The procedure for enlisting new agencies under Appendix 5 is notified at Para 2.32.A of Handbook of Procedures Vol.I. Any new agency desiring to enlist under Appendix-5 for pre-shipment inspection of waste paper may apply to DGFT according to provisions cited therein.
In the present case, the alleged amount of Rs. 8.55 lakhs was received by the assessee in cash on account of share application money, penalty under s. 271D cannot be levied because the receipt of share application money is neither loan nor deposit and hence the impugned receipt of Rs. 8.55 lakhs is not governed by s. 269SS of the Act. We therefore, delete the penalty.
The forms includes Return Of Net Wealth in Form A, Form Of Return Of Net Wealth For Individual/Hindu Undivided Families/Companies in Form BA, Form Of Return Of Net Wealth Under Sub-Section (1) Or Sub-Section (2) Of Section 14 Of The Wealth-Tax Act, 1957 [For companies * only] in Form A, Statement of valuation of jewellery in Form O-8A and all other forms.
The Ministry of Corporate Affairs has vide notification1 dated 31 March 2009 relaxed the provisions of Accounting Standard (AS) 11, The Effects of Changes in Foreign Exchange Rates2 in so far as they relate to the recognition of losses or gains arising on restatement of long-term foreign currency monetary items. By another notification3 consequential amendments to […]
The Supreme Court today has dismissed the appeal of Union of India against the judgement in case of Martin Lottery Agencies Ltd. earlier given by Sikkim High CourtAs a result of dismissal of appeal filed by the Government; the show cause notices demanding service tax of over Rs 2200 Crore from Lottery Agents are liable to […]
In respect of AY 2002-2003, the assessee claimed by a revised return that the loss suffered in respect of one s. 10A unit was not liable to be set-off against the profits of another s. 10A unit. The AO rejected the claim and the assessee accepted the decision of the AO. On the question whether the assessee was liable for penalty u/s 271 (1) (c) for “furnishing inaccurate particulars of income”, especially in the light
That the property market has undergone a significant correction is well known. That real estate experts are now talking about prices bottoming out is well known too. But, contrary to conventional wisdom, experts are of the view that this may not be the right time to invest in residential property. And, their advice is for both […]
Believe it, 90 per cent of the appeals filed by the Customs, Central Excise and Service Tax Department of our nation against assessees, who had received a favourable order at the lower level, have been dismissed by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT), South Zonal Bench, Bangalore during the year 2008. Out […]
Hon’ble Mr. Justice Dalveer Bhandari, Judge, Supreme Court of India The Learned Judge laments that the Income-tax Act is a “national disgrace”. He says that it is unfortunate that the law is so complex that even practising Lawyers and Judges have to employ Chartered Accountants or tax experts to file their income tax returns. He […]
In a landmark judgment Commissioner of Income Tax, Chennai Versus Chemplast Sanmar Limited – 2009 -TMI – 33295 – MADRAS HIGH COURT involving a question of law Honorable Court of Madras (Chennai) has upheld the decision of honorable Tribunal in the matter of CHEMPLAST SANMAR LTD. Versus DEPUTY COMMISSIONER OF INCOME TAX. Facts of the Case: Assessee is a […]
