"October, 2015" Archive - Page 3

Sec. 10B Interest on FDRs on margin kept in bank for utilization of letter of credit limits is business Income

Principal CIT Vs Universal Precision Screws (Delhi High Court)

Delhi High Court held In the case of Principal CIT vs. Universal Precision Screws that interest on fixed deposits has the requisite characteristic of business income and has a nexus to the business activities of the Assessee....

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Clarification regarding Self-sealing and self-Examination of Bulk cargo -reg

Circular No. 1011/18/2015-Central Excise (30/10/2015)

Circular No. 1011/18/2015-CX The assessee who desires to avail facility of export of bulk cargo without sealing shall write to the Principal Chief Commissioner/ Chief Commissioner of Central Excise with a copy to jurisdictional Assistant/ Deputy Commissioner of Central Excise, giving details of bulk cargo to be exported with proper justif...

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Notification No. 23/2015-Central Excise (N.T.) Dated 30th October, 2015

Notification No. 23/2015-Central Excise (N.T.) (30/10/2015)

Notification No. 23/2015-Central Excise (N.T.) Provided that where the nature of goods is such that the goods cannot be sealed in a package or a container such as coal or ore, etc., exemption from sealing of package or container may be granted by the Principal Chief Commissioner or Chief Commissioner of Central Excise subject to safeguard...

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AO not empowered to initiate reassessment proceedings upon a mere change of opinion

Commissioner Of Income-Tax Vs Kelvinator Of India Ltd. (Delhi High Court)

CIT vs Kelvinator of India Ltd. (Delhi High Court -Full Bench) [2002] 256 ITR 1/123- When a regular order of assessment is passed in terms of section 143 (3) of the Act, a presumption can be raised that such an order has been passed on application of mind....

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Govt. notifies Sovereign Gold Bonds Scheme, 2015

Notification G.S.R. 827(E) (30/10/2015)

1. Short title and commencement.-(1) This scheme may be called the Sovereign Gold Bonds Scheme, 2015. (2) It shall come into force on the date of its publication in the Official Gazette....

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Notification No. 102/2015-Customs (N.T.) Dated- 30th October, 2015

Notification No. 102/2015-Customs (N.T.) (30/10/2015)

Notification No. 102/2015-CUSTOMS (N.T.) Tariff Notification in respect of fixation of T V of Edible oil, Brass, Poppy seed, Areca nut, gold and Sliver ...

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All about Sovereign Gold Bonds, 2015-16 including Taxability

RBI/2015-16/218 IDMD.CDD.No.939/14.04.050/2015-16 (30/10/2015)

The Bonds under this Scheme may be held by a person resident in India, being an individual, in his capacity as such individual, or on behalf of minor child, or jointly with any other individual. Person resident in India is defined under section 2(v) read with section 2 (u) of the Foreign Exchange Management Act, 1999....

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Section 10B Foreign exchange fluctuation includible in export turnover: HC

The Commissioner of Income Tax Vs M/s. Pentasoft Technologies Ltd. (Madras High Court at Judicature)

CIT vs. M/s. Pentasoft Technologies Ltd. (Madras High Court)- In order to allow a claim under Section 10A of the Act, what all is to be seen is whether such benefit earned by the assessee was derived by virtue of export made by the assessee....

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Sale proceeds of scrap is not turnover for section 80HHC: SC

CIT Vs Punjab Stainless Steel Industries (Supreme Court of India)

To ascertain whether the turnover would also include sale proceeds from scrap, one has to know the meaning of the term ‘turnover’. The term ‘turnover’ has neither been defined in the Act nor has been explained by any of the CBDT circulars....

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Delhi VAT- Central Sales Tax [(Delhi)(Amendment)] Rules, 2015

No. F.3(18)/Fin(Rev-I)/2015-2016/DS-VI/886 (30/10/2015)

No. F.3(18)/Fin(Rev-I)/2015-2016/DS-VI/886 In exercise of the powers conferred by sub-section (3) and( 4) of section 13 of the Central Sales Tax Act, 1956 (Act No. 74 of 1956), and all other powers enabling it In this behalf, the it. Governor of the National Capital Territory of Delhi, hereby, makes the following rules further to amend th...

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