"17 September 2012" Archive

Format of Tax Residency Certificate to avail DTAA / Treaty benefit notified

Notification No. 39/2012-Income Tax 17/09/2012

Notification No. 39/2012-Income Tax Government has now vide notification No. NOTIFICATION NO. 39/2012 [, DATED 17-9-2012 released the following forms which are applicable from 1st day of April, 2013 :- FORM No. 10FA - Application for Certificate of residence for the purposes of an agreement under section 90 and 90A of the Income Tax Act,...

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Cost Inflation Index – Financial Year 2012-13

Notification No. 38/2012-Income Tax 17/09/2012

Notification No. 38/2012-Income Tax S.O. 2 187(E):- In exercise of the powers conferred by clause (v) of the Explanation to section 48 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenu...

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Extended limitation period u/s. 73 is not invokable if existence of bona fide belief is proved

Commissioner of Central Excise, Ahmedabad Vs Nita Textiles & Industries (Gujarat High Court)

In the show-cause notice it was conveyed that the assessee had not registered itself with a view to evading duty and that therefore larger period of limitation would be invoked. It may be that such issue of allegation was not in so many words denied by the assessee. ...

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Permitting FDI in Multi-Brand Product Retail Trading (MBRT)

1. The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion (DIPP) for permitting FDI in multi-brand retail trading, subject to specified conditions. The proposal had earlier been approved by the Cabinet in its meeting on 24-11-2011. However, implementation of the proposal had been deferred, for evolving a ...

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Posted Under: Income Tax |

Allocation of quantity of Rough Marble and Travertine Blocks for import for Financial Year 2012-13.

Trade Notice No. 05/2012 17/09/2012

This Trade Notice, before their cases can be considered for grant of import license. E Mails communicating discrepancy have already been sent to above firms....

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Interest u/s. 234B/C not payable on deficit in advance tax because of retrospective amendment

Deputy Commissioner of Income-tax Vs Indo Rama Textiles Ltd. (ITAT Delhi)

The question is as to whether interest under section 234B and 234C of the Act can be charged for default in payment of advance tax and for deferment of advance tax, respectively, where the payment of tax became due only because of the amendment by way of insertion of Explanation 1(h) to s. 115JB (2) of the Act, the amendment having been m...

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E-payment of Customs duty mandatory

Notification No. 83/2012-Customs (N.T.) 17/09/2012

Notification No. 83/2012-Customs (N.T.) E-payment of Customs duty mandatory for Importers registered under Accredited Clients Programme & for Importers paying customs duty of one lakh rupees or more per bill of entry. ...

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Section 194C – Supervising construction work not liable to TDS

Radheyshyam Bhakar & Co. Vs Income-tax Officer (TDS), Gwalior (ITAT Agra)

Engagement for professional service or services simplicter which do not involve contract for carrying out any work itself, or a contract for labour for carrying out such services, is not within the purview of section 194C as it exists. ...

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Section 271D penalty cannot be imposed for business transactions in cash

Deputy Commissioner of Income-tax, Circle 11(1) Vs Forging Ltd. (ITAT Delhi)

Assessee entered into a collaboration agreement with 'D' for purchase of land on its behalf and development thereof by 'D'. 'D' purchased land from farmers on behalf of the assessee through its agent 'J'. In lieu of the consideration paid by 'D' for purchase of land, its account was credited by way of journal entries. 'J' had made payment...

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CBDT cannot take away exemption granted by statute by issuing a circular

Gujarat Urban Co-operative Bank Federation Vs Union of India (Gujarat High Court)

The impugned circular issued by the Board came up for consideration before the Bombay High Court and it has struck down the circular holding that powers under section 119 would not empower the Board to issue clarification which would take away the exemption which has been granted by the statute. There was no reason to take a different vie...

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