For the purposes of this notification, “rate of exchange” applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by sub-clause (i) of clause (a) of sub-section (3) of section 14 of the Customs Act, 1962 (52 of 1962), and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.
Learn about Indian citizenship norms, including domicile requirements, rights under the Constitution, and provisions for persons of Indian origin abroad
Sub-section (2) of Section 254 of the Income-Tax Act,providing for rectification of orders by the Income Tax Appellate Tribunal (ITAT), reads thus: “The Appellate Tribunal may, at any time within four years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any order passed by it under sub-section (1), and shall make such amendment if the mistake is brought to its notice by the assessee or the assessing officer.
Under the Act, if an order is made by an Assessing Officer other than the one entitled to exercise jurisdiction, it may account merely to irregular exercise or assumption of jurisdiction. Under section 124 of the Income-tax Act, 1961, where the Assessing Officer has been vested ith jurisdiction over any area, within the limits of such area, he would have jurisdiction in respect of any person carrying on a business or profession, if the place at which he carries on his business or profession is situated within the area.
The Supreme Court directed tax payers all over the country to file Income Tax returns under the prescribed new ITR forms for assessment year 2007-08 by February 29, 2008 – the new deadline set by the government. The direction was passed after Additional Solicitor General Mohan Parasaran informed the bench headed by Justice B N Agarwal that the Centre was issuing a notification today extending the time for filing returns till February 29, next year in relation to all categories of assessees.
The Income-Tax Appellate Tribunal has held that transfer pricing is not an exact science in which mathematical certainty is possible and some approximations cannot be ruled out. The case relates to transfer pricing of captive software development services rendered by an Indian subsidiary Mentor Graphics to its US-based overseas parent.
The Central Information Commission (CIC) has held that citizens cannot question government policies and plans by utilising the Right to Information Act. The Commission noted this while dismissing an application filed by a Mumbai resident Amin Merchant who had sought information from Finance Ministry as to why certain tariff policy was framed by the Centre.
NO manufacture in a hotel – A hotel industry is in the nature of a service industry. Strictly speaking, there is no manufacture or production of any ‘article’ in this industry. Even the food items and beverages, which are prepared in a hotel are to cater to the further comfort and service of their guests and, therefore, are commonly known as ‘catering services’. So, it would be wholly fallacious to extend the meaning of the word ‘manufacture’ and production used in the section in context to such catering services in the hotel industry. The order of the Tribunal holding that the assessee is entitled for investment allowance on hotel building, is not correct.
Transaction relating to gift considered in regular assessment and nothing found during search or in post-search probe – transaction cannot be treated as undisclosed nor income from this transaction to be treated as undisclosed – ITAT
M/s. Pashupathi Traders, Secunderabad, filed 8 Shipping Bills, all dated 03rd January, 2001 declaring the goods exported by them as “NAPROXEN” under the DEPB Scheme. The goods were stuffed after examination by the customs at ICD Hyderabad for export to UAE via Nhava Sheva port. The DRI Officers intercepted two consignments of cargo in two containers cleared through Hyderabad ICD for detailed examination including the above consignment, which was lying at Nhava Sheva docks for shipment to UAE. On examination, it was found that the material was not Naproxen.
