Delhi High Court in the case of Rajiv Tondon vs. ACIT 294 ITR 488 has held that in a case where two donors had absolutely no connection with the assessee and they made gifts to the assessee only because he needed money to buy a house and they wanted to help him. It was held that this was not only quite unusual but also quite unnatural. It was incredible that a complete stranger would want to gift lakhs of rupees to a person only because that person wanted the amount for purchasing a house.
This amendment incorporates additional raw materials in existing SION at H-97. Additional Import Items namely PP Granules, LLDPE Granules, PP Granules for lamination/coating, PE Liner, Thread, Filler Cord/Rope, Packing Materials have been allowed at Serial Number 2(b) (ii), 3, 4, 5, 6, 7 and 9 respectively.
S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby imposes the Joint Commissioner or Additional Commissioner of Customs (Export), Jawaharlal Nehru Custom House, Nhava Sheva, Post-Uran, District-Raigad, Maharashtra, to exercise the powers and discharge the duties as adjudicating authority over the powers and duties e
S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby imposes the Joint Commissioner or Additional Commissioner of Customs (Export), Jawaharlal Nehru Custom House, Nhava Sheva, Post-Uran, District-Raigad, Maharashtra, to exercise the powers and discharge the duties as adjudicating authority over t
S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner of Customs, Inland Contain
S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner of Customs, Cus
S.O. (E). – In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby imposes the Commissioner (adjudication), New Custom House, Near Indira Gandhi International Airport, New Delhi, to exercise the powers and discharge the duties of adjudication of the Show Cause Notices mentioned at Column Number (2) of the Table below, issued by the authorities mentioned at Column Number (3) in case of M/s SAP India Systems, Applications and Products in Data Processing Pvt. Ltd
Income from deferred guarantee commission did not accrue or arise in the year in which guarantee agreements were entered’. It was held that such income should be spread over the period to which the guarantee commission related and should be assessed proportionately.
The learned Counsel for the assessee submitted that section 234D cannot apply to the extant case because refund was granted on 24.04.2003 which is well before the date of insertion of section 234D itself. Referring to the language of sub-section (1) : ‘… where any refund is granted …….’, it was stated that since the only word ‘is’ used which is not accompanied by ‘or has been’, it would mean that if the refund is granted after 01.06.2003, the provision shall fail.
Circular No. 25/2012, dated 9-8-2012 The Ministry has received several representations from industry associations that para 6 of Accounting Standard-11 and para 4(e) of AS-16 are posing problems in proper implementation of para 46A of notification 914(E) dated 29-12-2011. In order to resolve the problems faced by industry, it is hereby clarified that para 6 of Accounting Standard-11 and para 4(e) of the Accounting Standard-16 shall not apply to a company which is applying clause 46A of Accounting Standard-11.
