A copy of Certificate of Physical Verification from the DCF/DFO of the concerned Division. The Physical Verification Report must be duly supported/mentionedwith the transit permit. The unexported materials against the licence obtained but lying in premises/godowns of the firm must also be inspected at that time and must be duly reflected in the Physical Verification Report.
Attention is invited to the Policy Circular No. 1 dated 11.4.08 on the above subject wherein in clause 2(c) of the said Circular, it was stated that “Clearing and Forwarding (C&F) Agency Service is not leviable to Service Tax”. Department of Revenue have now issued TRU Notification No. 33 dated 7.12.2008 allowing refund of Service Tax paid on the services provided by a Clearing and Forwarding Agent in relation to Export Goods.
ITO VS. VARIA PRATIK (ITAT A’BAD) Though s. 292BB comes into force on 1.4.2008 and not from any particular assessment year, it is declaratory, procedural and curative in nature and accordingly the validity of notices issued/served will have to be decided after 31.3.2008 in accordance with the provisions of section 292BB irrespective of the assessment year involved;
SHIVSAGAR VEG VS. ACIT It is incumbent upon the Tribunal, being the final authority of facts, to appreciate the evidence, consider the reasons of the authorities below and assign its own reasons as to why it disagrees with the reasons and findings of the lower authorities. The Tribunal cannot brush aside the reasons or findings recorded by the lower authorities. It must give reasons and its failure to do so renders its’ order unsustainable
It is settled law that a writ cannot be entertained against a mere show-cause notice unless the Court is satisfied that the show cause notice was totally non est in the eye of law for absolute want of jurisdiction of the authority to even investigate into facts. The assessee has not been able to demonstrate absolute want of jurisdiction in the AO.
This Foreign Trade Policy (FTP) 2004-2009 (RE-2008), incorporating provisions relating to export and import of goods and services, shall come into force with effect from 1st April, 2008 and shall remain in force ‘till further amendments’ unless otherwise specified.
Gujarat State Petroleum Corpn. Ltd. v. JCIT The deduction claimed by the assessee under section 42 cannot be considered for the purpose of computing the deemed income under section 115JA
Valuing the closing stock at net realizable value method is duly recognized by AS-2 issued by the ICAI but, the onus is on the assessee to prove that the net realizable value whatever has been shown by him is the correct net realizable value and is less than the cost: the assessee has to satisfy the Assessing Officer by adducing the evidence that the net realizable value is less than the cost. D. Subhashchandra & Co. v. ACIT
The period of limitation during which an order imposing a penalty can be passed in the case falling under section 275 (1)(c) would be a period of six months beginning from the end of the month in which the action for imposition of pending was initiated. The period of limitation during which an order imposing a penalty can be passed in the case falling under section 275 (1)(c) would be a period of six months beginning from the end of the month in which the action for imposition of pending was initiated.
ACIT v Makote Hoshizaki The perquisite value of rent free accommodation as per Rule 3 of Income-tax Rules, 1962 will be 20 per cent and not 10 per cent of the salary as reduced by the rent, if any, actually paid by the employer or the actual rent paid by the employer in case the premises are not owned by the employer whichever is lower.
