"May, 2012" Archive - Page 4

CBDT launches Internship Programme in Foreign Tax

Internship Programme of Foreign Tax & Tax Research Division, Department of Revenue - The CBDT has launched an internship programme in the Foreign Tax & Tax Research Division. The objective of the programme is to enable the department to critically analyze various aspects of International Taxation, Transfer Pricing, Advance Pricing Agreem...

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Posted Under: Income Tax |

MVAT Notification for Extension of date for Entry 59 of Schedule A

Notification No. VAT. 1512/C.R. 62/Taxation-l (30/05/2012)

In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends SCHEDULE A appended to the said Act, as follows, namely:—...

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No Reassessment u/s 147/148 for Legal Error / Illegality in Original Assessment Order

Munjal Showa Ltd. Vs Deputy Commissioner of Income Tax (Delhi High Court)

The assessee had filed and furnished all details and particulars relating to the royalty payment including agreements, calculation and the approval before the Ld. AO during assessment proceedings. There was no failure on the part of the assessee to furnish true and correct all material facts. The facts were available before and were withi...

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HC allowed Migration of Student despite non payment of Fees

Rakesh Kumar Gupta Vs Registrar, University of Delhi and ANR (Delhi High Court)

In the counter affidavit filed by the respondent No.2/SOL, it is stated that the student is not entitled to any relief in the present petition for the reason that as per the rules of the respondent No.2/SOL contained in the prospectus, only a bonafide student of a college is entitled to migration to SOL and admittedly, the student had pai...

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Waste not, want not – New Rules to regulate e-Waste

NA (30/05/2012)

The Ministry of Environment and Forests (“MoEF”) has taken the first step towards reducing the alarmingly growing menace of pollutants from the information age. The E –Waste (Management and Handling) Rules, 2011 framed under the Environment Protection, Act 1986 were published on May 30, 2011 and have come into effect on 1st May 201...

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Networking Equipments Eliigible for Depreciation @ 60%

Dy. Commissioner of Income-tax Vs. M/s. Microsoft Corporation India Pvt. Ltd. (ITAT Delhi)

From the above note, it is clear that the above equipment primarily include the routers, switches, modems, etc. which are in the nature of input and output support devices which performs the functions including communication and control and, thus, they are computer hardware when they are used along with computer and when their functions a...

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Validity of Reopening u/s.147/148 on the basis of statement obtained during survey & retracted later?

Smt. M. Maheswari Vs. The Asst. Commissioner of Income Tax (ITAT Chennai)

When the statements made by the assessees here, later retracted, do not have any evidentiary value, there is no basis in holding that there are materials available before the Assessing Officer to make out cases of escapement of income. A reason must be formed by the Assessing Officer to reopen an assessment on the basis of material or in...

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Seeks to rescind Notfns. 09/2012, 10/2012, 11/2012, 18/2012 and 23/2012 – C.E

Notification No. 27/2012-Central Excise [G.S.R. 409(E).] (30/05/2012)

G.S.R. 409 (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby rescinds the following notifications of the Government of India in the Ministry of Finance (Department of...

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COP issued by ICAI etc can be considered as KYC document for proprietary concerns

RBI/2011-12/579 DNBS(PD).CC. No 275/03.10.42/2011-12 (29/05/2012)

Proof of the name, address and activity of the concern, like registration certificate (in the case of a registered concern), certificate/licence issued by the Municipal authorities under Shop & Establishment Act, sales and income tax returns, CST / VAT certificate, certificate / registration document issued by Sales Tax / Service Tax / Pr...

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FM to Inaugurate biggest office building of Income tax Department in India tomorrow

Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India tomorrow. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating approximately 800 Officers and 1500 staff. It will...

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Posted Under: Income Tax |

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