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 amendment in the Handbook of Procedures.
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 at appropriate places as mentioned in ANNEXURE “A” to this Public Notice are made.
It is clarified that exports made during the ban period under the transitional arrangements in terms of Para 1.5 of FTP may not be allowed the benefits of VKGUY Scheme, in view of Para 3.8.2.2 (d) of FTP. In this regard, attention is also invited to Para 4 of Policy Circular No 26 (RE2007) / 2004-09 dated 9.1.2008. Further it is also clarified that Date of Export is determined under Para 9.12 of HBPv1 and accordingly for exports made under Para 9.12, VKGUY would be entitled.
In exercise of powers conferred by section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby amends the Schedule-I (Imports) to the ITC(HS) Classifications of Export and Import Items, 2004-09.
The principal notification No. 116/2008-Customs, dated the 31st October, 2008 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 760(E), dated the 31st October, 2008.
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JAGAN LAMPS LTD. v. ITO The accepting of returned income is not an assessment; hence, it will be incorrect to say that the provisions of section 147 cannot be substituted for verification of correctness of entire information contained in the return of income.
Pooja Bhatt v. DCIT Income derived by the assessee-artist from the exercise of her activity in Canada is taxable only in source country i.e., Canada as per the scheme of taxation contained in the Indo-Canada Treaty; by using the expression “may be taxed in the other State” in Article 18(1) of the said Treaty, the contracting parties permitted only the other State i.e. State of income source and by implication, the State of residence was precluded from taxing such income.
Sunil Sethi v. DCIT- Where there was documentary evidence on record to substantiate the explanation of the assessee that the amount was given for the business purposes of the company, the same could not be considered to be deemed dividend in the hands of the assessee and the provisions of section 2(22)(e) were not applicable.
ACIT v. Prakash L. Shah – The exchange rate difference pertaining to the exports made in the earlier year shall be part of the export turnover of the year in which such export is made provided such sale proceeds of the eligible goods are realized in India within the period of six months from the end of the previous year or within such further period as allowed by the Competent Authority.
