Cheque return charges shall be levied only in cases where the customer is at fault and is responsible for such returns. The illustrative,but not exhaustive, list of returns, where the customers are not at fault are indicated in the annex.
After going through the various schedules appended with the DVAT Act and judgment passed in the case of M/s Rich Graviss Products Pvt. Ltd. vs. Commissioner, Commercial Taxes, U.P., Lucknow by Commercial Taxes, Tribunal, U.P., Lucknow (Full Bench), I am of the considered view that that item i.e. ‘Non-Dairy Whipp Topping’ is preparation of fats […]
After going through the various schedules appended with the Delhi Value Added Tax Act, 2004, I am of the considered view that items Patang Dor, Patang Manjha and Patang Charkhi are not covered by any other entry of any other schedule appended to the said Act and hence is an unspecified items under section (4) […]
Assessing 0fficer can invoke Rule 8D only when he records satisfaction in regard to the correctness of the claim of the assessee, having regard to the accounts of the assessee. The condition precedent for the Assessing 0fficer entering upon a determination of the amount of the expenditure incurred in relation to exempt income
It has been held that the right to receive retention money accrues only after the obligations under the contract are fulfilled. Therefore, it will not amount to income of the assessee in the year in which amount is retained.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol. I), the Directorate General of Foreign Trade hereby notifies a new SION bearing number A-3642 in respect of the export product “Amyl Salicylate”. The new entry would be as under.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol. I), the Directorate General of Foreign Trade hereby notifies a new SION bearing number A-3641 in respect of the export product “Verdyl Propionate”. The new entry would be as under.
Interest payable to Foreign Institutional Investors (FIIs) and Qualified Foreign Investors (QFIs) on rupee denominated corporate bonds or government securities The proposal made in the Finance Bill 2013, to provide that the concessional rate of TDS on payment of interest will be available where a non-resident or a foreign company has deposited any sum of […]
Following the decision of ACE Builders (P) 28 ITR 2000(Bom) and Assam Petroleum Industries Pvt Ltd 262 ITR 58 (Gau). It was held that Section 54E does not make any distinction between the depreciable assets and non-depreciable assets, therefore, the investment u/s 54E is a permissible investment.
The ld. CIT(Appeals) erred in law in not appreciating that benefit u/s.54EC is granted on capital gains and not on sale proceeds of capital asset. And that capital gain in respect of depreciable assets can be arrived at only u/s.50 and therefore, deeming provisions of section 50 cannot be ignored for the purpose of section 54EC.
