"04 June 2015" Archive

Clarification on Indirect Transfer Provisions under Income Tax Act, 1961

The Honorable Finance Minister, during his Budget speech, spoke about moving towards a non adversarial tax regime which would be in consonance with global policy. In doing so, he has tried to address the concerns of foreign investors by making significant changes to the indirect transfer tax provisions under the Income Tax Act, 1961 (Act)...

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Posted Under: Income Tax |

Free issue of samples is not liable for VAT

Commercial Taxes Officer vs M/s Indian Shaving Products Ltd. (Rajasthan High Court at Jaipur)

The fundamental principle of sales tax is that there should be sale of goods involving buyer and seller, there should be transfer of property in goods from the seller to the buyer and flow of consideration from the buyer to the seller. In case of samples issued by the assessee as a part of promotion program, first of all there is no buyer...

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Posted Under: Income Tax |

Depreciation As Per Schedule II of Companies Act 2013

♠ Schedule II to the Companies Act, 2013 requires depreciating the asset over its useful life. The depreciable amount of an asset is the cost of an asset or other amount substituted for cost, less its residual value. ♠  The useful life of an asset is the period over which an asset is expected to […]...

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Posted Under: Income Tax | ,

Changes in Cenvat Credit Rule 4(1) & Rule 4(7) from 01.03.2015 & its applicability with respect to POT Rule 7

Cenvat credit in respect of input to be claimed within six months from the duty paying document with effect from 01.09.2014. [ Notification no. 21/2014- Central Excise dated 11.07.2014 ]- insertion of third proviso to rule 4(1)....

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Posted Under: Income Tax |

Whether levy of interest U/s. 234A, 234B and 234C of Income Tax Act, 1961 is mandatory

Whether the levy of interest under section 234A, 234B and 234C of the Income Tax Act, 1961, (the “Act”) is mandatory and whether or not Assessing officer should give a specific direction in his order to levy of such interest. There are some important case law laid down by Supreme court of India on issue […]...

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Posted Under: Income Tax |

Meaning of NBFC’s and Recent changes in law relating to NBFC’s

 Meaning of NBFC Section 45I of the Reserve Bank of India Act, 1934 defines ‘non-banking financial company’ as– a financial institution which is a company; a non-banking institution which is a company and which has as its principal business the receiving of deposits, under any scheme or arrangement or in any other manner, or lendin...

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Posted Under: Income Tax |

All about Share Certificate Under Companies Act, 2013

A share Certificate is a document issued by company evidencing that the person named in the certificate is owner of number shares of Company as specified in the Certificate. TIME PERIOD FOR ISSUE OF SHARE CERTIFICATES: In case of Incorporation: With in a period of 2 (Two) Month from the date of Incorporation to the subscriber of Memo...

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Posted Under: Income Tax | ,

Notification No. 60/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 60/2015-Customs (N.T.) [G.S.R. 453(E)] (04/06/2015)

In exercise of the powers conferred by clause (a) of section 152 of the Customs Act, 1962 (52 of 1962), the Central Government hereby directs that the powers of the Central Board of Excise and Customs under section 4 and section 5 of the said Act ...

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Notification No. 59/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 59/2015-Customs (N.T.) (04/06/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint or Additional Commissioner of Customs, Mundra to ...

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Notification No. 58/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 58/2015-Customs (N.T.) (04/06/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints...

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Notification No. 57/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 57/2015-Customs (N.T.) (04/06/2015)

the matters relating to M/s Gujarat Ambuja Exports Limited, Ambuja Tower, Opp. Memnagar Fire Station, Post Navjivan, Ahmedabad 380014 (Gujarat) issued vide F.No. DRI/AZU/INV-27/2013/3332, dated the 18th December, 2014 by the Additional Director General, Directorate of Revenue Intelligence, Ahmedabad Zonal Unit, Ahmedabad ...

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Notification No. 56/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 56/2015-Customs (N.T.) (04/06/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Principal Commissioner of Customs or Commissioner of ...

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Notification No. 55/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 55/2015-Customs (N.T.) (04/06/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Principal Commissioner or Commissioner of Customs ...

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Notification No. 54/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 54/2015-Customs (N.T.) (04/06/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Principal Commissioner of Customs or Commissioner of ...

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Notification No. 53/2015-Customs (N.T.) Dated: 04/06/2015

Notification No. 53/2015-Customs (N.T.) (04/06/2015)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Principal Commissioner of Customs (Port) or Commissioner ...

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Investing into India through Mauritius

Mauritius is well known as an excellent platform for structuring foreign direct investments into India. Not only does Mauritius benefit from a large network of double taxation avoidance agreements (DTAA), such as the India/Mauritius DTAA, it also has sophisticated legislation and regulations crafted with a view to establishing a well regu...

