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Archive: 03 March 2009

Posts in 03 March 2009

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1128 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7677 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Amending Notification No. 39/96 –Customs, Dated the 23rd July, 1996

March 3, 2009 430 Views 0 comment Print

The principal Notification No.39/96- Customs, dated the 23rd July,1996 was published in the Gazette of India, Extraordinary, Part ii, Section 3, Sub- section (i) vide G.S.R. 291 (E), dated the 23rd July, 1996 and was last amended vide Notification No.124 /2008 Customs which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number G.S.R.814 (E), dated the 21st November, 2008.

No Penalty for cash loan to Sister Concerns due to business exigency

March 3, 2009 2366 Views 0 comment Print

There is no dispute about the fact, that the instant cash transactions of the respondent-assessee were with the sister concern, and that, these transactions were between the family, and due to business exigency. A family transaction, between two independent assessees, based on an act of casualness, specially in a case where the disclosure thereof is contained in the compilation of accounts, and which has no tax effect

Amends Notification No. 208/77-Customs Duty (N.T.), Dated: 01.10.1997

March 3, 2009 2272 Views 0 comment Print

The principal notification was published in the Gazette of India vide notification No. 208/77-Customs, dated the 1st October, 1977 and was last amended vide notification No. 39/2003-Customs (N.T.) dated the 19th June, 2003 published vide number S.O. 714 (E) dated the 19th June, 2003.

Notification No. 23/2009 – Customs Duty (N.T.), Dated: 27.02.2009

March 3, 2009 313 Views 0 comment Print

The principal Notification No.39/96- Customs, dated the 23rd July,1996 was published in the Gazette of India, Extraordinary, Part ii, Section 3, Sub- section (i) vide G.S.R. 291 (E), dated the 23rd July, 1996 and was last amended vide Notification No.124 /2008 Customs which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number G.S.R.814 (E), dated the 21st

In cases of a group, coordinated investigation is a relevant ground for transfer of its case under section 127 of IT Act

March 3, 2009 814 Views 0 comment Print

Section 127 does not spell out under what facts and circumstances a transfer of a case can be made. However, in a case of inter-city transfer statute requires compliance of two requirements –first, to vie the assessee a reasonable opportunity of hearing, wherever it is possible to do so and secondly, reasons with regard to transfer should be recorded. In the instant case there is no dispute that the principles of natural justice

Treatment to be given to unclaimed debenture amount when same is used by assessee-company for its business: HC Mumbai

March 3, 2009 691 Views 0 comment Print

9. In the instant case, since it is not in dispute that the amount, in question, has already been utilized by the Assessee for the purpose of its business from time to time and by Board Resolution the Assessee has transferred the amount to the Reserve Fund Account, and considering the judgment of the Supreme Court in the case of Commissioner of Income-tax vs. T. V. Sundaram Iyengar

Important Announcement for CA Students

March 3, 2009 342 Views 0 comment Print

BOS/Announcement/227/2009                             March 2, 2009   Announcement The following clarifications are brought to the notice of the students:

I-T officer spills beans, boss held in graft case

March 3, 2009 366 Views 0 comment Print

The CBI on Saturday arrested S S Keshkamat, additional commissioner of Income Tax (I-T) in connection with the alleged bribe paid to his ITO, T V Mohan. Keshkamat’s three flats in Thane and a shop in his wife’s name are under the CBI scanner. The CBI said Mohan had named Keshkamat during interrogation. CBI sources […]

Man in Mumbai admits to tax evasion, pays Rs 22cr

March 3, 2009 390 Views 0 comment Print

This could be one the biggest admission of tax evasion by an individual in recent times. Munir Khan, who describes himself as a`scientist’ and has a medicine for all incurable diseases, on Friday paid Rs 22 crore as tax on his income for the current financial year. According to sources, the assessment wing of the […]

AAR application to be rejected if not complies Section 245R

March 3, 2009 1102 Views 0 comment Print

Once the conclusion is reached that the application for advance ruling filed under section 245Q is hit by one or all of the embargoes laid down in the proviso to section 245R(2), the Authority has no option but to reject the application in limine; it is not open to the Authority to ignore the legal bar created by the proviso notwithstanding the discretion conferred on the Authority in apparently wide terms under the main provision i.e., sub-section (2).

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