The prescribed standard of EPA & DHA content in Fish Body Oil (Refined) has been revised to ‘Not less than 5% by weight’ without any upper limit.
Presently, the bracketed portion at the end of Policy Condition 1 appended to Chapter 40 of ITC (HS) 2012, Schedule 1 (Import Policy) reads as under: [This policy condition applies to EXIM codes 4012 11 00, 4012 12 00, 4012 13 00, 4012 19 10, 4012 19 20, 4012 20 10, and 4012 20 90].
Import of items containing Ozone Depleting Substances (ODS) has been restricted and non-ODS items have been made free. A revised list of countries which are parties to the Montreal Protocol under Appendix IV to Schedule 1 is notified.
As a last resort to redress grievances of Importers/Exporters, DGFT may provide an opportunity for Personal Hearing (PH). For such PH, a specific request has to be made to DG if following conditions are satisfied:
Insurance Sector has entered into the seventh year of effective AML/CFT regime. At this juncture, there is a felt need to capture certain information on AML/CFT matters on a regular basis.
It is noticed that the ancestral property was received by two brothers and the same was divided by two brothers by entering into an agreement between the two brothers. The assessee sold his share and shown the capital gain in the hands of HUF capacity. Whatever, the interest was received on sale consideration etc., the same was offered for taxation in his HUF capacity. The return was filed with the department, copy of the same is placed at page 70A along with computation of income as well as balance sheet. The same has been accepted by the department.
It is not in dispute that salary and wages accrue daily, weekly, fortnightly or monthly as per the contract of the employment. This is so as services is rendered in praesenti, the liability of the employer to compensate the employees for the services rendered also accrues in praesenti. A perusal of the Orders of the lower authorities show that what is actually in dispute is the quantification of compensation. As the assessee is a PSU, the pay revision depends upon the decision of the Government.
The law seems to be well settled that unless and until there is some other evidence to indicate that extra consideration had flowed in the transaction of purchase of property, the report of the DVO cannot form the basis of any addition on the part of the revenue. In the present case there is no evidence other than the report of the DVO and, therefore, the same cannot be relied upon for making an addition. In these circumstances, the question which has been framed is decided in favour of the assessee and against the revenue. The appeal is dismissed.
At the outset, it is clear that as it is in the judgment of the Division Bench, which arose almost under similar circumstances, wherein the learned judge has abruptly dismissed the application for injunction on the ground that the company court has no jurisdiction to pass an interlocutory order or injunction or direction, except to safeguard the interest of the creditors.
t is settled position of law that the AO must have tangible material on the basis of which he can have a reason to believe that income has escaped assessment. In the present case, it is submitted that there was a total absence of any tangible material to form a belief. Rather the findings of the ITAT in wealth tax proceedings for the AYs 2001-02 to 2006-07 contradict the reasons recorded by the AO before issuing notice u/s 148 of the Act on 31.3.2011.