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Posted Under: Income Tax |

Companies no longer required to file e-form INC-21 with ROC

The requirement of filing declaration by a company before commencement of business or exercising its borrowing powers has been dispensed with under the Companies (Amendment) Act, 2015. Accordingly companies are no longer required to file e-form INC-21 with the Registrar through MCA portal. (Source- MCA)...

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Posted Under: Income Tax |

Punjab VAT-Penalty levied u/s 51 without serving proper notice is illegal

Welspun Projects Limited vs State of Punjab

The Punjab VAT Tribunal in one of my cases namely Welspun Projects Limited vs State of Punjab Appeal No. 146 of 2014 decided on 27.04.2015, has quashed the penalty levied u/s 51 of Punjab VAT Act, 2005 on the roadside, as the same was levied without serving proper notice and thereby denying reasonable opportunity of being heard to the app...

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In the absence of recording ‘reason to believe’ non-payment of tax on account of concealment etc., in the notice, extended period cannot be invoked

ITD-ITD CEM JV Vs. Commissioner of Trade and Taxes [2015 (5) TMI 838 – Delhi High Court]

Pre-condition for invoking the extended period is that the Commissioner should record ‘reasons to believe’ that the tax has not been paid and that the reason for non-payment of tax should be concealment, omission or failure to disclose full material particulars on the part of the assessee. ...

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Posted Under: Income Tax |

Commissioner or its delegates does not have power to impose fine U/s. 70(5) of DVAT Act

Shubham Marketing, Bharat Ram Raj Kumar & Co. Vs. Commissioner Value Added Tax [2015 (5) TMI 563 - DELHI HIGH COURT]

The Hon’ble High Court of Delhi held that imposition of fine under Section 70(5) of the DVAT Act is for an offence as defined under Section 3(38) of the General Clauses Act, 1897 which shall be tried by the Hon’ble Court of criminal jurisdiction in accordance with Section 26(b) of the Code of Criminal Procedure, 1973. The Commissioner...

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Posted Under: Income Tax |

Customs duty paid under protest in case of Nil Assessment Order can be claimed as refund without challenging such Order

Sesa Goa Ltd. Vs. Commissioner of Customs, Goa Bombay High Court]

The Hon’ble High Court of Bombay held that the Appellant cannot be said to be aggrieved by the said Assessment Order and consequently, filling of any appeal would not arise. Accordingly, the Appellant is entitled for refund....

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Posted Under: Income Tax |

Extended period could not be invoked where subsequent to filing of Bill of Entry, full facts were disclosed

Commissioner of Customs, Mumbai Vs. A.S. Moloobhoy & Sons [2015 (57) Taxman – SC]

The Hon’ble Supreme Court held that it was not case of wilful misstatement, since all the facts and manner were disclosed in letter addressed to the Department. Hence, extended period could not be invoked. ...

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Posted Under: Income Tax |

Reversal of Cenvat credit on inputs in case of slump sale of on-going factory

Commissioner of Central Excise, Mumbai-I Vs. Hindustan Lever Ltd. [2015-TIOL-966-CESTAT-MUM]

No reversal of Cenvat credit on inputs in case of slump sale of on-going factory along with raw materials, packing materials etc., as there is no removal from factory. ...

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Posted Under: Income Tax |

Extended period cannot be invoked, if, even as per Department, there were doubts as to whether process amounted to manufacture

Sanjay Industrial Corporation Vs. Commissioner of Central Excise, Mumbai [2015 (57) Taxman 319 – SC]

In the instant case, Sanjay Industrial Corporation (the Appellant) was engaged in profile cutting viz. cutting larger size plates into small size and shapes using gas cutting machines, as per requirements of customers. The Department invoked extended period of limitation alleging that the process carried out by Appellant amount to manufac...

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Posted Under: Income Tax |

Merely on the basis of stock statement submitted with banks undervaluation cannot be proved

Commissioner of Central Excise, Vapi Vs. Synfab Sales [(2015) 57 taxman.com 338(SC)]

In the Instant case, the Department alleged undervaluation and clandestine clearances on ground that Synfab Sales (the Respondent) was clearing the goods from its factory gate at very low value in the name of non-existing firms, while the goods were actually being cleared to godown at Bhiwandi (Maharashtra) and Surat (Gujarat) from where ...

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Posted Under: Income Tax |

Marketing and support services to foreign companies in relation to Indian sales of foreign companies is Export of Services prior to October 1, 2014

Commissioner of Service Tax Vs. Tandus Flooring India (P.) Ltd. [(2015) 57 taxmann.com 48 (Karnataka)]

The Hon’ble High Court of Karnataka held that an Order which has been passed on a concession given by the Commissioner cannot be challenged by the Commissioner himself. Further, the argument of intermediary service when not raised before AAR cannot be raised first time in Writ petition,especially, when the same is a ground relatable to ...

