SEZ rule 19A. Unit deemed to be in International Financial Services Centre.- Any Unit authorised under rule 19 to store bullion as the underlying asset for the purpose of issuance of a bullion spot delivery contract or bullion depository receipt with underlying bullion that is traded in a bullion exchange shall be deemed to be in an International Financial Services Centre.
The following draft of certain rules further to amend the Aircraft Rules, 1937, which the Central Government proposes to make in exercise of the powers conferred by section 5 of the Aircraft Act, 1934 (22 of 1934),
The Central Bureau of Investigation has arrested two Tax Assistants posted at Income Tax Department, Hyderabad and Visakhapatnam in a bribery of Rs. 60,000/-.
It is observed that in accordance with the regulation 36 of the CIRP Regulations, Mr. Gupta has not mentioned the amount of claims, voting share, details of security interest, date of acquisition, cost of acquisition, remaining useful life, identification number, depreciation charged, book value, and any other relevant details related to assets, as on the […]
Ravi Metallics Limited Vs PCIT (ITAT Cuttack) A perusal of the order of the ld. Pr.CIT shows that the show cause notice issued u/s.263 of the Act has been issues only on 1st March, 2019. Admittedly, the assessee has responded to the show cause notice though on 26.03.2019. In the said reply, the assessee has […]
(a) The company had appointed Mr. Sachin Barisal as the Managing Director and CEO of the Company (KMP) vide its Board Resolution dated 27.2.2020 for a period of five years from March 6 2020. (b) However, by inadvertence, the Board had omitted to co-opt him as Additional Director before appointing him as Managing Director.
Agrawal Petrolium Co. Vs PCIT (Madhya Pradesh High Court) The main grievance put forth is that when petitioner received a notice under Section 148A(b) of Income Tax Act, the petitioner filed a reply on 15.03.2022 but the same was not considered by the respondent. Learned counsel for the parties by placing reliance on para-3 and […]
Shinhan Bank Vs Deputy Director of Income Tax (International Taxation) (ITAT Mumbai) S.90 : Double taxation relief-Foreign Company-discrimination allowed-Company has not made prescribed arrangement-DTAA-India -Korea. [S. 2(22A), Art. 25(1)] We find that, by Finance Act 2001, an Explanation (now known as Explanation 1) was inserted below Section 90, and it was with retrospective effect i.e. […]
Shapoorji Pallonji Bumi Armada Pvt Ltd Vs ACIT (ITAT Mumbai) We have noted that the Dispute Resolution Panel, having rejected the rectification application filed by the Transfer Pricing Officer and having held that there is no mistake apparent in the direction dated 3rd November 2020, have proceeded to rectify these DRP directions nevertheless. Undoubtedly, if […]
Rashmi Infrastructure Developers Ltd. Vs DCIT (ITAT Mumbai) In this case ld. AO however completely ignored all the submissions of the assessee and merely relied on the rejection order of the ITSC and proceeded to tax the on money receipts independently without granting any deduction for expenses incurred against those on money receipts. We find […]
