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