Section 132(1)(iii) empowers the authorized officer to seize any such books of account, other documents, money, bullion, jewellery or other valuable article or thing found as a result of such search which represent either wholly or partly undisclosed income or property of the person. However, the proviso carves out an exception.
We are of the opinion, that the question is covered by the judgment in India Cements Ltd. (supra). In Kinetic Engg. Ltd. (supra) the Bombay High Court considered almost the same question and held that the bank guarantee commission paid by the assessee for securing timely repayment of the deferred credit facilities for buying machinery for its running business is a revenue expenditure and not capital expenditure.
If anything is assessed in the year under consideration that cannot be again assessed in any other year and this will be applicable in either condition. If any amount is not assessed in the year under consideration then that part of income will be assessable in relevant year and if something is assessed in the year under consideration that cannot be assessed in any other year.
Consequences for breach of the contract are provided in Chapter VI of the Contract Act which contains three sections, namely, Section 73 to Section 75. As per Section 73 of the Contract Act, the party who suffers by the breach of contract is entitled to receive from the defaulting party, compensation for any loss or damage caused to him by such breach, which naturally arose in usual course of things from such breach, or which the two parties knew when they make the contract to be likely the result of the breach of contract.
From a perusal of Rule 8 of the Cenvat Credit Rules, 2002 , it will be seen that the same is applicable in three circumstances – (1) when the manufacturer of the final products shifts his factory to another site, (2) the factory is transferred from the existing owner to the another person on account of change of ownership, and (3) the factory is transferred on account of merger, amalgamation, lease or transfer of the factory to a joint venture with specific provision for transfer of liabilities of such factory.
Visa facilitators, merely facilitate the procurement of visa and directly assist individuals who intend to travel abroad, to complete the immigration formalities. Visa facilitators collect certain statutory charges like visa fee, certification fee, attestation fee, emigration fee, etc. from the visa applicant, which are remitted to the respective authorities, and in addition collect service charges for themselves as remuneration for the assistance provided by them to obtain the visa.
Communication is the procedure, which we use to exchange information by various methods and media is the medium or instrument of storing or communicating information. ‘Media’ the popular term inter-alia used as ‘Press’ denotes the print & electronic information carriers –the News Papers & Magazines, Radio, Television and currently includes Internet as new Media. Hailed as the ‘Fourth Estate’, media is the watchdog of the public affairs, informing the society and vice versa, acts as the forum to advocate the views of the society at large to those at the helm of public affairs.
International Financial Reporting Standards (IFRS) are principle based standards as against the rule based standards currently in force; that establishes recognition, measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial statements. IFRS was developed in the year 2001 by the International Accounting Standards Board (IASB) to provide a single set of high quality, understandable and uniform accounting standards.
First proviso to Section 158BC (a) required no notice under Section 148 for making a block assessment, merely because the notice required to be issued under Section 158BC (a) calling for the block return is analogous to the notice under Section 148 to reopen an assessment, is without any basis, either on principle or on authority.
Modified version of the Service Tax Return (ST3) for the quarter Apr-Jun,2012 is now available for uploading to ACES .It is available in ‘DOWNLOADS’ section in offline version only and not online version. In view of the implementation of the Negative List concept in Service Tax with effect from 1st July, 2012, the return filing cycle of six months (April-September, 2012) has been spilt.
