"06 December 2012" Archive

Extend the validity of Notification No. 11/2008-Customs, dated the 23.01.2008 by one more year

Notification No. 52/2012-Customs (ADD) (06/12/2012)

G.S.R. 881 (E).-WHEREAS, the designated authority vide notification No. 21/29/2011-DGAD, dated the 5th October, 2012, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 5th October, 2012, had initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rule...

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Amends Notification No. 158/95-Customs

Notification No. 60/2012-Customs [G.S.R. 880 (E)] (06/12/2012)

G.S.R. 880 (E). - In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance ...

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Public Notice No. 35 (RE-2012)/2009-2014, Dated: 06.12.2012

Public Notice No: 35 (RE: 2012)/2009-2014 (06/12/2012)

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- 2056 in respect of the export product “Lead Free Powder CuSn8Ni1”. The new entry would be as under....

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Non-compete commission paid to employee during employment is part of salary -HC

Commissioner of Income-tax - XIII Vs Kanwaljit Singh (Delhi High Court)

The assessee continued to earn the non-compete commission in his capacity as an employee, to refrain from carrying on any business similar to that of UC. The assessee, in this case, also continued his employment with the firm, and was given commission for doing what he was normally expected to do, i.e. work for the said firm in his area o...

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Order passed without application of mind or making requisite inquiries requires revision

Sun Minerals Vs Additional Commissioner of Income-tax (ITAT Hyderabad)

The Assessing Officer has been entrusted the role of an investigator, prosecutor as well as adjudicator under the scheme of the Income-tax Act. If he commits an error while discharging the aforesaid roles and consequently passes an erroneous order causing prejudice either to the assessee or to the State Exchequer or to both, the order so ...

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Court should not interfere in decision passed by overwhelming majority of share-holders

J.K. Agri Genetics Ltd. Vs Union of India (Calcutta High Court)

In a case of scheme of arrangement pending for approval of the Court under Section 391 Court should act as umpire. It would not be a rubber stamp being a blind folded instrument of putting of seal of approval. It would certainly consider the objections raised by the objectors, to the extent, permissible under the corporate jurisprudence. ...

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Every Search Panchnama Does Not Extend Limitation Period

A. Rakesh Kumar Jain Vs The Joint Commissioner of Income Tax (Madras High Court)

As already seen, merely because, more than one panchanama is drawn in the given case on one authorisation, one cannot construe that the subsequent and the last of the panchanama issued as one flowing out of the search as a last of the panchanama referrable to Explanation (2) to Section 1 58BE. Once the warrant of authorisation has been is...

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No deduction U/s.10A if Assessee do not file ROI within the due date

Saffire Garments Vs Income-tax Officer (ITAT Rajkot)

The Proviso to s. 10A(1A) provides that no deduction under this section shall be allowed to an assessee who does not furnish a return of his income on or before the due date specified u/s 139(1). The assessee’s argument that the said Proviso is merely directory and not mandatory is not acceptable. ...

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Rajiv Gandhi Equity Savings Scheme, 2012

Circular No. MRD/DP/32/2012 (06/12/2012)

As announced in the Union Budget 2012-13, the Finance Act 2012 has introduced a new section 80CCG on ‘Deduction in respect of investment made under an equity savings scheme‘ to give tax benefits to new investors who invest up to Rs. 50,000 and whose gross total annual income is less than or equal to Rs. 10 lakhs. SEBI CIRCULAR NO. MRD...

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ALV of Property will be Nil if it was let out in earlier years but lying vacant in previous year

Assistant Commissioner of Income-tax Vs Dr. Prabha Sanghi (ITAT Delhi)

It appears that there is a difference between the provisions of Section 23(1)(c) of the Act and those of Section 23(4) thereof. However, it is not so. As per Section 23(1)(c), if any part of the property was let out and was vacant during the year or any part thereof, and due to such vacancy, the annual rent received or receivable was less...

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Penalty Justified for Failure to Explain source of Credit in the name of Partners

Bright India Body Builders Vs Income-tax Officer (ITAT Delhi)

A very heavy onus is placed on the assessee to explain the difference between the assessed income and returned income and the assessee in the instant case did not discharge the said onus. In the light of the discussion made above and conduct of the assessee, it is thus clear that all the material facts and particulars relating to the ass...

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Section 40A(3) not attracted on Differential amount paid on exchange of jewellery

Deputy Commissioner of Income-tax Vs Kirtilal Kalidas Jewellers (P.) Ltd. (ITAT Chennai)

Admittedly, assessee was in the business of selling jewellery and it was also purchasing old gold and old diamonds from its customers, who wanted to exchange their old jewellery with new jewellery. Contention of the assessee that it was not effecting any cash purchase from its customers, has not been effectively rebutted. Case of the asse...

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Rate of exchange of conversion of each of foreign currency WEF 07.12.2012

Notification No. 108/2012-Customs (N.T.) (06/12/2012)

Notification No. 108/2012-Customs (N.T.),  DATED THE 6th December, 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.99/2012-CUSTOMS (N.T.), dated the 16th Nov...

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Amendment of Minimum Wages Act

As per the existing provisions of Minimum Wages Act, minimum wages are revised quinquennially in the Central Sphere. In order to protect the minimum wages against inflation, the Central Government introduced the idea of Variable Dearness Allowance (VDA) since 1989. ...

