"25 September 2012" Archive

Seeks to extend the validity of Notification No. 17/2008-Customs dated 19th February, 2008 for a further period of one year, i.e up to and inclusive of 12th September, 2013

Notification No. 45/2012-Customs (ADD) 25/09/2012

G.S.R. (E). -Whereas, the designated authority vide notification F.No. 15/1010/2012-DGAD, dated the 10th September, 2012, published in the Gazette of India, Extraordinary, Part I, Section 1 dated the 10th September, 2012, has initiated review in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) and in p...

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SEBI : Application Supported by Blocked Amount (ASBA)

CIR/CFD/DIL/1 3/2012 25/09/2012

Towards this end, consultations were held with Reserve Bank of India, Indian Banks’ Association and other market participants, to explore the possibility of providing ASBA facility at all branches of Self Certified Syndicate Banks (SCSBs)....

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MVAT- Extension of due-date for registration, filing returns, Adm. Relief & paying tax for Builders / Developers

Trade Circular. No. 17T of 2012 25/09/2012

The Promoters and Builders Association as well as MCHI have filed the Special Leave Petitions before Honble Supreme Court of India. The matter came for hearing before the Honble Apex court on 28th August 2012. ...

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MVAT – Clarifications on last point taxation of Furnishing Fabrics

Trade Circular No. 16 T of 2012 25/09/2012

The Hon'ble Deputy CM and Finance Minister in his Budget Speech on 26th March 2012, declared to levy tax on the sales of Furnishing Cloth at the last point of sale. To give effect to this declaration, the Government has issued above referred 4 notifications. As a result of issuance of notifications cited at Ref. (3) and (4), the sales of ...

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Section 14A – No disallowance when no expenditure on tax free income

Justice Sam P. Bharucha Vs Additional Commissioner of Income-tax-11(3), Mumbai (ITAT Mumbai)

Section 14A has within it implicit notion of apportionment in the cases where the expenditure is incurred for the composite/indivisible activities in respect of which taxable and non-taxable income is received. ...

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Anti Dumping Duty on Pre-sensitized Positive Offset Aluminum Plates – Close Resurrection

Notification No. 44/2012-Customs (ADD) 25/09/2012

Notification No. 44/2012-Customs (ADD) in the matter of continuation of anti-dumping duty on imports of Pre-sensitized Positive Offset Aluminum Plates/PS Plates, originating in, or exported from, China PR imposed vide notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 108/2007-Customs, dated...

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No Sec. 54 deduction on Acquisition of Perpetual Tenancy Right

Yogesh Sunderlal Shah Vs Assistant Commissioner of Income-tax 24(1) (ITAT Mumbai)

It has also been argued that under the provisions of tenancy agreement, assessee had right to bequeath the flat, sub-let/lease it and was also entitled to raise loan against the flat. The assessee had also right to make alteration in the flat and therefore, considering these factors and also the fact that the lease was perpetual, the ass...

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CBDT emphasises on improving quality of scrutiny assessments

Letter DO F.No. 225/97/2012/ITA.II 25/09/2012

As you are aware, the CBDT has laid special emphasis in the CAP 2012-13 for improving the quality of assessments. In this regard, a strategy has been mentioned at Annexure-II (pgs. 38-43) of CAP Document. 2. The then Member (IT) had asked the Chief-Commissioners of Income-tax ('CCsIT') to send list of top 100 quality assessments in respec...

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S.133A – ITO has no power to examine any person on oath

Commissioner of Income-tax, Salem Vs S. Khader Khan Son (Supreme Court of India)

In contradistinction to the power under section 133A, section 132(4) of the Income-tax Act enables the authorised officer to examine a person on oath and any statement made by such person during such examination can also be used in evidence under the Income-tax Act. ...

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Addition to Income on the basis of mere presumption, not sustainable

S.H.A.M.K. International (P.) Ltd. Vs Income-tax Officer 9(3)(1), Mumbai (ITAT Mumbai)

In this view of the situation and after hearing both the parties, respectfully following the aforementioned order we decline to interference in the disallowance uphold by Ld. CIT(A) as the facts are not stated to be different. Accordingly this ground of the assessee for all the years is dismissed....

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