The RBI in an unexpected move decided to keep the repo rate unchanged at 6.50%. The vote to stay on hold was advocated by five out of six members in the monetary policy Committee (MPC).
Under the RTI Act, disclosure of information is a norm and refusal an exception. In other words, information cannot be denied under the RTI Act unless exempted from disclosure in accordance with Sections 8, 9 and 11 only. Section 22 as mentioned above leads the way to making the fundamental right to information a reality by enforcing it by simply invoking the provisions of the RTI Act.
PCIT Vs Inarco Limited (Bombay High Court) The grievance of the Revenue before us is that the Assessing Officer omitted to consider Section 50C of the Act while passing the order dated 26.12.2007 under Section 143(3) of the Act. Thus, it is submitted that the reopening notice dated 11.3.2010 is valid in law. In this […]
ITO Vs Ernakulam Cooperative Agricultural & Rural Development Bank Limited (ITAT Cochin) Section 80P(2)(a)(i) was denied for two reasons by the Assessing Officer. The CIT(A) while allowing the claim of the assessee had not adjudicated the issue whether the assessee can be granted deduction u/s 80P, when the assessee’s area of operation is confined to […]
The Directorate has received references from members of trade seeking clarification on eligibility of firms providing educational services to NRI students for benefits under the Services Exports from India Scheme (SEIS).
Alphonso from Ratnagiri, Sindhudurg, Palghar, Thane and Raigad districts of Maharashtra, is registered as Geographical Indication (GI). A Geographical Indication or a GI is an indication used on products that have a specific geographical origin and possess qualities or a reputation that are due to that origin. Such a name conveys an assurance of quality and […]
Eligibility criteria for availing Benefits of Family assistance scheme:-i. Dealers/traders who are bonafide residents of Rajasthan, registered-in VAT /GST in Rajasthan and have been carrying on business for at least one yearshall be eligible as beneficiaries for the scheme.
PCIT Vs N.S. Software (Firm) (Delhi High Court) It is now a settled proposition of law that even if AO for the person from whose premises documents were seized is the same as the AO for the person to whom document belonged, separate satisfaction notes must be recorded. In the instant case, the AO’s note […]
GOVERNMENT OF INDIA MINISTRY OF FINANCE (Department of Revenue) Notification No. 50/2018-Customs (ADD) New Delhi, the 5th October, 2018 G.S.R. 998(E). –Whereas, in the matter of ‘Nylon Filament Yarn (Multi Filament) (hereinafter referred to as the subject goods) falling under tariff heading 5402 of the First Schedule to the Customs Tariff Act, 1975 (51 of […]
MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 5th October, 2018 S.O. 5160(E).—Whereas in exercise of the powers conferred by section 35AC of the Income-tax Act, 1961 (43 of 1961) read with rule 1 1G of the Income Tax Rules, 1962, the Central Government constituted the National Committee for Promotion of Social and Economic […]
