"29 May 2009" Archive

Amends notification No. 36/2001-Custom Duty (N.T.), Dated: 03.08.2001

Notification No. 55/2009-Customs (N.T.) (29/05/2009)

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. 51/2009-Customs (N.T.), dated, the 15th May, 2009 (S. O. 1223 (E) dated 15th May, 2009)....

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Area limit of 5,000 hectares will not applicable for SEZs if two or more such zones are merged

NEW DELHI: The government has decided not to apply an area limit of 5,000 hectares for special economic zones (SEZs) if two or more such zones are merged, clearing the way for big SEZs in the country. In an amendment to the SEZ rules, the government has also allowed developers more freedom on selecting the […]...

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Posted Under: Custom Duty |

Whether the Petitioner is entitled to waiver of interest under Section 220(2A)?

Prakash Tubes Ltd Vs Union of India & Ors. (Delhi High Court)

This Petition under Article 226 of the Constitution of India seeks the issuance of a writ to waive the interest levied under Section 220 (2) of the Income Tax Act, 1961 (IT Act for short) pertaining to three consecutive years in respect of which the original Demand had already been paid. The Petitioner has contended that for the Assessmen...

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ICAI requested to Maharashtra govt to Restore audit limit for non-CAs,

Objecting to the Maharashtra government’s decision of removing the audit limit for non-CAs government-authoris ed auditors, the accounting regulator Institute of Chartered Accountants of India (ICAI) has urged to restore the audit limit of Rs 1 lakh at the earliest. No audit limit enables the auditors to perform audit of trusts of any s...

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Posted Under: Custom Duty |

Google Pagerank Updated March 2009, taxguru.in Got PR3

Dear Friends, Due to your Kind support within few month of Lauch of www.taxguru.in we got Google Pagerank 3 while earlier we were having Page Rank 1. So friends target for Next quarter is Pagerank 5. Keep Supporting your site. With Reagrds, CA Sandeep kanoi WHAT IS PAGERANK? PageRank is a numeric value that represents how important [&he...

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Posted Under: Custom Duty |

IT dept. can raid if income likely to escape tax in absence of prompt action

The income-tax department has the right to carry out a raid and attach property, if it has reason to suspect that income is likely to escape tax net in absence of prompt action, a division bench of the Bombay High Court has ruled. The division bench, comprising Justice Ranajana Desai and Justice JP Deodhar, passed […]...

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Posted Under: Custom Duty |