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TMI Tax Updates - e-Newsletter
March 10, 2012
Case Laws in this Newsletter:
Income Tax
Customs
Articles
News
Notifications
Circulars / Instructions / Orders
Highlights / Catch Notes
Income Tax
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Section 10(15), item (h) of sub-clause (iv) of the Income-tax Act, 1961 - Exemptions - Interest on bonds/debentures - Notified bonds/debentures of Public Sector Companies - Ntf. No. 13/2012 Dated: March 6, 2012
Customs
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Clarification on imposition of Ban on export of Cotton with immediate effect by DGFT - Cir. No. 07/2012 Dated: March 9, 2012
DGFT
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Notification No.102, dated 05.03.2012 not applicable for cotton consignment for which Let Export Order(LEO) has been issued up to 2400 hrs. on 04.03.2012. - Cir. No. 58 (RE-2010)/2009-14 Dated: March 9, 2012
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DFIA: applicability of provisions contained in paragraph 4.32.2 of HBP v1 regarding declaration of technical characteristics, quality and specifications at the time of exports. - Cir. No. 57 /2009-14 (RE 2011) Dated: March 6, 2012
SEZ
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U/S. 4 of the SEZ Act, 2005 - Set up a sector specific Special Economic Zone for Gems and Jewellery at Village Bhamboriya, Tehsil Sanganer, District Jaipur in the State of Rajasthan; - Mahindra World City (Jaipur) Ltd. - Ntf. No. S.O.354(E), Dated: February 29, 2012
Corporate Law
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Allotment of Director’s Identification Number (DIN) under Companies Act, 1956 - Cir. No. 4/2012 Dated: March 9, 2012
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Role-check for the Digital Signatures (DSCs) belonging to authorized signatories of Banks/FIs - Cir. No. HQ/104/2007 Dated: February 17, 2012
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Constitution of a Committee to formulate a Policy Document on Corporate Governance. - Cir. No. 3/2012 Dated: March 7, 2012
Case Laws:
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Income Tax
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2012 (3) TMI 133
Genuineness of Gifts - Grandfather owner of 34 bighas of land cultivating wheat, paddy - Cash gifts on account of Natural love - Held That:- No evidence to show agriculture land is well irrigated. There is an element of overstating 34 bighas of land. Other relatives of assessee also at village, entire saving from agriculture without produce at no doubt. AO should have summoned the above facts from donour, no such effort made, it would bu suffice to sustain addition of Rs 307562 after giving relief of Rs 4,00,000. Cash Credit - Confirmation letters of creditor were filed - AO: identity not sufficient creditworthiness to be proved - Held That:- creditors are relatives of the assessee and have mentioned their relationship with the assessee in the confirmation letters filed before the AO, the absence of any material to doubt the genuineness of the transaction assessee has discharged its initial onus. Addition of Rs.77,800/- is deleted.
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2012 (3) TMI 132
Transfer Price - International transaction - Additional Evidences - Documents could not be produced before lower authorities - Held That:- In view of Anaikar Trade and Estates (1990 - TMI - 23190 - MADRAS High Court), tribunal can consider additional evidences. Once additional evidence are taken up they have to be considered to decide the matter therefore we remand case back to AO for fresh adjudication in accordance with law, after providing due and reasonable opportunity of being heard to the assessee.
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2012 (3) TMI 131
Validity of Re-assessments Proceedings - Computation of MAT u/s 115JB - Book profit wrongly set-off against brought forward loss - Held That:- AO: himself prepared computation it cannot be said there was no application of mind. In view of Kelvinator of India (2010 - TMI - 35201 - SUPREME COURT OF INDIA), CIT(Appeals) was correct in holding that reopening done was invalid.
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2012 (3) TMI 130
Sale/Purchase of Shares - "Capital Gain" OR "Business Income" - Held That:- When purchases were from assessee own fund merly because it has entered into huge investments in limited number of shares of Indian Companies, does not merit the stand of the authorities in treating the same as income from business. Decided in favour of assessee.
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2012 (3) TMI 129
Registration as Trust - Land leased from Trustee CIT rejected registration - Held That:- Assessee running school with 900 student no finding could be brought to show leased land is for benefit of Trustee. Order of CIT quashed and assessee eligible for registration.
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2012 (3) TMI 128
Maintainability of Appeals - Taxes due on returned income were not paid - Held That:- Taxes due were actually paid by the assessee before the hearing of the appeals by the Commissioner of Income-tax (Appeals) and that, therefore, the same be considered as sufficient compliance with the provisions of section 249(4) of the Act.
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2012 (3) TMI 127
Conditions for Invoking order by Commissioner under Sec 263 - AO enquired for allowability of deduction u/s 80HHF in respect of interest income treated as business income and non-exclusion of expenses incurred in foreign currency under Explanation (c) and (j) below to Section 80HHF - Assessee gave detailed Explanation by writing letter - Held That:- AO on being satisfied allowed claim of assesee. The order of the AO could not be considered to be “erroneous” simply because two views are possible and the AO has taken as one view with which the ld. CIT does not agree, which cannot be treated as erroneous and prejudicial to the interests of the Revenue unless the view taken by the AO is found to be unsustainable in law.
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2012 (3) TMI 126
Review of Order passed by Tribunal - Application for rectification - Period of limitation - The appeals of the assessee were dismissed by the Tribunal vide impugned order as barred by limitation because the Tribunal was of the view that the assessee has failed to explain the reasonable cause for filing the appeals late by 670 days and thereby did not inclined to condone the delay. - Held That:- Order under 254(2) can be rectified only in case of mistake apparent from record,Tribunal has no power to review its order passed on merit which amounts to reversal of the order passed after discussing all the facts and statutory provisions in detail. - Miscellaneous Application filed by the assessee dismissed.
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Customs
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2012 (3) TMI 125
Contract of Construction of Roads in India- Notification 21/2002-Cus dated 01.03.2002- availing the exemption the importer should have a contract awarded or as a sub contractor for the construction of roads in India either by the Central Government or the State Government or other agencies mentioned in the notification - Appellant had such a contract at the time of importation- the usage of the equipment in the performance of the contract is mandatory - held that:- Exemption cannot be granted as the Appellant has utilized the equipment for construction of roads elsewhere not as a contractor but as a sub-contractor. But even in those cases, they were not named as a sub-contractor - appellant to make a pre-deposit of 50% of the customs duty within eight weeks
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