The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No.36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 122/2007-Customs (N.T.), dated, the 17th December, 2007 (S.O.2137 (E) dated 17th December, 2007).
The risk containment and other measures applicable for existing exchange traded equity Index option contracts shall be extended suitably to long term option contracts on Index.
The assessment for AY 90-91 was reopened on the ground to verify whether the income from warehousing charges should be treated as income from business or income from house property. Ultimately after investigating the case in detail, the Assessing Officer himself arrived at a conclusion that charges on account of warehousing are business receipts and the reassessment was completed accordingly. Now, for these years under consideration the department had taken a different view, which in our considered opinion,
Council of the Institute of Chartered Accountants of India v. Dayal Singh The officers of the bank completed all paper formalities, perhaps at the behest of the respondent or at least on the basis of his certificate for disbursement of the loan. The activity of the respondent in issuing such a vague certificate with the intention of persuading the bank to grant his client a loan amounted to `other misconduct’ within the meaning of the Act, read with the regulations framed thereunder.
The appellant exercises computer control over the computes installed at the premises of the subscribers. This amounts to a fixed place of business for carrying on the business of the enterprise in India . But for the supply of computers, the configuration of computes and connectivity which are provided by the appellant either directly or through its agent AIPL will amount to operating part if its CRS system through such subscribers in India and accordingly PE in the nature of a fixed place of business in India. Thus the appellant can be said to have established a PE within the meaning of paragraph 1 of Article 5 of Indo-Spain Treaty.
The principal notification No.20/2006-Customs, dated the 1st March, 2006 was published in the Gazette of India, Extraordinary, vide number G.S.R. 92(E), dated the 1st March, 2006 and was last amended vide notification No.93/2007-Customs, dated the 8th August, 2007 which was published in the Gazette of India, Extraordinary, vide number G.S.R. 539 (E), dated the 8th August, 2007.
In cases where original EP copy of Shipping Bill(s) / Bill of export and/or Bank Realisation Certificates has been submitted under any other scheme of FTP, a self attested photocopy(s) of EP copy of the same be attached, quoting Reference File no. & concerned Regional Authority where original documents have been submitted.
Though there is no definition of the term ‘total turnover’ in section 10A, there is also nothing in the said section to mandate that what is excluded from the numerator (export turnover) would nevertheless form part of the denominator. One would have to apply consistent standards in understanding and applying a term, particularly when, such term, viz. export turnover has an independent function and at the same time a part of a larger term viz., total turnover.Thus, if some expenses, for any reason are excluded in arriving at the ‘export turnover’ the same should be reduced form ‘total turnover’ also.
I am directed to invite your attention to the above mentioned subject and to say that several representations have been received by the Board on the issue of classification of carpets having mixed composition under the Drawback Schedule, 2007-08. It has been represented that hand woven rugs/floor coverings made of 57% wool +25% cotton +18% viscose or 52% wool +13% nylon+ 35% cotton are being assessed by the Customs authorities.
CIRCULAR NO. 1/2008-Income Tax Representations have been received from various quarters regarding applicability of the provisions of Section 194-I to cooling charges paid by the various customers to the owners of cold storages. It has been represented that the cold storage owners provide a composite service, which involves preservation of essential food items including perishable goods at various temperatures suitable for specific food items for required periods and storage of goods being incidental to the activity of preservation. The cooling of goods is controlled through mechanical process. The customer brings its packages for preservation for a required period and takes away its packages after paying cooling charges. The customer does not hire the building, plant/machinery etc. in any manner and does not become a tenant of any kind.
