2 Archive - 25 September 2009

"25 September 2009" Archive

Due date for filing return extended in case of Pune, Sangli and Kolhapur

Press Note No. 402/92/2006-MC (20 of 2009) 25/09/2009

On consideration of the reports of local disturbances caused due to Swine Flue and riots of the Pune, Satara, Kolhapur and Sangli Districts of Maharashtra, the Central Board of Direct Taxes, in exercise of powers of conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of obtaining tax audit reports u/s 44AB...

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Notification No. 71/2009 – Income Tax Dated 25/9/2009

Notification No. 71/2009 - Income Tax 25/09/2009

Notification No. 71/2009 - Income Tax It is hereby notified for general information that the organization Vipassana Research Institute, Mumbai has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rul...

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Scope of appeal under section 248 can never be beyond scope of examination of nature of obligation under section 195(2) cast on a resident payer

CIT Vs Sonata Information Technology Ltd. (Karnataka High Court)

Whether the Tribunal was correct in holding that the assessee is not liable to deduct TDS in respect of payments made for purchase of software as the same cannot be treated as income liable to tax in India as Royalty or Scientific Work under section 9 of the Act read with Double Taxation Avoidance Agreements and treaties. Not correct, in...

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Circular No. 899/19/2009-Central Excise, Dated: 25.09.2009

Circular No. 899/19/2009-Central Excise 25/09/2009

Attention is invited to Notification No. 05/2006-CE dated 01.03.06 which stipulates that Central Excise duty at 8% will be charged on Ceramic tiles manufactured in a factory not using electricity for firing the kiln on the condition that “if no credit of the duty paid on the inputs used in or in relation to the manufacture of such ceram...

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Revised Procedure for on line submission of application for obtaining registration under the MVAT Act, 2002

Trade circular No. 25 T of 2009 25/09/2009

Present Procedure: At present, the applications for registration are being made manually to the Registering Authority. On the receipt of the application, the application and the enclosed documents are verified by the Registering Authority and TIN Allotment Letter is issued on the same day. Tin certificates are being issued afterwards....

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Exchange Rate notification for Import / Export of goods wef 1st October, 2009

Notification No. 146/2009–Customs (N.T.) 25/09/2009

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.125/2009-CUSTOMS (N.T.), dated the 27 th August, 2009 vide number S.O. 2193(E), dated the 27 th August, 2009, except as respec...

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Notification No. 23/2009-Central Excise (N.T.); Dated: 25.09.2009

Notification No. 23/2009-Central Excise (N.T.) 25/09/2009

“Provided that this procedure shall also be available for the supplies made by an Advance authorization holder to a manufacturer holding another Advance authorization, if such manufacturer, in turn, supplies the resultant products to an ultimate exporter in terms of para 8.3(c) of the Foreign Trade Policy, and the procedure, safeguards ...

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Incidental revenue generating activities do not end the principle of mutuality

CIT Vs Standing Conference of Public Enterprises (Delhi High Court)

Simply because some incidental activity of the assessee is revenue generating, does not provide any justification to hold that it is tainted with "commerciality" and reaches a point where relationship of mutuality ends and that of trading begins....

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Loan waived by lender is not taxable in the hand of borrower

Cipla Investments Ltd. Vs ITO (ITAT Mumbai)

As the facts indicate the holding company has advanced funds to the assessee company in 1998 which was received as share application money, later on transferred to unsecured loan. The amounts were utilised in investments and the incomes thereon were offered under the head 'capital gains' and not as 'business income'. ...

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Sec. 143,rws 234A to 234C, of the IT Act and articles 12 and 7 of DTAA between India and USA

Microsoft Regional Sales Corporation Vs Assistant Director of Income-tax (ITAT Delhi)

The application of 15 per cent rate of tax on the amount shown in the return of income would not fall under the category of determination of tax payable on the returned income on the basis of return of income under section 143(1) when the assessee had categorically stated in the note enclosed with the return of income that the returned in...

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