Unless the Assessing Officer assesses the income with reference to which he had formed a reason to believe within the meaning of Section 147 of the Act, it would not be open to him reassess or assess any other income chargeable to tax which has escaped assessment and comes to his notice in reassessment proceedings. In this case, admittedly the ground on which reassessment notice under Section 148 of the Act was issued was dropped while passing the reassessment order dated 27.03.2006 under Section 143(3) read with Section 147 of the Act. Thus, in view of the decision of this court in the matter of Jet Airways (I.) Ltd. (supra), no occasion to entertain the proposed question of law arises.
The other objection taken by the TPO for rejecting CUP method was that there was difference in the dates of comparable transactions. The ld. DR brought to our notice the transactions entered into by the assessee with its AE on 27.11.2004 which was compared by the assessee with transactions entered with Non-AEs on 10.5.2004 & 12.3.2005. It can be observed that the comparison is made by the assessee with the transactions entered into in the same year with Non-AEs.
It is reiterated that action in instances of violation of discipline and conduct rules would be taken in accordance with the instructions on the subject.
Compounded levy scheme was introduced in the Central Excise Law with the duty of Rs. 10000/- per machine per month in the year 1994. The scheme was simple with reasonable amount of duty, as such a no. of manufacturers of stainless steel patta-patti switched to it. Later on this duty was increased to Rs. 15000/- and then to Rs. 30000/-.
At the time of registration proceedings u/s 12A r.w. section 12AA of the Act, the CIT is statutorily required to examine and satisfy himself as to the genuineness of the activities of the Trust or institution, carried on, in consonance with its objects. The objects of the trust or institution must conform to the definition of ‘Charitable purpose’ as defined u/s 2(15) of the Act.
Since the creation of the multiple Regional Offices in some of the States, the erstwhile used State Codes were changed for 19 Regional Offices. Moreover, after the implementation of the Computerisation Project in the EPFO Offices, the members account number uses the Office code also even when the Region Codes had not changed.
The Authority felt that there is a need for reducing the timeline for giving approvals in order to expedite the product approval process, the Authority shall require certain information from the insurers to plan for resources available, to support planned filings and to ensure fairness across all the insurers while approving the products.
In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India
In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further
The prohibition will not apply to export of Peanut Butter, ITC (HS) Code 15179020. [This already stands notified at Sl. No. 10 of the Table in Para 1 of Notification No. 31(RE-2012)/2009-14 dated 4th February, 2013].
