"August, 2008" Archive

E-filing of Return for some more dealers under Maharashtra VAT

Notification No. VAT/AMD-1007/ IB/Adm-6 (30/08/2008)

Notification No. VAT/AMD-1007/ IB/Adm-6 dated 30.08.2008 the registered dealers whose tax liability during the previous year had exceeded Rs. one lakh, shall in respect of the period starting on or after 1st July 2008; the registered dealers whose entitlement for refund during the previous year had exceed Rs. Ten lakh, shall in respect of...

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Regarding anti-dumping duty on Sun and/or Dust Control Polyester Film

Notification No. 100/2008-Customs (29/08/2008)

Whereas, the designated authority vide notification No. 15/17/2008-DGAD, dated the 14th August, 2008, published in Part I, section 1 of the Gazette of India, Extraordinary, dated the 14th August, 2008, has initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) and in pursuance of rule 23 o...

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Suppresses notification No.68/2007-Customs duty (N.T.), dated 16th July, 2007

Notification No. 103/2008-Customs (N.T.) (29/08/2008)

The exporter shall declare, and if necessary, establish to the satisfaction of the Assistant Commissioner of Customs or Assistant Commissioner of Central Excise or Deputy Commissioner of Customs or Deputy Commissioner of Central Excise, as the case may be, that no Cenvat facility has been availed for any of the inputs or input ...

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Jurisdiction of RA in case of issuance of IEC to proprietorship firms

Policy Circular No. 30 (RE-2008)/2004-09 (29/08/2008)

The matter has been examined and it is clarified that a proprietorship firm may apply for grant of IEC to the RA, under whose jurisdiction the office address of the firm is located. This issues with the approval of competent authority....

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Public Notice No. 70 (RE-2008)/2004-09, Dated: 29.08.2008

Public Notice No. 70 (RE-2008)/2004-09 (29/08/2008)

In exercise of the powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes following correction in Public Notice No. 57 (RE-2008)/ 2004-09 dated 01.08.2008....

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SEBI : Effective date of ASBA Process and clarification on clause 2.8 of SEBI

SEBI/CFD/MB/IS/3/2008/29/08 (29/08/2008)

(ii) The promoters of the issuer company have given a (ega((y enforceab(e undertaking/ guarantee to meet the gap in funding in the event of inabi(ity of the issuer company to arrange firm financing arrangements...

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All Industry Rates of Duty Drawback, 2008-09 – Reg

Circular No. 13/2008-Customs Duty (29/08/2008)

The Ministry has announced the revised All Industry Rates of Duty Drawback vide notification No. 103 /2008-Cus (NT) dated 29.08.2008. The rates of drawback have been made effective from 01.09.2008. The notification may please be downloaded from CBEC website www.cbec.gov.in and perused for details....

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Notification No. 33/2008-Central Excise(N.T.); Dated: 28.08.2008

Notification No. 33/2008-Central Excise (N.T.) (28/08/2008)

The principal notification No. 14/2002-Central Excise(N.T.) was published in the Gazette of India, Part II, Section 3, Sub-section(i), vide number G.S.R.182(E), dated the 8th March, 2002 and subsequently amended by number G.S.R. 403(E), dated the 4th June, 2002, and number G.S.R. 610(E), dated the 30th September, 2006...

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Notification No. 32/2008-Central Excise (N.T.); Dated: 28.08.2008

Notification No. 32/2008-Central Excise (N.T.) (28/08/2008)

For the removal of doubts, it is hereby clarified that for the purposes of determining D and Q, all packing machines used for manufacture of goods of said Retail Sale Price which has been exported, shall be taken into account whether the goods manufactured from said machines have been cleared for export or for other clearances....

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Amendments in the notification No. 96/2008-Customs, dated;13th August, 2008

Notification No. 99/2008-Customs (28/08/2007)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue)...

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Notification No. 91/2008-Income Tax Dated 28/8/2008

Notification No. 91/2008-Income Tax (28/08/2008)

Notification No. 91-Income Tax In exercise of the powers conferred by sub-section (3) of section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that where an agreement entered into by the Central Government with the Government of any country outside India for granting relief of tax or as the case may b...

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Notification No. 90/2008-Income Tax Dated 28/8/2008

Notification No. 90/2008-Income Tax (28/08/2008)

Notification No.90-Income Tax In exercise of the powers conferred by sub-section (3) of section 90A of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that where an agreement entered into by any specified association in India with any specified association in the specified territory outside India and adopted ...

