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The assessee filed a revision petition u/s 264 in which it claimed that the subsidy received by it from the government was a capital receipt and not chargeable to tax in view of P.J. Chemicals Ltd 210 ITR 830 (SC). The Petition was allowed by the CIT.
The applicant, a USA company, held shares in an Indian company. As part of a bankruptcy reorganization process, the shares in the Indian company together with other non-Indian assets & liabilities were transferred to other USA companies. The liabilities taken over were more than the assets. The agreement provided that the transfer of the shares was without consideration. The AAR had to consider (i) whether the liabilities of the transferor taken over by the transferee could be said to be “consideration” for transfer of the Indian shares so as to make it chargeable to capital gains and (ii) whether even if there was no chargeable ‘capital gains’, the applicant could be assessed on an ‘arms length” basis under the transfer pricing provisions.
In terms of the Election Code of Conduct evolved by the Council of the Institute of Chartered Accountants of India and the subsequent instructions, by way of an Announcement, issued by the Returning Officer, under the Chartered Accountants (Election to the Council) Rules, 2006, the candidates, authorized representatives/supporters/volunteers of candidates and voters are restrained from undertaking any of the following activities
Competition Commission of India has invited applications from experienced professionals in Law, Economics and Financial Analysis fields for direct recruitment to various posts of the level of Deputy Director, Joint Director, Director and Advisor in professional category and levels of Office Manager and Assistant Director in the support staff category. The advertisement inviting applications has been published in Indian Express and Economic Times on 12th November, 2009 and also hosted on their website www.cci.gov.in.
We find no merit in these civil appeals filed by the Department for the following reasons: firstly, as stated above, Section 43-B [main section], which stood inserted by Finance Act, 1983, with effect from 1st April, 1984, expressly commences with a non-obstante clause
In this unbroken series of articles on the issues relating to the problems faced by exporters under refund claim mechanism we herein are unveiling the VI th part of the same. Herein we are uncovering the problems existing in the Service tax refund mechanism under Business Auxiliary Services provided by commission agent to cause sale of goods exported (Section 65[105][zzb]). The problems faced by the exporters are being elaborated with the means of humorous poems and conversation between Johnny (an assessee) and his father but the main motive is to bring out the problems faced by exporters.
The Principal notification No.114/2004-CUSTOMS, dated the 21st December, 2004, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 823 (E), dated the 21st December, 2004.
In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby amends, with immediate effect, Notification No.60 (RE-2008)/2004-09 dated 20th November, 2008 read with Notification No.33 (RE-2008)/2004-09 dated 19th August, 2008.
Notification No. 128/2009-Customs In exercise of the powers conferred by sub-sections (1) and (2) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 13, 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 62/2009-Customs, dated the 15th June, 2009, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 418(E), dated the 15th June, 2009, except as respect things done or omitted to be done before such rescission.
The anti-dumping duty imposed under this notification shall be levied with effect from the date of imposition of the provisional anti-dumping duty i.e. the 15th June, 2009.