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Posted Under: Income Tax |

Tribunal cannot adopt a different approach and order pre-deposit in other matters involving same issue when in earlier matters pre-deposit was waived

Swift Talk Vs. Chief Commissioner of Central Excise [(2015) 57 taxmann.com 169 (Himachal Pradesh)]

In the instant case, the Hon’ble Tribunal directed Swift Talk (the Appellant) to deposit Rs. 3 Lakhs as pre-deposit for hearing the case on merit by the Ld. Commissioner (Appeals).The Appellant argued that the Hon’ble Tribunal has adopted discriminatory approach in respect of same controversy and vide its earlier decisions in case of ...

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Posted Under: Income Tax |

Refund claim cannot be rejected merely on ground of mentioning wrong Notification number and without issuing SCN

Monarch Catalyst (P.) Ltd. Vs. Commissioner of Central Excise [(2015) 56 taxmann.com 421 (Mumbai - CESTAT)]

In instant case, Monarch Catalyst (P) Ltd. (the Appellant) was engaged in export of goods and for that purpose availing services of certain commission agents located abroad(Impugned services) on which Service tax paid under Reverse Charge. Accordingly the Appellant filed the refund claim under Notification No. 18/2009-ST dated July 7, 200...

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Posted Under: Income Tax |

Reg. Entitlement of Status Holders to export freely exportable items on free of cost basis

Public Notice No. 18/2015-2020 (RE-2015) (04/06/2015)

Status holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of Rs. 10 lakh or 2% of average annual export realisation during preceding three licensing years, whichever is lower. ...

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Transitional arrangements in respect of filing of applications & validity of Status Holder Certificate

Public Notice No. 17/2015-2020 (RE-2015) (04/06/2015)

PUBLIC NOTICE NO. 17/2015-2020 (RE-2015), Dated: June 04, 2015 Amendments to the Handbook of Procedures of FTP 2015-2020, have been notified, in order to facilitate transitional arrangements in respect of filing of applications and validity of Status Holder Certificate. These amendments shall be deemed to have come into effect from 1st Ap...

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Amendments to Handbook of Procedures of FTP 2015-2020

Public Notice No. 16/2015-2020 (RE-2015) (04/06/2015)

In exercise of powers conferred under paragraph 1.03 of the Foreign Trade Policy, 2015-2020, the Director General of Foreign Trade hereby notifies the amendments to Handbook of Procedures of FTP 2015-20. These amendments shall be deemed to have come into force with effect from 1st April, 2015....

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Pitch Please- How to create a superb elevator pitch?

An elevator pitch is a short introduction of yourself that is pre-practised by you and contains all your highlights. It is something you want the person you are meeting to know about you, something that if not known by him will make this meeting futile or not as productive as you had expected....

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Posted Under: Income Tax |

Amendment in Para 3.24 (j) of Chapter-3 of FTP 2015-2020

Notification No. 9/2015-2020 (04/06/2015)

Notification No: 9/2015-2020 Dated-4th June 2015 Status holders shall be entitled to export freely exportable items on free of cost basis for export promotion subject to an annual limit of ₹ 10 lakh or 2% of average annual export realisation during preceding three licensing years, whichever is lower....

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Amendments in Foreign Trade Policy 2015-20

Notification No. 08/2015-2020 (04/06/2015)

Notification No. 08/2015-2020 Dated- 4th June , 2015Mandatory documents for export / import of goods from / into India (a) Mandatory documents required for export of goods from India: 1. Bill of Lading/ Airway Bill / Lorry Receipt / Railway Receipt / Postal Receipt. 2. Commercial Invoice cum Packing List 3. Shipping Bill/Bill of Export...

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Rate of exchange of conversion of foreign currency wef 5th June, 2015

Notification No. 52/2015-Customs (N.T.) (04/06/2015)

Schedule I and Schedule II annexed hereto, into Indian currency or vice versa, shall, with effect from 5th June, 2015, be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods....

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Constitution of Companies Law Committee by MCA

2/19/2011-CL-V (04/06/2015)

F. No. 2/19/2011-CL-V Dated 04th June, 2015 The terms of reference of the Committee are as follows: (i) to make recommendations to the Government on issues arising from the implementation of the Companies Act, 2013 and (ii) to examine the recommendations received from the Bankruptcy Law Reforms Committee, the High Level Committee on CS...

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Notification No. 51/2015-Customs (N.T.), Dated: June 04, 2015

Notification No. 51/2015-Customs (N.T.) (04/06/2015)

NOTIFICATION NO. 51/2015-CUS(N.T.), Dated: June 04, 2015 In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby rescinds the notification no. 47/2015-CUSTOMS (N.T.), dated the 21st May, 2015, published in the Gazette of India, Extraordinary, Part II, Section ...