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Faq on Employees' Family Pension Scheme, 1971 and Employees Pension Scheme,1995

Who will be covered by the Pension Scheme? Every member of the ceased Family Pension Scheme 1971 and anyone who joins any covered establishment on or after 16-11-95 is compulsorily to join this scheme, provided his/her salary/wage is less than Rs. 6500/- per month at the date of appointment....

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Regarding anti-dumping duty on imports of Ceftriaxone Sodium Sterile

Notification No. 98/2008-Customs (27/08/2008)

Whereas, on the basis of the aforesaid findings of the designated authority, the Central Government had imposed provisional anti-dumping duty on the subject goods vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 117/2007-Customs, dated the 30th November, 2007, published in the Gazette o...

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Notification No. 89/2008-Income Tax Dated 27/8/2008

Notification No. 89/2008-Income Tax (27/08/2008)

Notification No. 89-Income Tax In exercise of the powers conferred by sub-clause (ii ) of clause (a) of sub-section (2) of section 80-IC of the Income-tax Act (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenu...

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Exchange rate notification for Import of exported goods w.e.f 1st September, 2008

Notification No. 102/2008-Customs (N.T.) (26/08/2008)

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.98/2008(NT)-CUSTOMS, dated the 28th July, 2008....

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Public Notice No. 69 (RE-2008)/2004-2009, Dated: 26.08.2008

Public Notice No. 69 (RE-2008)/2004-2009 (26/08/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures....

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Empanelment / Appointment of Audit Firms for Concurrent Audit of Derivative Portfolio

State Bank of India, having its Corporate Centre at Mumbai is India’s leading Public Sector Bank having all India presence, branch network of over 10800 branches and a staff strength of around 1,80,000 employees, is interested in engaging an Auditing firm of repute and proven track record to carry out the concurrent audit of its Derivat...

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SC’s blanket stay on retailers service tax cases in HCs

THE Supreme Court on Monday stayed the proceedings challenging the legality of imposition of 12.36% service tax on renting out premises. Various multiplexes, members of the Retailers Association of India, Confederation of Real Estates Developers Association of India and others had moved various high courts against levy of such tax....

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Chartered accountants to help CBI in economic offences

With economic offences seeing an increase, the CBI has written to the Institute of Chartered Accountants of India (ICAI) to probe the growing number of white collar crimes. "The CBI has already written to ICAI to provide expertise as and when required," says the new CBI Director Ashwani Kumar....

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ICAI has decided that Indian Accounting Standards will converge with IFRS by April 2011

India's apex accounting standards body is convinced that 80 hours is all it will take for the country's accountants to learn the nuances of an international standard that could soon become the way the world writes its books. ...

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Process to ensure faster I-T refunds in more cities

Refund Banker is a scheme wherein a scheduled bank is authorised to issuerefund instruments, either in paper form or electronically, on behalf of theIncome-Tax department. Under this scheme, assessees benefit from faster tax refunds and direct credit into their bank accounts on the lines of dividend payments made bycorporates to sharehold...

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Penalty u/s. 11AC r.w. Rule 25 cannot be imposed for suppression or contravention of facts unless it was made intentionally

CC&CE, Kanpur Vs. M/s Beekay Enterprises (CESTAT Delhi)

CC&CE Vs. Beekay Enterprises (CESTAT Delhi) - Penalty can be imposed within the framework of Section 11AC of the Act. Rule 25 of the Central Excise Rules which deals with penalty also can be applied subject to provisions of Section 11AC. As indicated above, penalty can be imposed when non payment or short payment of duty etc. was actuat...

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Savings Bonds-Extending the Collateral Facility

Government of India have amended the notifications relating to 7% Savings Bonds, 2002, 6.5% Savings (Non-Taxable) Bonds, 2003, and 8% Savings (Taxable) Bonds, 2003 Schemes, to allow for pledge/lien/ hypothecation of the said Bonds as collateral for obtaining loans from Scheduled Banks. Accordingly, the holders of the said Bonds will be en...

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Announcement Regarding Articled Assistants – (22-08-2008)

In partial modification of the announcement dated 31st March, 2008 regarding submission of Form No. 112, it is hereby notified that articled assistants registered and undergoing graduation or any other course on or before 31st March, 2008 need not submit Form No.112. ...

