The Supreme Court has disapproved of the view of the Guwahati High Court and upheld the opinion of the Calcutta High Court on the question of applicability of Section 80HHC deduction under the Income Tax Act for companies which do both agriculture and trade.The tax authorities had appealed to the Supreme Court against the high court judgments in a large batch of companies engaged in growing, manufacturing and exporting tea.
The Tribunal held that even if the amount received by the assessee on redemption of share appreciation right is held to be not taxable under the head `income from salaries’ this fact, by itself would not take the same outside the ambit of taxable income, since, in such an eventuality, the said amount will be taxable under the head `income from other sources’. Even if it is held that amount in question is received from a person other than the employer of the assessee, and that in order for an income to be taxed under the head `income from salaries it is a condition precedent that the salary, benefit or the consideration must flow from employer to the employee, the amount received by the assessee on redemption of stock appreciation rights will still be taxable – though under the head `Income from other sources’. The plea raised by the assessee that the amount in question cannot be taxed as `income from salaries’ is thus irrelevant.
The Madurai Bench of the Madras High Court has ruled that as per the Payment of Bonus Act, if a workman had worked for 30 days in a relevant period, he was eligible for a pro rata bonus. Therefore,once the management was ready to pay bonus as per the law for the period 1991-92 (and it had so notified), it could not refuse to pay ex-gratia amount to workers.
The optional scheme of electronic payment of taxes for income-tax payers was introduced in 2004. With a view to expand the scope of electronic payment of taxes, it is proposed to make the scheme mandatory for the following categories of tax-payers:- (i) All corporate assesses; (ii) All assesses (other than company) to whom provisions of section 44AB of the Income Tax Act are applicable.
In exercise of the powers conferred by clause (ii) of section 133 of the Finance Act, 2007 (22 of 2007), the Central Government, hereby appoints the 25th day of January, 2008 as the date for the purposes of clause (ii) of the said section.
The principal notification No. 2/2006-Central Excise (N.T.), dated the 1st March, 2006, was published vide number G.S.R. 113(E), published in the Gazette of India, Extra ordinary, Part II, Section 3, sub-section (i) dated the 1st March, 2006 and was last amended by notification No. 14/2007-Central Excise (N.T.), dated the 1st March 2007, vide number G.S.R. 154 (E), dated the 1st March, 2007.
The prohibition imposed by this Notification on export of non-basmati rice shall not be applicable to export of 50,000 MT of rice to Madagascar through STC, and 25,000 MT of rice to Comoros and 9,000 MT of rice to Mauritius through MMTC.
The matter has been examined by the Board. In terms of Para 3.6.4.5 of the Foreign Trade Policy (FTP) the duty credit earned under SFIS may be used for import of items mentioned therein provided they are freely importable under ITC(HS) Classification of Export and Import Items. Similar provisions are there in the FTP under the Target Plus Scheme ( Para 3.7.6 of the relevant Policy).
The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section(i) vide number G.S.R. 118 (E), dated the 1st March, 2002 and was last amended by notification No.123/2007-Customs, dated the 31st December, 2007 which was published in the Gazette of India, Extraordinary Part II, Section 3, Sub-section(i) vide number G.S.R. 797(E), dated the 31st December, 2007.
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 / modifications in Handbook of Procedure.
