From a conjoint reading of Sections 2(34) and 28 of the Act, it is manifest that only such a customs officer who has been assigned the specific functions of assessment and re-assessment of duty in the jurisdictional area where the import concerned has been affected, by either the Board or the Commissioner of Customs, in terms of Section 2(34) of the Act is competent to issue notice under Section 28 of the Act. Any other reading of Section 28 would render the provisions of Section 2(34) of the Act otiose in as much as the test contemplated under Section 2(34) of the Act is that of specific conferment of such functions.
Foreign exchange –Contravention of provisions of Act–Liable to prosecution as well as penalty by adjudicating officer–Proceeding before adjudicating officer for acts considered offence–Exoneration in adjudication proceedings–No case for criminal proceedings thereafter on same facts–Foreign Exchange Regulation Act, 1973, ss. 8, 9, 50, 51, 56– Radheshyam Kejriwal v. State of West Bengal
Pyramid Infrastructure Pvt. Ltd. Vs DCIT (ITAT Hyderabad) – The issues taken up by the CIT for revision of assessment under section 263 of the Act, namely, work-in-progress & closing stock, opening stock, and dis-allowance of expenditure on account of various heads, have already been considered by the assessing officer in the assessment proceedings under section 143(3) of the Act.
In the said notification, in sub-paragraph (5) of paragraph 1, for the words “Kurichu Hydro Electric Project, Tala Hydro Electric Project and Punatsangchhu-I Hydro Electric Project” the words “Kurichu Hydro Electric Project, Tala Hydro Electric Project, Punatsangechhu-I Hydro Electric Project, Punatsangchhu-II Hydro-Electric Project and Mangdechhu Hydro-Electric Project” shall be substituted.
The SC last week stated that in a case of compensation for the accidental death of a person who is yet to retire from his job, the future salary increments and pension benefits should be computed to arrive at the final award. It quashed the order of the Karnataka HC as “perverse” for not considering the future prospects of the deceased person and reducing the damages. The motor accident claims tribunal had awarded Rs 14 lakh to the dependents of the person, aged 53, who died in a road accident. The high court reduced it to Rs 11 lakh.The SC raised the compensation to Rs 18 lakh in the case, K R Madhusudhan vs Administrative Officer.
The Tribunal held that income earned by the taxpayer on sale of factory building, plant and machinery although not taxable as “Profit and gains of business or profession” was in the nature of income of business though assessed as capital gains and h
he Explanation to s.73 creates a fiction that the loss suffered by certain companies from the business of purchase & sale of shares shall be deemed to be speculation loss. The Explanation is not inconsistent with the object of introduction. The CBDT
Delay in filing a first information report (FIR) of an accident is no ground to deny compensation under the Motor Vehicles Act, the Supreme Court stated in the case, Ravi vs Badrinarayan. In this case, an 8-year-old boy was hit by a motor vehicle and he was taken to the hospital by his father and others. The report was filed after three months, as the child suffered severe permanent injuries. He lost control of his kidney function. The motor vehicles tribunal and the Rajasthan high court, however, dismissed the claim for compensation on the ground that the FIR was not filed immediately. Reversing this view, the Supreme Court awarded him Rs 2.5 lakh. It said: “Knowing the Indian conditions as they are, we cannot expect a common man to first rush to the police station immediately after an accident. Human nature and family responsibilities occupy the mind of kith and kin to such an extent that they give more importance to get the victim treated rather than to rush to the police station. Under such circumstances, they are not expected to act mechanically with promptitude in lodging the FIR.”
Keeping in view the developments taking place nationally as well as internationally and with a view to modernize the structure for corporate regulation in India and represent a major reform statement by the Government to promote the development of th
Availability of essential financial information about a company to its shareholders and other stakeholders in accordance with internationally accepted financial norms is considered as an integral and important part of good corporate governance. To en