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Last Professional Education (Examination- II) extended to May 2009

In order to mitigate the hardship being faced by the students who were registered for Professional Education (Course-II) after passing Professional Education (Examination- I) / Foundation Examination / Entrance Examination as the case may be and have exhausted five consecutive attempts (after having been eligible for admission to the said...

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Internal Audit for Stock Brokers/Clearing Members

Circular No. MIRSD/ DPSIII/ CIR-26/ 08 (22/08/2008)

In continuation with the Circular No.F.1/5/SE/ 83 dated May 31, 1984 of Government of India, Ministry of Finance, Department of Economics Affairs, Stock Exchange Division, you are advised to direct your stock brokers/clearing members to carry out complete internal audit on a half yearly basis by independent qualified Chartered Accountants...

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Public Notice No. 68 (RE-2008)/2004-2009, Dated: 21.08.2008

Public Notice No. 68 (RE-2008)/2004-2009 (21/08/2008)

Only such products under product code 09.1 to 09.24 shall be entitled for benefits under the scheme which are either exported by KVIC / KVIB registered units or such exports are sourced from KVIC / KVIB registered units.” shall not apply to VKGUY entries 09.10 & 09.11, for exports made w.e.f 1.4.2006....

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Notification No. 88/2008-Income Tax Dated 21/8/2008

Notification No. 88/2008-Income Tax (21/08/2008)

Notification No. 88-Income Tax In exercise of the powers conferred by clause (a) of the Explanation to section 194J of the Income Tax Act, 1961, Central Board of Direct Taxes hereby notifies the services rendered by following persons in relation to the sports activities as "Professional Services" for the purpose of the said section...

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Notification No. 35 (RE-2008)/2004-2009, Dated: 20.08.2008

Notification No. 35 (RE-2008)/2004-2009 (20/08/2008)

Import of marble will be subject to the conditions laid down in Policy Circular No.12 (RE-08)/2004-2009 date 27.06.2008, Policy Circular No.13 (RE-2008)/2004-09 dated 30.6.2008, Policy Circular No.20(RE-2008)/2004-09 dated 16.07.2008, Policy Circular No.25 (RE-2008)/2004-09 dated 08.08.2008 and Policy Circular No. 28 (RE-2008)/2004-09 dat...

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Clarification regarding Grant of Deemed Export Benefits for supplies to Mega Power Projects

Policy Circular No. 29 (RE-2008)/2004-2009 (20/08/2008)

Department of Power has raised an issue that as per existing provisions in chapter 8 of Foreign Trade Policy, deemed export benefits to Mega Power Projects are available where either power procurement has been tied up though ICB procedure or if ICB procedure has been followed at Engineering and procurement contract (EPC) stage....

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Policy Circular No. 28 (RE-2008)/2004-2009, Dated: 20.08.2008

Policy Circular No. 28 (RE-2008)/2004-2009 (20/08/2008)

The quantity of import allowed under Para III of the aforementioned Circular is raised from 1.1 lakh MT to 1.4 lakh MT for the year 2008-09. This issues with the approval of Competent Authority....

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Public Notice No. 67 (RE-2008)/2004-09, Dated: 20.08.2008

Public Notice No. 67 (RE-2008)/2004-09 (20/08/2008)

Whenever a ban/restriction is imposed on export of any product, export obligation period in respect of EPCG authorizations already issued prior to imposition of ban/restriction of such export products, would stand automatically extended for a period equivalent to the duration of ban/restriction, without any composition fee and exporter wo...

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Even prior to the amendment to S.43(5) w.e.f 1.4.2006, dealings in futures & options and other derivatives cannot be treated speculative transaction

R. B. K. Securities vs. ITO (ITAT Mumbai)

R. B. K. Securities vs. ITO (ITAT Mumbai) -Even prior to the amendment to s. 43(5) by the Finance Act 2005 w.e.f 1.4.2006, dealings in Futures & Options and other derivatives products cannot be treated as speculative transactions as they are special kind of transactions, not involving purchase and sale of shares and consequently the loss ...

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Constitutional validity of section 254HA

Comed Laboratories Limited & Ors. Vs Union Of India & Ors.(Gujarat High Court at Ahmedabad)

Writ petitions were filed challenging the constitutional validity of the provisions of Section 245HA of the Income Tax Act, 1961 under which the petitioners’ applications before the Settlement Commission are to be treated as having abated on account of failure of the Settlement Commission to pass orders under Section 245D(4) of the Act ...