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Taxsutra Analysis of Finance Act, 2015 amendments effective from 1st June, 2015

Key Changes / Amendments effective from 1st June, 2015 : 1. Section 132B: The asset seized u/s. 132 or requisitioned u/s132A may be adjusted against the amount of liability arising on an application made before the Settlement Commission u/s. 245C (1). 2. Section 151 : No notice shall be issued u/s. 148 by an Assessing […]...

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Posted Under: Income Tax | ,

Notification No. 32/2015-Central Excise Dated- 4th June, 2015

Notification No. 32/2015-Central Excise (04/06/2015)

Notification No. 32/2015-Central Excise Dated- 4th June, 2015 Ethanol produced from molasses generated from cane crushed in the sugar season 2015-16 i.e. 1st October, 2015 onwards, for supply to the public sector oil marketing companies, namely, Indian Oil Corporation Ltd., Hindustan Petroleum Corporation Ltd. or Bharat Petroleum Corp...

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Notification No. 36/2015-Customs,Dated-04th of June, 2015

Notification No. 36/2015-Customs (04/06/2015)

Seeks to amend notification No. 60/2011-Customs, dated the 14th July, 2011, so as to include Kamalasagar (Tripura) on the India-Bangladesh Border, in order to extend exemption from the whole of ...

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Process-Conversion of Private Ltd. Company Into LLP

PROCESS OF CONVERSION OF COMPANY INTO LLP A Private Company may convert into LLP in accordance with the procedure prescribed in the Third Schedule. Process as given below: ...

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Posted Under: Income Tax | ,

Service Tax Rates chart from 01/06/2015

Normal Service tax rate with effect from 1st June 2015 is 14%. However applicable rate is different for many services which may be subject to fulfillment of some conditions. This is mainly due to material value or non-service element included in total value of these services....

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Posted Under: Income Tax |

Use of Prefix CA by unregistered Members & Students is illegal

It has been brought to the notice of the Institute that certain students undergoing Chartered Accountancy Course are using CA designation before their names on Social Networks as well as their personal E- mail addresses. Students may please note that Sections 7 and 24 of the Chartered Accountants At 1949 empower on a person who has been e...

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Posted Under: Income Tax |

Advance in cash for Property Covered by Section 269SS & 269T wef 01.06.2015

Mode of taking or accepting certain loans, deposits and specified sums and mode of repayment of loans or deposits and specified advances The earlier provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account [&hellip...

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Posted Under: Income Tax | ,

Freight & other costs includable in value of goods where transfer of property takes place at buyer's premises

Commissioner, Customs and Central Excise, Aurangabad Vs. Roofit Industries Ltd. [(2015) 57 taxmann.com 363 (SC)]

We are sharing with you an important judgment of the Hon’ble Supreme Court, in the case of Commissioner, Customs and Central Excise, Aurangabad Vs. Roofit Industries Ltd. [(2015) 57 taxmann.com 363 (SC)]on the following issue...

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Posted Under: Income Tax |

Belated Release of ITRs and burden of Interest U/s. 234 B

At the end of May the Income Tax Return forms are released for the Assessment Year 2015-16 and same been held back by finance minister due to complicated nature of Return Forms. It was further informed by the CBDT that department will release new simplified ITR forms with return filing utility by 3rd week of June 2015....

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Posted Under: Income Tax |

Service Tax Penalty norms encouraging voluntary compliance

He said, the second significant change is in respect of penalty provisions vide Sections 73, 76 and 78. These provisions have been rationalised and harmonized to encourage voluntary payments. In case of voluntary payments along with interest, the quantum of penalties have been rationalized by reducing the percentage of penalty depending u...

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Posted Under: Income Tax |

Changes in Stamp Duty Rates for MOA & increase in authorized share capital

  Stamp duty in the State of Rajasthan for change in authorized share capital of a company is changed vide Notification ‘F.4 (15)/FD/Tax/2014-60’ dated 14th July 2014 by the Finance (Taxation) Department of the Government of Rajasthan amending the Article 11 part-I of the Schedule of the Rajasthan Stamp Act, 1998. Stamp d...

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Posted Under: Income Tax |

Empanelment with SBI for Concurrent Audit by LHO, Chandigarh

LHO, Chandigarh- Tender Notice For Selection And Empanelment Of Chartered Accountant Firms For Outsourcing Of Concurrent Audit At State Bank Of India, Audit Department, 2nd Floor, Sector 17-A, Chandigarh Start Date :30-MAY-2015 – Close Date :10-JUN-2015...

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Posted Under: Income Tax |

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