Interest expenses directly attributable to tax exempt income as also directly attributable to taxable income, are required to be excluded from computation of common interest expenses to be allocated under rule 8D(2)(ii).
Section 32 of the Act indeed entitles an assessee, who is the owner of a property, to depreciation. As we have already held, the arrangement between the lessor and the assessee was, in effect, an agreement of sale of the property by the lessor to the assessee. The assessee is, therefore, the owner of the property having acquired the same on 29th March, 1982, itself and, in any event, by 30th March, 1982.
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 pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules), in the matter of continuation of anti-dumping duty on imports of ‘phosphoric acid, technical or food grade (including industrial grade)’, falling under sub
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).
The applicant has contended before the adjudicating authority that supply of electricity is supply of ‘goods’ and the same is exempted as per Notification no. 12/2003-ST wherein it has been clarified that supply of goods shall not form part of taxable service.
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.
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 the Furnishing Cloth notified under entry 101 of Schedule “C” of MVAT Act are taxable @ 5% with effect from tat September 2012.
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.
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 the 25th September,2007, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 627 (E), dated the 25th September, 2007, and have requested for extension of anti-dumping duty for a further period of one year, in terms of sub-section (5) of Section 9A of the said Customs Tariff Act;
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 assessee had to be considered as owner of the flat, entitled to exemption under section 54.