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If there is no revenue loss then department should not question the year of allowability of expenses

Commissioner Of Income Tax Vs M/s Vishnu Industrial Gases P. Ltd. (Delhi High Court)

CIT vs. Vishnu Industrial Gases (Delhi High Court) - Where the department had not disputed that the expenditure was deductible in principle but was only disputing the year in which the deduction could be allowed HELD, castigating the department, that as the tax rates were the same in both years, the department should not fritter away its ...

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Penalty under section 158BFA(1) is discretionary not mandatory

CIT vs. Dodsal Ltd (Bombay High Court) - It is not possible to accept the submission of the Revenue that once the AO comes to the conclusion that there is a breach of the mandate of Section 158BFA(1), then the penalty has to be mandatory imposed. The terminology of section 158BFA makes it clear that the AO has a discretion in the matter ...

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Assessee not entitled to claim a deduction by way of a letter filed before the Assessing officer

In Goetze v. CIT 284 ITR 323 (SC) the Supreme Court held that the assessee was not entitled to claim a deduction by way of a letter filed before the AO without filing a revised return. However, this judgement is limited to the power of the AO to entertain a claim for deduction otherwise than by revised return and does not impinge on the p...

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Notification No. 34 (RE-2008)/2004-2009, Dated: 19.08.2008

Notification No. 34 (RE-2008)/2004-2009 (19/08/2008)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (Sl. No.66) read with Para 1.3, 2.1 & 2.29 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government hereby makes following amendments in the Schedule – 2 of the ITC(HS) Classifications of Export a...

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Notification No. 33 (RE-2008)/2004-09, Dated: 19.08.2008

Notification No. 33 (RE-2008)/2004-09 (19/08/2008)

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 substitutes, with immediate effect, Para 1.1 of Notification No.85 (RE-2007)/2004-2...

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Notification No. 32 (RE-2008)/2004-2009, Dated: 19.08.2008

Notification No. 32 (RE-2008)/2004-2009 (19/08/2008)

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, with immediate effect, the following amendments to Notification No.93 (R...

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Notification No. 31 (RE-2008)/2004-2009, Dated: 19.08.2008

Notification No. 31 (RE-2008)/2004-2009 (19/08/2008)

However, for VKGUY, FMS and FPS, benefits can be claimed either by the supporting manufacturer (along with disclaimer from the company / firm who has realized the foreign exchange directly from overseas) or by the company / firm who has realized the foreign exchange directly from overseas....

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Public Notice No. 66 (RE-2008)/2004-2009, Dated: 19.08.2008

Public Notice No. 66 (RE-2008)/2004-2009 (19/08/2008)

Sl.No.1 Units situated in multi product Special Economic Zones other than those mentioned at Sl.No.34-41 above, shall come within the jurisdiction of respective Development Commissioners of the SEZs. In case of units in single product SEZs including IT/ITES SEZ, the work relating to issuance of IEC shall come under the jurisdiction of res...

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Public Notice No. 65 (RE-2008)/2004-2009, Dated: 19.08.2008

Public Notice No. 65 (RE-2008)/2004-2009 (19/08/2008)

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 in Handbook of Procedures....

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Cost Inflation Index for FY 2008-09 / AY 2009-2010

Notification No. 86/2008-Income Tax (13/08/2008)

Central Government, having regard to seventy-five per cent of the average rise in the Consumer Price Index for the Financial Year commencing from the 1st day of April, 2007 and ending on the 31st day of March, 2008 for the urban non-manual employees, hereby specifies the Cost Inflation Index for the Financial Year commencing from the 1st ...

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ICAI issues 4 new standards for internal checks in firms

Apex accounting body ICAI today issued four new standards to help companies streamline internal audits for minimising pilferage, ensuring cost efficiency and mitigating waste.This will standardise the process of internal checks in companies, and "companies can now expect that professionals engaged in internal audit will be rendering servi...

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Validate PAN and know the Name of PAN Holder

Dear Friends , I found this utility on the website www.saraltaxoffice.com. They are the one who come first with this utility and above all we can use it for free. Is there a way to validate your PAN? Is there any way to know what is the name corresponding to PAN? What should I do to register at e-Filing website, as I do not know the corre...

