"18 February 2011" Archive

Custom Duty- Proper officer – Section 2(34) – meaning and scope of the term “proper officer”

Commissioner Of Customs Vs Sayed Ali & Anr. (Supreme Court of India)

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...

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Foreign exchange –Contravention of provisions of Act–Liable to prosecution as well as penalty by adjudicating officer

Radheshyam Kejriwal Vs. State of West Bengal & ANR. (Supreme Court of India)

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...

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Amendment in Notification No. 45/2001- CE(NT)-This notification specifies the conditions, safeguards and procedures for Export under bond to Nepal or Bhutan

Notification No. 02/2011-Central Excise (N.T.) 18/02/2011

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...

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Damages should compute future service prospects

Sri. K.R. Madhusudhan & Ors. Vs. The Administrative Officer & ANR (Supreme Court of India)

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 decease...

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Brought forward business losses can be set off against the gains arising from any business or profession, though chargeable to tax under any other head of income

Digital Electronics Ltd. Vs. ACIT135 TTJ 419 (Mum ITAT)

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...

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Assessing Officer can determine the true legal relation resulting from a transaction on substance of the transaction

The Commissioner of Income Tax (Central) Vs. M/s Rock man Cycle Industries Private Limited (Punjab & Haryana High Court)

The Assessee borrowed money from a sister concern at 18 per cent interest and purchased shares from another sister concern carrying a dividend at 4 per cent. The Revenue thought the device was colourable and disallowed the interest. Investment in sha...

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Under Explanation to section 73 of Income Tax Act, 1961 even delivery-based loss on shares is “speculation” loss

Paharpur Cooling Towers Ltd. Vs. Commissioner of Income Tax IV (Calcutta High Court)

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 ...

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Relief can not be denied on the ground of delay in filing FIR

Ravi Vs Badrinarayan & Ors. (Supreme Court of India)

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 m...

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Comprehensive Revision of Companies Act 1956

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...

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Posted Under: Custom Duty |

Convergence of Indian Accounting Standards with International Financial Reporting Standards

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...

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Posted Under: Custom Duty |

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