In this respect it is informed that the decisions on PNs (ODIs) are effective from close of market hours on October 07, 2008.
Levy of interest on the ground of non-payment of correct amount of tax by itself can be a ground for non-acceding to the request of the assessee as the levy is a statutory one but it is another thing to say that the said factor shall not be taken into consideration at all for the purpose of exercise of the discretionary jurisdiction on the part of the Commissioner. Appellant volunteered that the securities be sold. Why the said request of the appellant could not be acceded to has not been explained. It was a voluntary act on the part of the appellant. B. M. Malani vs. CIT (Supreme Court)
Profits and gains of a newly established undertaking, therefore, have got to be computed as per the provisions of section 29 to section 43A and if the assessee claims relief under Chapter VI-A of the Act, then it is not open to the assessee to disclaim depreciation allowance. This is because Chapter VI-A is an independent code by itself for computing these special types of deductions. In other words, one must first calculate the gross total income from which one must deduct a percentage of incomes contemplated by Chapter VI-A. That such special incomes were required to be computed as per the provisions of the Act, viz., section 29 to section 43A, which included section 32(2). Therefore, one cannot exclude depreciation allowance while computing profits derived from a newly established undertaking for computing deductions under Chapter VI-A. Therefore, the appellant’s claim for allowance of deduction under section 80HH, without taking into consideration the current depreciation will have to be rejected.
issued in exercise of powers conferred by sub-section (1) of section 11 of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
The principal notification number 14/2002-Central Excise (N.T.)dated the 8th March, 2002 was published in the Gazette of India Extraordinary Part-II, Section 3, Sub-section(i), vide number G.S.R.182 (E), dated the 8th March, 2002 and was last amended vide notification No. 33/2008- Central Excise (N.T.), dated the 28th August 2008, which was published in the Gazette of India Extraordinary, Part-II, Section 3, Sub-section(i), vide number G.S.R.620 (E), dated the 28th August 2008.
The principal notification No. 35/2001-Central Excise (N.T.), dated the 26th June, 2001 was published in the Gazette of India Extraordinary in Part II, Section 3, sub-section (i) vide number G.S.R.464 (E), dated the 26th June, 2001 and was last amended by notification No. 16/2008- Central Excise (N.T.), dated the 4th March 2008, vide number G.S.R.163 (E), dated the 4th March 2008.
Any interested party can contact the respective Central Banks for buying the distressed banks either at a discount or for free. You can contact FED for purchase of tottering US investment/commercial banks.Please note that all these institutions are still rated AAA.
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 exempts the goods of the description specified in column (3) of the Table hereto annexed and falling under the Chapter, Heading, Sub-heading or Tariff item of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), and specified in the corresponding entry in column (2) of the said Table, from so much of that portion of the applied rate of duty of customs leviable as is specified in the corresponding entry in column (4) of the said Table, when imported into the Republic of India from a country listed in APPENDIX to this notification; Provided that the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be.
Wallfort Shares & stock Brokers Ltd v ITO Where the assessee bought units of a mutual fund, received tax-free dividend thereon and immediately thereafter redeemed the units and claimed the difference between the cost price and redemption value as a loss and the same had been upheld by a Five Member Special Bench of the Tribunal as a genuine loss,
Employment of outdoor caterer for providing catering services has to be considered as an input service relating to the business and cenvat credit in respect of the same will be admissible.