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Amendment in the notification No.20/2006-Customs, dated; 1st March, 2006

Notification No. 97/2008-Customs (18/08/2008)

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.20/2008-Customs, dated the 1st March, 2008 which was published in the Gazette of India, Extraordinary, vide number G.S....

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Amends notification No. 36/2001-Customs Duty (N.T.), dated, 3rd August 2001

Notification No. 101/2008-Customs (N.T.) (14/08/2008)

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. 99/2008-Customs (N.T.), dated, the 1st August, 2008 (S.O. 1932 (E) dated 1st August, 2008)....

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Last date for filing of applications and applicability of late cut, for Schemes under Chapter 3 of FTP, clarification thereof

Policy Circular No. 27 (RE-2008)/2004-2009 (14/08/2008)

For exports made from 1-4-2006 till 31-3-2008 that have already been realized up to 31-3-2008, the last date for filing the application for obtaining benefits under Chapter 3 of the Foreign Trade Policy will be 30.11.2008, and if the realization is after 31.3.2008, then the last date for filing the application will be as per the provisio...

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Public Notice No. 64 (RE-2008)/2004-2009, Dated: 14.08.2008

Public Notice No. 64 (RE-2008)/2004-2009 (14/08/2008)

Applications for obtaining Duty Credit Scrip shall be filed within a period of twelve months from the date of export or within six months from the date of realization or three months from the date of printing / release of shipping bill, whichever is later, in respect of shipments for which claim is being filed. Further, for shipments alre...

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Notification No. 46/2008-Central Excise; Dated: 14.08.2008

Notification No. 46/2008-Central Excise (14/08/2008)

The principal notification No.6/2006-Central Excise dated the 1st March, 2006, was published in the Gazette of India, Extraordinary, vide number G.S.R. 96(E) of the same date and was last amended vide notification No. 40/2008-Central Excise, dated the 13th June, 2008 which was published in the Gazette of India, Extraordinary, vide number ...

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Regarding Duty free tariff preference for Least Developed Countries

Notification No. 96/2008-Customs (13/08/2008)

Goods falling under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), other than those specified in the Appendix I and Appendix II appended hereto, from so much of the duty of customs as is in excess of 80 per cent. of the applied rate of duty....

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Notification No. 30 (RE-2008)/2004-2009, Dated: 13.08.2008

Notification No. 30 (RE-2008)/2004-2009 (13/08/2008)

The import of rough diamond(HS Code 7102.10, 7102.21 and 7102.31) from Venezuela shall be prohibited in view of voluntary separation of Venezuela from the Kimberley Process Certification Scheme(KPCS) and to cease certification for export of its diamonds....

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Notification No. 100/2008-Customs Duty (N.T.), dated 13-08-2008

Notification No. 100/2008-Customs (N.T.) (13/08/2008)

If the products have already been submitted to the Customs Authority in the specified importing port , the certificate of origin shall by a written application of the importer ,be endorsed to this effect for all or parts of products by the said Authority and the original returned to the importer....

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Public Notice No. 63 (RE-2008)/2004-09, Dated: 12.08.2008

Public Notice No. 63 (RE-2008)/2004-09 (12/08/2008)

In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Appendix 4-C (List of agencies authorized to issue Certificate of Origin-Non-Preferential), of HBP (Vol.I)....

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Sebi : (Stock Brokers And Sub- Brokers) (Amendment) Regulations, 2008

Notification No. LAD-NRO/GN/2008/20/134766 (11/08/2008)

Every recognised stock exchange shall collect from every trading member and clearing member, the fee payable under clause 2 in respect of his turnover in the currency derivatives segment of that stock exchange in accordance with the provisions of its bye-laws....

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Modification in IEC Number

Policy Circular No. 26 (RE-2008)/2004-2009 (11/08/2008)

The matter has been examined. Accordingly, it is clarified that in case a 100% EOU, having an IEC Number from the concerned Development Commissioner of a Special Economic Zone, de-bonds and converts into a DTA Unit, the IEC issued to the firm shall be cancelled and archived. Against the same PAN Number, concerned RA will issue a fresh ...

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SEBI : (Portfolio Managers) (Amendment) Regulations, 2008

Notification No. LAD-NRO/GN/2008/19/134764 (11/08/2008)

Provided that any portfolio manager holding the listed securities belonging to the portfolio account in its own name on behalf of its clients on the date of commencement of the Securities and Exchange Board of India....

