Procedure for export of sesame seeds to the European Union countries

[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-II, SECTION-3, SUB SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF COMMERCE AND INDUSTRY DEPARTMENT OF COMMERCE NEW DELHI NOTIFICATION NO. 37/2015-2020, Dated: February 3, 2016   Subject: Procedure for export of sesame seeds to the European Union countries. In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992), as amended, read with Para 1.02 of the Foreign Trade Policy, 2015-20, the Central Government hereby makes the following amendment, with immediate effect, in Schedule 2 of ITC (HS) Classification of Export & Import Items relating to export of sesame seeds to the European Union countries. The new entries at Sl. No. 68A and 68B shall be inserted in Chapter 12 of

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Lease Premium paid to CIDCO is a Capital Expenditure, thus Not Liable to TDS

Case Law citation:-Income Tax Officer (TDS) Vs. M/s Progressive Civil Engineers Private Limited ( ITAT Mumbai);  ITA Nos.2930/Mum/2014; Asstt Year : 2010-11;  Date of Decision 23.10.2015 Revenue raised an appeal against the order of CIT (A) deleting the addition of Rs.35,85,083/- made by the assessing officer. Brief of the case 6 to 8 lines In the Case of Income Tax Officer (TDS) Vs. M/s Progressive Civil Engineers Private Limited,  ITAT Mumbai held that Lease Premium payment made to CIDCO is to acquire capital asset being long term holding rights along with right to construct and therefore it is capital expenditure in nature. Thus, same cannot be treated as rent under the preview of Section 194I of the Income Tax Act, 1961.  Facts of the case CIDCO (M/s City Industrial Development Corporation)

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If there is no loss to revenue then there would be no Disallowance and Rule 8D is not applicable for A.Y. 2007-08

Case Law citation M/s Trident Limited (Formerly Known as Abhishek Industries Limited) vs. The Addl. CIT (ITAT Chandigarh), ITA No.651/Chd/2014, Asstt Year : 2007-08, Date of Decision : 27.10.2015 Addl. CIT Vs. M/s Abhishek Industries Limited ( ITAT Chandigarh), ITA No.756/Chd/2014, Asstt Year : 2007-08, Date of Decision : 27.10.2015 Both cross appeal are raised against the order of CIT(A) – II, Ludhiana dt. 09.06.2014 for the Assessment year 2007-08. ITA No.651/Chd/2014   Brief of the Case In the case of M/s Trident Limited vs. The Addl. CIT, Assessee raised three matters in its appeal and out of three two were sent to back to the file of the assessing officer for revision of evaluation. On Ground No. 1 i.e. objection against the order of CIT (A) for disallowance of

Read More If there is no loss to revenue then there would be no Disallowance and Rule 8D is not applicable for A.Y. 2007-08

Interest Expense would be allowed only if there is nexus between Expense and Income Earned

Case Law citation:-ACIT Vs. Shri JugalKishore K. Agrawal (ITAT Ahmedabad), ITA No. 831/Ahd/2012, Date of Decision 21-10-2015, Asstt Year 2001-02 Revenue raised an appeal against the order of CIT (A) deleting the addition of Rs. 10,38.237/- made by the assessing officer in its order issued u/s 143(3) of the Income Tax Act, 1961 (hereinafter referred as “the Act”).   Brief of the case In the case of ACIT Vs. Shri JugalKishore K. Agrawal, ITAT Ahmedabad on the basis of revenue observation and after going thought the case file, held that if there is no nexus between the interest income earned and interest paid, then interest paid cannot be allowed within preview of section 57(iii). Further, this case is initiated as ex –parte against the assessee due to his absence in

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Municipal value is a bonafide method to determine ALV even if market value of rent is higher

Case Law Citation: M/s NRB Bearing Ltd vs. Addl. Commissioner of Income Tax (ITAT Mumbai), I.T.A. No. 672/Mum/2011, Assessment year: 2007-08, Date of Decision – 30th October 2015.   Brief Facts of the Case: There are various Grounds in this case on which ITAT has discussed in detail. The two important Grounds of Appeals discussed are as follows: 1st Matter – Addition of Rs. 53,48,000/- (after 30% standard deduction on 76,40,000) on account of estimation of annual letting value (herewith “ALV”) while computing the income from house property: The assessee owned two buildings; the flats in the said buildings were rented out. The Assessing Officer (herewith “AO”) accepted the ALV of all the flats except the two mentioned below: Particulars Deposit recd Name of the Tenant Monthly rent recd Date from which

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Subsidy for wind power project being capital receipts neither taxable u/s 41(1) / 50 nor to be deducted in actual cost u/s 43

Citation of the Case: -M/s. UniDeritend Limited vs. ACIT (ITAT Mumbai), ITA No.3473/M/2013, AY 2008-09, Date of Judgment: 26/11/2015   Brief of the Case ITAT Mumbai held In the case of M/s. UniDeritend Limited vs. ACIT that the subsidy being provided to the assessee to encourage the setting up of wind mill to promote generation of energy through non conventional sources, thus, is to be treated as capital receipt. With regard to applicability of the section 41(1) is concerned, it relates to the benefit derived by an assessee in respect of loss, expenditure or trading liability and not in respect of capital receipts. So far as the Explanation 10 to Section 43(1) is concerned, as per the policy of the government, the subsidy is not given automatically on the acquisition of asset or

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Discount adjustment allowed while calculating suppression of sale due to difference in price of menu card and daily stock sheet

Citation of the Case: ACIT vs. Sh. R. Paneerselvam (Individual) (ITAT Chennai), Income Tax (Appeal) Nos. ITA Nos. 1484, 1487- 1489 of 2012 and C.O. Nos. 155, 158-160 of 2012 & others, AY 2003-04, 2004-05, 2005-06, 2006-07 & 2007-08, Date of Judgment: 04/09/2015   Brief of the Case ITAT Chennai held In the case of ACIT vs. Sh. R. Paneerselvam (Individual) that normally, the sale price mentioned in the menu card would be the sale price of the liquor. However, the fact is that the liquor shops are giving discount on the liquor sold to their corporate guests, walk in customers, etc. for various reasons. One of the reasons presumably may be to attract many customers. The menu card or tariff card said to be found during the course of survey operation does not

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