The finding of the Tribunal that 12.5% of net ad revenues is arms length price, was not challenged by the Revenue, we uphold the findings of the first appellate authority. Money received from a holding company with whom the assessee does not have any trading or business transaction cannot be considered as trading receipt.
Background of the Circular:- CENVAT Credit Rules, 2004 (‘CCR’) permit availment of credit of excise duty on inputs and service tax on input services used for manufacture of dutiable goods or providing output services. In order to zero-rate the exports, Rule 5 of CCR provides that such accumulated credit can be refunded to the exporter subject to conditions provided in Notification No. 5/2006-CE (NT) dated 14.03.2006 (‘subject notification’).
Section 74A dealing with the powers of the Commissioner to revise Orders passed earlier was introduced with effect from November 16, 2005. Provisions of the Section have now been made effective retrospectively from April 1, 2005. Extension of time limit for disposal of disputes pending under the erstwhile Delhi Sales Tax Act.
With effect from the quarter ending December 31, 2009, electronic submission of returns has been made mandatory for: * dealers claiming refund * dealers having transactions of inter-state sales and inter-state purchases, either presently or previously anytime under the VAT regime
Risk Revisited :-When you invested, you did so with certain expectations about the performance of the company, the prospects of income from and/or the capital growth of the securities that you now hold, the corporate benefits that may accrue to you etc. While making that investment decision, you should have, obviously, taken note of and duly evaluated the attendant risks that go with such expectations.
Despite being partly a civic body responsible for developing essential infrastructural amenities, Mumbai Metropolitan Region Development Authority (MMRDA), because of its capital intensive deals for various projects, has come under the scanner of the Income Tax (I-T) department. Though the authority has sought exemption from income tax claiming it is a charitable body, it may have to pay the I-T department a whopping Rs 1,500 crore if the case does not go in its favour.
American president Barack Obama has once again targeted American companies having their operations in India to save taxes back home and called such businesses tax evaders. “If you are a business here, entirely located in the US, and investing in the US, and hiring workers in the US, you are paying a 35 per cent rate,” Obama said in an interview to the business magazine Bloomberg Business Week.
This Budget needs to come up with measures that balance the high inflation and sustainable growth. The continuing fiscal problems and revenue deficit will force the budget to take stringent revenue making measures including looking at introducing or extending the stimulus packages to boost revenues,” said G Bala Reddy, chairman and managing director, ICSA India.
Sushanto Roy, CEO, Sahara Prime City, has in a pre-Budget wish list of expectations said: “Given the pent-up demand for affordable housing which was discovered during the recent slowdown there is a need to reintroduce tax holiday under section 80IB for housing projects constructed after March 31, 2008.” Tax holiday for hotels, under section 80ID should be extended to 10 years from existing time limit of 5 years, in view of the long gestation period for the industry, he said.
In a pre-Budget wishlist, Vinod Juneja, managing director, Braj Binani Group, said, “I expect the finance minister to target the GDP growth of at least 8% or higher for the next 3 financial years.” “On tax reforms front, I would be very happy to see the reduction in individual income tax levels as it leaves the consumer with more spending power hence builds consumption leading to higher economy growth. Also I expect reduction in the corporate tax rates.”
