"09 February 2015" Archive

CBEC issues Instructions on Digitalization of Manual Customs Data

D.O.No. IV/22/26/2014-Systems (09/02/2015)

As your are aware the Customs data of manual Ports is not available in digitalized from for reporting, policy/decision making or statistical purposes. A need for digitalization of manual customs data for statistical, analytical or policy making requirements has been felt....

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Encashment earned leave alongwith LTC- clarification

NO.14028/2/2012-ESTT (L) (09/02/2015)

It is clarified that the Government servants governed by the CCS (Leave) Rules, 1972 and entitled to avail LTC may encash earned leave upto 10 days at the time of availing both types of LTCs, i.e. 'Hometown' and 'anywhere in India'....

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CBEC instructs to file timely reply / affidavits in CAT/Court Cases

F.No. FTS(R): 26179/Member(P)/2015 (09/02/2015)

It is noted with concern that recently in some cases CATs/Courts have imposed penalty on the Government on account of delay in filing or non-filing of reply affidavits in respect of the OAs/CWPs filed in the CATs/Courts despite ample opportunity having been given to the Government to file the reply affidavits. ...

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Sec. 234E Fine For Late Filing Of TDS Returns is constitutionally valid: Bombay HC

Rashmikant Kundalia Vs UOI (Bombay High Court)

Petitioners have challenged the constitutional validity of section 234E of the Income Tax Act, 1961. Section 234E seeks to levy a fee of Rs.200/- per day (subject to certain other conditions as set out therein) inter alia on a person who deducts Tax at Source (TDS) and then fails to deliver or cause to be delivered the TDS return/statemen...

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Section 54 benefit available to Assessee on Flat Purchased in wife/Daughters name

Shirish Vinayak Godbole Vs ITO (ITAT Pune)

Flat purchased by the assessee in the name of his wife out of the sale consideration of flat in the name of the assessee should be considered as allowable deduction u/s.54(2) of the Income Tax Act. ...

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Partnership firm eligible for Sec. 54EC benefit despite investment in Individual name of Partners

M/s. Chakrabarty Medical Centre Vs TRO (ITAT Pune)

Whether the assessee firm can get the benefit of Sec. 54EC, even though an investment in respect of capital gain is made by the two partners individually in the notified securities e. bonds issued by the Rural Electrification Corporation Ltd. (RECL)?...

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Fast Track Exit mode for Defunct Companies

Fast Track Exit mode for Defunct Companies under section 560 of Companies Act 1956 A number of Companies registered under the Companies Act 1956 are inoperative since incorporation or commenced business but became inoperative or defunct later on due various reasons. Thus, the Registrar of Companies, under section 560 of the Companies Act ...

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Posted Under: Custom Duty |

Penalty Imposable on cash loan from person other than partners

M/s. Soundarya Textiles Vs The Assistant Commissioner Of Income Tax (Kerala High Court)

The authorities below as well as the Tribunal, on verification of the materials on record, came to a finding that the audit report and balance sheet of the assessee had shown the outstanding amount as loan received from 12 persons....

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Amends Notification No. 12/97-Customs (N.T.), Dated the 2nd April 1997

Notification No. 19/2015-Customs (N.T.) (09/02/2015)

In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes following further amendments in the notification of the Governemnt of India ...

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Section 269SS not applies to loan between firm and partners

CIT Vs M/s Muthoot Financiers (Delhi High Court)

Section 269SS would not be violative when money is exchanged inter-se between the partners and partnership firm in spite of the fact that the partnership firm and individual partners are separate assessees. ...

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