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Posted Under: Custom Duty |

Effect of MAT on SEZ on Investors

The provisions of Minimum Alternate Tax (MAT) have been made applicable to Special Economic Zone (SEZ) Developers and Units with effect from 1st April, 2012. The SEZ sector has seen a sharp slowdown due to a number of reasons including withdrawal of exemption from MAT and Dividend Distribution Tax (DDT) provisions, uncertain fiscal regime...

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Posted Under: Custom Duty |

Sebi notifies Rajiv Gandhi Equity Savings Scheme norms

Circular No. MRD/DP/32/2012 (07/12/2012)

Under the scheme, announced in the 2012-13 Union Budget, new investors can avail tax benefits who invest up to Rs. 50,000 in the stock market and whose gross total annual income is less than or equal to Rs. 10 lakh. The scheme was notified by the Department of Revenue, Finance Ministry on November 23 this year....

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Delay of 1529 days in filing cross objections due to oversight cannot be condoned

Assistant Commissioner of Income-tax Vs Petroleum India International (ITAT Mumbai)

There is no dispute on the fact of delay of 1529 days as well as on non-furnishing of any affidavit by the Counsels affirming that assessee had a conference with the Counsels which give raise to the necessity of filing the impugned cross objections. Further, there is no explanation as to why and under what circumstances, the assessee appr...

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Prior to 1-4-2013 MAT Provision not applicable to insurance companies

ICICI Lombard General Insurance Co. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai)

There is no quarrel on the point that the assessee, being an insurance company is not required to prepare its accounts as per Parts II & III of Schedule VI of the Companies Act, 1956. Sub-section (2) of section 211 are required every profit and loss accounts of the Companies shall be prepared as per the requirement of Part II of Schedule ...

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Income earned from foreign branches being PE not taxable in India

Bank of India Vs Deputy Commissioner of Income-tax (ITAT Mumbai)

In all foreign countries operation was carried out through assessee's branches which was a permanent establishment situated outside India. Hence, the income attributable to these branches cannot be taxed in India. This issue has also been decided in favour of the assessee by Tribunal in assessee's own case for assessment year 1997-98. The...

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Assessee cannot request for recall of order passed by Tribunal unless he points out any mistake which is apparent from record

Smt. Pushpa Agarwal Vs Income-tax Officer (ITAT Delhi)

It is an accepted position that the Appellate Tribunal does not have any power to review its own orders under the provisions of the Act. The only power which the Tribunal possesses is to rectify any mistake in its own order which is apparent from the record. ...

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Approval by Central Government must to claim deduction u/s.10B for 100% EOU

Commissioner of Income tax Vs Regency Creations Ltd. (Delhi High Court)

In the instant case, there is no notification or official document suggesting that either the Interministerial Committee, or any other officer or agency was nominated to perform the duties of the Board (constituted under section 14 of the IDR Act), for purposes of approvals under section 10-B. ...

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Penalty should not exceed 25% if service tax deposited before issue of SCN

Meinhardt Singapore Pte. Ltd. Vs Commissioner of Central Excise (Delhi High Court)

In this case, the service tax itself was concededly paid on 3.3.2009, i.e., before the show cause notice which was issued on 12.3.2009. The Order in Original confirmed the said demand for Rs. 3,54,37,986/- which had been so deposited. ...

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Balance in Cenvat Account can be claimed as business expenditure on closure of business

Mohan Spg. Mills Vs Assistant Commissioner of Income-tax (ITAT Chnadigarh)

The Assessing Officer was of the view that the claim of CENVAT irrecoverable does not fall as an expense under any of the above said sections. The Assessing Officer referred to sub-section of sections 36 and 37 at length and was of the view that the claim of the assessee had to be justified either under section 36(1)(iii)/36(2) (bad debts...

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Posted Under: Custom Duty | ,

Admissibility of benefit of composition under Works Contract on-going contracts as on 01.06.2007?

Nagarjuna Construction Co. Ltd. Vs. Government of India (Supreme Court)

Those who had paid tax as per the provisions and classification existing prior to 1-6-2007 and those who opted for payment of tax under the provisions of rule 3 ibid and paid tax after exercising the option belonged to different classes and, therefore, the impugned circular or the provisions of rule 3(3) ibid were not discriminatory. ...

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Delay in filing appeal condoned as director was abroad at the time of receipt of Order

Ved Pharmaceuticals (P.) Ltd. Vs Commissioner of Central Excise (CESTAT Ahemedabad)

Appellant's signatory director of the applicant company was abroad during the time when the orders were received from the superintendent, and when the orders were served on the consultant. It is the submission of the ld. Counsel that the appellant company or the director was not aware of the receipt of the passing of the order. ...

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Prima facie Value of Taxable services includes value of free material supplied

P.C. Snehal Construction Co. Vs Commissioner of Service Tax (CESTAT Ahmedabad)

Post service tax valuation rules, the said rules provides for inclusion of free material supplied by service recipients and has been directing the assessee in other cases to deposit some amount of the Service Tex liability for the period post service Tax valuation rules as a condition to hear and dispose the appeal. ...

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Core Investment Companies – Overseas Investment (Reserve Bank) Directions, 2012

RBI/2012-13/314 DNBS (PD) CC.No.311/03.10.001/2012-13 (06/12/2012)

Core Investment Companies (CICs) invest primarily in group companies, in different sectors of the economy. Being holding companies they need to invest in both financial and non-financial activities. It has therefore been decided to issue a separate set of Directions to CICs with regard to their overseas investments....

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