Join our webinar on July 24-25 for an in-depth analysis of Union Budget 2024. Learn about tax proposals, sector impacts, and investment insights. Register now!
Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!
Notification No. 19/2012-Income Tax Whereas the Convention between the Government of the Republic of India and the Government of Japan for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on income has come into force on the 29th day of December, 1989 after the exchange of Instruments of Ratification as required by paragraph 1 of Article 28 of the said Convention;
However, we would like to take this opportunity to bring to the notice of CBDT that after the procedure of Central processing of returns, many issues have come before various forums where unnecessary demands have been raised due to non-grant of TDS, wrong computation of income, adjustment of the previous year demand which have already been deleted by the jurisdictional assessing officer. Therefore, we would like to urge the CBDT to take up this matter urgently and establish proper coordination between the assessing authority and Central Processing Authority so that these problems are immediately solved and unnecessary litigation can be avoided. Copy of this order should be forwarded to the Chief Commissioner of Income-tax, Chandigarh and Chairman of CBDT for necessary action.
The disallowance made by the Assessing Officer and sustained by the learned CIT(A) was challenged by the assessee before the ITAT in an appeal. The ITAT has decided the said appeal in favour of the assessee. Therefore, at present, when the addition itself has been set aside, there cannot be any case for levy of penalty for concealment of income.
Authorities have put the onus on the assessee to prove that the said bank account is bogus. In this regard, assessee has categorically stated that the said account was not opened by the assessee. The bank has not replied to the query of the Assessing Officer. So adverse inference on the assessee cannot be made in this regard. In our considered opinion, interest of justice will be served if the matter is remitted to the file of the Assessing Officer to consider the issue afresh.
It is noted that the allotment of 75000 shares to R-2 (73500) and 1500 share to R-3 is an afterthought done through manipulation. The petitioner’s contentions in this regard have not been met. Form 2 filed in this regard on 1-6-2005 is hereby cancelled, restricting the shareholdings as per Form 2 filed with the ROC on 11-5-2005.
Government of India has revised the Interest Rates for the financial year 2012-13 in respect of State PFs (GPF) and Special Deposit Schemes (SDS) for non-government Provident, Superannuation and Gratuity funds (SDS), 1975, from 8.6% to 8.8% with effect from 01.04.2012. The funds concerned are:- 1. The General Provident Fund (Central Services). 2. The Contributory Provident Fund (India). 3. The All India Services Provident Fund.
It has been brought to our notice that some exporters find it convenient to have bales of lesser weight, and also that various bales may contain different quantity of cotton depending on local condition. Thus a bale of cotton may weigh more or less than the exact 170 Kg. A similar clarification was issued last year to Cotton Association of India on 04.02.2011 and this should have settled the issue. For greater clarity the following be noted:
Notification No. – 46/ 2012 – Customs (N.T.) entral Government, hereby makes the following amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.68/2011-Customs(N.T.), dated the 22nd September, 2011 published vide number G.S.R. 712 (E) dated the 22nd September, 2011, namely:-
Notification No. 45/2012 – Customs (N.T.) In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 38/2012-CUSTOMS (N.T.) dated the 26th April, 2012 published in the Gazette Of India, Part-II, Section 3, Sub-Section (ii), Extraordinary vide number S. O. 924 (E) dated, the 26th April, 2012, namely:-
The Authorised Officer shall, on receipt of a written application by or on behalf of the domestic producer of like goods or directly competitive goods, initiate an investigation to determine the existence of serious injury or threat of serious injury to the domestic industry, caused by the import of a goods in such increased quantities, absolute or relative to domestic production.
