Notification No. GSR 318(E)-Income Tax In exercise of the powers conferred by section 12 of the Government Savings Certificates Act, 1959 (46 of 1959), the Central Government hereby makes the following rules further to amend the National Savings Certificates (VIII Issue) Rules, 1989, namely:- 1. (1) These rules may be called the National Savings Certificates (VIII Issue) (Amendment Rules), 2012.
The assessee debited an amount of Rs.17,34,716/- being foreign exchange loss that arose due to re-statement of current liabilities. The liability had arisen in the earlier years due to consultancy services rendered by Alfred Mcalphine, UK. The assessee contended that the loss arising due to fluctuation in foreign exchange liabilities, when such liabilities are re-instated as on 31st March, is ascertained liability and not contingent liability. The AO rejected the contention of the assessee.
We have considered the facts of the case and submissions made before us. According to us, the best evidence regarding cost of construction is from Devika, who constructed the building. In response to summons u/s 131, Devika filed a copy of the agreement, an unsigned valuation report prepared by Shri Charanjit S. Shah and a copy of balance-sheet as on 31.03.2002. The balance-sheet shows capital work-in-progress as on 31.03.2002 at Rs.2,50,30,642/-, half of which amounts to Rs. 1,25,15,372/-.
Reports have been published in a section of the Media indicating that CBI is likely to Close a case against five senior officers of the Indian Customs and Central Excise, who were charge-sheeted for alleged clandestine silk imports in collusion with Senior Customs & Central Excise officials.
In view of the judgment of the Supreme Court in Videocon Industries Ltd. v. Union of India this Court would not have jurisdiction to entertain the present challenge to the impugned Award by way of a petition under Section 34 of the Act. In this view of the matter, the preliminary objection of the Respondent to the maintainability of the present petition under Section 34 of the Act requires to be upheld. This will not preclude, of course, the Petitioner from seeking other appropriate remedies that may be available in accordance with law.
Pursuant to the announcement made by Union Finance Minister in the Union Budget for the year 2012-13, it has been decided to increase the limit from Rs.5 lakh to Rs.10 lakh for the bank loans extended to non-governmental agencies, approved by NHB for their refinance, for on-lending for the purpose of construction/reconstruction of individual dwelling units or for slum clearance and rehabilitation of slum dwellers.
Budget 2011-12 has made many significant changes in Service Tax and also gave emphasize to penal provisions including prosecution. Section 70 of Finance Act, 1994 reading with Rule 7 of Service Tax Rules, 1994 mandates every service tax payer to file half yearly return within 25 days. If the return is not filed within the time specified then following amount of penalty is levied:
it has been decided by Hqrs Office that for the Contribution Period Ending March 2012 also employers are not required to submit the hard or soft copies of Return of Contributions. The copy of the letter no 67/Dir/Misc/SPOC-REV dated 8/11/2011 is also being attached for necessary action.
Conversion of Firm under Part IX of the Companies Act, 1956 :- The firm may be converted into a company by following the provisions of Part IX of the Companies Act, 1956. Sections 565 to 581 deal with conversion of firms into a company under the Companies Act, 1956.
Please explain sale in course of import by transfer of documents of title to goods before the goods crosses Custom Frontiers of India ((High Seas Sale) with special reference to when the goods crosses Custom Frontiers of India.
