If apparently reliable material could not be directly used against an assessee solely because it was not collected during a Search of that assessee, a fortiori, material palpably concerning a third party with no connection with the raided party must be ignored.
The principal notification was published vide number S.O. 1270(E), dated the 30th May, 2008 and subsequently amended vide number S.O. 2266(E),
In view of the foregoing, we are in agreement with the findings of Id. CIT(A) that activities undertaken by the taxpayer were in respect of production and export of computer software within the meaning of provisions of section 10B of the Act, especially when the AO himself concluded so for the purpose of section 80HHE of the Act. We are also in agreement with the uncontroverted submission of the Id. AR on behalf of the taxpayer that the taxpayer did not claim any deduction in AY 1996-97 and for the first time claimed deduction u/s 10B in AY 19987-98 and this being the 5th year, claim has to allowed.
12. The provisions of sections 80IB/80IA are the code by themselves as they contains both substantive as well as procedural provisions. Therefore, we need to examine what these provisions prescribe to the issue of the manner of `computation of the profits and gains of the eligible business’. In this regard, the relevant sub-sections ie 80-IB(l), 80-IB(13) & 80-IA(5) of the said sections are important and they are reproduced here under for ready reference.
Institute of Chartered Accountants of India (ICAI) would submit a representation to Tamil Nadu Government to make VAT Auditing compulsory in the State. By compulsory auditing of VAT, as in Maharashtra, the Government would have lot of advantages, including identifying the revenue leakage, said Mr G Ramaswamy, General Council member.
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. 44/2009-Customs (N. T.), dated the 28th April, 2009 vide number S. O. 1059 (E), dated the 28th April, 2009, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st June, 2009 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
IN his first ever formal interaction with media persons today the Finance Minister, Mr Pranab Mukherjee, has said that as per his Party’s manifesto, his Govt is committed to present the Budget 2009 within 45 days and it will be presented in the first week of July. The Budget exercise is already underway in full […]
Opening up more options for travellers seeking details of train services, Indian Railways have started an SMS service on the 139 passenger information system. The service would enable one to know the passenger name record status, current train running positions, accommodation and availability and fare enquiry. “All that a passenger needs to do is SMS the queries […]
MUMBAI: Salaried taxpayers who have not received refunds for assessment years 2003-04 to 2006-07 can find out whether their refunds have been returned undelivered from this link: http://www.incometaxindia.gov.in/CCIT/refundsearch.asp You can get the information from the menu `undelivered salary refund management system’, using your PAN number. If any refund has been returned undelivered due to a […]
In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax positions resulting […]
