"05 November 2009" Archive

MVAT Notification on sales made to the diplomatic authorities and international bodies or organisations

Notification No. VAT. 1509/CR-89/Taxation -1 (05/11/2009)

In suppression of the Government Notification, Finance Department, No.VAT-1507/ CR-41/ Taxation-1, dated the 25th June 2007, the Government of Maharashtra hereby provides for grant of refund of the tax, collected by any registered dealer on his sales made to the diplomatic authorities and international bodies or organisations mentioned in...

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Grant of VKGUY and FPS/FMS benefits against self attested EP copy of Shipping Bills (in cases where original EP copy of Shipping Bill has been negotiated by the Bank)

Policy Circular No. 15/2009-14 (05/11/2009)

Requests have been received from few firms stating that original EP-cum-Exchange Control copy of Shipping Bill have been submitted to the Bank by them for negotiation purpose and the same is not receivable from the Bank and they have requested to consider their claims under VKGUY and FMS/FPS Schemes on the basis of submission of self att...

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Regarding imposition of provisional safeguard duty on imports of Soda Ash

Notification No. 122/2009-Customs (05/11/2009)

the Director General (Safeguards) in its final findings vide number G.S.R.725(E), dated the 6th October, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 6th October, 2009 had come to the conclusion that increased imports of Soda Ash into India from the People"s Republic of China h...

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Registration database of Service Tax assesses – Information required for updating under ACES

Trade Facility No. 7/2009-10 (01/10/2009)

The new centralized web based software application of CBEC under the name Automation of Centralized Excise and Service Tax (ACES) is likely to be introduced shortly. The details of the same can be accessed at http:// www.aces.gov.in. It is designed to provide you an electronic interface with the department and aims at reducing paper work,...

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Work distribution in Mumbai Service Tax Commissionerate- Streamlining of, based on name of assessee

Trade Notice No. 2/2009 (25/09/2009)

Attention of the Trade is invited to Trade Notice No. 2/2005-S.T., dated 31-3-2005, No. 21/2005, dated 4-7-2005, etc., notifying the geographical area of Service Tax Divisions-I & II and the allocation of various taxable services under both the said Divisions presently comprising of the concurrent geographical area while they are bifurcat...

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ICAI Committee for Members in Industry organizing Corporate Forum from 29th to 31st January 2010 in Mumbai

The companies participating will have to register online on placement portal www.cmii.icai.org. · The participation fees should be remitted at ICAI head office New Delhi only. · Access to the candidate database shall be allowed only after the receipt of participation fee by CMII Secretariat. · The companies can access the database thro...

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Allowability of Interest liability discharged by way of issuance of shares

SRF Ltd. Vs DCIT (ITAT Delhi 'H' Bench)

SRF Ltd. v. DCIT, (ITAT Delhi) In the present case it is seen that the liability was discharged by way of issuance of shares. When the assessee issues shares the assessee does not incur any expenditure as the assessee is not to make any payment legally towards shares issued. The shares cannot be equated with debentures, which is purely b...

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Principle of Mutuality could be confined in respect of the income earned by the club from investments of its surplus funds

Madras Gymkhana Club Vs DCIT (Madras High Court)

Before answering the first question viz., as to whether the interest income of the assessee received from its corporate members on the investments of surplus funds as Fixed Deposits or Debentures etc., is exempted from tax on the concept of Mutuality, it will be worthwhile to refer to the principles laid down on the Doctrine of Mutuality ...

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Validity of notice u/s. 148 of the IT Act, 1961 by affixture when no material on record to show effort made by AO

Shri Arun Lal Vs ACIT (ITAT Agra-Third Bench)

However, in the impugned case there is no material on record to suggest or to hold that any sincere attempt was made by the Revenue to make the service through normal mode. For the reasons discussed above, the decision in the case of Jagannath Prasad & Ors. Vs. CIT (supra) will have square application to the present case and relying on th...

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Court fees is payable as per section 253(6)(d) of the IT Act, 1961 in case Assessee is assessed to loss

Gilbs Computer Ltd. Vs ITAT (Bombay High Court)

An appeal to the Appellate Tribunal shall be in the prescribed form and shall be verified in the prescribed manner and shall, in the case of an appeal made, on or after the 1st day of October, 1998, irrespective of the date of initiation of the assessment proceedings relating thereto, be accompanied by a fee of,...

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