The provisions of the section contemplate to rectify any mistake apparent from record and non-consideration of any argument advanced by either party for arriving at a conclusion is not an error apparent on record, although it may be an error of judgment and the same cannot be rectified u/s. 254(2) of the Act, as held by the Hon’ble Jurisdictional High Court in the case of CIT vs. Ramesh Electric & Trading Co. (1993) 203 ITR 497,502 (Bom).
Where the assessee-society was storing the controlled commodities in its godowns as part of its own trading stock, it was not entitled to claim deduction for the margin of profit between issue price and sale price of the controlled commodities under section 80P(2)(e).
Across the world Muslims will be able to surf the Web without accidentally encountering explicit material, after a Dutch company launched the world’s first Islamic search engine Monday. The search engine, ImHalal.com, or “I am Halal,” works by filtering Internet content so it does not return the user any results considered forbidden and only shows those […]
Limited liability partnership (LLP) is essentially a partnership constituted in corporate form which has a separate legal identity distinct from its partners. Its primary advantage is the benefit of limited liability, a feature not prevalent in general partnerships. Liability of an LLP’s partners is restricted to the extent of their individual contributions to the LLP; […]
Notification No. 36/2009-Service Tax In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as the Finance Act), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.28/2009-Service Tax, dated the 31 st August, 2009, published in the Gazette of India, Extraordinary, vide number G.S.R. 617 (E), dated the 31 st August, 2009, except as
In a recent landmark judgement in Coca Cola India Pvt. Ltd. vs. Commissioner of Central Excise (2009-VIL-06-HC-BOM-ST), the Mumbai High Court has interpreted the relevant provisions of service tax law in a broad and inclusive manner in order to hold that expenses incurred by a company in relation to advertising and promoting a brand owned […]
Insurance policy holders will now have no difficulty if their agents suddenly switch from one insurer to another, which results in lack of service. The insurers will now have to enter into an agreement with their agents/corporate agents for continuing the relationship for a minimum period of three years, according to Mr J. Hari Narayan, Chairman, […]
Certificate of Commencement of Business: Procedural Analysis The date of incorporation of a company may not be the date of commencement of business. A private company and a public limited company not having share capital are not required to comply with any other formalities and may commence its business activities immediately after obtaining the certificate of incorporation from the […]
The Finance Ministry has extended service tax exemption to five more export promotion councils (EPCs). With this move, the total number of EPCs that could avail themselves of service tax exemption has gone up to 27 across the country. Budget 2009-10 had provided exemption on the service tax leviable under “club or association services” for 22 […]
Notification No : 67/2009 – Income Tax In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, number S.O.709(E), dated the 20th August, 1998, namely
