That supply of goods under the contract made to mega power project in India is under the procedure of ICB or requisite quantum of power has been tied up through tariff based competitive bidding or project has been awarded through tariff based competitive bidding in accordance with the provisions of paragraph 8.2 and 8.4.4(iv) of FTP, and the import content of the order is Rs………………(Figures and words).
These appeals by the assessee are directed against the separate orders of the CIT(A) for the respective assessment years. Since the issues involved in these appeals are common and connected, and these appeals were heard together, these are being consolidated and disposed of together by this common order.
The admitted position before the Court, on the basis of the material on the record, is that by the notice under Section 148 issued on 30th November 2009, the assessment pertaining to the year 2002 03 was sought to be reopened after the lapse of four years. Section 147 postulates inter alia that if the Assessing Officer has reason to believe
We have heard the arguments put forth by both the sides along with the case law relied upon. Having held above that the interest on income-tax refund does not fall under the head `Profits and gains of business or profession’, it remains to be examined as to whether deduction u/s.80P is restricted only to the income falling under this head
Section 15(1)(b) would be applicable only when the goods are cleared from the warehouse under Section 68 of the Act, i.e., within the initially permitted period or during the permitted extended period. It is trite to say that when the goods are cleared from the warehouse after the expiry of the permitted period or its permitted extension, the goods are deemed to have been improperly removed under Section 72(1)(b) of the Act, with the consequence that the rate of duty has to be computed according to the rate applicable on the date of expiry of the permitted period under Section 61.
Over Rs 3 crore in cash have been recovered from an IAS couple in Bhopal following raids by the Income Tax Department officials at their residence on Thursday night. Officials also seized details of bank deposits worth Rs 2.25 crore from the house of Arvind Joshi, a senior IAS officer and his wife Tinu Joshi, who is the secretary of Woman and Child Welfare Development in the Madhya Pradesh government.
Accounting regulator Institute of Chartered Accountants of India (ICAI) has said that it will start disciplinary proceedings against the Satyam auditor—Srinivas Talluri who has been granted bail on Thursday by the Supreme Court.
MCX Stock Exchange (MCX-SX), India’s new stock exchange, has signed a memorandum of understanding with The Institute of Chartered Accountants of India (ICAI) Set up by an Act of Parliament for leveraging each-others’ expertise and domain knowledge in launching several programmes and initiatives on financial markets.
SEBI has appointed a former chief commissioner of income-tax, Mr Vijay Ranjan, as administrator for reallocation of unjust gains in the IPO scam (2003-05) to the unsuccessful retail applicants. Mr Ranjan was also associated with SEBI as an Executive Director.
THE Central Bureau of Investigation has registered a case against Professor, School of Computer & System Sciences, Jawaharlal Nehru University, New Delhi; Professor, Electronics & Communication Engineering Department, National Institute of Technology,
