"May, 2013" Archive - Page 10

Value adopted by assessee cannot be substituted by A.O. merely on the basis of general inquiries

ACIT Vs Smt. Hiraben Govindbhai Patel (ITAT Ahmedabad)

When the value declared by the assessee as on 01.04. 1981 is supported by valuation report of a registered valuer and the A.O. has taken different valuation without obtaining valuation report from the DVO...

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Revised tariff on cake/oil cake meal made of Groundnut / Sunflower / Canola / Mustard oil

Notification No. 30/2013-Customs (21/05/2013)

- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do...

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In case of gifted assets index to be taken of the year in which acquired by previous owner

A.C.I.T. Vs. Shri Vijay Kamlakar Wagh (ITAT Mumbai)

The object of giving relief to an assessee by allowing indexation is with a view to offset the effect of inflation. As per the CBDT Circular No. 636 dt. 31st Aug., 1992 a fair method of allowing relief by way of indexation is to link it to the period of holding the asset....

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G.P. rate to be accepted if it is higher than average G.P. rate of last three years

Commissioner of Income Tax Vs Kiran Industries Pvt Ltd (Gujarat High Court at Ahmedabad)

We are of the opinion that the findings of the Tribunal are based on evidence on record and are purely factual in nature. The Tribunal after taking into account relevant materials, came to the conclusion that a certain rate of gross profit presented by the assessee was acceptable....

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No Sec.14A disallowance if assessee is dealer of shares and securities

Hina Nitin Parikh Vs ACIT (ITAT Ahmedabad)

In combined result, one appeal of assessee in ITA No. 1800/Ahd/2008 is partly allowed for statistical purposes and the remaining six appeals of Revenue in the case of three assessees are dismissed and all 16 COs of the three assessees are also dismissed....

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Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

RBI/2012-13/503 A.P. (DIR Series) Circular No. 105 (20/05/2013)

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 20, 2012 extending the enhanced period for realization and repatriation to India, of the amount representing the full value of goods or software exported, from six months to twelve months from the date of export....

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DGFT constitutes 2nd Task Force on Transaction Cost

Trade Notice No. 02/2013 (20/05/2013)

In pursuance of the announcement made by Commerce and Industry Minister on 18.4.2013, the Second Task Force on Transaction Cost has been constituted under the Chairmanship of Director General of Foreign Trade under following terms and reference:...

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Some thoughts on LBT Agitation in Maharashtra

Traders in cities from Maharashtra are rightfully agitating over proposed introduction of LBT because of their concerns about multiplicity of indirect taxes and related compliances....

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Posted Under: Income Tax |

Rape is morally and physically most reprehensible crime in society – SC

NA (20/05/2013)

Being the most hated crime, rape tantamounts to a serious blow to the supreme honour of a woman, and offends both, her esteem and dignity. It causes psychological and physical harm to the victim, leaving upon her indelible marks....

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S. 80IB Ginning and pressing of cotton amounts to manufacturing activity

Commissioner of Income Tax- II Vs Jaydeep Cotton Fibers Pvt Ltd (Gujarat High Court at Ahmedabad)

The nature of processing of loose cotton into cotton bales after sprinkling water and mechanically pressing the same is similar to processing camphor powder into camphor cubes. Loose cotton in bulk quantity with lighter density is as a result of pressing converted intocotton bales and to that limited extent it certainly undergoes a change...

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September 2020