"08 July 2013" Archive

Issuing C form is statutory obligation of buyer, can be enforced by a writ petition in HC

Many a times I receive queries on a common problem faced by many dealers all over India that what to do when the interstate purchaser of goods refuses or does not issue the requisite C forms after purchasing the goods at concessional rate of CST @ 2%....

CBEC hikes Import duty on Sugar by five percentage

Notification No. 34/2013-Customs 08/07/2013

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

We Should Be Given Right to Have Simplified Taxation Laws

CA Sudhir Halakhandi We have been given some of the very important rights by our law makers in recent years such as Right to information, Right to education and the newly introduced  right to food (Recent Food security Bill). These all are recently introduced fundamental right of the citizens of the country. In a democratic […]...

SEBI Revises Position Limits for Exchange Traded Currency Derivatives

Circular No. CIR/MRD/DP/22/2013 08/07/2013

In consultation with RBI and in view of the recent turbulent phase of extreme volatility in USD-INR exchange rate, it has been decided to curtail position limits and increase margin requirements for Currency Derivatives as follows: a. Margins: Initial and extreme loss margins shall be increased by 100% of the present rates for USD-I...

Transfer of leasehold rights in land and building would not attract provisions of section 50C

ACIT Vs Shrikishan Dass (ITAT Delhi)

Assessee has sold/transferred a lease hold landed property at 36, SSGT road, Industrial area, Ghaziabad at a consideration of Rs.3,25,00,000/- to Sara exports Ltd. The said lease hold property was acquired by the assessee way back in 1971 as per the original elase deed dt. 26.8.71...

Compensation for termination of MoU which enables assessee to carry on business of mining is a capital receipt on account of loss of ‘source of income’

ACIT Vs Tirupati Udyog Ltd. (ITAT Delhi)

The assessee is a Company and is engaged in the business of manufacturing and trading of facilities of sponge iron from iron ore, steel melting section for manufacturing of MS ingots from sponge iron and MS scrap, a rerolling mill for manufacturing of constructional and structural steels...

No Addition based on mere statement recorded u/s 132(4) in the absence of Supporting evidences

ACIT Vs Shri Dharam Pal Gulati (ITAT Delhi)

A search and seizure operation was carried out at the premises of the assessee on 22.11.2006. Assessee is an individual filed the return of income at Rs.5,88,06,735/- on 02.09.2008. This amount included undisclosed investment in jewellery of Rs. 12,85,777/-...

Revised Guidelines for availment of ECB by non-banking financial companies (NBFCs)

RBI/2013-14/126 A.P. (DIR Series) Circular No. 6 08/06/2013

As per the extant guidelines, non-banking financial companies (NBFCs) are allowed to avail of ECB under approval route from multilateral financial institutions, reputable regional financial institutions, official export credit agencies and international banks with minimum average maturity of 5 years to finance import of infrastructure eq...

Income Tax Settlement Commission cannot admit application made u/s 245C in absence of satisfaction being recorded from the report of Commissioner

CIT Vs Income Tax Settlement Commission (ITSC) (Bombay High Court)

The error in the order of the Commission in the present case lies in permitting the application to proceed without that satisfaction being recorded by the Commission, which is a fundamental aspect which goes to the root of its jurisdiction to entertain an application under Section 245C....

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