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Redefinition of Business Affairs through Limited Liability Partnership Route

December 31, 2012 4574 Views 1 comment Print

Limited Liability Partnership (LLP) is a corporate business vehicle, identifiable by entity’s name containing ‘Limited Liability Partnership’ or ‘LLP’ as suffix, a new business structure in Indian Corporate, that enables professional expertise and entrepreneurial initiative to combine, organize and operate in innovative, flexible and efficient manner,

Amendment in Concessional Duty rate of Goods imported into India from Malaysia

December 31, 2012 727 Views 0 comment Print

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

Amendment in Concessional Duty rate of Goods imported into India from Korea

December 31, 2012 742 Views 0 comment Print

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 amendments in

Amendment in Duty rate of Goods imported into India from Japan

December 31, 2012 772 Views 0 comment Print

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

Revised list of Items for Custom Duty Concession when imported from ASEAN Countries

December 31, 2012 1367 Views 0 comment Print

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

Duty Exemption to Crude Petroleum oils & oils obtained from bituminous minerals when imported from Brunei Darussalam

December 31, 2012 529 Views 0 comment Print

Notification No. 63/2012-Customs Govt hereby exempts Crude Petroleum oils and oils obtained from bituminous minerals falling under the tariff item 2709 00 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India from Brunei Darussalam, from whole of the duty of customs leviable thereon under the First Schedule to the Customs tariff Act, 1975 ( 51 of 1975):

Amendment in Tariff value of Gold, Silver, Crude /RBD Palm Oil, Brass Scrap, Poppy seeds

December 31, 2012 1193 Views 0 comment Print

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the

CIT can exercise power u/s. 263 to set aside non-speaking arbitrary order passed by AO

December 31, 2012 3056 Views 0 comment Print

Perusal of the assessment order passed by the Assessing Officer does not show any application of mind on his part. He simply accepted the claim of the assessee with regard to the issues considered by the CIT. This is a case where the Assessing Officer mechanically accepted what the assessee wanted him to accept without any application of mind or enquiry.

Liaison Office (LO) / Branch Office (BO) in India by Foreign Entities – Reporting to Income Tax Authorities

December 30, 2012 4394 Views 0 comment Print

RBI had mandated that Branch Offices (BO) / Liaison Offices (LO) are required to submit Annual Activity Certificate (AAC) from their Auditors to the Central Office / Regional Office of the Reserve Bank, certifying that the BO / LO has carried out only those activities which are approved by the Reserve Bank. With effect from February 01, 2010

No Penalty for showing share trading income under the Capital Gains instead of Business

December 30, 2012 1976 Views 0 comment Print

In view of this circumstance, that the assessing officer chose to treat the income under some other head cannot characterize the particulars or reported in the return as an inaccurate particulars or as suppression of facts.

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