"30 March 2010" Archive

Amendment of para 2.37 A of HBP Vol.1

Public Notice No. 51/2009-14, 30/03/2010

Import authorizations for a restricted item, if so directed by the competent authority, shall be issued for import through one of the sea ports or air ports or ICDs or LCS, as per the option indicated, in writing, by the applicant. However, for import of rough marble, port of registration is mandatory and the applicant must indicate the s...

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Income Tax department technically equipped to detect fraud or hidden information

To outsmart tax evaders who resort to delete their financial data or hide it in password-protected devices during search operations, the I-T department has started including portable forensic labs and experts in its team. The department has unearthed links to more than Rs 1,000 crore money in the last few searches with the help of cyber f...

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Posted Under: DGFT |

Revision- A possible view not unsustainable in law cannot be revised

Grasim Industries Ltd. Vs CIT (Bombay High Court)

assessee therefore, cannot be subjected to the exercise of the jurisdiction under s. 263. Therefore, the Tribunal was not justified in upholding the order of the CIT, passed under s. 263, directing the AO to include the sum of Rs. 1,75,32,600 in the total income of the assessee under s. 41(1), in the previous year, relevant to asst. yr. 1...

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Incorrect assumption of facts, or incorrect application of law can only satisfy the requirement of the order being erroneous

Regency Park Property Management Services (P) Ltd. Vs. CIT (ITAT Delhi)

Thus, the view taken by AO cannot be said to be erroneous which will render the assessment order as erroneous. Neither the AO has drawn incorrect assumption of facts nor AO has rendered incorrect application of law when he accepted the claim of the assessee that advertisement and publicity expenses were allowable as business expenditure...

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Block assessment has to be based on evidences and not best judgment

Cit Vs. R.M.L. Mehrotra (Allahabad High Court)

Under s. 158BB, the procedure for computing the undisclosed income of the block period has been given. It provides that the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed, in accordance with the provisions of this Act, on the basis of evidenc...

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Dual Audit may be a reality soon

Will we see a company audited by two audit firms at the same time? That looks a possibility from what the Union Minister of State for Corporate Affairs and Minority Affairs, Mr Salman Khurshid, said on 29.03.2009 while Addressing a meeting of the Confederation of Indian Industry (CII), Mr Khurshid said, in the context of making the audit ...

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Posted Under: DGFT |

Notification No. 22/2010-Service Tax dated 30th March, 2010

Notification No. 22/2010-Service Tax 30/03/2010

Amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.09/2010-Service Tax, dated the 27 th February, 2010, published in the Gazette of India, Extraordinary, vide number G.S.R. 153 (E), dated the 27 th February, 2010...

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Notification No. 21/2010-Service Tax dated 30th March, 2010

Notification No. 21/2010-Service Tax 30/03/2010

amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.08/2010-Service Tax, dated the 27th February, 2010, published in the Gazette of India, Extraordinary, vide number G.S.R. 152 (E), dated the 27th February, 2010...

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Notification No. 20/2010-Service Tax dated 30th March, 2010

Notification No. 20/2010-Service Tax 30/03/2010

Makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.07/2010-Service Tax, dated the 27 th February, 2010, published in the Gazette of India, Extraordinary, vide number G.S.R. 151 (E), dated the 27 th February, 2010...

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Salaried taxpayer received notice for payment of tax despite no dues because of system error

A computer error in the office of the income tax department is causing anxiety to scores of taxpayers across the Mumbai city. Several salaried employees have received notices from the department demanding up to a few thousand rupees as penalty for deferment of tax payment. Officials admit it is a mistake and have set up a counter at the ...

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Posted Under: DGFT |

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