In addition, it has further been decided to change the time of booking of Tatkal tickets at the counters from existing 8.00 A.M. to 10.00 A.M. with effect from 10th July, 2012 to avoid congestion in the morning hours at counters for the normal advance booking passengers. The restriction on the agents for Tatkal tickets booking during the first two hours shall also continue. The Minister said that these steps have started yielding results.
In the present case, the wording of Clause 7.1 of the lease reflects the intention of the parties that it is the Petitioner who would bear the incidence of all taxes. In light of the decisions in Numaligarh Refinery Ltd. v. Daelim Industrial Co. Ltd. and Rashtriya Ispat Nigam Ltd. v. M/s. Dewan Chand Ram Saran, the view of the learned Arbitrator that in terms of Clause 7.1 of the lease deed, the service tax liability is that of the service provider, i.e. the Petitioner, is a plausible one.
Notification No. 6 (RE-2012) /2009-2014 In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby deletes the entry at Point (ii) in the “Nature of Restriction” column [Column No. 6 of the table] against Sl. No. 57 in Chapter 10 of Schedule 2 of ITC(HS) Classification of Export and Import Items relating to Basmati rice.
In exercise of the powers conferred by sub-sections (1) and (2) of section 46 of the Prevention of Money Laundering Act, 2002 (15 of 2003) read with sub-sections (7) and (8) of section 24 of the Code of Criminal Procedure, 1973 (2 of 1974), the Central Government hereby appoints Shri Mumtaz A. Kapta, Advocate, as Special Public Prosecutor for conducting prosecutions on behalf of the Directorate of Enforcement before the High Court of Jammu and Kashmir and also the Special Court at Srinagar.
Former Finance Minister Pranab Mukherjee, in the Budget for 2012-13, had announced introduction of the Rajiv Gandhi equity scheme under which 50% tax deduction would be provided to retail investors with annual income less than Rs 10 lakh. Under the proposed scheme, the investors would be allowed to invest up to Rs 50,000 in a year with a lock-in period of 3 years.
TDS Rates / Chart Under Income Tax Act, 1961 for Financial Year 2012-12/ Assessment Year 2013-14 on Salary (Section 192) , Interest on Specified & Other Securities (Section 193), Deemed Dividend & Other Dividend , Interest other than interest on security, Winning from Lotteries, Winning for horse race, Payment to Contractor & Sub-Contractor, Insurance Commission,
Bench held that When the transporter is same and recipient is respondent and there is no contradiction that tax was collected from the transporter, double taxation on the same transaction is inconceivable under the present provisions of Finance Act, 1994.
The Assessing Officer is not competent to make addition to the book profit for amount of interest, as the net profit had already been computed as per provisions of the Companies Act. The said amount does not fall under section 115JB(2) and Explanation 1 thereunder. Therefore, the appeal of the revenue on the said issue was liable to be dismissed.
Assessee contended that it is entitled to the benefit of exemption under section 54EC of the Act even while computing book profit chargeable to tax under section 115JB of the Act. The Bench, while passing the order, followed the decision of the Hon’ble Kerala High Court to hold that the assessee is not entitled to deduction under section 54EC of the Act while computing the book profit under section 115JB of the Act.
We find that certain fresh documents have been produced before CIT(A) and CIT(A) without calling for remand report or confronting such material to the Assessing Officer has passed the impugned order in a very precise manner to delete the impugned addition which is not justified. So, action of the CIT(A) is not only violative of Rule 46A of the I.T. Rules, but also against the natural justice because sufficient and cogent reasons have not been given in this case.
