"13 September 2012" Archive

Diesel Price hiked by Rs 5 per litre; Subsidised LPG Cylinders restricted to 6 in a year

Diesel Price Increased by Rs 5 per litre; Subsidised Domestic LPG Cylinders restricted to 6 in a year. No increase in PDS Kerosene and Petrol Prices...

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Posted Under: Finance |

Notification No. A-12023/2/2011-Admn. III (LA)-Income Tax Dated 13/9/2012

Notification No. A-12023/2/2011-Admn. III (LA)-Income Tax 13/09/2012

Notification No. A-12023/2/2011-Admn. III (LA)-Income Tax In exercise of the powers conferred by section 252 of the Income-tax Act, 1961 (43 of 1961), the Central Government is pleased to appoint Shri H.L. Karwa, Vice-President of the Income Tax Appellate Tribunal, as President of that Tribunal in officiating capacity with effect from the...

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Co-Operative Bank can claim deduction u/s. 80P on underwriting commission / interest income on PSEB / IDBI Bonds

Commissioner of Income-tax, Jalandhar Vs Nawanshahar Central Co-op. Bank Ltd. (Supreme Court of India)

High Court was justified in affirming the decision of the Tribunal that the income earned by the Assessee which was derived from underwriting the issue of bonds and investments in PSEB Bonds was in the nature of income from banking business and hence qualified for deduction under section 80P(2)(a)(i) of the Income Tax Act, 1961...

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Steps to re-energise Mutual Fund Industry

Circular No. CIR/IMD/DF/21/2012 13/09/2012

In order to increase penetration of mutual fund products and to energise the distribution network while protecting the interest of investors, SEBI held a series of meetings with various stakeholders in the mutual fund industry. Mutual Fund Advisory Committee (MFAC) also deliberated and offered its recommendations on issues confronted by t...

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Application Supported by Blocked Amount (ASBA) facility in public/rights issue

CIrcular No. CFD/DIL/12/2012 13/09/2012

Self Certified Syndicate Banks (SCSBs) are hereby advised to ensure that for applications made by any investor using ASBA facility, the SCSBs shall block the application amount only against/in a funded deposit account and ensure that clear demarcated funds are available for ASBA applications....

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Customs – EOU Exemption – Goods rejected by Foreign Buyer

Notification No. 53/2012-Customs 13/09/2012

Notification No. 53/2012-Customs For removal of doubts, it is clarified that the goods for which there is failure of the foreign buyer to take delivery shall include goods rejected by the foreign buyer...

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Bullock Cart drivers are not GTA service providers – CESTAT

Kisan Sahkari Chini Mills Ltd. Vs Commissioner of Central Excise, Meerut-II (CESTAT Delhi)

When we read meaning of consignment note with the taxing entry under section 65 (105) (zzp) of the aforesaid Act it is inconceivable to bring the bullock carts transporting sugar cane to the fold of law, since law requires the transport made by goods carriage should only be brought to tax. ...

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Interest on Share Application Money till allotment is taxable in hands of applicant

Gujarat Power Corporation Ltd. Vs Income-tax Officer (Gujarat High Court)

Though a total sum of Rs. 5 crores was placed by the State Government at the disposal of the assessee-company for allotment of shares, such sum was not utilized for the purpose for which the same was transferred. As per the understanding between the assessee and the State Government pending allocation of shares, whatever interest was earn...

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Interest under Section 234B/234C is mandatory even if not specified in Assessment Order – SC

Karanvir Singh Gossal Vs Commissioner of Income-tax (Supreme Court of India)

The short point involved in the present case is whether levy of interest under Section 234A/234B of the Income Tax Act, 1961, is mandatory or not. At one point of time there was a doubt on the nature of interest payable by the assessee under Section 234A/234B of the Act. That controversy stood finally settled by a Five-Judge Bench decisi...

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Customs – Reimport of Export Goods – Parts of Aircraft from SEZ Exempted

Notification No. 52/2012-Customs 13/09/2012

Notification  No. 52/2012-Customs New Delhi, the 13th September, 2012 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the [&...

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