Sec.263 is the revisionary power of Commissioner which is to be invoked where the order of A.O. is erroneous and prejudicial to the interest of revenue but all errors and loss of revenue don’t allow for invocation of Sec.263 but in circumstances as discussed above. In case there are two views on an issue and A.O. takes one of the views leading to loss of revenue, it will not lead to an erroneous decision calling for invocation of Sec.263. The circumstances as laid out in the Malabar case is an important pointer and basis for action u/s 263.
The government is set to exempt a host of industries in the manufacturing sector from mandatory cost audits. The sensitive operational details of industries that are set to go off the government’s penetrating gaze include synthetic textiles, engineering, power transmission and distribution, chemicals, cosmetics, all electronic products and telecommunication gadgets.
In the present case during the course of assessment proceedings it was noticed that there were credit balance in the names of two parties amounting to Rs.3,52,581/- appearing in the books of account of the assessee. On being asked to verify the same, the assessee agreed to surrender it. The said cessation of liability could not be treated to have been earned from business of export and, thus, shall not form part of the turnover of the export business.
The period for discharge of export obligation against advance authorisations (erstwhile licences) issued for Export of Sugar stands automatically extended for one year (without payment of Composition Fee) w.e.f the date on which their export obligation period expires provided the export obligation period did not expire prior to 19-4-2007.
Plants refers to all plant life, including forestry products, fruits, flowers, vegetables, trees, sea weeds and fungi. Animals referred to in paragraph (c), (d) and (e) covers all animal life, including mammals, birds, fish, crustaceans, molluscs and reptiles.
In exercise of powers conferred under Paragraph 2.4 of the of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following addition in the list of Export Promotion Councils/ Commodity Board given under Appendix-2 of the Hand Book of Procedure.
The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No.36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 69/2007-Customs (N.T.), dated, the 18th July,2007 (S.O.1171(E) dated 18th July,2007).
In view of the clear intention of Transitional Arrangements and nature of standby letters of credit, brought out above, it is clarified that while examining the documents submitted by applicant under Para 1.5 of FTP, it needs to also be ensured that the payments for exports covered under the documents are routed and deducted through the concerned commercial letter of credit and not from some other accounts/channels.
By adopting practice of early and timely work disposal and for that purpose adopting some time saving practices, one can find lot of extra time for reading, writing, thinking and relaxation. Pending work causes lot of burden on your mind and heart- it is not good for health and wealth both. Reminders from clients should not be considered as indication of your importance but in nature of complaints. Still if you have an urge to feel reminders as praise, once a while you can delay some work, preferably a petty one and not very important to you, you will receive a reminder from client and that proves that even a petty work for you is important to the client.
The Madras High Court clarifies that P&L accounts and balance sheets are not considered books of account under the Income Tax Act, impacting tax compliance.
