In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with paragraph 1.3 of the Foreign Trade Policy, 2004-2009, as amended from time to time, the Central Government hereby makes the following additions with immediate effect at the end of Paragraph 3 Notification No. 45 (RE-2006)/2004-2009 dated 09.02.2007 (as amended by Notification No. 03 (RE-2007)/2004-2009 dated 01.05.2007).
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 read with Paragraph 1.3 of the Foreign Trade Policy(FTP), 2004-2009, as amended, the Central Government hereby makes the following amendments with immediate effect in FTP, 2004-2009 (Updated as on 19.04.2007).
Commissioner of Income-tax v. K. Chinnathamban – Section 69A of the Income-tax Act, 1961 – Unexplained money – Firm ‘V’, allegedly floated for carrying on business of prize tickets and for collecting deposits from public, was managed by one ‘K’ – During search certain amount was seized – Assessing Officer on basis of statements given by ‘K’ concluded that firm was not genuine and observing that ‘K’ was not in position to explain source of deposit of seized amount, treated said amount as undisclosed income of persons (assessees) in whose name deposit appeared in various banks –
starting from April 1, 2008, the deductors of TDS are not required to give TDS certificates to the recipients of income or payment in respect of which tax has been deducted. It is one thing to abolish the requirement to attach TDS certificates with the returns filed by the taxpayers but quite another to abolish the very requirement of furnishing TDS certificates to the recipients of income because it can cause considerable inconvenience to them.
In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act 1961 (43 of 1961) the Central Board of Direct Taxes hereby makes the following amendments to the notification of the Government of India Ministry of Finance Department of Revenue.
The Companies Act, 1956 requires every company registered under the Act to file various returns and forms with the Registrar of Companies (RoC), from time to time.Irrespective of the size and type of a company — private or public, listed or unlisted, profit- or loss-making — it has to file a minimum of two returns every year with the RoC — annual accounts and annual return.
The assessee’s contention that above income is to be assessed under the head other sources as he is not owner of the premises, is well taken and is required to be accepted. There is no question of estimating annual letting value of the property. It is to be assessed as per agreement between the parties under the head other sources. The Revenue authorities were not justified in assessing rental income under the head house property. On facts of the case, we direct the AO to take assessee’s rental income under the head other sources. The assessee would also be entitled to consequential relieves under the law. This ground of appeal of the assessee is accepted.
In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby announces the All Industry Rate of Drawback of Rs. 1160/- per MT for both HSD and Furnace Oil, supplied by Domestic Oil Companies under various Schemes as contained in Chapters 4,6 and 8 of the Foreign Trade Policy, with immediate effect and until further orders.
The principal notification number 14/2002-Customs (N.T.), dated the 7th March, 2002 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i), dated the 7th March, 2002 vide number G.S.R. 170 (E) and last amended vide notification No. 03/2004-Customs (N.T.), dated, the 5th January, 2004, published in the Gazette of India Extraordinary, Part II, Section 3, Sub-Section (i), dated, the 5th January, 2004, vide number.
In exercise of the powers conferred by clause (aa) of sub-section (1) read with sub-section (2) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.12/97-Customs (N.T.), dated the 2nd April, 1997, namely.
