Fwd: TaxGuru : “Sec 10A benefits cannot be denied on gain from fluctuation in foreign exchange if such gains are linked to exports” plus 17 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Aug 20, 2011 at 9:40 AM
Subject: TaxGuru : "Sec 10A benefits cannot be denied on gain from fluctuation in foreign exchange if such gains are linked to exports" plus 17 more
To: palashbiswaskl@gmail.com

TaxGuru : "Sec 10A benefits cannot be denied on gain from fluctuation in foreign exchange if such gains are linked to exports" plus 17 more

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• Sec 10A benefits cannot be denied on gain from fluctuation in foreign exchange if such gains are linked to exports
• Discount offered against defective materials supplied can not be disallowed
• Whether the activity of transportation of containers falls under the purview of provisions of Sec 194C?
• Running schools by collecting huge amounts of fees with five star facilities cannot be treated as a charitable activity only on the ground that the business carried on by such institutions is the business of education
• Whether when assessee company makes advances in favour of its Director holding 90% stake in the company, such loans are to be treated as deemed dividend in the hands of the company or the Director?
• Board circular which provides that even the indirect expenditure which benefit employees' welfare is covered under FBT is not applicable
• Customs amendment bill in LS to validate notices issued by different officials during the past 25 to 30 years.
• Custom Instruction Regarding Installation of Weigh-Bridges at different ports
• Payment for infringement of patent, being purely compensatory in nature, cannot be disallowed
• Without physical verification, additions cannot be made for discrepancies in the stock register
• Additions u/s 68 cannot be made merely because the affidavits filed by share subscribers were not attested by first class magistrate
• Inauguration of Residential Quarters-cum-guest House by Honorable Finance Minister
• DGFT – Regarding Consolidated Guidelines for import of precious metal by the Nominated Agencies
• Conclave of ICAI Members in Entrepreneurship & Public Services on 22nd September 2011 at 3.30 PM at Hotel Shangri La, New Delhi
• Repo and Reverse Repo Rates Increased by Reserve Bank of India from Time To Time To Contain Inflation
• FM Reviews Economic Situation with RBI Governor and Chairman, Pmeac
• Amends Notification No. 61/1994-Customs (N. T.), dated the 21st November, 1994
• National Manufacturing Policy in Few Weeks, Cabinet Paper Moved Anand Sharma Addresses Export Summit-2011

