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SECTION 120 OF THE INCOME-TAX ACT, 1961 - INCOME-TAX AUTHORITIES - JURISDICTION OF - COMMISSIONER OF INCOME-TAX (CENTRAL) NOTIFICATION NO. 26/2013 [F.NO.187/18/2012 (ITA.I)], DATED 28-3-2013 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby :- (a) directs that… Read More
SECTION 90 OF THE INCOME-TAX ACT, 1961 - DOUBLE TAXATION AGREEMENT - AGREEMENT FOR AVOIDANCE OF DOUBLE TAXATION AND PREVENTION OF FISCAL EVASION WITH FOREIGN COUNTRIES - UAE - AMENDMENT IN NOTIFICATION NO. GSR 710(E), DATED 18-11-1993 NOTIFICATION NO. 29/2013 [F.NO. 503/5/2004-FTD-II], DATED 12-4-2013 Whereas the annexed Second Protocol amending the Agreement between the Government… Read More
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PARTII, SECTION 3, SUBSECTION(ii)] GOVERNMENTOF INDIA MINISTRYOF FINANCE [DEPARTMENTOF REVENUE] NOTIFICATION New Delhi, 15April 2013 [INCOME TAX] In exercise of the powers conferred by the second proviso to subsection (2) of section 92 C of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby notifies that… Read More
CIRCULAR NO. 04/2013 F.No 275/34/2011-IT(B) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, the 17th April, 2013 Sub: Issuance of certificate for tax deducted at source in Form No. 16 in accordance with the provisions of section 203 of the Income-tax Act, 1961 read with the Rule… Read More
Ratio of the Case: If more than one price is determined by the most appropriate method, the ALP has to be the arithmetical mean of such prices CLR Editorial Notes: The assessee was engaged in providing software development support services by which it developed software upon the instructions of its parent associated enterprise (IKOS Systems Inc).… Read More
CLR Editorial Notes: The assessee in this case, had filed a return declaring a loss of Rs. 16 lakhs in which it had made a wrong claim of depreciation. The Assessing Officer disallowed this claim and levied 100% penalty which was upheld by the CIT(A). When this case was brought before the Tribunal, the assessee… Read More
RBI Clarification on Overseas Direct Investments RBI/2012-13/481 A.P. (DIR Series) Circular No. 100 April 25, 2013 To All Category-I Authorised Dealer Banks Madam / Sir, Overseas Direct Investments Clarification Attention of the Authorised Dealers (AD) is invited to Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004 notified by the Reserve Bank… Read More
The Government has introduced the Mines and Minerals (Development and Regulation) Bill, 2011 in the Lok Sabha on 12.12.2011 which was referred to the Standing Committee on Coal and Steel on 5.1.2012. The Mines and Minerals (Development and Regulation) Bill, 2011 provides for establishment of the National Mining Regulatory Authority for, inter-alia, conducting investigation and… Read More
Special Task Force Constituted in the SFIO to Investigate The Affairs of Certain Chit Fund Companies The Ministry of Corporate Affairs has taken note of the misuse by certain Chit Fund Companies who have raised huge sums of money from the public at large. The State Governments are the appropriate authorities for regulation of such… Read More
Minister of State for Civil Aviation, Shri K. C. Venugopal informed Rajya Sabha today that in accordance with Turn Around Plan (TAP) approved by Government for Air India, some flights, which were not meeting the fuel cost /cash cost of operations, have been withdrawn by the airline. However, commencement and withdrawal of flights by any… Read More
Minister of State for Civil Aviation, Shri K. C. Venugopal informed Rajya Sabha today that Government has approved the Turn Around Plan (TAP) and Financial Restructuring Plan (FRP) of Air India under which there would be equity investment in Air India spread over 10 years. The equity would be brought in by Government against achievement… Read More
Government Approves High Level Air Space Policy Body Minister of State for Civil Aviation, Shri K. C. Venugopal informed Rajya Sabha today that the concept of Flexible Use of Airspace (FUA) for sharing of airspace between civil and military users has been agreed in principle. The Government has accorded approval for constituting a High Level… Read More
CLR Editorial Note: This case is related to an application preferred for condonation of delay of 1226 days in filing a Tax Appeal. The applicant submitted that, to file Tax Appeal before the Court the applicant had to undergo certain administrative procedures. Due to Government administrative mechanism, every work passes and comes back to source point, through a route system, hence… Read More
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