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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
In the present case, admittedly the Assessment Year being 1988-89 and the search having taken place on 03.07.1987 the return of income was not due before 31.07.1988. Therefore, whether the income represented by the value of the asset was shown in the return of income or not became irrelevant once a declaration had been made about such income having not been disclosed
Notification No.21-Income Tax In exercise of the powers conferred by clause (xii) of sub-section (1) of section 36 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Oil Industry Development Board established under section 3 of the Oil Industry (Development) Act, 1974 (47 of 1974) for the development of oil industry, subject to the following
Notification No. 20-Income Tax In exercise of the powers conferred by sub-section (2D) of section 142 of the Income-tax Act, 1961(43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income -tax Rules, 1962, namely:- 1. (1) These rules may be called the Income-tax (Third Amendment) Rules, 2008.
Notification No. 19-Income Tax Whereas the annexed Agreement between the Government of the Republic of India and the Government of Iceland for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income signed in India on the 23rd day of November, 2007 shall come into force on the 21st day of December, 2007, being the date of receipt of the later of the notifications
In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes the following addition with immediate effect at the end of Paragraph 2 of Notification No. 33(RE-2007)/2004-2009, dated 08.10.2007.
In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N.T.), dated, the 3rd August 2001, namely.
In exercise of the powers conferred by sub-sections (1) and (5) of Section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 120/2002-Customs, dated the 31st October, 2002, published in Part II, Section 3, sub-section (i) of the Gazette of India, Extraordinary, dated the 31st October, 2002, vide number G.S.R.744 (E), dated the 31st October, 2002, except as respects things done or omitted to be done before such rescission.
rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification, issued from time to time, in exercise of the powers conferred by section 14 of the said Customs Act, 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.
