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Archive: 25 February 2009

Posts in 25 February 2009

New Circular on Duty Free Import Authorization (DFIA) Scheme

February 25, 2009 4854 Views 0 comment Print

In this background the Commissioners of Customs/Customs & Central Excise, through whose jurisdiction exports under DFIA scheme have taken place, shall review all cases of such exports and take appropriate measures to recover duties wherever required in terms of these instructions

Public Notice No. 150 (RE-2009)/2004-2009, Dated: 25.02.2009

February 25, 2009 316 Views 0 comment Print

The amendment/corrections/modifications as mentioned in foot Note 6 vide Public Notice No. 50(RE-2006)2004-2009 dated 31.08.2006 annexed with SION C-525 to read as under.

Clarificatory guidelines on downstream investment by Indian Companies.

February 25, 2009 1904 Views 0 comment Print

The Guidelines for calculation of total foreign investment, both direct and indirect in an Indian company, at every stage of investment, including downstream investment, have been detailed in Press Note 2 of 2009 which enables determination of total foreign investment in any/all Indian Companies.

Bangalore IT park defrauds Rs 75.8 cr to Income Tax Department

February 25, 2009 282 Views 0 comment Print

On paper, this tech park had 37 units functioning on its premises — all entitled to income tax concessions. What they turned out to be were nothing less than maintenance rooms located in the car park! And the tech park owner stashed away Rs 75.8 crore that he had claimed as tax concessions for three […]

Empanelment of CA Firms with Serious Fraud Investigation Office (SFIO)

February 25, 2009 1946 Views 0 comment Print

Serious Fraud Investigation Office has invited applications from Chartered Accountants empanelled with the office of C&AG and who may like to be associated with SFIO for carrying out forensic examination of records of companies ordered for investigation by the government.

Member-CAs to be punished if found guilty in Satyam scam:ICAI

February 25, 2009 330 Views 0 comment Print

Apex body of CAs, the Institute of Chartered Accountants of India said severe punishment would be meted out to its member-accountants if they are found guilty in the Rs 7,800-crore accounting fraud at Satyam Computer Services. “If any of the CAs, who are the members of the institute, are found guilty in the auditing, exemplary […]

Determination of annual value of a IInd house which is not let out

February 25, 2009 4400 Views 0 comment Print

4.3 Both the authorities below have taken a view that though section 24(b) does not draw any distinction between a property that is self-occupied and one that is not, the assessee having not disclosed any income (annual value) there-against, and which can only be in respect of one house property, which stands already specified by him (the residential property at Shalimar Enclave, Agra), the assessee’s claim for deduction u/s. 24(b) is not maintainable.

Date which is material and relevant for purposes of computing limitation period in certain cases under IT Act

February 25, 2009 357 Views 0 comment Print

7. There was a search and seizure action against the assessee on 10-10-1995. In pursuance thereto, the A.0 initiated proceedings u/s 158BC of the Act. Notice u/s 158BC read with section 158BD dated 10-9-1996 was issued to the assessee requiring the assessee to prepare and file the return of income in the prescribed form setting forth his total income including the undisclosed income for the block period from 1-4-1985 to 10-10-1995

Computation of depreciation in cases covered by Rule 8 of Income Tax Rules, 1962

February 25, 2009 2167 Views 0 comment Print

10. In the case of Commr. of Income-tax, Madhya Pradesh, Nagpur and Bhandara v. Nandlal Bhandari Mills Ltd. – (1966) 60 ITR 173, which judgment was in the context of composite income, the question inter alia arose whether depreciation “actually allowed” would mean depreciation deducted in arriving at the taxable income or the depreciation deducted in arriving at the world income (composite income)

Rate of Exchange for Import and Export of Goods – supersession of the notification No.18/2009-Customs (N.T.), dated: 28.01.2009

February 25, 2009 301 Views 0 comment Print

In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.18/2009-Customs (N. T.), dated the 28th January, 2009 vide number S.O. 359(E), dated the 28 th January, 2009.

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