S. O. _____ E).- In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 62/94-Customs (N. T.) dated the 21st November, 1994, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (ii) vide number S. O. 829 (E), dated the 21st November, 1994, namely:-
The Revenue preferred an appeal to the Tribunal in ITA 398/Del/2006. As seen from paragraphs 6 & 7 of the impugned order of the Tribunal, the Revenue disputed before the Tribunal the contention of the assessee that it had furnished the confirmation letters from the share applicants along with their income tax details, statement of bank accounts etc. The assessee, as seen from paragraph 5 of the impugned order had contended that the share subscribers were assessed to tax and since their identity stood established, no addition can be made in the hands of the assessee, having regard to the judgment of the Supreme Court cited above.
The format of application will be available on our website: www.cag.gov.in from 1st January 2013 to 15th February 2013. Chartered Accountant firms can apply/update the data showing the status of their firm as on 1st January 2013 and generate online acknowledgement letter for the year.
From the above judgment of the Apex Court it would be abundantly clear that there should be a systematic instruction to the students by way of normal schooling. Mere coaching classes may provide some kind of knowledge to the students. But that kind of acquisition of knowledge through coaching classes cannot fall within the meaning of “education” as provided in section 2(15) of the Act. As the Apex Court observed, one may acquire knowledge in the course of travelling; during the course of reading newspaper; etc. But that kind of knowledge cannot fall within the term “education” as provided in section 2(15) of the Act. There should be a normal schooling by way of regular and systematic instruction.
It is the case of the assessee that since it has mortgaged its property with the bank to enable the company to avail finance facilities from the bank, the advance by the company is not a gratuitous loan or advance, but in return for an advantage which the company has already availed on account of mortgaging of properties done by the assessees.
The set top boxes are being supplied to the cable users by the cable operators on lease basis against refundable securities. It is reported that these operators are not paying VAT on these transactions terming the same as entrustment, thereby denying the state of its legitimate right to impose VAT on these transactions.
There is no dispute with regard to the fact that the assessee herein is a IATA agent and it is authorised to sell air tickets at a price range that are usually fixed by the airline companies. It is also a fact that the competition between different airline companies has increased due to presence of a number of airline companies and the same has resulted in fixation of ticket rates at different levels at different points of time. Accordingly, it appears that the IATA agents are given option to fix the ticket rates within the maximum and minimum range that are fixed by the airline companies.
It has been decided that the all-in-cost ceiling as specified in A.P. (DIR Series) Circular No. 99 dated March 30, 2012 will continue to be applicable till March 31, 2013 and subject to review thereafter. All other aspects of ECB policy remain unchanged.
Deliberating upon various contours of corporate regulation, experts at a High Level Round Table here today agreed that new age corporate regulation has to be growth oriented, transparent and inclusive. The Round Table, organised by the Indian Institute of Corporate Affairs (IICA, under the aegis of the Ministry of Corporate Affairs) and George Washington University of the U.S.A., brought together judges, lawyers, researchers, industry professionals and policy makers from the USA and India to discuss contemporary issues in corporate regulation.
Notification No. 56/2012-Customs (ADD) Seeks to modify final anti-dumping duty on imports of Cable Ties, originating in, or exported from the People’s Republic of China and Taiwan and imported into India, imposed vide Notification No. 44/2009-Customs dated 30th April, 2009
