In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendments in Notification No. 14(RE-2010)/2009-14 dated 22.12.2010 read with Notification No. 15(RE-2010)/2009-14 dated 29.12.2010
Export of Skimmed Milk Product (SMP), Casein and any other Milk Product shall not be entitled for DEPB benefit either under Specific rate of DEPB in any of the product group or under Sl. No. 22C and 22D of the Miscellaneous Product Group, with respect to shipments made on or after 25.1.2011.
It is hereby notified for. general information that the organization Arogyadham Global Aids Research Foundation, Muzaffarnagar has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the income-tax Rules, 1962 said Rules), from Assessment Year 20111-12 and onwards in the category of ‘Other Institution’, partly engaged in research activities
Mumbai: TV channels have reported that Income Tax department have raided the premises of Bollywood divas Katrina Kaif and Priyanka Chopra. Raids began early morning at the official and residential premises of the two actresses. The reason for rai
Appellants filed writ petition before the High Court for quashing the aforesaid order dated 24th April, 2001 of the appropriate authority rejecting their show cause and deciding to file criminal complaint. However, since the prosecution had already been launched against the appellants, the Division Bench of the High Court directed for treating the writ petition as an application under Section 482 of the Code of Criminal Procedure Code. Ultimately, the learned Single Judge by order dated 10th October, 2002 dismissed the same and while doing so observed as follows: “In the present case also, it is clearly stipulated in para 1 of the lease deed that the lease was extendable purely at the discretion and option of the Lessee on the second part for a further period of nine years. On a conjoint reading of paras 1 and 12 of the lease deed, it becomes clear that lessor intended the lease to last for 18 years. The lessor could not have refused to renew/extend the lease after first term if the lessee complied with the conditions for renewal/extensions. So in view of explanation to Section 269UA(f)(i) of the Act, the total terms of the lease will be 18 years no matter whether it is for a single term of 18 years or two terms of nine years each or three terms of six years each or six terms of three years each. Whether the subsequent terms are described as extensions or renewals is immaterial for the purpose of Section 269UA(f)(i). If the aggregate of the original term and stiupulated extension/renewal comes to more than 12 years, such a lease will fall under the purview of explanation to Section 269UA(f)(i) of the Act and it will be considered to be a lease for not less than 12 years thereby making the provisions of Chapter XXC of the Act application thereto.”
Provisions of section 56(2)(v) applied only to gift on or after 1-9-2004. Prior to introduction of section 56(2)(vii) by the Finance Act, 2009 w.e.f. 1.10.2009, gifts in kind were outside the purview of section 56(2)(v) or (vi).
Once provisions of Municipalities Act are applicable to notified area and they are treated as a separate class of self-governing institution then they have all the ingredients of a municipality and, therefore, they are covered by clause (ii) of section 10(20)
Transfer of an asset is a primary condition which must be satisfied before a receipt can be treated as capital gain and/or capital loss u/s 45. The transaction regarding surrender of US-64 units for converting the same into Unit Trust of India 6.75% tax free bonds in terms of the scheme of the Unit Trust of India would not amount to transfer for purpose of section 45.
Notification No. 5/2011 – Income Tax WHEREAS, an Agreement between the Government of the Republic of India and Bermuda as authorised by the Government of the United Kingdom of Great Britain and Northern Ireland for the Exchange of Information with respect to taxes was signed at New Delhi on the 7th day of October, 2010
