M/s. Pashupathi Traders, Secunderabad, filed 8 Shipping Bills, all dated 03rd January, 2001 declaring the goods exported by them as “NAPROXEN” under the DEPB Scheme. The goods were stuffed after examination by the customs at ICD Hyderabad for export to UAE via Nhava Sheva port. The DRI Officers intercepted two consignments of cargo in two containers cleared through Hyderabad ICD for detailed examination including the above consignment, which was lying at Nhava Sheva docks for shipment to UAE. On examination, it was found that the material was not Naproxen.
With the boom in the economy witnessed over the past five years, many salaried individuals and businessmen are left with surplus cash. It is not uncommon for people to invest in properties and to dispose them off when the value appreciates significantly. One has to pay short-term or long-term capital gains tax on the profits made on the sale of a house, depending on how long the property was owned before the sale. A house refers to a residential property and does not include commercial property and plots of land.
Procedure for e-payment- 1. To pay taxes online the taxpayer will select the relevant challan i.e. ITNS 280, ITNS 281, ITNS 282 or ITNS 283, as applicable. 2. Enter its PAN / TAN as applicable. There will be an online check on the validity of the PAN / TAN entered. 3. If PAN/ TAN is valid the taxpayer will be allowed to fill up other challan details like accounting head under which payment is made, name and address of TAN and also select the bank through which payment is to be made, etc.
Shares bought for Rs 5.25 Cr sold for Rs 52.5 lakh in same yr – capital loss allowed by AO – CIT can review order only if it is erroneous and prejudicial to interest of revenue; both ingredients should be present – ITAT
VALUATION of perquisites has always been a bone of contention. To overcome many of such irritants, the Finance Minister in the Finance Act, 2007 had inserted a deeming provision to define concession in the matter of rent for the purpose of determining the perquisite value. It has also reduced the rate of valuation of perquisite in the nature of concessional rent accommodation and leased accommodation with retrospective effect from 1 st day of April, 2006, that is with effect from assessment year 2006-2007. This had necessitated similar reduction of rates in case of both rent-free and concessional rent accommodations and leased accommodation in Table I of rule 3 with retrospective effect from 1 st day of April, 2006, that is in relation to assessment year 2006-2007 and subsequent years.
THE main point raised in this appeal is against the reduction in the claim of deduction u/s. 80HHC. The facts are that the return of income was filed claiming deduction u/s. 80HHC at Rs. 7,38,416/-. During the course of assessment proceedings the Assessing Officer noted that there was a net profit of Rs. 14,54,272/- on total export turnover of Rs. 2,48,26,964/ -. The net profit included Duty draw back turnover of Rs. 21,10,298/- and DEPB of Rs. 6,63,942/-. The Assessing Officer on verification of export in Form No. 10CCAC observed that the assessee has Loss on export turnover at Rs. 10,19,985/-.
Disallowance of travel by employees: the assessee had calculated the disallowance under Rule 6D with total number of travels undertaken by each employee during the year. This means that the disallowance was worked after setting off disallowables on one trip against the deficit in another trip in respect of each employee. However, the Assessing Officer observed that this disallowance under Rule 6D has to be computed with respect to each travel and ultimately, made an addition of Rs.2,00,000/ – which was confirmed by the ld. CIT(A).
Nothwithstanding the fact that the imported Rolls Royce car gathered dust at the Customs godown for nine long years due to non-clearance, the importer would still not be entitled to any depreciation, the Supreme Court has held.
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CIT vs. P.V.A.L. Kulandagan Chettiar (Supreme Court) -The review petition filed by the department against the judgement reported in CIT P.V.A.L Kulandagan Chettiar (2004) 267 ITR 654 (SC) {reg applicability of DTAA} has been dismissed.
