Notification No. 27/2010-Service Tax, dated 22-6-2010- hereby exempts the taxable service referred to in sub-clause (zzzo) of clause (105) of section 65 of the said Act, for passengers embarking on a journey originating or terminating in an airport located in the state of Arunachal Pradesh or Assam or Manipur or Meghalaya or Mizoram or Nagaland or Sikkim or Tripura or at Baghdogra located in West Bengal, from the whole of service tax leviable thereon under section 66 of the said Act.
Exempts the services referred to in clause (zzzo) of sub-section (105) of section 65 of Finance Act, 1994 from so much of service tax as is in excess of ten percent of the gross value of the ticket or rupees one hundred per journey, whichever is less, for passengers travelling in any class, within India;
Notification No. 25/2010-Service Tax, dated 22-6-2010- exempts air transport of passengers referred to in sub-clause (zzzo) of clause (105) section 65 of the Finance Act, in respect of persons specified below, from the whole of the service tax leviable thereon under section 66 of the Finance Act,- (i) a person who has arrived at a customs airport from a place outside India and is in transit through India, provided that he does not pass through immigration and does not leave customs area and continues his journey to a place outside India;
Notification No. 24/2010 – Service Tax In exercise of the powers conferred by clauses (A) and (B) of section 76 of the Finance Act, 2010 (14 of 2010), the Central Government hereby appoints the 1st day of July, 2010, as the date on which the provisions of the said Act shall come into force.
In exercise of the powers conferred by sub- section (7) of section 83 of the Finance Act, 2010 (14 of 2010), the Central Government hereby declares that the following provisions of the Central Excise Act, 1944 ( 1 of 1944) relating to the matters specified therein, shall be applicable in regard to like matters in respect of cess imposed under section 83 of the said Finance Act, namely :-
In exercise of the powers conferred by sub-section (2) of the section 83 of the Finance Act, 2010 (14 of 2010), the Central Government hereby appoints the 1st day of July, 2010, as the date on which the provisions of Chapter VII of the said Act shall come into force.
Of late, certain serious concerns have been expressed in different quarters and by the Debt Recovery Tribunals over the manner compromise settlements have been effected by banks. One of the DRTs had also observed that banks adopted different parameters to different borrowers, and agreed for a lesser amount as against claimed amount, despite availability of ample securities and by ignoring RBI guidelines.
There is no such material referred to by the A.O. for making this addition and this addition was made by him on the basis of difference of alleged market price of the plot purchased by the assessee in January 1997 which was duly disclosed before the income tax department and no incriminating material is alleged to have been found in the course of search indicating that any extra payment in cash was made by the assessee on account of purchase of this plot. In the absence of any such material found in the course of search, no addition can be made in the course of block assessment on the basis of estimating of market price.
Notification No.46/2010-Income Tax It is hereby notified for general information that the organization Bhartiya Vaidayak Samanvaya Samiti, Nagpur has been approved by the Central Government for the purpose of clause (ii) of sub-section (I) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-tax Rules,
The issue of the additional duty of Customs (CVD) on import of readymade garments on the basis of the Maximum Retail Price (M.R.P.) / Retail Sale Price (R.S.P.) has been under the consideration of the Board for quite some time. Representations have been received from the trade and industry as well as the field formations seeking a clarification in the matter.
