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Archive: April, 2012

Posts in April, 2012

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7059 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

CBI arrests JCIT, Raipur in bribe case

April 30, 2012 2443 Views 0 comment Print

The Central Bureau of Investigation has arrested a Joint Commissioner of Income Tax, Raipur for demanding & accepting a bribe of Rs.15 Lakh and three others for offering the said bribe.

Punishment not prescribed under the statutory rules cannot be imposed

April 30, 2012 5743 Views 0 comment Print

Undoubtedly, in a civilized society governed by rule of law, the punishment not prescribed under the statutory rules cannot be imposed. Principle enshrined in Criminal Jurisprudence to this effect is prescribed in legal maxim nulla poena sine lege which means that a person should not be made to suffer penalty except for a clear breach of existing law.

Even if assessee not earns any exempt income, disallowance u/s. 14A can be made

April 30, 2012 2805 Views 0 comment Print

Assessing Officer has disallowed the interest of Rs. 72,83,21,913/- on the ground of borrowed funds were used by the assessee for making investment in shares. The contention of the assessee is that in the earlier Assessment Year 2006-07 where no dividend income was received by the assessee, the Tribunal has held that no disallowance of expenditure can be made u/s. 14A of the Act and therefore, the disallowance made in the year under appeal may also be deleted as in this year also the assessee has not received any dividend income on the shares,

Difference between Finance & Operational Lease

April 30, 2012 7878 Views 0 comment Print

The appellants are carrying on the business of financiers: they are not dealing in motor-vehicles. The motor-vehicle purchased by the customer is registered in the name of the customer and remains at all material times so registered in his name. In the letter taken from the customer under which the latter agrees to keep the vehicle insured, it is expressly recited that the vehicle has been given as security for the loan advanced by the appellants. As a security for repayment of the loan, the customer executes a promissory-note for the amount paid by the appellants to the dealer of the vehicle.

Seeks to amend Notification 21/2012 – Customs, Dated: 17.03.2012

April 30, 2012 487 Views 0 comment Print

Notification No. 29/2012 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.21/2012-Customs dated the 17th March, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 194 (E), dated the 17th March, 2012, namely:-

Delhi HC on What is Make Available Technical Service?

April 30, 2012 3549 Views 0 comment Print

Honourable High court has agreed with the The Tribunal that the ‘make available’ condition was not satisfied inasmuch as no technical knowledge etc, was made available by the assessee to the Indian insurance companies operating in India. The Tribunal conclusions are based on an assessment of the factual matrix of the case at hand and are factual in nature. As there is no perversity in the findings, it does not give rise to a substantial question of law.

Notification No. 39/2012 – Customs (N. T.) – Amends Notification No. 36/2001-Customs(N.T) dated 3rd August 2001

April 30, 2012 541 Views 0 comment Print

Notification No. 39/2012 – Customs (N. T.) 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 the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-

Explanation to s. 37(1) not apply if unaccounted business is not an illegal business

April 30, 2012 1273 Views 0 comment Print

Learned Senior Standing Counsel for the Revenue has also made reference to the explanation to Section 37(1) of the Act and also to the scope of the proviso inserted to Section 69C of the Act by the Finance (No.2) Act, 1998 with effect from 01/04/1999. Learned counsel for the assessee contended that film production is not an illegal business and therefore payments made though without accounting cannot be said to be illegal payments attracting explanation to Section 37(1) of the Act.

Policy Circular No. 60 (RE-2010)/2009-14, Dated: 30.04.2012

April 30, 2012 877 Views 0 comment Print

Policy Circular No. 60 (RE-2010)/2009-14 As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and Port Codes of such Customs Ports where EDI facility would be available. Such Policy Circulars issued in past are listed below:

How to Send free SMS from Gmail

April 30, 2012 3144 Views 0 comment Print

Did you know that you can now send free text messages (SMS) to your friends directly from your Gmail account? Try Gmail SMS today and start texting your friends from your computer. 1. Log into your Gmail account. In the Send SMS box above Chat, enter the phone number you want to send a SMS to.

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