"18 October 2012" Archive

SION for new product “Copper Based Pre-alloyed Powder R-800” under Engineering Product Group

Public Notice No: 24 (RE: 2012)/2009-2014 (18/10/2012)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Directorate General of Foreign Trade hereby notifies a new SION bearing number C- 2049 in respect of the export product Copper based pre-alloyed powder R-800. The new entry would be as ...

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S. 11(2) – Income Accumulation can’t be questioned if trust furnishes the purpose

Additional Commissioner of Income-tax Vs Jamia Urdu (ITAT Agra)

Section 11(1) provides subject to the provisions of section 60 to 63, the income which is derived from property held under trust wholly for charitable or religious purposes, to the extent to which such income is applied to such purposes in India; and, where any such income is accumulated or set apart for application to such purposes in In...

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Cenvat credit eligibility of services used for clearance of final products upto the place of removal

By virtue of powers granted under Section 37(1) of Central Excise Act, 1944, Central Government can make rules to provide for credit of Service Tax leviable under Chapter V of the Finance Act, 1994 (32 of 1994) paid or payable on taxable services used in or in relation to the manufacture of excisable goods. ...

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Posted Under: DGFT |

Expense on sub-division of shares is revenue expenditure as No enduring benefit

G.S.F.C. Ltd. Vs Deputy Commissioner of Income-tax (Asstt.) (Gujarat High Court)

In the present case, the expenditure is incurred for the purpose of sub-division of the shares. However, we do not see how the observations made by the Apex Court in the ratio laid down in case of General Insurance Corporation (supra) can be distinguished in view of such difference in facts. In case of sub-division of the shares also, the...

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Notification No. 95/2012-Customs (N.T.) 18/10/2012

Notification No. 95/2012-Customs (N.T.) (18/10/2012)

S.O. (E). - In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.91/2012-CUSTOMS (N.T.), dated the 4th October, 2012 vide number S.O. 2360(E), dated the 4th October, 2012, except a...

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Deeming Provision U/s. 50C cannot be applied to Purchase to make addition U/s. 69B

Deputy Commissioner of Income-tax, Circle-9 Vs Virjibhai Kalyanbhai Kukadia (ITAT Ahmedabad)

In the case of Harley Street Pharmaceuticals Ltd. (supra) it has been held that provisions of Sec.50C are applicable only for computation of capital gains in real estate transaction in respect of seller only and not for the purchaser. Legal fiction cannot be extended any further and has to be limited to the area for which it is created. ...

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No Capital Gain on Transfer of Land Having Nil Acquisition Cost

Manohar Pyarelal Sadane Vs Income-tax Officer, Ward - 3(1), Dhule (ITAT Pune)

According to us for charging capital gains, the assets must have been acquired by incurring cost. In the instant case, the assessee has not incurred any cost for the acquisition of asset because the same was allotted to the assessee's father by Government of India being refugee from Pakistan at relevant point of time. ...

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Input service credit available on storage charges paid up to place of removal

DSCL Sugar Vs Commissioner of Central Excise, Lucknow (CESTAT Delhi)

Question whether the place where goods are stored after clearance from the factory on payment of duty can be considered as place of removal for the purpose of Rule 2(l) of Cenvat Credit Rules, 2004 is no longer res integra because of the clarification issued by the CBEC in the matter....

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Full value of consideration cannot be substituted by market value unless there is a proof for extra consideration

Nariman Point Building Services & Trading (P.) Ltd. Vs Commissioner of Income-tax, Chennai III (ITAT Mumbai)

Honourable Madras High Court in case of A.S. Jayakumar (supra) has held that unless there is a proof for extra consideration paid by the purchaser over and above what is stated in the sale deed, section 52(2) of the I T Act cannot be invoked. ...

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TDS u/s. 194C on payments to agents of truck-owners?

Lokesh Duggal Vs Income Tax Officer, Ward 35(3), Kolkata (ITAT Kolkata)

So far as pre June 2008 position is concerned, tax withholding obligations under section 194 C in respect of an individual only in cases where the payments were made to a sub contractor for carrying out a part off work, or the work itself, undertaken by the assessee and that too when such individual's turnover from business or profession ...

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