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Looked at from the angle of the subscriber, while there may be a certainty as to the dividend received every month for considering the same for assessment on accrual basis, as far as a company running the chit business is concerned, the dividend and the discount can properly be ascertained only at the completion of the transaction and not in the midway.
Cooperative bank carrying on business of banking is statutorily required to place a part of its funds in approved securities. The income as interest from such deposits of SLR Funds in the approved security, is an income, which is attributable to the business of bank and is deductible under Section 80P(2)(a)(i) of the Act.
It is essential that the expenditure incurred on the construction of any structure on the leased premises should result in saving of the revenue expenditure at the subsequent stage. In the present case, from the pleadings of both the sides, it cannot be ascertained whether the assessee is getting enduring benefit of revenue nature from the additional structure or renovation/repairs undertaken by the assessee on the leased out premises. In our considered opinion, the case of the assessee very much falls within the ambit of Explanation 1 of section 32(1) of the Act. Therefore, both the appeals of the assessee are dismissed being devoid of merit.
The relevant show-cause notices were issued far beyond the normal period of limitation prescribed under Section 11A(i) of the Central Excise Act, without invoking the extended period of limitation. The operative part of one of these show-cause notices has been reproduced hereinbefore. The other show-cause notice is no different.
In our considered opinion. for making any disallowance u/s. 14A is to firstly examine the assessee’s claim of having incurred some expenditure or no expenditure in relation to exempt income. If the AO gets satisfied with the same then there is no need to compute disallowance as per Rule 8D.
CBEC has issued its first Central Excise Circular No. 967/01/2013 – CX, dated January 01, 2013 on eve of New Year 2013, for recovery of confirmed demands during pendency of Stay applications. The Circular has rescinded seven previous circulars on the subject matter. The said Circular has brought about a significant shift in the timing of recovery of confirmed demands, where the stay applications are not disposed off by the appellate authorities, within a period of 30 days of filing thereof.
It has been brought to our notice that certain listed companies have been giving monthly disclosure of their sales/turnover/production figures to their respective trade bodies/industry associations and the same is not disclosed to the stock exchanges.
In respect of export of cotton, RC holders have been given 30 days time to export. In view of the congestion at Wagah such exporters of cotton to Pakistan are permitted to (a) seek one time extension in the validity period of the RC for a maximum period of 30 days, or (b) surrender of un-utilized or partially utilized RC to the concerned RA without inviting penalty. This dispensation is available only for such exporters of cotton who have obtained RC to export to Pakistan.
Since, export of non-basmati rice has been made free with effect from 09.09.2011 it has been decided to withdraw with immediate effect both the policy circulars mentioned in Para 1 above namely Policy Circular No. 33 (RE-2008) 2004-09 dated 30.09. 2008 and Policy Circular No. 28/2009-14 dated 31.03.2010.
