"09 October 2012" Archive

Exchange Rate for South African Rand Changed

Notification No. 93/2012-Customs (N.T.) (09/10/2012)

Notification No.93/2012 - Customs (N.T.) In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 91/2012-CUSTOMS (N.T.) dated ...

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Tax Paid by employer from salary income cannnot be added to the income of the assessee

The Commissioner of Income Tax Vs Mr. Jaydev H. Raja (Bombay High Court)

In other words, though the assessee had paid tax of Rs.50.00 lakhs, since the assesses was entitled to reimbursement of Rs.35.00 lakhs from the Company, the salary income (Rs.77.00 lakhs) received by the assesses had to be enhanced by Rs.35.00 lakhs only and not the balance Rs.15.00 lakhs which is paid by the assesses from the salary inco...

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Two Lease agreement can’t be clubbed to determine deemed ownership

Commissioner of Income-tax-9 Vs Pelican Investments (P.) Ltd. (Bombay High Court)

Section 269UA(f) does not operate differently merely because the licencee under different agreements is the same. It is always open to a licensor and a licencee to enter into different agreements for different periods. There is nothing in the above provisions that warrants the periods under the various agreements being clubbed....

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IT – Draft Report on Retrospective Amendments Relating to Indirect Transfer

Vide Finance Act, 2012, certain retrospective amendments were made in Income-tax Act, 1961 (hereinafter referred to as the Act), intended to clarify and restate the legislative intent of the source rule of taxation for non-residents in India. In particular, they addressed situations where transfers took place exclusively between such non-...

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Posted Under: Custom Duty |

NC Notification No. 94/2012-Income Tax Dated 9/10/2012

NC Notification No. 94/2012-Income Tax (09/10/2012)

NC Notification No. 94/2012-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.698(E) dated the 3rd October, 1997, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government h...

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NC Notification No. 93/2012-Income Tax Dated 9/10/2012

NC Notification No. 93/2012-Income Tax (09/10/2012)

NC Notification No. 93/2012-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 1404(E) dated the 4th September, 2006, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial n...

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NC Notification No. 92/2012-Income Tax Dated 9/10/2012

NC Notification No. 92/2012-Income Tax (09/10/2012)

NC Notification No. 92/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2907(E) dated 17th November, 2009, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government h...

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NC Notification No. 91/2012-Income Tax Dated 9/10/2012

NC Notification No. 91/2012-Income Tax (09/10/2012)

NC Notification No. 91/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2349 (E) dated 29th October, 2009, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government h...

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NC Notification No. 90/2012-Income Tax Dated 9/10/2012

NC Notification No. 90/2012-Income Tax (09/10/2012)

NC Notification No. 90/2012-Income Tax Whereas by notification of the Government of India, in the Ministry of Finance (Department of Revenue) number S.O. 2907(E) dated 17th November, 2009, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government h...

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NC Notification No. 89/2012-Income Tax Dated 9/10/2012

NC Notification No. 89/2012-Income Tax (09/10/2012)

NC Notification No. 89/2012-Income Tax Whereas by notification of the Government of India in the Ministry of Finance (Department of Revenue), number S.O.839(E) dated 22nd November, 1994, issued under sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had...

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