CIT vs. Enron Oil & Gas (Supreme Court) – Where the Assessee had entered into a production sharing contract with a consortium which was governed by section 42 of the Act and the assessee made contribution at a certain rate to the consortium whereas the expenditure incurred out of the said contribution stood converted on the basis of a different exchaneg rate which exercise resulted into a loss on conversion of foreign currency to the assessee and the AO held the loss to be a notional loss
CCE vs. Shruti Colorants (Bombay High Court) – As s. 35-G of the Central Excise Act (and s. 130 of the Customs Act) provides that an appeal to the High Court shall be filed within 180 days of the receipt of the order appealed against and there is no provision for condonation of delay the court has no power to condone delay.
The matter has been examined and accordingly it is clarified that the restrictions on such transfer is limited to advance authorization and DFIA Scheme issued and operated under Actual User condition. Once transferability is endorsed on the DFIA, transfer of the imported/domestically procured input(s) against such DFIA shall not be covered by the restrictive clause of the aforesaid Public Notice.
With a view to liberalizing the procedure further, it has been decided to raise the limit of USD 100,000 for advance remittance for alladmissible current account transactions for import of services without bank guarantee to USD 500,000 or its equivalent. AD Category – I banks may frame their own guidelines to deal with such cases as per the policy approved by the bank’s Board of Directors. RBI/2008-09/ 158 ,A.P.(DIR Series) Circular No. 15, September 08, 2008
Therefore, there cannot be a formula which had no connection with the value of the individual assets and the liabilities. The price was determined that of the business and therefore, there is no question of picking up any portion of such price and charging its capital gains. It appears to us that before transfer of the company, the said company had issued subscribed share capital and the original share certificates
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 amendments to Notification No.37 dated 3rd September, 2008.
The Joint Venture can be treated as an association of persons (A.O.P.) in consonance with section 2(31)(v) read with the Explanation to section 2 of the Act and liable to be assessed as such under the Income-tax Act. All the partners of J.V. have joined in for common purpose on their own volition to produce income which is shared in certain ratio. The J.V. is to be taxed in the status of an association of persons @ 41% net basis.
Publication of financial results: A listed entity opting to submit consolidated financial results in addition to standalone results to the stock exchanges shall publish consolidated financial results only.
Notification No. 102/2008-Customs For the purposes of this notification, landed value means the assessable value as determined under the Customs Act, 1962 (52 of 1962) and includes all duties of customs except duties levied under sections 3, 3A, 8B, 9 and 9A of the said Customs Tariff Act.
TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART II SECTION 3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION NO. 37 (RE-2008)/2004-2009 NEW DELHI, THE 3rd SEPTEMBER, 2008 S.O.(E) 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 amendments to Sl. No. 45A of Notification No.93 (RE-2007)/2004-2009, dated 1ST April, 2008:- Sl. No. Tariff Item HS Code Unit Item Description Export Policy Nature of Restriction 45A 1006 10 1006 10 10 1006 10 90 1006 20 00 1006 30 1006 30 10 1006 30 90 1006 40 00 Kg. Non Basmati Rice Prohibited except export of PUSA-1121 variety of Non-basmati rice. Export of PUSA-1121 variety of Non-basmati rice shall be allowed subject to the following conditions: – 1.Export allowed subject to registration of contracts with APEDA, New Delhi, prior to shipment; 2. Export permitted only if the minimum FOB price is US$ 1200 per ton or Rs. 48,000/- per ton; 3. Export will be restricted through the following ports only:- (i) Kandla (ii) Kakinada (iii)Kolkata (iv) JNPT, Mumbai (v) Mundra, and (vi) Pipavav 4. Export shall be allowed only with effect from 15th October, 2008 out of paddy procured in KMS 2008-09. 2. Provisions of this Notification shall be applicable from 15.10.2008. 3. All other provisions of the Notification No.93 (RE-2007)/2004-09 dated 1st April, 2008 shall remain unchanged, and shall continue to apply. 4. This issues in public interest. Sd/- (R.S GUJRAL) DIRECTOR GENERAL OF FOREIGN TRADE AND EX-OFFICIO ADDITIONAL SECRETARY TO THE GOVT. OF INDIA 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 amendments to Sl. No. 45A of Notification No.93 (RE-2007)/2004-2009, dated 1ST April, 2008.