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Abhinav Bindra wins India's first ever individual Olympic gold in Beijing Olympics 2008

World champion Abhinav Bindra wins India's first ever individual gold at the Olympic Games by winning the gold medal at the men's 10m air rifle event in Beijing on Monday. Bindra, a Khel Ratna awardee, finished the qualifying event joint fourth with Romania's George Alin Moldoveanu after the duo shot a score of 596/600....

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CIT versus M/S. Atam Prakash And Sons (Delhi High Court)

The Commissioner Of Income Tax Vs M/s. Atam Prakash And Sons (Delhi High Court)

The agreement for sale dated 24.06.1977 was substituted by the collaboration agreement dated 06.10.1981 and the agreement to sell dated 06.10.1981. There was no interest, much less, any right transferred in the property in favour of SSPL by the assessees and hence, as observed above, there was no transfer of a right in property as contemp...

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Block Assessment without Satisfaction Is Void

Manoj Aggarwal Vs. DCIT (ITAT Delhi 5 Member Spl Bench)

Manoj Aggarwal vs. DCIT - (1) Even in the case of an assessee not maintaining books of account and to whom s. 68 does not apply, addition in respect of unexplained entries in the bank book can be made; (2) Where the assessee was not provided copies of the seized documents and the delay in filing the block return was on that count, interes...

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Rogini Garment Special Bench is No Longer Good Law

Jashan Textile Mills vs. DCIT - In ACIT vs. Rogini Garments 108 ITD 49, the Chennai Special Bench of the ITAT held that in view of s. 80-IA (9), relief under s. 80-IA had to be deducted from the profits and gains before computing relief u/s 80-HHC. M/s SCM Creations was an intervener in that case and a common judgement was passed. ...

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Dalmia Dairy Industries Ltd. versus Commissioner of Income Tax (Delhi High Court)

M/s Dalmia Dairy Industries Ltd Vs Commissioner of Income Tax (Delhi Central-I) (Delhi High Court)

the Tribunal was right in rejecting the revenue’s application for raising the additional ground as that would have amounted to introduction of a new source of income. The decision in National Thermal Power Corporation (Supra) also does not come to the aid of the revenue in this case. A new ground can be permitted in appeal so long as th...

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Steel Authority of India Ltd. Versus Sales Tax Officer (Supreme Court)

M/s. Steel Authority of India Ltd. Vs Sales Tax Officer, Rourkela-I Circle & Ors. (Supreme Court of India)

A bare reading of the order shows complete non-application of mind. As rightly pointed out by learned counsel for the appellant, this is not the way a statutory appeal is to be disposed of. Various important questions of law were raised. Unfortunately, even they were not dealt by the first appellate authority....

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Public Notice No. 62 (RE-2008)/2004-2009, Dated: 08.08.2008

Public Notice No. 62 (RE-2008)/2004-2009 (08/08/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures....

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Guidelines for import of Rough Marble Blocks/Slabs for the year 2008-09

Policy Circular No.25 (RE-2008)/2004-2009 (08/08/2008)

In addition to the requirements prescribed in aforementioned two Policy Circulars, the applicants shall also be required to furnish a copy of Chartered Accountant certified statement of accounts, filed along with balance sheet to the income tax authorities for each of the years i.e. 2004-05, 2005-06 and 2006-07....

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SEBI : (Depositories And Participants)(Second Amendment) Regulations, 2008

Notification No. LAD-NRO/GN/2008/18/134585 (08/08/2008)

n exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the Regulations to further amend the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996....

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SEBI :Extending calendar spread treatment till expiry of near month contract

SEBI/DNPD/Cir- 39/2008 (08/08/2008)

The Managing Director / Executive Director of Derivative Segment of NSE & BSE and their Clearing House / Corporation....

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Cos with Rs 50 lakh fresh capital induction may come under tax lens

Your company could face a tax scrutiny if it had introduced fresh capital exceeding Rs 50 lakh last fiscal, or, as in the tax lingo, during the previous year relevant to the assessment year 2008-09. This is according to the new scrutiny norms by Central Board of Direct Taxes (CBDT)....

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Valuation methodology at fault not the assessee

The Delhi Income-Tax Tribunal has held that valuation of perquisite determined by the assessee relying on interpretation of Taxman’s Direct Taxes Ready Reckoner, the assessee could not be deemed to be an assessee-in-default and consequently, interest under section 201(1A) could not be levied though the valuation methodology was held not...

