The Government of the Republic of India signed a Double Taxation Avoidance Agreement (DTAA) with the Oriental Republic of Uruguay for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital on 8th September, 2011.
Circular No. 952/13/2011-CX Board has received several representations from Associations, Chambers of Commerce, Trade Bodies etc., about the divergent procedures followed by the field formations regarding examination and stuffing of export containers in the factory or warehouse under the supervision of Central Excise Officers.
The Scientific Instrument Co. Ltd. Vs CIT (Allahabad High Court)- All the assets of the business were not rented out by the appellant company. It was doing the main business of manufactures, imports, purchases and dealing in scientific apparatus, chemicals, chemical products, articles of glass, metal, wood, paper etc., more or less connected with science, as given clause 3 (a) of the memorandum of association.
In case of any request from these unitholders as detailed above for physical copies notwithstanding their registration of email addresses, AMCs shall provide the same without demur.
The CBI found Rs 2.01 crore belonging to arrested Income Tax commissioner Daya Shankar from his chartered accountant’s residence in Lucknow. The CBI also seized Rs 8.5 lakh from Shankar’s Mumbai residence and Rs 4 lakh from his Ghaziabad house. Shanker was arrested on August 29 while accepting Rs 2 lakh from a businessman to reduce his income tax liabilities.
Rolls Royce Singapore Pvt. Ltd. Vs ADIT (Delhi High Court)- It is critical to examine if the agent has carried out work wholly or almost wholly for the other enterprise, to determine if he is an independent agent under the India- Singapore Double Taxation Avoidance Agreement (DTAA). The attribution of profit to the Permanent Establishment (PE) needs to be done on the basis of a Transfer Pricing Analysis.
The assessee has paid both the service tax and interest for delayed payments before issue of show cause notice under the Act. Sub-Sec.(3) of Sec. 73 of the Finance Act, 1994 categorically states, after the payment of service tax and interest is made and the said information is furnished to the authorities, then the authorities shall not serve any notice under Sub-Sec.(1) in respect of the amount so paid. Therefore, authorities have no authority to initiate proceedings for recovery of penalty under Sec. 76 of the Act.
Order No. 155 of 2011 , Dated- 8th September 2011 -The following officers in grade of ACIT/DCIT and JCIT/Addl. CIT are hereby transferred and posted at the post indicated against each in the Directorate of International Taxation and Transfer Pricing with immediate effect and until further orders:-
14 Bills (11 in the Lok Sabha and 3 in the Rajya Sabha) introduced during the Monsoon Session The Lok Sabha passes 13 Bills and the Rajya Sabha passes 09 Bills during the session.
The Reserve Bank of India today released its ‘Quarterly Statistics on Deposits and Credit of Scheduled Commercial Banks, March 2011’. The publication contains data relating to deposits and credit of scheduled commercial banks including regional rural banks (RRBs) as on March 31, 2011. The data are based on Basic Statistical Return (BSR)-7 received from all scheduled commercial banks (including RRBs).
