From the third quarter of 2008, the dollar, which was sliding against almost all currencies, suddenly found itself on an escalator. Policy mechanics, and not market economics, explains the greenback’s rise, says S. GURUMURTHY.
On consideration of the reports of dislocation of general life caused due to the law and order problem in the State of Jammu & Kashmir, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date for filing of returns of income which were required to be furnished by 31st July, 2008 to 30th September, 2008, in cases of income-tax assessees in the State of Jammu & kashmir.
On consideration of the reports of disruption caused due to floods in the State of Bihar, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of obtaining tax audit report u/s 44AB of the I.T. Act as well as for filing of returns of income required to be furnished by 30th September, 2008 to 30th November, 2008, in the cases of income-tax assessees in the State of Bihar.
n this decision, vide order dated 15.9.2008, the Hon’ble Apex Court had held that even a decision of Apex Court or Jurisdictional High Court rendered subsequent to the Tribunal decision can render the said Tribunal decision liable of rectification of mistake apparent from record. In view of the aforesaid discussion and precedent, we are inclined to dismiss this appeal by the Revenue on account of tax effect, when on similar facts Hon’ble Jurisdictional High Court has dismissed the Revenue’s case on tax effect.
An exporter may apply for credit, at specified percentage of FOB value of exports, made in freely convertible currency. In case of supply by a DTA Unit to a SEZ Unit /SEZ Developer / Co-Developer, an exporter may apply for credit for exports made in freely convertible currency or payment made from foreign currency account of SEZ Unit / SEZ Developer /Co-Developer. In addition, the exporter shall also be entitled for DEPB benefit in case payment is made in Indian Rupees by SEZ Developer / Co-Developer for supplies received w.e.f 10.2.2006.
Importers of the aforementioned items of agglomerated/artificial stones, wishing to avail Transitional Arrangements under Para 1.5 of the Foreign Trade Policy, 2004-09, as amended from time to time, may apply to DGFT Headquarters, New Delhi within two weeks of issue of this Notification, along with details of their respective LCs and contracts.
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, Vol. I RE2008.
For the purposes of this notification, “rate of exchange” applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act 1962 (52 of 1962), and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Act.
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.32 (RE-2008)/2004-2009, dated 19th August, 2008.
PUBLIC NOTICE NO. 82/(RE:2008)/2004-2009 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.
