"17 July 2012" Archive

IRDA – Modified Guidelines on Advertisements

Circular No. IRDA/Life/Misc/Cir/154/07/2012 (17/07/2012)

In partial modification of point no. 3.7.1 of Advertisement Guidelines Circular No. 007/IRDA/Cir/Adv/May-07 dated 14th May, 2007 relating to Joint Sale Advertisements, it is decided to permit Insurers to release Joint Sales Advertisements, without prior approval of the Authority, in accordance to the applicable regulations / guidelines in...

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Notification No. 60/2012-Customs (N.T.), Dated the 17th July, 2012

Notification No. 60/2012-Customs (N.T.) (17/07/2012)

Notification No. 60/2012-Customs (N.T.), S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner of Customs (Imports), Jawaharlal Nehru...

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Appoints the Joint Commissioner or Additional Commissioner of Customs (Port), Custom House, 15/1, Strand Road, Kolkata, to act as a common adjudicating authority

Notification No. 59/2012-Customs (N.T.) (17/07/2012)

Notification No. 59/2012-Customs (N.T.) New Delhi, dated the 17th July, 2012. S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner [&...

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S. 254 Recalling of order of Tribunal for readjudicating issue in question afresh not permissible

Mahanadi Coalfields Ltd.Vs Deputy Commissioner of Income-tax (ITAT Cuttack)

Under section 254(2), the appellate Tribunal may, 'with a view to rectify any mistake apparent from the record', amend any order passed by it under sub-section (1) within the time prescribed therein. It is an accepted position that the appellate Tribunal does not have any power to review its own orders under the provisions of the Act. ...

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S. 14A – Disallowance made by assessee on proportionate basis of exempt & taxable income prior to implementation of Rule 8 is reasonable

Asstt. Commissioner of Income-tax Vs M/s. Hexa Securities & Finance Co. Ltd. (ITAT Delhi)

By Finance Act of 2001, the Parliament enacted section 14A of the Income-tax Act, 1961 with retrospective effect from 1.04.1962. Prior to insertion of sec. 14A, the Revenue had sought to disallow expenditure incurred in relation to exempt income. However, the Hon’ble Supreme Court in the case of Rajasthan State Warehousing Corporation v...

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Assessee can take credit in respect of inputs which are used in manufacture of exempted goods

Commissioner, Central Excise Vs M/s Ansysco (Himachal Pradesh High Court)

Whether a manufacturer is required to reverse/pay the amount equivalent to the CENVET credit taken by him in respect of inputs which are proved to have been used in the manufacture of goods which have been cleared under exemption from excise duty, in view of the specific provisions of Rule 6(1) of CENVAT Credit Rules, 2002 (now 2004) read...

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Land given for development is ‘transfer’ – ITAT rejects ‘Not transferred but only given for development’ plea

Krishna Kumar D. Shah (HUF) Vs Deputy Commissioner of Income-tax (ITAT Hyderabad)

The other factor which governs the happening of transfer is the handing over of possession. This section says "and the transferee has, in part performance of the contract, taken possession of the property or any part thereof, or the transferee, being already in possession continues in possession in part performance of the contract and has...

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Assessee can adjust prior period expenses while computing book profit u/s. 115JA

Tamil Nadu Cements Corporation Ltd. Vs Joint Commissioner of Income-tax (Madras High Court)

Delhi High Court held that whether the prior period expenses were shown separately or not, the assessee would nevertheless be entitled to have the adjustment of the prior period expenses in the matter of computing the net profit of the assessee. Thus on mere fact that the assessee had shown its prior period expenses in the extraordinary i...

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Goods received in the capacity of bailee cannot constitute income of assessee

Tarapore & Co. Vs Deputy Commissioner of Income-tax (Madras High Court)

The Tribunal ignored that the role of the assessee with regard to the goods supplied by supplier was only that of a bailee and so the value of goods cannot constitute income in its hands. The entire contention of the revenue rested on the wrong premise that the payment had been made by the owner NSTL, a fact which was totally against the ...

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S.10(38) Exemption cannot be denied for delay in dematerialisation

Income-tax Officer Vs Ajay Shantilal Lalwani (ITAT Pune)

Admittedly, in the instant case the assessee had purchased the shares outside stock exchange directly from the broker in physical form though D-mat account was opened at a belated date with this explanation that at the time of purchase of shares, he was not having D-mat account and on opening of D-mat account, the shares were transferred....

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