As you are aware, the MICR code is necessary for all Electronic Clearing Service (ECS – Credit and Debit) transactions. Similarly, the IFSC code is a pre-requisite for NEFT and RTGS transactions. Currently, the MICR code is available on the cheque leaf along with the IFSC code of the branch. On a review it has been decided that this information should also be made available in the passbook / statement of account of the account holders.
Automatic Due Date Reminder Calender for Financial Year 2012-13-This Calender contains due dates of all the statutory and other Reports to be presented to Management and Banks.
The matter came up in appeal before ITAT in the assessee’s own case and other cases in ITAs No. 453,454,456/M/2010 & 458 & 455/M/2010. During the continuance of these appeals, Hon’ble Bombay High Court came up with the decision in Godrej & Boyce Manufacturing Co. Ltd. V/s DCIT, reported in 328 ITR 81 (Bom), wherein the Hon’ble Bombay High Court held that the operation of Rule 8D shall only be from 2008-09 onwards, and not being retrospective.
Coming to the issue as to whether the AADT with Malasia would disentitle the deduction we agree with the submissions of the assessee that the whole world income is taxable in the hands of the assessee under the provisions of the Act and when it is done so, section 90(2) mandates that the provisions of this Act shall apply to the extent they are more beneficial to the assessee.
Borrowers desirous of refinancing/rescheduling an existing ECB can raise fresh ECB at a higher all-in-cost under the approval route subject to the condition that the enhanced all-in-cost does not exceed the all-in-cost ceiling prescribed as per the extant guidelines.
The Rules for the interpretation of the provisions of the Central Excise Tariff Act 1985 road with the Explanatory Notes as updated from time to time published by the Customs Co- operation Council Brussels shall apply for the interpretation of this notification.
In pursuance of the powers conferred by clause (b) of rule 45A of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra, hereby specify that, with effect from the 1st May 2012, the refund, if any, due under the Maharashtra Value Added Tax Act, 2002, to the registered dealer or Diplomatic Authority or International Body or Organisation, having hank account in Electronic Clearing Services enabled bank and who submits his mandate in Annexure A of this Notification to the Commissioner of Sales Tax, shall be credited to his bank account by way of the Electronic Clearing Services of the Reserve Bank of India.
Section 115A; vs DTAA rate; Assessee can choose between treaty rate and 115A for different agreements before and after 1.6.2005. Assessee has not invoked or applied the provisions of the Treaty selectively. The assessee has computed the tax on royalty income arising from two different contracts falling under two different limbs of section 115A(1)(b) at two rates
The term ‘slump sale’ has been defined to mean a transfer of a business undertaking or a business for a lumpsum consideration with all its assets and liabilities, without values being assigned to individual assets/liabilities. The said term has no other significance and we should not read into and understand that the word ‘sale’, used in the term ‘slump sale’, as a cause/reason to give a restrictive meaning to slump sale, i.e. it can only apply to sales in a narrow sense and not to transfers under Section 2(47).
On a difference of opinion among the two Members of the Tribunal, the ld.Third Member was called upon to answer two questions on which there was difference of opinion among the two members who framed the questions and the ld.Third Member in a well considered order, answered the reference by giving sound and valid reasons agreeing with the views of the ld. Judicial Member. Thus, the majority view was in favour of the assessee.