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Payment to accredited ad agencies no commission

The Kolkata Income-Tax Tribunal has held that payment made by an assessee company to accredited advertising agencies could not be termed as payment of commission, and accordingly no TDS is required to be deducted under the provisions of section 194-H of the Income-Tax Act, 1961....

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Assessment of Banks – Allowance of deduction to rural branches

10/2008 (31/07/2008)

While computing the income under the head 'Profit and Gains of Business & Profession' a scheduled bank (not being a bank incorporated by or under the laws of a foreign country) or a non-scheduled bank or a cooperate bank other than a primary agricultural credit society or a primary co-operative agricultural and rural bank is entitled to c...

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Development agreements are NOT joint ventures: Supreme Court

Faqir Chand Gulati vs. Uppal (Supreme Court) - (i) A development agreement is one where the land-holder provides the land. The Builder puts up a building. Thereafter, the land owner and builder share the constructed area. The builder delivers the `owner’s share’ to the land-holder and retains the `builder’s share’. The land-holder...

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Notification No. 29 (RE-2008)/2004-2009, Dated: 06/08/2008

Notification No. 29 (RE-2008)/2004-2009 (06/08/2008)

For the applications of Duty Drawback and Terminal Excise Duty refund submitted on or after 06.08.2008, the period of 30 days will be counted from the date of receipt of complete application as provided in Paragraph 9.10.1 of HBP Vol I 2004-09 (updated as on 11.04.2008) and interest will be payable if the case is not settled within 30 day...

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Notification No. 45/2008-Central Excise; dated: 06.08.2008

Notification No. 45/2008-Central Excise (06/08/2008)

The principal notification No.4/2006-Central Excise, dated the 1st March, 2006 was published in the Gazette of India, Extraordinary, part II, section 3, sub-section (i) vide number G.S.R.94 (E), dated the 1st March, 2006, and was last amended by notification No. 30/2008-Central Excise, dated the 4th June, 2008 published vide number G.S.R...

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Public Notice No. 61 (RE-2008)/2004-2009, Dated: 06.08.2008

Public Notice No. 61 (RE-2008)/2004-2009 (06/08/2008)

For applications of CST submitted on or after 06.08.2008, the period of 30 days, as mentioned in (c) above, will be reckoned from the date of receipt of complete application as provided in para 9.10.1 of HBP and interest will be payable if the case in not settled within 30 days of receipt of complete application. In these cases, separate ...

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Public Notice No. 60 (RE-2008)/2004-2009, Dated: 06.08.2008

Public Notice No. 60 (RE-2008)/2004-2009 (06/08/2008)

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 in Handbook of Procedures....

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Public Notice No. 59 (RE-2008)/2004-2009, Dated: 06.08.2008

Public Notice No. 59 (RE-2008)/2004-2009 (06/08/2008)

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 in Handbook of Procedures....

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Circular No. 104/07/2008-ST dated 6th August, 2008

Circular No. 104/07/2008-ST (06/08/2008)

The All India Motor Transport Congress (AIMTC) has represented to government regarding the difficulties being faced by the goods transport agency in respect of service tax levy on goods transport by road service. In this regard, a number of meetings were held between the representatives of AIMTC with the government and a joint statement b...

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Notification No. 28 (RE-2008)/2004-0209, Dated: 05.08.2008

Notification No. 28 (RE-2008)/2004-0209 (05/08/2008)

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 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby makes the following amendment in the Notification No.22 (RE-2008)/2004-09 dated 3rd July, 2008, read with Notification No...

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Public Notice No. 58 (RE-2008)/2004-09, Dated: 05.08.2008

Public Notice No. 58 (RE-2008)/2004-09 (05/08/2008)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, Director General of Foreign Trade hereby makes the following amendment in the Handbook of Procedures....

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Amends Notification No. 21/2002-Customs Duty, dated 1st March, 2002

Notification No. 95/2008-Customs (04/08/2008)

The principal notification was published in the Gazette of India, Extraordinary, vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification no. 84/2008-Customs, dated the 8th July, 2008 which was published in the Gazette of India, Extraordinary vide number G.S.R.508(E), dated the 8th July, 2008....

