Government of India and Government of Principality of Monaco have signed a Tax Information Exchange Agreement (TIEA) yesterday. The agreement was signed by the Minister of State for Finance, Shri S S Palanimanickam from Indian side and Counsellor of Government for Finances and Economy, Mr. Marco Piccinini from Monaco side. This is the ninth TIEA being signed by India.
Circular No. 21 /2012-Customs – From the wordings of the notification no. 146/64-Customs dated 13.07.1994, it is seen that the exemption covers two broad categories of goods. First category covering sports goods required for training purposes by a sports person of outstanding eminence, which are listed in specified terms under each item or sport such as Archery, Athletics, Badminton etc. The second category being the goods that are described in general as ‘sports goods, sports equipments and sports requisites’ and their ‘spares, accessories and consumables’ for import by specified sports bodies for national or international completion/ championship.
As per Para 4 of Notification No. 77 dated 28.09.2011, export of edible oils is permitted only in branded consumer packs of upto 5 Kgs, within a ceiling of 10,000 tons, for the period 01.11.2011 to 31.10.2012. Now, with immediate effect, even such export of edible oils is prohibited. Accordingly, Para 4 of Notification No. 77 dated 28.09.2011 stands withdrawn.
CIRCULAR NO. 5/2012 The council in exercise of its statutory powers amended the Indian Medical Council (Professional Conduct, Etiquette and Ethics) Regulations, 2002 (the regulations) on 10-12-2009 imposing a prohibition on the medical practitioner and their professional associations from taking any Gift, Travel facility, Hospitality, Cash or monetary grant from the pharmaceutical and allied health sector Industries.
Undisputedly, the assessee has filed original return under sub-section (1) of section 139. In the said return of income, the assessee has not claimed the loss. Sub-section (5) provides that where the assessee discovers any omission or a wrong statement, then he can file a revised return. Where the wrong statement or omission results in the claim of loss, when the return filed under section 139(5) is to be considered or not, is to be now seen. Whether omission of such a claim of loss in the original return of income is bona fide or not is also to be seen.
AAR ruling should in the first instance be challenged before the High Court instead of directly in the Supreme Court. To avoid the matter remaining pending in the High Court for years, which would defeat the objective of enabling the applicant to get an expeditious ruling, the matter should be heard directly by a Division Bench of the High Court and decided as expeditiously as possible;
The owner of the industry shall issue serially cash/credit memos, for sales of finished goods which will contain name and address of the purchasers, descriptions of the goods sold and its value, exemption certificate number and date, signature of the seller.
Basic question to be considered by us is whether the nature of services rendered by SEL fall within the ambit of technical, managerial and consultancy services as defined under Explanation 2 to clause (vii) of sub-sec (1) to sec. 9 of the IT Act. As per the said explanation, fees for technical services means any consideration (including any lump sum consideration) for rendering any managerial, technical or consultancy services (including provision of services of technical or other personnel). As brought out in the earlier paragraphs of this order, the agreement between the assessee and M/s SEL stipulates that M/s SEL shall be responsible for the shipment of raw material to the assessee from its importers within the stipulated time and as per the specific quality and quantity.
Shri Siddharth Chhajlani was a regular employee of the assessee Company since financial year 2003-04 and has taken note of the salary certificate along with the deduction and payment to Employee’s Provident Fund. It has also been noted that Shri Siddharth Chhajlani was sent for higher studies in printing technology, which is the main field of working of the assessee Company and a bond was got executed to ensure that he will work for at least 5 years after return to India.
