Section 56 allows the assessees to adopt one of the methods of their choice. But,the AO held that the assessee should have adopted only one method for determining the value of the shares.In our opinion,it was beyond the jurisdiction of the AO to insist upon a particular system, especially the Act allows to choose one of the two methods.
The common issue in these appeals is that the learned CIT(A) erred in confirming the action of the AO in making addition on account of alleged notional annual letting value of unsold flats held as stock in trade.
Henceforth, all Steamer Agents / Importers, who have furnished bonds for duty free import of containers with the Container Cell, JNCH, will intimate the following details through email addressed to Asstt. Commissioner of Customs, Container Cell, JNCH on the e-mail address containercell.jnch@gov.in before movement of containers from the Port.
Attention of the exporters, importers, custom brokers, other members from trade & industries and all concerned are invited to Trade Notice No. 08/201819, dated 15th May, 2018 issued by the Directorate General of Foreign Trade (DGFT) on the above subject.
The Directorate General of Foreign Trade has been receiving a number of queries seeking clarification on the Notification No 04/2015-20 dated 25th April, 2018 vide which the import policy of Peas under Chapter 7 of the ITC(HS) 2017 has been amended.
As per Article 3 (2) of the Memorandum of Understanding between the Government of the Republic of Mozambique and Government of the Republic of India on cooperation in the field of production and marketing of pigeon peas, both parties have agreed to target export of 1,50,000 MT of pigeon peas and other pulses grown in Mozambique to India during 2018-19.
1. (1) These rules may be called the Prevention of Money-laundering (Maintenance of Records) Amendment Rules, 2018. (2) They shall come into force on the date of their publication in the Official Gazette.
Initiation of New Shipper Review under Rule 22 of the Anti-Dumping Rules for determination of individual dumping margin for M/s. Shandong Haohua Tire Co., Ltd. (Haohua) (Producer) with Guangzhou Exceed Industrial Technology Co. Ltd., (exporter) and H K Trade Wing Trading Limited (exporter) in the case of anti-dumping duty imposed on New/unused Pneumatic Radial Tyres originating in or exported from China PR
No. 6/35/2017-DGAD.—Having regard to the Customs Tariff Act 1975 as amended from time to time (hereinafter also referred to as the Act) and the Customs Tariff (Identification, Assessment and Collection of Anti-Dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, as amended from time to time (hereinafter also referred to as the Rules) thereof
Assessee company further contended to treat the receipts of income from the let out of Terrace Antenna and Hall as Business Income and allow the expenditure against the same. The Assessing Officer did not accept the contention of the assessee and taxed the income received from terrace antenna and hall booking under the head Income from Other Sources.
