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Archive: 31 March 2009

Posts in 31 March 2009

Amends Notification No. 45/2006-Customs Dated: 24.05.2006

March 31, 2009 280 Views 0 comment Print

The principal notification No. 45/2006-Customs dated the 24th May 2006, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.308 (E), dated the 24th May 2006

Amends notification No. 36/2001-Custom Duty (N.T.), dated 3rd August 2001

March 31, 2009 265 Views 0 comment Print

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S.O. 748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 25/2009-Customs (N.T.), dated, the 13th March, 2009 (S. O. 731 (E) dated 13th March, 2009).

Amendment to Schedule VI to the Companies Act, 1956

March 31, 2009 478 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of Section 641of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes

Condition precedent for claiming deduction under section 42 of IT Act : ITAT Ahemdabad

March 31, 2009 1773 Views 0 comment Print

29. On a close reading of this section, we find that the deduction under this section is allowed for computing the profits and gains of the business of prospecting for or extracting or production of mineral oil, in relation to which, the Central Government has entered into an agreement. Only such deductions are allowed under section 42(1) as are specified in the agreement and that also when they fall in any of the

Amendment to Companies (Accounting Standards) Rules, 2006

March 31, 2009 1066 Views 0 comment Print

In exercise of the powers conferred by clause (a) of sub section (1) of section 642 read with sub-section (1) of section 21 A and sub-section (3C) of section 211 of the Companies Act, 1956 (1 of 1956), the Central Government in consultation with the National Advisory Committee on Accounting Standards, hereby makes the following rules to amend the Companies (Accounting Standards) Rules, 2006, namely

Condition precedent for invoking provisions of section 142A of IT Act : ITAT New Delhi

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14. We have considered the rival submissions and also perused the relevant material on record. It is observed that the addition in dispute on account of alleged unexplained investment made by the assessee in the property was made by the AO on the basis of valuation report obtained from the DVO by making a reference u/s 142A, the provisions of which read as under:-

Each well or a cluster of wells producing mineral oil would be an undertaking eligible for tax holiday under section 80-IB of IT Act : ITAT Ahmedabad

March 31, 2009 643 Views 0 comment Print

110. On a close reading of the provisions we notice that sub section (1) of section 80-IB provides for the deduction from such profits and gains of an amount equal to such percentage and for such number of assessment years as specified in this section where the gross total income of an assessee includes any profits and gains derived from eligible business referred to in sub-sections (3) to (11) and (11A).the deduction

Excess tax paid by the employer can not be taxed in the hand of the Assessee

March 31, 2009 949 Views 0 comment Print

7.1 On bare reading of above provision, it is clear that any sum paid to discharge “any obligation” of the assessee would be a perquisite under the above clause. However, the important words in the provisions are, “in respect of any obligation” and “would have been payable by the assessee”. It is quite obvious that employer had obligation only to pay correct tax on assessee’s income

Onus for proving gifts as genuine is on Assessee but same is not fixed : ITAT Lucknow

March 31, 2009 654 Views 0 comment Print

19. We have considered the rival submissions and perused the material on record. In our considered view inferences drawn by the authorities below are not sustainable in law. The grounds on which the A.O. has added the amount of gift as assessee’s income are summarized by us in para 12. We do not agree that the persons showing income of Rs.80,000 to Rs. 1,50,000 per annum

Notional benefit will not form part of actual rent received as contemplated by section 23(1)(b) of IT Act

March 31, 2009 505 Views 0 comment Print

5.11 Now coming to the merits of the case. For this purposes, we are required to consider the scheme of taxation of income from house property. Section 22 says that the measure of income from house property is its annual value. The annual value is to be decided in accordance with section 23. Sub-section (1) of section 23, by virtue of the amendment with effect from the assessment year 1976-77

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March 2009