Export-Import Bank of India (Exim Bank) has concluded an Agreement dated September 1, 2011 with the Government of the Republic of Mozambique, making available to the latter, a Line of Credit (LOC) of USD 13 million (USD thirteen million) for the purpose of financing of Solar Photo Voltaic Module Manufacturing plant in Mozambique. The goods, machinery, equipment and services including consultancy services from India for exports under this Agreement are those which are eligible for export under the Foreign Trade Policy of the Government of India and whose purchase may be agreed to be financed by the Exim Bank under this Agreement.
On a review of the Scheme, it has been decided as under :- a) 50% of the balances in the EEFC accounts should be converted forthwith into rupee balances and credited to the rupee accounts as per the directions of the account holder. This process may be completed within a fortnight from the date of the circular and compliance reported to the Chief General Manager, Foreign Exchange Department, Central Office, Trade Division, Amar Building, Sir P.M. Road, Fort, Mumbai 400 001
On a review it has been decided to fix the intra-day open position / daylight limit of the Authorised Dealers at five times the Net Overnight Open Position Limit available to them or the existing Intra-day open position limit as approved by the Reserve Bank, whichever is higher, for positions involving Rupee as one of the currencies.
There is no legal provision which provides for condoning the delay in filing the appeal on a condition of depositing 50% of the tax amount. The delay in filing the appeal is condoned or refused depending upon the sufficiency of cause for delay. If the party is found to be prevented by a sufficient cause to the satisfaction of the Appellate Authority/Tribunal, the delay is condoned and if not found to be prevented by a sufficient cause, the delay is not condoned.
In exercise of the powers conferred by sub-section (1) and (2) of section 4A of the Central Excise Act, 1944 (1 of 1944), the Central Government, hereby makes the following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 49/2008-Central Excise (N.T.), dated the 24th December, 2008, published in the Gazette of India, Extraordinary vide number G.S.R. 882(E), dated the 24th December, 2008, namely
Public Inspection of Physical records at the Office of the Registrar of Companies, West Bengal shall be discontinued from 1.05.2012 to 31.07.2012 due to Renovation of Record rooms/office. The Inspection of records shall be resuming from 1st Aug 2012.
Vide Order No. 83 of 2012 dated 8.5.2012, the CBDT has transferred and posted several Assistant Commissioners of Income-tax with immediate effect.
Tribunal in assessee’s own case for A.Y.2003-04 and 2004-05 exactly on the issue of incidental expenses such as freight, octroi and sales tax whether to be included in the total turnover for the purpose of computation of deduction u/s 10B of the Act, respectfully following the same and in view of the above discussion carried out, we allow the appeal of the assessee. The revision order of the CIT u/s 263 of the Act is quashed.
In the instant case, the questions as to whether the assessee was entitled to get the current year depreciation even if it had not been claimed; or as to whether amendment to section 32 in year 2002-03 had a prospective effect or a retrospective effect on the application of current year’s depreciation and unabsorbed business losses and depreciation for the purpose of computation of Income tax, had been the disputable issues and had been of such questions of law which required further deliberation and discussion. Such aspects did not fall in the category of mistake apparent from the record and, therefore, could not have been dealt with under section 154.
In the instant case, the assessee has already filed requisite details before the Assessing Officer and further detail was to be filed before the Assessing Officer and the latter refused to accept the same. Therefore, the assessee was compelled to file details by way of speed post. Further, new evidence filed by the assessee is from the Government agency and the same is essential for disposal of the appeal. The Commissioner (Appeals) has considered the new evidence and the facts and circumstances of the case in entirety and after recording reasons admitted the new evidences. Therefore, there was no infirmity in the admission of the new evidence by the Commissioner (Appeals), as the interest of the quasi-judicial proceedings is to render justice and not to deny justice by declining to admit new evidence. The circumstances of the case duly justify admission of the new evidence by the Commissioner (Appeals).