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Policy Circular No. 24 (RE-2008)/2004-09, Dated: 04.08.2008

Policy Circular No. 24 (RE-2008)/2004-09 (04/08/2008)

In the case of airport service provider, it may be noted that as per Para 9.53 (iv) of Foreign Trade Policy payment made by foreign airlines from their repatriable or remittable earnings in Indian Rupees, which are otherwise considered as having been paid for in free foreign exchange by RBI is to be counted as free foreign exchange....

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SEBI : Amendments to SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999.

SEBIICFDIDIL/ESOP1412008104108 (04/08/2008)

he vesting period shall be determined separately for each separate vesting portion of the option, as if the option was, in substance, multiple option and the amount of employee compensation cost shall be accounted for and amortised accordingly on a straight-line basis over the vesting period....

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In Re Rescuwear Corporation (Settlement Commission Full Bench)

U/s 245A(b), as amended by the Finance Act 2007 w.e.f. 1.6.2007, pendency of proceedings for assessment before the AO for one or more assessment years is a necessary condition for invoking the jurisdiction of the Settlement Commission. Held in that context by Five Member Bench of the ITSC that: (a) For the year for which returns have been...

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Norms relaxed for scrutiny of company tax returns

In what could be a major relief to the corporate sector, the Central Board of Direct Taxes (CBDT) has decided not to scrutinize tax returns of more than 1,000 top companies provided no serious disputes are pending against them. The annual returns of tax complying companies would not be scrutinized this year. The decision has been taken by...

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Popularisation of project “FCRA Online Facility for prior permission cases”

Public, in general, and the NGOs and professionals, in particular, are hereby informed that this facility has been made mandatory w.e.f. 01.08.2008 to facilitate associations to file their applications for prior permission to accept foreign contribution under the Foreign Contribution (Regulation) Act, 1976, online, on the Ministry of Home...

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Regarding anti-dumping duty on import of vitrified and porcelain tiles, other than vitrified industrial tiles

Notification No. 94/2008-Customs (01/08/2008)

Whereas in the matter of import of vitrified and porcelain tiles, other than vitrified industrial tiles (hereinafter referred to as the subject goods), falling under headings 6907 or 6908 or 6914 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, the United Arab Emirates and People's Rep...

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Amends notification No.102/2007-Customs Duty, dated 14th September, 2007

Notification No. 93/2008-Customs (01/08/2008)

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue)...

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Notification No. 27 (RE-2008)/2004-2009, Dated: 01.08.2008

Notification No. 27 (RE-2008)/2004-2009 (01/08/2008)

n 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 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby makes the following amendments in the Notification No.51(RE-2007)/2004-09 dated 14th November, 2007....

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Amends notification No. 36/2001-Cus. (N.T.), dated, 3rd August 2001

Notification No. 99/2008-Customs (N.T.) (01/08/2008)

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. 85/2008-Customs (N.T.), dated, the 30th June, 2008 (S.O. 1595(E) dated 30th June, 2008)....

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Public Notice No. 57 (RE-2008)/2004-2009, Dated: 01.08.2008

Public Notice No. 57 (RE-2008)/2004-2009 (01/08/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby informs all concerned that the All Industry Rate of Deemed export Drawback for both HSD and Furnace Oil is Rs.“NIL” per MT, supplied by Domestic Oil Companies to EOU/SEZ Units under various schemes und...

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Public Notice No. 56 (RE-2008)/2004-2009, Dated: 01.08.2008

Public Notice No. 56 (RE-2008)/2004-2009 (01/08/2008)

In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendment in Appendix-I( List of Regional Authorities and their jurisdiction) of the Handbook of Procedure....

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Public Notice No. 55 (RE-2008)/2004-2009, Dated: 01.08.2008

Public Notice No. 55 (RE-2008)/2004-2009 (01/08/2008)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, amendments/corrections/modifications at appropriate places as mentioned in ANNEXURE "A” to this Public Notice are made....

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Exemption from the TDS provisions under Section 197 for specified Companies

Circular No. 7/2008-Income Tax (01/08/2008)

CIRCULAR NO 7/2008-Income Tax Dated: August 1, 2008 In exercise of the powers conferred under sub-section (1) of section 119 of Income-tax Act, 1961, Central Board of Direct Taxes hereby directs that corporations which are established by a Central, State or Provincial Act for the welfare and economic upliftment of ex-servicemen and whose ...

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SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

MRD/Do P/SE/Cir-25/2008 (01/08/2008)

At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. ...

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