Prohibition on export of edible oils has been extended till further orders. But, the same will not apply to relaxations/exemption as mentioned in para 3 & 4 above. Export of fish oil continues to be free as per Notification No. 60 dated 20.11.2008. Notification No 24 (RE – 2012)/2009-2014
The Department of Trade and Taxes had framed the assessment of quarterly return filing dealers for the Tax period First Quarter 2012-13, on the basis of mismatch in the data filed by the dealers in Annexure 2A and 2B online. This assessment was framed on the basis of data as on 21/09/2012 at 09.00 pm.
It is a fact on record that the assessee has adopted the CUP method for computing the Arms’ Length Price for the international transaction entered into by it with its AE for the medical transcription service rendered by it to the AE. In this regard, the assessee has considered two external comparables and three internal comparables.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Directorate General of Foreign Trade hereby notifies a new SION bearing number C- 2049 in respect of the export product Copper based pre-alloyed powder R-800. The new entry would be as under:-
Section 11(1) provides subject to the provisions of section 60 to 63, the income which is derived from property held under trust wholly for charitable or religious purposes, to the extent to which such income is applied to such purposes in India; and, where any such income is accumulated or set apart for application to such purposes in India,
By virtue of powers granted under Section 37(1) of Central Excise Act, 1944, Central Government can make rules to provide for credit of Service Tax leviable under Chapter V of the Finance Act, 1994 (32 of 1994) paid or payable on taxable services used in or in relation to the manufacture of excisable goods.
In the present case, the expenditure is incurred for the purpose of sub-division of the shares. However, we do not see how the observations made by the Apex Court in the ratio laid down in case of General Insurance Corporation (supra) can be distinguished in view of such difference in facts. In case of sub-division of the shares also, there is no increase in the share capital of the company.
S.O. (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in super session of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.91/2012-CUSTOMS (N.T.), dated the 4th October, 2012 vide number S.O. 2360(E), dated the 4th October, 2012, except as respects things done or omitted to be done before such super session, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of
In the case of Harley Street Pharmaceuticals Ltd. (supra) it has been held that provisions of Sec.50C are applicable only for computation of capital gains in real estate transaction in respect of seller only and not for the purchaser. Legal fiction cannot be extended any further and has to be limited to the area for which it is created.
Question whether the place where goods are stored after clearance from the factory on payment of duty can be considered as place of removal for the purpose of Rule 2(l) of Cenvat Credit Rules, 2004 is no longer res integra because of the clarification issued by the CBEC in the matter.
