Section 9A Of The Foreign Trade (Development & Regulation) Act, 1992 – Quantitative Restrictions – Power Of Central Government To Impose – Notified Developing Countries For Purposes Of Section 9A NOTIFICATION NO. GSR 59(E) [F.NO.01/92/180/106/AM-11/PC-VI/PRA], DATED 31-1-2013 In pursuance of sub-section (4)(a) of section 9A of the Foreign Trade (Development and Regulation) Act, 1992 (22 […]
In order to be covered under section 22, it is sine qua non that the assessee must be the owner of the house property as per section 27 read with section 269UA(f). In the instant case, the assessee is not the owner of the property. It cannot also be considered as deemed owner of house property within the meaning of section 27 because it took property on lease for a period of three years. Since the assessee was neither the owner nor the deemed owner of the house property, applying the provisions of section 22, the annual value of such property could not have been charged to tax under the head ‘Income from house property’. As it was a case of simple subletting of property, not facilitating the carrying on of the assessee’s business in any manner, the rental income so realized by the assessee could not be considered as ‘Business income’. In such a situation, the same should be included under the head ‘Income from other sources’. The impugned order on this issue is set aside and the matter is restored to the file of the Assessing Officer for doing the needful accordingly.
It appears that nothing is available from the record that advances/loan without interest were ever given for business purposes. It was for the personal use of Director or family members and after obtaining the loan/advances, the borrower never made any effort to repay the loan amount nor did the assessee company made any effort to recover the said loan from the borrower. In fact assessee company allowed its Director and family members to use its funds for their personal benefits. This cannot be intention of the statute which allowing the payment interest on borrowed funds for business purpose under section 36 (1)(iii) of the Act. Therefore, the interest on borrowed funds can not allowed for a longer period even the funds are not being used for the business purpose.
The President of India has appointed Shri Hrishikesh Sharan, Chief Commissioner, Central Excise (Retd.) as Indirect Tax Ombudsman at Mumbai to hear grievances on Central Excise, Customs and Service Tax issues from the general public. Download Press Note on appointment of Indirect Tax Ombudsman
Undisputedly the office of the Assessing Officer who passed the assessment orders is located in Delhi, over which the Delhi Benches of the Tribunal has jurisdiction. The order under section 127 of the Act was passed by the ld. Commissioner of Income-tax on 12.8.2011 w.e.f. 23.8.2011, which was passed after passing the assessment order and even after filing of the first appeal.
The informant herein was trying to experiment with an innovative way to have premier of its movie in India through DTH so as to have reach to maximum number of consumers/viewers at a premier show through DTH medium. The decision of the OP not to exhibit this movie or any other movie released before it was released to theatres, through DTH or any other technology prima facie has an effect of limiting the market of exhibition of films for the benefit of viewers at large in the territories under its control. The decision prima facie also seems to be restricting informant from taking advantage of technological development in the relevant industry at a timing of its choice. Such a decision of OP prima facie seems to be anti competitive as it deters a producer from providing to consumers an opportunity of watching premiere show in an economic manner in the comforts of his home. It also has the potential of adversely affecting the competition and depriving benefit to producers and consumers of newer technologies.
1. In the year 2009, the Ministry of Corporate Affairs amended Accounting Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates by inserting Paragraph 46. As per Paragraph 46, in respect of accounting periods commencing on or after 7th December, 2006 and ending on or before 31st March, 2011, at the option of […]
1 No.F.3(18)/Fin.(Rev-1)/2012-13/dsVI/265 30-Mar-13 Notification from Finance (Revenue-1) department. 1 No.F.3(15)/Fin.(Rev-1)/2012-13/dsVI/264 30-Mar-13 Notification from Finance (Revenue-1) department. 3 No.F.3(17)/Fin.(Rev-1)/2012-13/dsVI/263 30-Mar-13 Notification from Finance (Revenue-1) department.
CST Notification for Exemption of tax under section 8(5) of CST Act, 1956 on inter-State Sales of furnishing cloth – Government of Maharashtra hereby in the public interest, exempts with effect from the 1st April 2013, the tax payable on sale of furnishing cloth notified under entry 101 of Schedule ‘C’
Notification No. 27/2013 – Income Tax The notification shall be effective subject to the following conditions, namely:- (a) the ‘Assam State AIDS Control Society’ does not engage in any commercial activity; (b) the activities and the nature of the specified income of the ‘Assam State AIDS Control Society’ remain unchanged throughout the financial year; and
