NOTIFICATION NO. 7/2012(N.T) – 35 officers of the Customs and Central Excise Department have been selected for grant of Presidential Award of Appreciation Certificate for Specially distinguished record of service on the occasion of Republic Day this year.
5 Accountant Members and 8 Judicial Members were administered oath of office on Monday 23.01.2012 in Court Room No 1 in Mumbai by Shri G.E. Veerabhadrappa, Hon’ble President who welcomed them to the ITAT Family. They are
The Reserve Bank of India today released the Macroeconomic and Monetary Developments Third Quarter Review 2011-12. The document serves as a backdrop to the Monetary Policy Statement to be announced on January 24, 2012.
Hon’ble Chief Justice Mr. Mohit S. Shah of Bombay High Court has administered oath to the following new Judges on 23/1/2012. 1. Hon’ble Justice Mr. M.S. Sanklecha 2. Hon’ble Justice Mr. R.D. Dhanuka 3. Hon’ble Justice Mr. S.P. Deshmukh
With the globalisation of the world trade and liberalisation of the Indian economy, the number of persons moving in or out of India in the exercise of their business, profession or employment is on the increase. As in most of the countries, the liability under the Indian Income tax law is also co-related to the residential status of the concerned tax payer. Section 6 of the Indian Income-Tax Act creates 3 categories as far as residential status is concerned.
The Internet Service Provider for website of the Maharashtra Sales Tax department is M/s Airtel Major fire broke out in one of the network centers of the said service provider on 27.12.2011. Due to the fire, the web site www.mahavt.gov.in was not available through internet from 27/12/2011 to 30/12/2011.
Whether assessing Officer has jurisdiction to rectify the original assessment u/s 154 of the Act, as it was change of opinion and the review of order passed by his predecessor was not permissible under law. Held – That assessing officer has a power to rectify the assessment by invoking the provisions of Section 154 of the Act. The rate of depreciation claimed by the assessee on trucks at 40% was wrongly allowed as the assessee was not plying trucks owned by it on hire but was utilizing the trucks for its own purposes and hence rate of depreciation applicable was 25%.
The income tax department may not go in for filing a review petition on the Supreme Court’s judgement on the Vodafone taxation case. Top sources in the department said that a 10-member ‘core committee’, which has been specially constituted, will go into the details of the order. But the department may take a view not to file a review petition against the order which was delivered by a three-member Supreme Court bench headed by Chief Justice S H Kapadia on Friday, the sources said.
