In the said assessment year, the assessee had earned premium of Rs.12,26,140/- on sale of export quota. The Assessing Officer held that this premium is covered by Section 28 (iiia/b/c) and accordingly computed deduction under Section 80HHC but without giving benefit of provisos under sub Section (3) to Section 80HHC. He observed that the export turnover in the previous year was exceeding Rs.10 crores and the assessee had not complied with the several conditions mentioned in the provisos. The sale proceeds received from sale of quota rights were excluded from benefit under the provisos to Section 80HHC(3) as this was not the regular business income of the assessee.
The assessee has made an attempt to suppress the true colour of the payment towards the goodwill by stating that payments were made towards non compete fee, IPR on brand/brand value, etc. In fact the assessee as well as its sister concern M/s. Pentafour Technologies Limited do have a common CEO and the companies are working under a common management. There is interlacing of activities and interlocking of funds.
The impugned order passed by the Settlement Commission deserves to be upheld as the assessee, it is apparent, is caught in its own web, which it stoutly and strongly deny. Even now in the writ petition they have urged and argued that their conduct and actions were bona fide and solely guided by the noble and honourable desire to come clean with their inglorious past. The assessee claims that they without any motive or intention to help a third person, declared undisclosed taxable income of Rs. 1,36,08,897. It is being recorded that the undisclosed income has been partly accepted and immunity from penalty and prosecution stands granted, but the ‘wrong’ is checkmated and corrected by the Settlement Commission.
No Input Tax Credit claim shall be allowed unless the corresponding tax is paid by the selling dealer into the Government treasury. In the case of mismatch in the sales and purchases in electronic matching of annexure Jl and J2 of form 704, then to the extent of unmatched amount of tax, the ITC of the claimant dealer shall be denied.ITC claim shall not be allowed if the purchases are effected from hawala dealer and even though such hawala dealer has paid the taxes partially or fully as these are not genuine transactions.
At the interbank foreign exchange market, the rupee fell for the fourth-day in a row, tumbling 42 paise to a new record intra-day low of 56.57 against the US dollar. The rupee fell on increased capital outflows from the domestic equity markets, and rising dollar demand by importers, after the US central bank indicated weak growth prospects for the US economy
The Competition Commission of India has found cement manufacturers in violation of the provisions of the Competition Act, 2002 which deals with anticompetitive agreements including Cartels. The order was passed pursuant to investigation carried out by the Director General upon information filed by Builders Association of India. The Commission has imposed penalty on 11 Cement Manufacturers named in the information @0.5 times of their profit for the year 2009-10 and 2010-11. The penalty amount so worked out amounts to more than Six thousand Crores. The Commission has also imposed penalty on the Cement Manufacturers Association.
Order No. 5/FT&TR/2012 In partial modification of Order No. 4/FT&TR/2012, and in exercise of powers conferred under section 144C of the income-tax Act, 1961, the Board hereby reconstitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP at the places given below, who shall perform such duties. In addition to their regular duties with immediate effect and until further order:
SEBI, is in the process of formulating the following:- a. Minimum listing standards:- SEBI shall separately prescribe minimum listing standards for listing of companies on stock exchanges. However, the stock exchanges can prescribe more stringent norms, if they so desire.
As per extant guidelines, banks are permitted to undertake ‘notional’ short sale whereby they can sell a security short from HFT portfolio even if the security is held under their AFS/HTM portfolio (circular RBI/2006-07/243 dated January 31, 2007). In view of the various scenarios under which a participant may end up with simultaneous ‘long’ and ‘short’ position in specific securities in the HFT portfolio
Notification No.52/2012 – Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 22nd June, 2012 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
