"June, 2011" Archive

Interest u/s. 234B and u/s. 234C can be computed only up to the date of regular assessment and not up to the date on which rectification order under section 154 came to be passed

CIT and Anr Vs Shetron Limited (Karnataka High Court)

CIT and Anr v Shetron Limited (Karnatka HC) - In the present case, the total income assessed was Rs.21,25,981/-. This income became taxable because of denial of unabsorbed investment allowance and unabsorbed depreciation allowance to the extent of 1/3rd of such amount. When such amounts came to be restricted to an extent of 2/3rd of such ...

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Assessee entitled to claim refund on basis of return in case where AO dropped proceedings under s 147/148 after filing of return

Chitranjan Jaiswal Vs CIT and Anr. (Jharkhand High Court)

Chitranjan Jaiswal v CIT and Anr. - The order dated 9th February, 1996 clearly reveals that after initiation of the proceeding under section 147/148 of the Act of 1961, the Assessing Authority at its own has not dropped the proceeding upon satisfaction of his own without the help of the return. Admittedly, there was no regular assessment ...

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Excise duty element cannot be added to value of unsold sugar lying in stock on last day of accounting year under section 145A

CIT Vs Loknete Balasaheb Desai S.S.K. Ltd. (Bombay High Court)

CIT v Loknete Balasaheb Desai S.S.K. Ltd. (Bombay HC)- ITAT was justified in holding that in respect of unsold sugar lying in stock, central excise liability was not incurred and consequently the addition of excise duty made by the assessing officer to the value of the excisable goods was liable to be deleted....

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Assessee, who merely acted as dealer in sale of Microsoft products, not liable to deduct tax

CIT Vs. Dynamic Vertical Software India Pvt. Ltd. (Delhi High Court)

CIT v Dynamic Vertical Software India Pvt. Ltd. (Delhi HC) - Is disallowance under section 40(a)(i) for non deduction of tax at source attracted in respect of payment for purchase of software from a non-resident, by treating the same as royalty in case where the purchase is for subsequent resale in the Indian market?...

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Prescribes simplified form for quarterly return of excisable goods cleared @ 1% Excise duty

Notification No. 15/2011-Central Excise (N.T.) (30/06/2011)

Notification No.15/2011-Central Excise (N.T.) New Delhi, dated the 30th June, 2011 G.S.R. (E). - In exercise of the powers conferred by sixth proviso to sub-rule (1) of rule 12 of the Central Excise Rules, 2002 the Central Board of Excise and Customs hereby specifies the form for quarterly return, namely:-...

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SARFAESI – Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003

Notification No. DNBS.2/CGM(CSM)-2003 (30/06/2011)

The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Reserve Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Securitisation Company or Reconstruction Company from being conducted in a manner detrim...

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SARFAESI – Notification on Change in or Take Over of the Management of the Business of the Borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank)

CIRCULAR NO. DNBS (PD) CC. NO. 27/SCRC/26.03.001/2011-2012 (30/06/2011)

In view of announcement in the Monetary Policy Statement, the Reserve Bank of India hereby notifies these guidelines, framed under section 9(a) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) to provide for the proper management of the business of the borrower to e...

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NBFCs – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977

Notification No. DNBC.39/DG(H)-77 (30/06/2011)

NBFCs - Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977 These directions shall be known as the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977. They shall come into force with effect from the 1st July, 1977 and any reference in these directions to the date of commencement thereof shall be deemed to...

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Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

NOTIFICATION NO. DNBS. 193 DG(VL)-2007 (30/06/2011)

These Directions shall be known as the 'Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007'....

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No penalty If facts clearly disclosed in Income Tax Return

DCIT Vs M/s Japfa Comfeed India Pvt Ltd. (ITAT Delhi)

Facts (a) that the appellant had disclosed all material facts and (b) raising a legal claim, even if it is ultimately found to be legally unacceptable, cannot amount to furnishing of inaccurate particulars of income,...

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