"30 April 2012" Archive

CBI arrests JCIT, Raipur in bribe case

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....

Posted Under: Finance |

Punishment not prescribed under the statutory rules cannot be imposed

Vijay Singh Vs State of U.P. & Ors (Supreme Court of India)

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 ...

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

Siva Industries & Holdings Ltd. Vs Assistant Commissioner of Income-tax, Co. Circle VI(4), Chennai (ITAT Chennai)

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 ex...

Difference between Finance & Operational Lease

Commissioner of Income Tax Delhi-VI Vs The Instalment Supply Limited (Delhi High Court)

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 insure...

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

Notification No. 29/2012-Customs 30/04/2012

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...

Delhi HC on What is Make Available Technical Service?

Director of Income Tax Vs Guy Carpenter & Co. Ltd. (Delhi High Court)

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...

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

Notification No. 39/2012–Customs (N.T.) 30/04/2012

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, publish...

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

The Commissioner of Income Tax (Central) Cochin Vs Shri P.D. Anrahm Alias Appachan (Kerala High Court)

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 busine...

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

Policy Circular No. 60 (RE-2010)/2009-14 30/04/2012

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 Circ...

How to Send free SMS from Gmail

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. ...

Posted Under: Finance |

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