"August, 2009" Archive

Public Notice No. 4/2009-14, Dated: 31.08.2009

Public Notice No. 4/2009-14 (31/08/2009)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following corrections / amendments in HBPv1 (including Appendices and ANFs)....

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Public Notice No. 3/2009-14, Dated: 31.08.2009

Public Notice No. 3/2009-14 (31/08/2009)

However, it is clarified that in case the importer wants to use a specific permission/license for import of a restricted item as well as pay the duty using Duty Credit Scrip, then Duty Credit Scrip shall be allowed to be used only if the item is also importable under the respective paras of Duty Credit Scrip (reference FTP Paras 3.12.6, 3...

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Notification No. 24/2009-Central Excise; Dated: 31.08.2009

Notification No. 24/2009-Central Excise (31/08/2009)

- The principal notification was published vide number G.S.R. 266(E), dated the 31st March, 2003, and last amended vide notification No. 10/2009-Central Excise, dated the 7th July, 2009, published vide number G.S.R.468(E), dated the 7th July, 2009....

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Levy of penalty for declaration of in-genuine gift in revised return u/s. 139(5) of IT Act

ACIT Vs Deepak Agarwal (ITAT Lucknow)

The undisputed fact is that return filed by the assessee on 31.7.2001 did not contain any information with respect to the amount of gifts received by the assessee in the name of his children. That return was processed under section 143(1) on 1.2.2002 and notice under section 143(2) was also issued on 14.2.2002 and compliance was required ...

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Applicability TDS charges on pre-paid mobile cellular services provided by a service provider through its distributor’s network

Vodafone Essar Cellular Ltd. Vs ACIT (ITAT Cochin)

. There is no dispute or dis-agreement regarding the nature of transactions entered into between the assessee and its distributors. The assessee company, by virtue of the licence issued by the Department of Telecommunications, Government of India, is engaged in providing Mobile telephone services to the public at large. The Govt, of India...

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Applicability of section 44BB of the IT Act on mobilization/ demolization charges received by a non-resident foreign company

R&B Falcon Drilling Co. Vs Addl. CIT (Uttarakhand High Court)

Brief facts of the case giving rise to this appeal are that assessee, a non-resident foreign company, engaged in the business of providing services in connection with extraction and production of mineral oils, submitted its return of income declaring income at Rs. 2,11,79,270/ - for the Assessment Year 1999-2000. The case was processed u...

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Section 260A authorizes the High Court to hear an appeal only when substantial question of law is involved

Qazi Shabir Ahmed Vs ITO (Jammu & Kashmir High Court)

It is settled position of law that appeal is creature of Statute and appeal can be filed only when permitted by Statute and can be filed on the grounds mentioned In the Statute. In terms of section 260-A the High Court gets power to hear and decide an appeal only when a substantial question of law is involved. The section 260-A of the Act...

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AAR on tax rate applicable to a foreign company on LTCG accruing to it on sale of shares in Indian company

Fujitsu Services Ltd., In re (Authority for Advance Rulings)

The applicant is a non-resident Company incorporated in United Kingdom. It is engaged in the business of information technology services. The applicant acquired the shares in Zensar Technologies Limited (for short `Zensar'), an Indian company by making payments in foreign currency between 1963 and 1994, after obtaining RBI's approval....

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Depreciation on transfer of Investment from available for sale (AFS) to held to maturity (HTM) category by banks

State Bank of Mysore Vs DCIT (ITAT Bangalore)

Assessee is treating the securities held under the, category 'held for maturity' as stock-in-trade. If there is appreciation in the market value as compared to the market value at the opening of the year and such appreciation is also accounted for. It is not claiming depreciation only for the years, when the value has gone down. ...

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

Notification No. 131/2009-Customs (N. T.) (31/08/2009)

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. 122/2009-Customs (N.T.), dated, the 13th August, 2009 (S. O. 2123 (E) dated 13th August, 2009...

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