The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend the Article 26 of the DTAC concerning Exchange of Information to bring it in line with the international standards.
India has entered into a tax treaty with Switzerland; Article 26 of the tax treaty which deals with exchange of information between the two countries was reworded by agreement between the two countries and simultaneously a new paragraph 10 was inserted in the Protocol to clarify the understanding of the operation of Article 26 (Notification No. 62/2011 dated 27 December 2011). India and Switzerland have now entered into a Mutual Agreement regarding the interpretation of paragraph 10(b) of the Protocol to the tax treaty to provide as under:-
The dispute is regarding addition of Rs.14,60,052/- made by AO on account of unsecured loans from Shri Balwantbhai Grewal. There is no dispute that the said amount had been shown as loan in books of account of the assessee. Assessee could not produce any evidence to prove the identity and creditworthiness of Shri Balwantbhai Grewal who lived in UK and genuineness of transaction. Subsequently before CIT(A), assessee submitted that the amount had been wrongly entered in books and the same related to transaction of Shri Balwantbhai Grewal with the sister concern M/s. Kaypan Vanijya Pvt. Ltd.
Assessee is an agent of Government of Maharashtra and also considering the fact that Hon’ble High Court granted stay to the assessee for the recovery of the demand when the appeal was pending before ld CIT(A), we hold that the assessee has a prima facie case for grant of stay for recovery of the dues pending disposal of appeal before the Tribunal. Hence, we grant stay for recovery of the demand for A.Y. 2006-07 for a period of 6 months or till disposal of the appeal whichever is earlier.
Special Provisions in respect of International Workers included in the Employees’ Provident Funds Scheme, 1952 as well as Employees’ Pension Scheme, 1995 have been given effect from 15t October, 2008. Subsequently, certain amendments have also been carried out vide notification dated 11th September, 2010 and the same were circulated vide Head Office letter No. Coord/5(15)/2009/IW/07733 dated 25/26th November, 2010. In pursuance of these amendments detailed instructions were issued vide this office letter No.IWU/7(6)2007/41959 dated 8th September, 2009 and No.IWU/7(11)/Compliance dated 30thAugust, 2011.
The Income Tax Department is working on a comprehensive strategy to deal with corruption within the organisation. The work relating to identification of potential areas of corruption related to the organisational activities and development of an action plan for its mitigation has commenced, the Central Board of Direct Taxes (CBDT) said.
In the present case, the land owned by the assessee comes within the purview of urban area and the assessee is carrying on agricultural activities on the same. There is nothing on record to show that construction of building on assessee’s land is prohibited.
In instant case, the Assessing Officer had proposed to tax the amount as capital gains, as against the assessee’s claim that the same is not taxable. Accordingly, having recorded the fact that the assessee otherwise qualified for such set off, the set off should not have been disallowed on the ground that the same was not claimed in the return of income. He maintained that the assessee was well within her right to make claims during the assessment proceedings and it does not amount to filing revised computation.
The term ‘agriculture’ has not been defined in the Act. One must necessarily fall back upon the sense in which it is understood in common parlance. ‘Agriculture’ in its root sense means ‘Agar’ a field and ‘culture’, cultivation of a field which of course implies expenditure on human skills and labour upon land. For growing coconut trees one has to perform basic essential operations which involve expenditure of human skill and labour upon the land.
First Stage Dealer means a dealer, who purchases the goods directly from (i) the manufacturer under the cover of an invoice issued in terms of the provisions of Central Excise Rules, 2002 or from the depot of the said manufacturer, or from premises of the consignment agent of the said manufacturer or from any other premises from where the goods are sold by or on behalf of the said manufacturer, under cover of an invoice.
