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"January, 2012" Archive

S. 54EC limit of Rs. 50L applies to transaction & not financial year

The ACIT Vs. Shri Raj Kumar Jain & Sons (HUF) (ITAT Jaipur)

Investment within 6 months is the investment for that financial year in which transfer has taken place. Hence, subsequent investment is to be considered as part of the investment of financial year in which transfer has taken place. We therefore, hold that the ld. CIT(A) was not justified in allowing deduction to the assessee to the extent...

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Companies to register Charge with ROC within 30 days from its creation date

Kalupur Commercial Co-operative Bank Ltd. Vs Registrar of Companies (Mumbai Company Law Board)

The charge has to be registered by filing Form 8 with the concerned RoC in terms of section 125 within a period of 30 days after the creation of the charge. The RoC may allow another 30 days time on payment of additional fee and therefore, total 60 days time is available to file the necessary forms with the RoC for creating the charge ove...

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Trading by way of re-export of imported goods from SEZ eligible for tax deduction under section 10AA

DCIT Vs. Goenka Diamonds and Jewelers Ltd. (ITAT Jaipur)

Though vide Instruction no. 1/2006 dated 24-03-2006, it was clarified that trading units can be set up in the SEZ. However, the modification was made on 24-05-2006 in which it was made clear that the deduction u/s 10AA will be available in respect of the trading in the nature of re-export of imported good. Thus the assessees were promised...

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Advance for Bogus Purchases cannot be written off as bad debt

Deputy Commissioner of Income-tax Vs Vistas Wind Technology India (P.) Ltd. (ITAT Chennai)

Para 2 of the order of Income Tax Settlement Commission dated 24.3.2008 deal with the purchases claimed to have been made by the assessee from M/s Sambhav Steel Distributors. Assessee had clearly admitted before Settlement Commission that the claim of purchase from M/s Sambhav Steel Distributors were all bogus. Additional income of Rs. 9,...

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Exposure Draft on Guidelines on Prospect Product Matrix for Life Insurance

Circular No. 16/CA/PPI/PPM/11-12 31/01/2012

On 18th June, 2010, the Authority had put up a draft in the nature of a Discussion Paper on the need to prescribe standards and procedures for Needs Analysis for sale of life insurance policies. Needs Analysis by the intermediaries and the insurance companies is necessary before effecting the sale of a life insurance policy in order to en...

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Tariff Value increased for Gold, Silver, Brass Scrap and Poppy Seeds

Notification No. 10/2012–Customs (N.T.) 31/01/2012

Notification No. 10/2012 – Customs (N. T.) - Government has increased the tariff values of Brass Scrap (all grades) from USD 4007 to USD 4078 and changed the tariff value of poppy seeds from USD 1970 to 2205.The Tariff Value of Gold is increased from 526 to 556 USD per 10 grams and the tariff value of silver is increased from 953 to 10...

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MVAT – Additional List of Suspicious Dealers who has issued false bills without delivery of goods

Maharashtra Sales tax Department on its website hosted the List of Suspicious Dealers who has issued false bills without delivery of goods on its website. Sales Tax Department has first issued a list of 698 Dealers around a month back on 21.11.2011. Now the Sales tax Department has issued Additional List list of dealers who it is suspec...

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Posted Under: Income Tax | ,

Yograj Infrastructure Ltd Vs. Ssang Yong Engineering & Construction Company Ltd. & ANR. (SC)

Yograj Infrastructure Ltd. Vs. Ssang Yong Engineering & Construction Company Ltd. & Anr. (Supreme Court of India)

Yograj Infrastructure Ltd Vs. Ssang Yong Engineering & Construction Company Ltd. & ANR. (SC) - The Supreme Court last week dismissed the appeal of Yograj Infras Ltd against the ruling of the Madhya Pradesh high court in its dispute with Ssang Yong Engineering & Construction Co. The National Highway Authority of India (NHAI) awarded a Rs 7...

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CIT Appeal to consider documents submitted by the Assessee before passing Ex-parte Order

Rujuta N. Shah V/s ITO (ITAT Mumbai)

Rujuta N. Shah V/s ITO (ITAT Mumbai)- At the time of hearing, the ld. counsel for the assessee submits that no proper and due opportunity was not provided to the assessee by the ld. CIT(A) inasmuch as, the ld. CIT(A) has also not considered the paper book filed by the assessee, while deciding the appeal ex-parte, therefore, in the interes...

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Refund of Statutory / ROC Fees Paid by mistake to MCA

Earlier there was no process in MCA21 for refund of fees wrongly paid by the stakeholder while availing various services at MCA 21. Now the Ministry has introduced process of refund of statutory fees paid for certain services. The refund of MCA21 fees is available in the following cases:...

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Posted Under: Income Tax |

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