"November, 2012" Archive - Page 5

Public Notice No. 32 (RE-2012)/2009-2014, Dated: 27.11.2012

Public Notice No. 32 (RE-2012)/2009-2014 (27/11/2012)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in Part B of Aayat Niryat Form - ANF 5B of the Handbook of Procedures, Vol.I, (Appendices and Aayat Niryat Forms)....

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SEBI : Inventory Management for Market Makers of SME Exchange / Platform

CIR/MRD/DSA/31/2012 (27/11/2012)

SEBI vide circular dated April 26, 2010 has issued guidelines for market makers on stock exchange/trading platform by a recognized stock exchange having nationwide trading terminals for Small and Medium Enterprises (SMEs)....

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Amount paid for violation of laws not allowable despite Compounding

Arun Kumar Gupta (HUF) Vs Assistant Commissioner of Income-tax (ITAT Delhi)

Now coming to the other aspect on the basis of which the AO disallowed the claim as to whether or not expenditure incurred as a result of compounding of violation of municipal laws & Environmental laws falls within the ambit of aforesaid explanation to sec. 37(1) of the Act, Hon'ble Karnataka High Court in CIT v. Mamta Enterprises [2004] ...

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No Penalty on voluntary admission of Assessee of taxing the income @ 8%

The Commissioner of Income Tax -VI Vs Vatika Construction PVT. LTD. (Delhi High Court)

Whether the disclosure/admission of Assessee of taxing the income @ 8% when faced with detailed enquiry is a voluntary surrender and not liable for penalty under section 271(1)(c) of the Act?” ...

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Payment for relinquishment of fabricated tenancy rights could not be considered in computing capital gain

L.M. Patel & B.M. Patel (HUF) Vs Commissioner of Income-tax (Gujarat High Court)

Section 48(1) of the Act provides for mode of computation and deduction while charging capital gain. Clause-I thereof in particular provides for a payment from the value of consideration received or accrued as a result of transfer of capital asset, expenditure incurred wholly and exclusively in connection with such transfer. The Tribunal ...

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Commission paid to overseas agents for export sales is an input service

Ajay Industries Vs Commissioner of Central Excise, Jalandhar (CESTAT Delhi)

Overseas commission agent services promotes the assessee's business activities and adds to Revenue earning by manufacture and sale of incremental quantity, activity may have nexus to such sales and Service Tax paid on such services has to be held as includable in the definition of inputs services....

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Penalty for delay in payment of service tax for no willful default can be waived

HCL Info Systems Ltd. Vs Commissioner of Central Excise, Noida (CESTAT Delhi)

Once the cause of default is not traced, it is not possible to determine whether that was reasonable or not. There is no whisper about deliberate breach of law by the appellant which normally is consideration while invoking penalty provision. Penalty being not automatically leviable and also no wilful breach of law is there, the matter de...

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Clarification with regard to goods specified in the certificate of registration obtaining declaration/certificates under Central Sales Tax Act, 1956

Trade Circular No. 22 T of 2012 (26/11/2012)

Section 8 of the Central Sales Tax Act, 1956 provides for the rate of tax on sales in the course of inter-State Trade and commerce. Further, sub¬section (1) of section 8 states that every dealer, who in the course of inter-State trade or commerce, sells to a registered dealer the class or classes of goods that are specified in the certif...

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MVAT – Cancellation of assessment order u/s. 23(11)

Trade Circular No. 21 T of 2012 (26/11/2012)

The section 23 of the MVAT Act, 2002 provides for the assessment of tax under different contingencies. 2. Sub-section (11) of section 23 provides that, (1) where a dealer has been assessed under sub-section (2), (3) or (4) and if he makes an application in Form-316 to the Commissioner within thirty days from the date of service of the ass...

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SEBI : Notification regarding establishment of Local Office of Board at Indore

Notification No. LAD-NRO/GN/2012-13/24/2623 (26/11/2012)

No. LAD-NRO/GN/2012-13/24/2623. – In exercise of the powers conferred by sub-section (4) of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board has established its Local Office at Indore under the administrative control of its Western Regional Office at Ahmedabad....

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