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Archive: 16 December 2013

Posts in 16 December 2013

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1119 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7671 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

CBDT circular on Section 40(a)(ia)-TDS Disallowance

December 16, 2013 19460 Views 0 comment Print

Circular No. 10/DV/2013-Income Tax It has been brought to the notice of the Board that there are conflicting interpretations by judicial authorities regarding the applicability of the provisions of section 40(a)(ia) of the Income-tax Act,

Public Notice No. 43 (RE-2013)/2009-2014, Dated: 16.12.2013

December 16, 2013 385 Views 0 comment Print

Manufacturers of export products covered under above SIONs and the concerned Export Promotion Councils should submit production and consumption data as soon as possible but not later than Friday, the 31st January, 2014 so that such a review is taken up. Failure to provide the data, so required by the date so specified would result in stoppage of the benefit of Advance Authorisation / DFIA for export products covered by these SIONs.

SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

December 16, 2013 319 Views 0 comment Print

Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement

Non-furnishing of balance sheet cannot lead to presumption that there was no cash in hand

December 16, 2013 1549 Views 0 comment Print

When in the electronic filing of the return there is no provision for filing of the balance sheet, then non-furnishing of the balance sheet cannot lead to the presumption that there was no cash in hand with the assessee.

Reopening on the basis of vague / uncertain information on Accommodation Entry not valid

December 16, 2013 2882 Views 0 comment Print

Investigation Wing informed the Assessing Officer of the assessee that they have carried out large scale investigation to unearth a huge racket including accommodation entry providers. Such entry providers found to be involved in giving accommodation entries in the form of bogus gifts/loans/share capital money etc.

Assessment completed without issue of notice u/s. 143(2) was invalid

December 16, 2013 6411 Views 0 comment Print

In view of this position, there was no reason why reassessment proceedings should continue as no notice under section 143(2) of the Act was served on the assessee within the stipulated time. Decision of Hon’ble Jurisdictional High Court in the case of Alpine Electronics Asia Pte. Ltd. (supra) and V.R. Educational Trust (supra) would be applicable.

Liability Paid subsequently cannot be added to the income of the Assessee

December 16, 2013 666 Views 0 comment Print

If the assessee has really repaid the amount to the creditors then it will be injustice to him, if the amount is added to his income. Under such circumstances, we remand this case back to the file of the Assessing Officer for fresh assessment.

CBI Arrests a Preventive Officer of Customs In An Alleged Bribery Case

December 16, 2013 907 Views 0 comment Print

The Central Bureau of Investigation has arrested Sunil Kumar, Preventive Officer working in the office of Deputy Commissioner of Customs, SEEPZ-SEZ, Andheri (East), Mumbai for demanding & accepting a bribe of Rs.25,000/- from the Complainant.

CBDT reconstitutes ‘Dispute Resolution Panel’ at Hyderabad

December 16, 2013 1341 Views 0 comment Print

In supersession of earlier Orders constituting Dispute Resolution Panel. Hyderabad, the Central board of Direct Taxes hereby constitutes the Dispute Resolution Panel at Hyderabad comprising of three Commissioners of Income-tax as Members of the said Panel with a Reserve Member in accordance with Rule 3(3) of the Income-tax (Dispute Resolution Panel) Rules, 2009 as under:

Min export price of onion reduced to $800/tonne

December 16, 2013 1111 Views 0 comment Print

Export of onion for the item description at Serial Number 51 & 52 of Schedule 2 of ITC(HS) Classification of Export & Import Items shall be permitted subject to a Minimum Export Price(MEP) of US$ 800 per Metric Ton F.O.B. or as notified by DGFT from time-to-time.

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