"23 October 2009" Archive

Discount can not be treated as brokerage or commission u/s. 194H in the absence of existence the relationship of principal and agent

ACIT Vs Idea Cellular Ltd. (ITAT Hyderabad)

We have carefully considered the submissions of the rival parties and perused the material available on record. We find that the facts are not in dispute. Under section 194H of the Act any person not being an individual or a Hindu undivided family who is responsible for paying on or after the first day of June 2001 to a resident any incom...

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Import licences for Rough Marble Blocks/Slabs – Issue of balance quota for the year 2009-10 as per New Policy

Policy Circular No. 12/2009-2014 23/10/2009

The inter-se allocation of quota shall be computed based on the full quota for the year 2009-10 as per the Policy notified vide Notification No. 15/2009-2014 dated 15th October, 2009 (and as amended by Notification No. 16 dated 23rd October, 2009). The quantities to eligible applicants shall be pro-rated for the balance quota of this yea...

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Notification No. 16/2009-2014, Dated: 23.10.2009

Notification No. 16/2009-2014 23/10/2009

Units who have installed marble gang saw machine (except 100% EOUs and units in SEZ). However, the marble gang saw machine shall be in the name of the applicant only. No gang saw on Lease Basis shall be considered for the purpose of allocation of import entitlement....

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Affidavit must for gift in kind, over Rs. 50,000, from relatives

From now on, when you get a gift in kind, valued at more than Rs. 50,000, from your parents or other relatives, make sure you have a sworn affidavit declaring the donor your kin.The Central Board of Direct Taxes has ruled that any such gift will be taxable for the donee unless it is from relatives or given during occasions such as marriag...

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Posted Under: Income Tax |

Fee for use of satellite is “royalty” under Act & DTAA

New Skies Satellites N.V. Vs. ADIT International Taxation [ITAT Delhi]

In Asia Satellite 85 ITD 478 the Tribunal held that the said receipts were taxable as ‘royalty’ having been paid in respect of a “process”. However, in PanAmSat 9 SOT 100 it was held that as in the term “royalty” in Art. 12 of the India-USA DTAA there was a ‘comma’ after the words “secret formula or process”, it was on...

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No “succession of business” u/s. 170 even on 100% sale of shares

CIT, Shimla Vs Panchratan Hotels Pvt. Ltd, Manali (Himachal Pradesh High Court)

Even if it is accepted that by a transfer of shares u/s 2(47), there is a transfer in the right to use the capital assets of the company, still s. 170 is not attracted because there is no “transfer of business”. A company is a juristic person and owns the business. The share holders are not the owners of the company. By a transfer of ...

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SEBI : Combating Financing of Terrorism (CFT) under Unlawful Activities (Prevention) Act, 1967 – Directions to stock exchanges, depositories and all registered intermediaries.

ISD/AML/CIR-2/2009 23/10/2009

Stock Exchanges, depositories and registered intermediaries are directed to bring the provisions of the UAPA, the Government Order dated August 27, 2009 and the contents of this circular to the notice of their staff concerned and ensure strict and meticulous compliance of the same....

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SEBI : Trading Hours on Stock Exchanges

SEBI/DNPD/Cir-47/2009 23/10/2009

In consultation with the Stock Exchanges and other market participants, it has been decided to permit the Stock Exchanges to set their trading hours (in the cash and derivatives segments) subject to the condition that....

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ICAI announced Change of Examination Centres for November-2009 CA Exams

Due to paucity of accommodation in some Zones opted by Candidates in the cities of Ahmedabad, Chennai, Delhi, Indore, Mumbai and Kolkata etc., some of the candidates have been allotted examination Centres in other Zones of the said cities where the accommodation is available. ...

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Posted Under: Income Tax |

ICAI announced final list of candidates from Western and Central region

For Central council one candidate from Western region and three candidates from Central Region withdrew their candidature.For Regional council, 2 candidates from Western Region and 3 candidates from Central region withdrew their candidature....

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Posted Under: Income Tax |

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