"09 August 2012" Archive

Public Notice No. 14 (RE-2012)/2009-14, Dated: 09.08.2012

Public Notice No. 14 (RE-2012)/2009-14 09/08/2012

This amendment incorporates additional raw materials in existing SION at H-97. Additional Import Items namely PP Granules, LLDPE Granules, PP Granules for lamination/coating, PE Liner, Thread, Filler Cord/Rope, Packing Materials have been allowed at Serial Number 2(b) (ii), 3, 4, 5, 6, 7 and 9 respectively....

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Notification No. 73/2012-Customs (N.T.), Dated 09.08.2012

Notification No. 73/2012-Customs (N.T.) 09/08/2012

S.O. (E). - In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby imposes the Joint Commissioner or Additional Commissioner of Customs (Export), Jawaharlal Nehru Custom House, Nhava Sheva, Post-Uran, District-Raigad, Maharashtra, to exercis...

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Notification No. 72/2012-Customs (N.T.), Dated: 09.08.2012

Notification No. 72/2012-Customs (N.T.) 09/08/2012

S.O. (E). - In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby imposes the Joint Commissioner or Additional Commissioner of Customs (Export), Jawaharlal Nehru Custom House, Nhava Sheva, Post-Uran, District-Raigad, Maharashtra, to exer...

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Notification No. 71/2012-Customs (N.T.), Dated: 09.08.2012

Notification No. 71/2012-Customs (N.T.) 09/08/2012

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 of Customs, Inland Contain...

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Notification No. 70/2012-Customs (N.T.), Dated: 09.08.2012

Notification No. 70/2012-Customs (N.T.) 09/08/2012

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 of Customs, Cus...

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Notification No. 69/2012-Customs (N.T.), Dated: 09.08.2012

Notification No. 69/2012-Customs (N.T.) 09/08/2012

S.O. (E). - In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby imposes the Commissioner (adjudication), New Custom House, Near Indira Gandhi International Airport, New Delhi, to exercise the powers and discharge the duties of adjudicati...

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Guarantee commission Income should be spread over the period to which it relates

BNP Paribas SA Vs. Deputy Director of Income-tax (International Taxation) (ITAT Mumbai)

Income from deferred guarantee commission did not accrue or arise in the year in which guarantee agreements were entered'. It was held that such income should be spread over the period to which the guarantee commission related and should be assessed proportionately. ...

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Applicability of Interest u/s. 234D to A.Y. commencing before 1-6-2003

Income-tax Officer Vs Strides Arcolab Ltd. (ITAT Mumbai)

The learned Counsel for the assessee submitted that section 234D cannot apply to the extant case because refund was granted on 24.04.2003 which is well before the date of insertion of section 234D itself. Referring to the language of sub-section (1) : '… where any refund is granted …….', it was stated that since the only word 'is' u...

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Trust entitled to depreciation on assets, even if cost of such assets allowed as deduction u/s. 11

Sri Rengalatchumi Educational Trust Vs Income-tax Officer (ITAT Chennai)

Assessing Officer's stand that 'provision of computation of income under Section 11' does not contain any provision which may entitle an assessee to claim weighted deduction for any expenses incurred' is not acceptable as Section 11 provides that the income of the Trust is to be computed on commercial basis i.e. as per normal accounting p...

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Clarification on Applicability of AS-11 & AS-16 to Companies

General Circular No. 25/2012 09/08/2012

Circular No. 25/2012, dated 9-8-2012 The Ministry has received several representations from industry associations that para 6 of Accounting Standard-11 and para 4(e) of AS-16 are posing problems in proper implementation of para 46A of notification 914(E) dated 29-12-2011. In order to resolve the problems faced by industry, it is hereby cl...

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