"19 January 2013" Archive

Notice u/s. 148 can be issued on a company registered anywhere in respect of income earned in India

Alankar Commercial Pvt. Ltd. Vs Assistant Commissioner of Income-tax (Supreme Court of India)

Notice to company registered in Sikkim - A notice under section 148 can be validly issued on a company, if it is in respect of income which is stated to have arisen in India, even though the registered office of the company is situated in Sikkim - Alankar Commercial (P.) Ltd. v. ACIT [2000] 244 ITR 31 (SC)....

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Loss set off U/s. 70 & 71 not permissible against income disclosed during survey

M/s Liberty Plywood (P.) Ltd. Vs A.C.I.T. (ITAT Chandigarh)

Hon'ble Punjab & Haryana High Court in case of Kim Pharma (P.) Ltd. (supra) held that surrendered income during the survey has to be assessed separately as deemed income and set off of losses u/s 70 & 71 was not possible against such income....

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Deduction u/s. 80-IB(iv) available where assessee was having many housing projects but ‘independence’ among them not proved

The Deputy Commissioner of Income Tax Vs M/s Macro Marvel Projects Ltd. (ITAT Chennai)

Assessee admittedly was having only one homogenous business activity that was construction and selling of flats. No doubt, it was having five projects, but the question is whether each of the projects were forming part and parcel of one unit or part of one industrial undertaking. ...

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Services essential for providing output services are input service

Kijiji (India) (P.) Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

It is evident that all the services are essential in running the business of rendering the output service 'Business Auxiliary Service' which is exported. If that be so, all the services come within the purview of Rule 2(l) of CENVAT Credit Rules, 2004 which defines the input service....

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Manual on Exchange of Information beatween treaty partners

Instruction No. 1-2013 (17/01/2013)

CBDT has issued an instruction which contains the guidelines and manual on sharing of information among treaty partners. The manual deals with both inbound and outbound request for information....

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India-Malaysia new Treaty – Recognizes branch as arm of foreign HO, Tax on dividend reduced to 5%

Notification No. 7/2013 - Income Tax (29/01/2013)

Notification No. 7/2013 - Income Tax The Government of the Republic of India and the Government of Malaysia, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and with a view to promoting economic cooperation between the two countries, have agreed a...

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Launch New Drug in 6 Months or Face Cancellation of License – DCGI

Circular No. F.No.12-01/12–DC Pt- 127 (19/01/2013)

Drugs Controller General of India (DCGI) has recently issued DCGI Circular F. No. 12-01/12- DC Pt- 127 dated January 10, 2013 by which all manufacturers of ‘new drug’ are required to launch the new drug within six months from the date of the grant of the permission by the DCGI, failing which the permission received from the DCGI will ...

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