No third time cess payable on DTA clearances from EOU to DTA Posted: 21 Apr 2013 07:50 PM PDT The Larger Bench of the Hon'ble Tribunal has held that no third time cess is payable on clearance from an Export Oriented Unit (EOU) to the Domestic Tariff Area Unit (DTA), which is subject matter of litigation for long now. Issue: Whether third time cess is leviable on clearance from an EOU to...  |
| Same Income cannot be taxed both in the hand of Individual & HUF based on AIR Information Posted: 21 Apr 2013 06:11 AM PDT It is noticed that the ancestral property was received by two brothers and the same was divided by two brothers by entering into an agreement between the two brothers. The assessee sold his share and shown the capital gain in the hands of HUF capacity. Whatever, the interest was received on sale...  |
| Provision for salary based on pay revision decision of Government is allowable Posted: 21 Apr 2013 06:08 AM PDT It is not in dispute that salary and wages accrue daily, weekly, fortnightly or monthly as per the contract of the employment. This is so as services is rendered in praesenti, the liability of the employer to compensate the employees for the services rendered also accrues in praesenti. A perusal of...  |
| Addition U/s. 69B based on mere DVO report without any Supporting evidence is invalid Posted: 21 Apr 2013 06:06 AM PDT The facts are that the assessing officer made an addition of Rs. 2,81,83,000/- under section 69B of the said Act on the basis of a valuation report which he received from the District Valuation Officer (DVO). This was in respect of purchase of a property by the respondent/assessee at 2-B, Goela...  |
| Mere pendency of PIL would not extinguish liability of assessee to pay tax on income received Posted: 21 Apr 2013 06:04 AM PDT The assessee is a dealer in liquor distributing the rectified spirit to various retail vendors on behalf of the Government. By a Government Order dated 12-5-1992, the amount payable to the assessee was enhanced, consequently, the assessee was entitled to a sum of Rs.2,06,33,600/-. In terms of the...  |
| Partnership Firm cannot claim deduction U/s 80IA Posted: 21 Apr 2013 01:08 AM PDT A perusal of the statutory provisions makes it clear that it does not provide a blanket deduction i.e. in order to succeed in a claim of deduction; the concerned assessee has to derive profits and gains from any business referred to in sub-section (4). Further, sub-section (4) prescribes...  |
| Regarding Additional Duties of Excise on Goods of Special Importance, Textiles & Textile Articles Posted: 19 Apr 2013 09:13 PM PDT Notification No. 15/2013-Central Excise, dated the April 18, 2013 G.S.R. 252 (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special...  |
| Excise Exemption to goods cleared against a Post Export EPCG duty credit scrip issued by Regional Authority – Regarding Posted: 19 Apr 2013 09:03 PM PDT In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), read with sub-section (3) of section 3 of the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957) and sub-section (3) of section 3 of the Additional Duties...  |
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