(i) Principle of mutuality applies under the Act. As such, there can be no deduction of interest paid by Indian branch to head office/other overseas branches. (ii) However, the assessee is entitled to deduction of interest paid to head office/other overseas branches as per the terms of the DTAA.(iii) Mutuality applies in relation to income earned by the Indian branch from head office/other overseas branches. As such the interest income so earned cannot be charged to tax. (iv) Consequently, the provisions of section 40(a)(i) cannot apply.
Under existing Policy Conditions, import of arms (including parts thereof) & ammunition is permitted freely, inter alia, to National Rifle Association of India (NRAI) for its own use and for transfer to its State/district affiliates by due certification by Sports Authority of India. The phrase due certification by Sports Authority of India has been substituted by self certification by NRAI.
The scheme of partial reverse charge has been introduced for three services where the service provider is either an individual or HUF or partnership Firm or LLP or association of person and a recipient is corporate.
In continuation to this Ministry vide circular no. 26/2012 dated 23.08.2012 wherein a Committee has been constituted for Reforming the Regulatory Environment for doing business in India.
1. (1) These Regulations may be called the Companies (Amendment) Regulations, 2012. (2) They shall come into force with effect from the 15th October, 2012. 2. In the Companies Regulations, 1956, in regulation 2, in clause (d)- (i) for serial number (v) and the entries relating thereto, the following serial number and entries shall be substituted namely:-
Assessee filed Form No. 10 under rule 17 of the Rules at the time of filing revised returns in respect of each of the assessment years under consideration. Thus, evidently, the requirements of section 11(2) of the Act had been complied with before the completion of the assessments. Therefore, while completing the assessments for the assessment years under consideration, the Assessing Officer had the necessary information in respect of the claim for exemption under section 11 of the Act made by the assessee before him.
In short the department’s argument that the Commissioner (Appeals) has not properly adjudicated the matter and hence the issue should be set aside cannot be accepted as Assessing Officer at the time of the assessment was of the view that the facts are same and when the issue travelled to the Commissioner (Appeals) without explaining the basis of coming to certain conclusions, made general observations.
Indirect tax collections have risen at 15.6 per cent to 2.17 lakh crore rupees in April-September, against the annual target of 27 per cent. This is mainly due to slowdown in economic activity. The excise duty collection during April-September period totalled 80,000 crore rupees, while customs duty mop up at 77,000 crore rupees, according to sources in the tax department.
It is settled principle of law that a quasi-judicial authority, while acting in exercise of its statutory power must act fairly and must act with an open mind while initiating the show-cause proceeding. A show-cause notice is meant to give the person proceeded against a reasonable opportunity of making his objection against the proposed charges indicated in the notice.
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