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Archive: 12 November 2009

Posts in 12 November 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6372 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

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Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

Brand Name for Packing Industry: – All is well that ends well

November 12, 2009 676 Views 0 comment Print

SSI Exemption is granted subject to fulfillment of certain conditions which are prescribed in Notification no. 8/2003. One of the conditions prescribed is that the SSI exemption will not be applicable to specified goods bearing a brand name or trade name of another person, irrespective of the fact whether such brand name was registered or not contained in Para 4 of the Notification. However, exceptions are also provided to this condition such as goods cleared as ‘original equipment’, goods bearing brand name or trade name of KVIC or if such goods were manufactured in factory located in rural area.

Validity of re-opening when no concealment of income and department applied higher tax rate of tax for framing re-assessment

November 12, 2009 1151 Views 0 comment Print

In assessment years 1995-96 and 1996-97, the only identical reason recorded by the Assessing Officer for reopening the assessment, with variation in the amounts involved, is that the interest income under section 244 A has escaped assessment and to reassess the same under section 147 of the Act notice under section 148 of the Act was issued. While completing the assessment under section 143(3) read with section 148 the Assessing Officer applied a higher rate of tax, i.e. @ 55%, applicable to foreign companies on the business income instead of the tax rate applicable to domestic companies, aga

Only simple interest on refund of TDS/Advance tax if refund is paid along with interest within the prescribed time period

November 12, 2009 5033 Views 0 comment Print

When we examine the facts of the present case, we feel that the aforesaid judgment of the Supreme Court would not come to the aid of the assessee and permit the assessee to claim interest on interest in the given situation. As far as the appeals at hands are concerned, it is not in dispute that on filing the return by the assessee and processing the case under Section 143(1)(a), the excess amount of TDS and advance tax paid by the assessee was r

Deductibility of TDS on demurrage charges payable to a foreign shipping company

November 12, 2009 28145 Views 0 comment Print

Section 172 of the Act 1961 is carefully Title of Section 172 is Shipping business of non-residents. For bringing a case under Chapter XV, H of the Act 1961, one has to establish a case of profits of non-residents from occasional shipping business Non-resident is defined under section 2(30), as a person who is not a resident and for the purpose of Sections 92, 93 and 168, includes a person who is not ordinarily resident within the meaning of clause (6) of Section 6. considered by us. Chapter XV titles as LIABILITY IN SPECIAL CASES. We have no concern with sections, starting from Section 159, till Section 171 from this Chapter XV. Section 172 comes under sub-title H.-Profits of nonresidents from occasional shipping business. Title of Section 172 is Shipping business of non-residents. For bringing a case under Chapter XV, H of the Act 1961, one has to establish a case of profits of non-residents from occasional shipping business. Non-resident is defined under section 2(30), as a person who is not a

Construction activity is not manufacturing u/s. 35D of the Income Tax Act, 1961

November 12, 2009 12220 Views 0 comment Print

In the absence of any definition provided under the Income Tax Act, it would be admissible to find out the scope of this expression by resorting to its meaning in common parlance as understood by common persons or its natural and grammatical manner. Law Lexicon, the Encyclopedia Law Dictionary (1997 Edition), provides the following meaning :-

VVF Ltd. Versus Union of India (Gujarat High Court)

November 12, 2009 3072 Views 0 comment Print

The petitioners ‘Kutch Chamber of Commerce and Industry, a Voluntary Association of Industrial Units, and other Industrial Units operating in the Kutch District of State of Gujarat, have challenged the Notifications issued by respondent No. 1 bearing No. 16/2008-C.E dated 27.3.2008 as well as Notification No. 33/2008-C.E dated 10.6.2008 on the ground that they have effect of depriving the petitioners and other similarly situated industries and industrial units, set up pursuant to the Notification No. 39/2001-C.E dated 31.7.2001, providing for the exemption from payment of excise duty for five years from the date of commencement of commercial production, to the newly set up industrial units with specific minimum investments as an incentive to set up new industries in Kutch region after the devastating earthquake.

Section 14A of IT Act applicable in respect of share of profit from partnership firm

November 12, 2009 11673 Views 0 comment Print

A partnership firm is a separate entity than that of its partners under the Income-tax Act and therefore, partners vis-à-vis partnership firm would stand on the same footing of shareholders vis-à-vis company; accordingly , income charged in the hands of partnership firm cannot be treated as being a non-exempt income in the hands of a partner of such firm and, therefore, provisions of section 14A would be applicable in computing the total income of such partner in respect of his share in the profits of such firm.

Power of AO to extend period for completion of special audit u/s 142(2A) of IT Act, 1961

November 12, 2009 1820 Views 0 comment Print

, A perusal of the provisions pf Section 142(2A) shows that at any stage of the proceedings before the A.O. if the A.O. is of the view that there is complexity in the accounts of the assessee, then, in the interest of justice, he may with the prior approval of the Chief Commission ^or the Commissioner

Determination of charge U/s. 115JB of Income Tax Act, 1961 for Zero tax companies

November 12, 2009 1394 Views 0 comment Print

The rule of construction of a charging section is that before taxing any person, it must be shown that he falls within the ambit of the charging section by clear words used in the section. No one can be taxed by implication. A charging section has to be construed strictly. If a person has not been brought within the ambit of the charging section by clear words, he cannot be taxed at all.

SEBI allowed companies to auction their shares in a FPO to QIBs at differential prices above the floor

November 12, 2009 399 Views 0 comment Print

Markets regulator SEBI has decided to allow companies to auction their shares in a follow-on public offer (FPO) to qualified institutional buyers (QIBs) at differential prices above the floor, while retail investors will get shares at the floor price.

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