"14 May 2010" Archive

Custom duty Notification No 64/2010- Amending Notification No. 96/2008-Customs, dated the 13th August, 2008

Notification No. 64/2010-Customs 14/05/2010

Notification No. 64/2010-Customs, New Delhi, dated the 14th May, 2010. G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in th...

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In assessment proceedings pursuant to order under section 263 assessee cannot seek to show that there was some other benefit in favour of revenue which was prejudicial to interest of assessee

ACIT Vs ITW India Pvt. Ltd. (ITAT Hyderabad)

Only in the cases where the assessment order is erroneous and prejudicial to the interests of the revenue and not prejudicial to the interest of the assessee can be reopened under section 263 and the assessee is not eligible to claim any new benefit in the assessment proceedings pursuant to section 263....

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Government may scale down the Income Tax Slabs in Final Direct Tax code

People with more than Rs 10 lakh annual income may not get the tax relief originally proposed in the Direct Taxes Code, as the Finance Ministry is for tweaking slabs across the board to offset concessions elsewhere....

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Posted Under: Custom Duty |

MCX signed up with ICSI and ICWAI to jointly promote the cause of financial literacy and corporate governance

The Exchange has joined hands with several agencies like the government, trade bodies and educational institutions to drive financial literacy for financial inclusion and encourage incorporation of global best practices in the industry. ...

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Posted Under: Custom Duty |

Notification on New Income Tax return forms (ITR) for Assessment year 2010-11

Notification No. 33/2010-Income Tax 11/05/2010

Notification No. 33/2010-Income Tax S.O. 1056(E).- In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income tax Rules, 1962, namely:-...

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Notification No. 37/2010 – Customs (N. T.)- Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001

Notification No.63/2010-Customs 14/05/2010

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus ...

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Only when assessee is able to offer reasonable explanation, based on some evidence, Assessing Officer cannot invoke Part B of Explanation to section 271(1)(c)

V. Kumara Swamy Naidu Vs. ITO (ITAT Hyderabad)

Where the assessee is not able to substantiate his claim of expenditure with any evidence, penalty is leviable under section 271(1)(c)...

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What Audit Firm thinks on ICAI’s proposed ban on firms for auditor negligence?

It has the powers to suspend an auditor, but now ICAI, the Institute of Chartered Accountants of India wants the power to suspend entire firms. This proposal is part of ICAI’s recommendations for better regulation of the audit profession....

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No service tax on commission received by Insurance companies from reinsurance companies

Circular No. 120(a)/2/2010-ST 16/04/2010

In a relief to insurance companies, the finance ministry has revoked its demand asking insurers to pay service tax on commission they receive from reinsurance companies. The Central Board of Excise and Customs (CBEC) has clarified that service tax cannot be levied on the reinsurance commission because an insurance company does not provide...

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When a company-landlord of premises stands dissolved due to amalgamation, its rights under decree for eviction devolves on amalgamated company

Speed line Agencies Vs. T. Stanes & Co. Ltd. (Supreme Court of India)

The business of the erstwhile company will be continued to be carried by the amalgamated company; if the amalgamated company is deprived of the said benefit, it will frustrate the very purpose of amalgamation and defeat the order of amalgamation passed by the High Court exercising jurisdiction under the Companies Act....

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