"10 September 2011" Archive

Scrap in the nature of bye-product of industrial operations, would qualify for deduction u/s 80IB

Mamania Family Trust Vs The Assistant Commissioner of Income Tax (ITAT Mumbai)

Mamania Family Trust Vs ACIT (ITAT Mumbai)- Where scrap has direct nexus with the industrial operations thereby implying that to the extent scrap is in the nature of bye-product of industrial operations, the same would qualify for deduction under section 80IB, since it is not clear as to how the scrap was generated and therefore, in order...

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Margarine is edible oil and eligible for concessional tax of 4 percent – SC

Aluva Sugar Agency Vs. State of Kerala (Supreme Court of India)

Aluva Sugar Agency Vs. State of Kerala (Supreme Court of India)-Upon perusal of the Circular dated 19th February, 1996, explaining the term "edible oil", we find that intention of the government was to give relief in tax to edible oils. So as to clarify the doubt, it has been specifically stated in the said circular that edible oils would...

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If the products are capable of classification under two chapter headings, then the classification must be under the heading which occurs last in the numerical order- Sc

Commissioner of Central Excise Vs Kit ply Industries Ltd. (Supreme Court of India)

Commissioner of Central Excise, Noida Vs Kit ply Industries Ltd. (Supreme Court of India)- Whether laminated panels of particle and medium density fibre board should be classified under sub- heading no. 4406.90 and 4407.90 or under subheading no. 4408.90? ...

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Validity of Notice u/s 148 in the name of dead person

ITO Vs Sikandar Lal Jain (ITAT Agra)

The learned Judicial Member had confirmed the order of CIT(A) quashing the reassessment proceedings both on the basis of invalidity of notice having been issued on the dead person and the service of notice on legal heir of assessee beyond the period of limitation, whereas the learned Accountant Member set aside the order of ld. CIT(A) hol...

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Depository Participants – Frequently Asked Questions (FAQs)

1. What is a depository? A 'Depository' is a provider of facility for holding securities in book entry or electronic form. It is a kind of bank for securities like shares, debentures, bonds, etc. It also facilitates transactions in the securities held by it....

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Posted Under: Income Tax |

Credit Rating Agencies – Frequently Asked Questions (FAQs)

1. What is the full form of CRA? The full form of CRA is Credit Rating Agency. 2. What is a credit rating agency? A credit rating agency is an entity which assesses the ability and willingness of the issuer company for timely payment of interest and principal on a debt instrument. ...

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Posted Under: Income Tax |

Documents pertaining to the transactions in relation to which PAN to be quoted

Every person shall quote his permanent account number in all documents pertaining to the transactions specified below, namely :— (a) sale or purchase of any immovable property valued at five lakh rupees or more; (b) sale or purchase of a motor vehicle or vehicle, as defined in clause (28) of section 2 of the Mot...

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Posted Under: Income Tax |

Criteria / Guidelines for Income tax Scrutiny for A.Y. 2010-11 / F.Y. 2009-2010

Selection of cases for scrutiny during the financial year 2010-11 will be done primarily through CASS this year. Manual Selection for scrutiny this year will be limited only to a few cases listed below. List of cases selected during each month in accordance with selection criteria mentioned below shall be submitted by the Assessing office...

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Posted Under: Income Tax | ,

Govt may soon make Registration of Marriages Compulsory

The Supreme Court vide its judgment dated 14.02.2006 in Seema Vs. Ashwani Kumar (AIR 2006 S.C 1158) has directed the State Governments and the Central Government that marriages of all persons who are citizens of India belonging to various religious denomination should be made compulsorily registerable in their respective States where such...

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Posted Under: Income Tax |

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December 2020