"21 February 2013" Archive

Denial of exemption to educational institute for mere violation of its own bye laws not justified

Chief Commissioner of Income-tax Vs Geetanjali University Trust (Rajasthan High Court)

A plain reading of the said provisions would reveal that what is required for the purpose of seeking approval thereunder is that the University or other educational institution should exist 'solely for educational purposes and not for purposes of profit'. It is nowhere the case and/or finding of the learned CCIT that on account of the sai...

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DRT – CG in consultation with selection committee may suspend Presiding Officer during pendency of inquiry against him

Notification No. G.S.R. 118(E)[F.NO.14/2/2010-DRT] 21/02/2013

In exercise of the powers conferred by sub-section (3) of section 15, read with clause (b) of sub-section (2) of section 36 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (51 of 1993), the Central Government hereby makes the following rules, further to amend the Debts Recovery Tribunal (Procedure for Investigat...

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Disbursal of sums by DRT can be undertaken only with participation of Official Liquidator, who settles all claims

Societe Generale Vs Daewoo Motors India Ltd. (Delhi High Court)

The plea of learned counsel for the OL that as and when the monies become available for disbursement as a result of the proceedings under the RDDB Act they should be placed at the disposal of the OL is different from the law explained by the Supreme Court in Rajasthan State Financial Corporation (supra). What appears from a careful readin...

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DTA -Agreement for Avoidance of Double Taxation with Ethiopia

Notification No. 14/2013 - Income Tax 21/02/2013

Notification No. 14/2013 - Income Tax Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Federal Democratic Republic of Ethiopia for the Avoidance of Double Taxation and the Prevention of fiscal evasion with respect to taxes on income signed in Addis Ababa on the 25th May, 2011 shall c...

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New Exchange Rates from 22.02.2013

Notification No. 23/2013-Customs (N.T.) 21/02/2013

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.20/2013-CUSTOMS (N.T.), dated the ...

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S. 271(1)(c) Admission of quantum appeal by HC shows that issue is debatable

Commissioner of Income Tax Vs Liquid Investment And Trading Co. (Delhi High Court)

Both the CIT(A) as well as the ITAT have set aside the penalty imposed by the Assessing Officer under Section 271(1)(c) of the Income Tax Act, 1961 on the ground that the issue of deduction under Section 14A of the Act was a debatable issue. ...

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Agricultural Land is not Capital Asset if not within notified area & no capital gain on transfer of such land

Deputy Commissioner of Income-tax Vs Arijit Mitra (ITAT Kolkata)

The agricultural land situated in areas lying within a distance not exceeding 8 kms. from the local limits of Municipalities or Cantonment Boards are covered by the amended definition of 'capital asset', if such areas are, having regard to the extent of and scope for their urbanization and other relevant considerations, is notified by the...

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Bonus Provision under Payment of Bonus Act,1965 is ascertained liability for MAT calculations

O.B.C. Vs Commr. of Income Tax-1 & ANR. (Delhi High Court)

We see no reason to take a different view from that adopted by the Bombay High Court. However, Mr Sabharwal, appearing on behalf of the revenue, raised a pointed question as to whether, in fact, the provision for payment of bonus in this case was actually an ascertained liability. ...

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Benefits available against ARO/invalidation letter in respect of Advance Authorisation

Policy Circular No. 15/2009-2014 (RE 2012) 21/02/2013

Policy Circular No.9/2009-14 dated 1.10.2009 had clarified that supply of goods against Advance Release Order (ARO) is eligible for refund of duty drawback only and not for Terminal Excise Duty (TED) and supplies against invalidation letter is eligible for Advance Authorisation and TED refund. ...

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