The issues have been considered. It is seen that sub- paras 8.3.1 (ii) and (iv) of Handbook V.I do not impose restriction on submission of multiple applications. However, to reduce the paper work and ensure proper monitoring, there is necessity to limit the number of applications which an applicant may file within a year. Therefore, it is clarified that in respect of all the claims arising for a particular month /quarter (as per the option of applicant), one consolidated application should be filed within the stipulated time period.
The Principal notification No.84/2004-Customs, dated the 30th August, 2004 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (1) vide G.S.R.549 (E), dated the 30th August, 2004 and last amended by notification No.122/2006-Customs dated, the 30th December, 2006 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-Section (i) vide number GSR 783(E), dated the 30th December, 2006.
The method adopted by a company to arrive at a transfer price is valid unless the tax officer can prove that the company had manipulated the price to shift profits outside India, the Income-Tax Appellate Tribunal (ITAT) has ruled. The tribunal has also observed that the transfer pricing officer (TPO) should have sufficient ground to suspect the shift in profits before invoking the transfer pricing rules.
Hawkins Cookers vs. ITO (ITAT Mumbai) – when the adjustments are made in the valuation of inventories, this will affect both the opening as well as closing stock. Whatever adjustment is made in the valuation of closing stock, the same will be reflected in the opening stock also irrespective of any consequences on the computation of income for tax purposes. The Tribunal further noticed that Section 145A starts with the non-obstante clause “Notwithstanding anything to the contrary contained in section 145”.
The income tax department is bound to accept the authenticity of the accounts certified by the auditor and maintained in accordance with the provisions of the Companies Act, the Supreme Court has ruled.
circular is being issued in exercise of powers conferred by sub-section (1) of section 11 of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
will format, will by disabled person in favour of wife & daughter , revocation of will , simple will giving property to wife , will for religious and charity , simple will , complicated will , lease deed formats, lease of house on monthly tenancy , lease deed of land , agreement, deed, bond, indemnity bond with surety to ito , indemnity bond to ito , deed substituting a trustee , bank guarantee , manufacturer and sole selling agents with canvassing rights , appointment of sole selling agents by a foreign company , agreement between a manufacturer and selling agent , agreement between builder and a broker , appointment of distributor for a district,
Since this appears to be the first case of its kind in India (subject to correction) where derivatives contracts are challenged as illegal and void and also since the jargon is not too familiar even to P.Ramanatha Iyer (of Law Lexicon) and Black (of Law Dictionary), a brief prelude has become necessary before we plunge into details.
No disallowance under sub-section (3) of section 40A shall be made and no payment shall be deemed to be the profits and gains of business or profession under sub-section ( 3A ) of section 40A where a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on a bank or account payee bank draft, exceeds twenty thousand rupees in the cases and circumstances specified hereunder, namely:-
Accounting regulator ICAI has started working with investigating agencies under the home ministry and the finance ministry to help them track down the flow of unaccounted money in the economy.
