"03 March 2009" Archive

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

Notification No. 23/2009-Customs (03/03/2009)

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, S...

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

The Commissioner of Income Tax Vs Sunil Kumar Goel (Punjab & Haryana High Court)

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...

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Amends Notification No. 208/77-Customs Duty (N.T.), dated 1st October, 1977

Notification No. 24/2012-Customs (N.T.) (03/03/2009)

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....

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Notification No. 23/2009 – Customs Duty (N.T.), dated 27-02-2009

Notification No. 23/2009-Customs (N.T.) (03/03/2009)

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, ...

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

Sahara India Commercial Corpn. Ltd. Vs CIT (Calcutta High Court)

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 shou...

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

Hindustan Foods Ltd. Vs. DCIT (Bombay High Court)

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 Commissio...

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Important Announcement for CA Students

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

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Posted Under: Custom Duty |

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

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 […]...

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Posted Under: Custom Duty |

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

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 […]...

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Posted Under: Custom Duty |

AAR application to be rejected if not complies Section 245R

Microsoft Operations Pvt. Ltd., In re (AAR)

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 notwithstand...

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