"08 October 2009" Archive

ICAI announcement regarding Election Code of Conduct

As the members of the Institute are aware, the Election Code of Conduct has already come into force effective from 3rd September, 2009 which is required to be complied with by, not only the candidates contesting for the forthcoming elections, but also by their authorized representative( s), supporter(s) , well-wisher( s) and the like. Bes...

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Posted Under: CA, CS, CMA |

Valuation of SKO(PDS), LPG and other goods under Transaction Value System from 01.07.2000.

Circular No. 901/21/2009-CX (08/10/2009)

Attention is invited to the Supreme Court decision in the case of Civil Appeal No. 432/2008 in the case of MRPL regarding valuation of SKO (PDS) and LPG (domestic) for the period 01.07.2000 onward. The Hon’ble Supreme Court in this case has dismissed the department’s civil appeal observing that the issue involved was covered by CBEC C...

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Audit of assessments arising out of clearance of goods in minor ports or the foreign post office – regarding.

Circular No. 27/2009-Custom Duty (08/09/2009)

Reference is invited to the Board’s instructions issued vide F.No. 8/6/67-Cus.III dated 05.11.1977 on the above-mentioned subject. These instructions provide that various documents such as Bills of Entry, postal imports of certain categories, refund claims of certain categories, drawback shipping bills of certain categories etc., pertai...

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Regarding imposing provisional anti-dumping duty on subject goods

Notification No. 116/2009-Customs (08/10/2009)

For the purposes of this notification, rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of...

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Applicability of MAT on Revaluation Reserve credited to profit and loss account

Goetze (India) Ltd. Vs Commissioner of Income-tax-IV (ITAT Delhi 'C' Bench)

Section 115JA of the Income-tax Act, 1961 - Minimum alternate tax - Assessment year 2000-01 - Assessee had created a reserve in assessment year 1986-87 by enhancing value of assets - Assessee had withdrawn Rs. 1.53 crores from said reserve and credited it to profit and loss account - In assessment year 2000-01 assessee-company claimed ded...

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The depreciation cannot be taken as ‘notionally allowed’, but only as ‘actually allowed’

Padmavathi Srinivasa Cotton Ginning & Pressing Factory Vs DCIT (ITAT Vishakhapatnam)

The effect of omission of section 34 and Rule 5AA and consequential amendment in section 32 by omitting reference to section 34 makes it clear that one cannot taken support from the decision of the Hon'ble Apex Court in the case of Mahendra Mills, supra, after the amendment. Section 43(6) of the Act which defines the term "Written Down Va...

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Allowability of deduction U/s. 10B to company engaged in business of contract research and in providing of laboratory facility to its parent company in USA

Enem Nostrum Remedies (P.) Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai)

Section 10B of the Income-tax Act, 1961 - Export oriented undertaking - Assessment year 2003-04 - Assessee-company was engaged in business of contract research and in providing of laboratory facility to its parent company in USA - It had claimed exemption under section 10B - Assessing Officer observed that assessee was not manufacturing o...

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Taxability of Sale Proceed of Assets Purchased before introduction of block concept and sale thereafter

Nectar Beverages Pvt. Ltd. Vs DCIT (Supreme Court of India)

Each of the sub-sections to section 41 deal with different and distinct topics and one cannot read recoupment under one sub-section into another; the depreciation recovered on sale of the capital asset was includible in the total income as balancing charge only under section 41(2); that concept was foreign to the scheme of section 41(1)....

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Losses could not be ignored in determining the applicability of exception clause of Explanation to section 73

Mafatlal securities Ltd. Vs Joint Commissioner of Income-tax (ITAT Mumbai)

Section 254 of the Income-tax Act, 1961 - Appellate Tribunal - Powers of - Assessment year 1996-97 -Whether though Tribunal is not akin to a Court but functions discharged by it are similar to a Court, and, hence, in addition to its expressed statutory powers it has got inherent power to pass such orders as may be necessary for ends of ju...

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