s 263 of the Income Tax Act, 1961

Sec.263 is the revisionary power of Commissioner which is to be invoked where the order of A.O. is erroneous and prejudicial to the interest of revenue but all errors and loss of revenue don't allow for invocation of Sec.263 but in circumstances as discussed above. In case there are two views on an issue and A.O. takes one of the views le...

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Posted Under: DGFT |

Govt to scrap cost audit in select sectors

The government is set to exempt a host of industries in the manufacturing sector from mandatory cost audits. The sensitive operational details of industries that are set to go off the government's penetrating gaze include synthetic textiles, engineering, power transmission and distribution, chemicals, cosmetics, all electronic products an...

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Posted Under: DGFT |

Cessation of liability is not income from export & not eligible for deduction u/s. 80HHC

Monte International Vs Commissioner of Income-tax, Ludhiana (Punjab and Hariyana High Court)

In the present case during the course of assessment proceedings it was noticed that there were credit balance in the names of two parties amounting to Rs.3,52,581/- appearing in the books of account of the assessee. On being asked to verify the same, the assessee agreed to surrender it. The said cessation of liability could not be treated...

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