Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
NOTIFICATION NO. 42/2011-ST, DATED 25-7- 2011 In exercise of the powers conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts club or association service referred to in sub-clause (zzze) of clause (105) of section 65 of the said Act, provided by an association of dyeing units in relation to the project, from the whole of service tax leviable thereon under section 66 of the Finance Act.
Deepak Cables (India) Limited Vs. DIT (International Taxation), Bangalore (Advance Ruling Authority)- It is the case of the applicant that transfer of the goods by LS Cables, Korea to the applicant being outside India, there is no territorial nexus for taxation regarding those off-shore supplies. It is pointed out that the applicant after obtaining the goods from LS Cables, Korea sells them to KPTCL for consideration. For its on-shore activity, including the sale it is taxed in India. Learned Counsel specifically requested as to note that sale by the applicant to KPTCL is taxed in India since it is taxable in India and that part of the contract is not involved in this application.
CIT, Bangalore Vs M/s Maxim India Integrated (Karnataka High Court)- When assessee has been availing benefits u/s 80HHE, and applies to the STPI Director for the change in status, it cannot be denied benefits of Sec 10A on the ground that it had sought permission for a new unit and not the conversion of the existing one.
Recently, the Authority for Advanced Ruling held that pendency of a similar matter of the applicant in respect to transaction with a different party, before a statutory forum, is no bar to seek advance ruling in respect of another transaction.
Today RBI raised interest rates by a higher-than-expected 50 basis points. The Reserve Bank of India (RBI) increased the repo rate , at which it lends to banks, to 8 per cent, exceeding market expectations that it would raise rates by 25 basis points. The rate increase is its 11th since March 2010, making the RBI one of the most aggressive inflation fighters among central banks.
A short while ago, we put out the monetary policy measures accompanying this review. To recap, based on an assessment of the current macroeconomic situation, we have decided to – increase the policy repo rate under the liquidity adjustment facility (LAF) by 50 basis points. The repo rate will accordingly move up from 7.5 per cent to 8.0 per cent.
It has come to the notice of the Board that in some Income-tax offices. Returns of Income are not being received by the staff on the ground that an individual with less than Rs. 5 lakhs of income is not required to furnish his return of income. Necessary instructions may be issued to the officers and staff concerned to accept Returns of Income from those taxpayers who wish to file their Return of income even if they satisfy the conditions of the above-mentioned notification.
The Union Minister for Steel, Shri Beni Prasad Verma said that India will become the world’s second largest producer of steel by 2013. With an installed annual production capacity of 120 million tonnes up from the present the present 80 million tonnes. Addressing the 5th India steel Summit in New Delhi today, he said that currently, India has the fourth largest steel sector in the world, both in terms of capacity and production. He said, further the capacity is expected to be over 150 million tonnes by 2020.
UK Chancellor of the Exchequer Mr.George Osborne and the Union Finance Minister Shri Pranab Mukherjee, attended the fourth round of Ministerial level India – UK Economic and Financial Dialogue, which was held yesterday in London. Both the Leaders were assisted by Senior Officials of their respective Ministries and regulatory bodies. They discussed ways to strengthen mutual cooperation and further boost trade and investment between the two countries.
Circular No.31/ 2011-Customs – Attention is invited to Board Circular No. 81/2002-Customs dated 03.12 2002, which clarifies that ‘Crude Palm Stearin’ should be assessed keeping in view the chemical examination of the product whether they are glycerides (ester) of fatty acid or a mixture of fatty acids. Accordingly, the good merits classification or assessment either under CTH 1511(in case of glycerides of fatty acids) or CTH 3823 (in case of a mixture of fatty acids), as the case may be.
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