Explore the intricacies of Section 263 under the Income Tax Act with the Supreme Court’s perspective in Commissioner Of Income-Tax vs. Max India Limited (2007) 295 ITR 282. The retrospective amendment in 2005, addressing the complexities of Section 80HHC, does not trigger Section 263. The court emphasizes the existence of two plausible views on ‘profits’ at the time of the Commissioner’s order in 1997. Uncover the nuanced interpretation of ‘prejudicial to the interests of the revenue’ and the significance of the 2005 amendment in this insightful judgment.
The Central Board of Direct taxes have extended the last date of filing of income tax /fringe benefit tax returns due by 31st October 2007 as follows:- For electronic returns (companies, and firms requiring tax audit u/s 44AB) to 15th November 2007; and For paper returns (other than those required to file electronic returns) to 2nd November 2007. It is further clarified that the dates for obtaining tax audit report under section 44AB of the Income Tax Act have also been extended accordingly.
Provided that a mutual fund may engage in short selling of securities in accordance with the framework relating to short selling and securities lending and borrowing specified by the Board
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following further addition with immediate effect at the end of Paragraph 2 of Notification No. 38(RE-2007)/2004-2009, dated 15.10.2007 (pertaining to prohibition on export of non-basmati rice).
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
The anti-dumping duty imposed under this notification shall be levied with effect from the date of imposition of the provisional anti-dumping duty, that is, the 28th March, 2007.
The approved organization shall maintain a separate statement of donations received and amounts applied for scientific research and a copy of such statement duly certified by the auditor shall accompany the report of audit referred to above.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009 and Paragraph 1.1 of the Handbook of Procedures (Vol.I), the Director General of Foreign Trade hereby makes the following additions in the Schedule of DEPB Rates (as amended from time to time) with immediate effect.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following amendments inthe Handbook of Procedures.
Representations have now been received on the difficulties in operation of this provision and accordingly the trade bodies /Associations have requested to provide more flexibility to the exporters so as to enable them to destroy such imported material after payment of applicable customs duty and interest in the event of non-fulfilment of export obligation.
