"29 February 2012" Archive

Commissioner of Customs, Chennai Versus Denso Kirloskar Industries Private Ltd. (Supreme Court)

Commissioner of Customs Vs Denso Kirloskar Industries Private Ltd. (Supreme Court of India)

IN THE SUPREME COURT OF INDIA CIVIL APPELLATE JURISDICTION CIVIL APPEAL NO. 1150 OF 2004 COMMISSIONER OF CUSTOMS, CHENNAI  VERSUS DENSO KIRLOSKAR INDUSTRIES PRIVATE LTD. O R D E R 1. We have heard learned counsel for the parties to the lis. 2. In this appeal, the Revenue is questioning the correctness or otherwise of […]...

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Undesirable haste in passing assessment order results in miscarriage of justice – Delhi HC

Sak Industries Pvt. Ltd. Vs Deputy Commissioner of Income Tax (Delhi High Court)

The petitioner assessee had filed an appeal against the reassessment order as it was mandated and required to be filed within the period of limitation. They have, however, withdrawn the said appeal. Looking into the factual background of the present case, we feel that the plea of alternative remedy raised by the Revenue should be and ough...

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Form 16 Excel Utility with Synopsis to fill Form 24Q

The attached excel utility can be used by the organizations having less then 50 employees or by those who are liable to deduct TDS on salaries of less then 50 employees. In this utility once you enter the salary and TDS payment detailsit automatically generates form 16 in new format for financial Year 2011-12 and also prepares synopsis to...

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Format of Advance Tax Reminder to be sent to clients

Your attention is drawn towards your legal liability for estimating income for the current year and payment of Advance Tax under the Income Tax Act 1961. THE LAST DATE FOR PAYMENT OF FOURTH & FINAL INSTALEMNT OF 25% OF ESTIMATED TAX LIABILITY IS 15TH DAY OF MARCH 2012, thereby making cumulative payment of 100 % of the total yearly estimat...

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Income Tax Scrutiny Criteria for F.Y. 2011-12 / A.Y. 2012-13

1. Where value of international transaction as defined u/s. 92B exceeds Rs.15 Crore. 2. Cases where there was addition of Rs.10 Lacs or more in earlier assessment year and question of law or fact is confirmed in appeal or pending before appellate authority. 3. Cases in which addition of Rs.10 Crore or more was made in earlier assessment y...

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Posted Under: Excise Duty | ,

Critical Analysis of New Section 44AD

What do you mean by Total Turnover/Gross Receipts? Total Turnover / Gross Receipts are amount received/receivable from clients in respect of sale of Previous Year. Section 145 relating to Method of Accounting applicable to Section 44AD As per this section the assessees have an option to choose either Mercantile or cash method. Gros...

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Posted Under: Excise Duty |

CBEC amends Notification No. 63/1994-Customs (N.T.), dated, the 21st November, 1994 – Notification No. 17/2012-Customs (N.T.)

Notification No. 17/2012-Customs (N.T.) (29/12/2012)

Notification No. 17/2012-CUSTOMS (N. T.) In exercise of the powers conferred by clauses (b) and (c) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Departme...

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Amends Notification No. 62/1994-Customs (N. T.) dated the 21st November, 1994

Notification No. 16/2012-Customs (N.T.) (29/02/2012)

Notification No. 16/2012 - Customs (N. T.) In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Re...

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Amends Notification No. 36/2001-Customs(N.T) dated 3rd August 2001 vide Notification No. 15/2012 – Customs (N. T.)

Notification No. 15/2012-Customs (N.T.) (29/02/2012)

Notification No. 15/2012 - Customs (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in th...

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Notified Reporting activities of liaison offices

Foreign companies or firms or an association of individuals does not file a return of income with regard to its liaison office on the ground that no business activity is allowed to be carried out in India. In order to inquire about regular information from non-resident entities in respect of the kind of activities conducted by their liais...

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Posted Under: Excise Duty |

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