Sec 10A benefits cannot be denied on gain from fluctuation in foreign exchange if such gains are linked to exports Posted: 19 Aug 2011 12:39 PM PDT Sanyo LSI Technology India Private Ltd Vs DCIT (ITAT Bangalore)- Gain from fluctuation of foreign exchange is directly related with the export activities and should be considered as income derived from export in the year in which the export took... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Discount offered against defective materials supplied can not be disallowed Posted: 19 Aug 2011 12:24 PM PDT Regent Granito India Ltd Vs ACIT (ITAT Ahmedabad) - Disallowance for the discount offered against defective materials supplied can not be sustained- In the present case, the A.O. has merely doubted that the assessee is writing off the amount and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether the activity of transportation of containers falls under the purview of provisions of Sec 194C? Posted: 19 Aug 2011 12:06 PM PDT ITO Vs Yash Container Terminal P Ltd (ITAT Mumbai) - There is no dispute to the fact that the assessee has deducted tax @ 1.12% from the payments made to M/s Laxmichand Dharshi during the financial year 2006-07 u/s 194C of the I T Act being the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Running schools by collecting huge amounts of fees with five star facilities cannot be treated as a charitable activity only on the ground that the business carried on by such institutions is the business of education Posted: 19 Aug 2011 11:55 AM PDT Rajah Sir Annamalai Chettiar Foundation v DIT (ITAT Chennai) -  The principle that the institutions run by the charitable societies may collect fees and service charges does not mean that the institutions can charge fees, etc, at commercial rates... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether when assessee company makes advances in favour of its Director holding 90% stake in the company, such loans are to be treated as deemed dividend in the hands of the company or the Director? Posted: 19 Aug 2011 11:40 AM PDT ACIT Vs. Oxford Softeck Pvt. Ltd. (ITAT Delhi)- If it is supposed that all the conditions are fulfilled but then also the same cannot be added as income in the hands of the payer company as such amount can be added only to the income of a person as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Board circular which provides that even the indirect expenditure which benefit employees' welfare is covered under FBT is not applicable Posted: 19 Aug 2011 11:31 AM PDT Karntaka Power Transmission Corporation Ltd Vs DCIT (ITAT Bangalore) - Whether the expenditure incurred on repair and maintenance of residential quarters of the staff which were owned by the assessee company can be treated as a benefit given to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Customs amendment bill in LS to validate notices issued by different officials during the past 25 to 30 years. Posted: 19 Aug 2011 11:05 AM PDT FM Pranab Mukherjee on Friday moved a bill in the Lok Sabha to amend the Customs Act to validate the showcause notices given by different officials during the past several years. The bill, which seeks to validate notices rendered invalid by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Instruction Regarding Installation of Weigh-Bridges at different ports Posted: 19 Aug 2011 08:12 AM PDT F. No.450/81/2011-Cus.IV Attention is invited to para 5 of the 'Handling of Cargo in Customs Areas Regulations, 2009' which requires certain conditions to be fulfilled by Customs Cargo Service provider (CCSP) for custody and handling of imported or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Payment for infringement of patent, being purely compensatory in nature, cannot be disallowed Posted: 19 Aug 2011 08:04 AM PDT Desiccant Rotors International Pvt. Ltd. Vs. CIT, Delhi (Delhi HC) - Payment made by the assessee on settlement of dispute with a company of USA being neither a fine or a penalty for a proved offence nor an amount of Compensation of an offence but... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Without physical verification, additions cannot be made for discrepancies in the stock register Posted: 19 Aug 2011 07:55 AM PDT Ankur Cm Food Products (Guj) Ltd vs Dy.CIT (ITAT Rajkot)- Ground No.2 of appeal of revenue is in respect of deletion of addition of Rs.7,01,1 19 on account of excess stock of packing material. During the course of survey at factory premises empty... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Additions u/s 68 cannot be made merely because the affidavits filed by share subscribers were not attested by first class magistrate Posted: 19 Aug 2011 07:41 AM PDT ITO Vs Gay Loard Industries Ltd (Ahmedabad ITAT) - Once the existence of the investor is proved, there is no further burden on the assessee to prove whether that person itself has invested the said money or some other person has made investment in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Inauguration of Residential Quarters-cum-guest House by Honorable Finance Minister Posted: 19 Aug 2011 07:33 AM PDT Shri Pranab Mukherjee Hon'bl Finance Minister Govt of India inaugurated the Residential Quarter-cum-Guest House 'Aayakar Abasan' at Siliguri West Bengal on 13.08.2011 in the August presence of Shri M.C.Joshi Chairman CBDT and B.S.Sondhi Chief... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Regarding Consolidated Guidelines for import of precious metal by the Nominated Agencies Posted: 18 Aug 2011 11:30 PM PDT Policy Circular No. 39 (RE-2010)/2009-14 For the Premier Trading Houses and the Star Trading Houses (only for Gems & Jewellery exporters), the Certificate Holder shall be required to request to the concerned Regional Authority (RA) (who had... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Conclave of ICAI Members in Entrepreneurship & Public Services on 22nd September 2011 at 3.30 PM at Hotel Shangri La, New Delhi Posted: 18 Aug 2011 09:46 PM PDT The ICAI is proud to acknowledge various professional achievements which its members in Entrepreneurship or Public Service have achieved during the course of their professional career or otherwise. In order to encourage and enhance their... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Repo and Reverse Repo Rates Increased by Reserve Bank of India from Time To Time To Contain Inflation Posted: 18 Aug 2011 09:46 PM PDT The Reserve Bank of India (RBI) has increased the repo and reverse repo rates from time to time to contain inflation and anchor inflationary expectations. The following table captures the movement in repo and reverse repo rate since April 2010: [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM Reviews Economic Situation with RBI Governor and Chairman, Pmeac Posted: 18 Aug 2011 09:38 PM PDT The Union Finance Minister, Shri. Pranab Mukherjee today reviewed the global economic situation with RBI Governor, Dr. Subba Rao, and the Chairman of the Prime Minister's Economic Advisory Council, Dr.C. Rangarajan. The discussions focused on the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 61/1994-Customs (N. T.), dated the 21st November, 1994 Posted: 18 Aug 2011 09:30 PM PDT Notification No. 58/2011-CUSTOMS (N. T.) In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

National Manufacturing Policy in Few Weeks, Cabinet Paper Moved Anand Sharma Addresses Export Summit-2011 Posted: 18 Aug 2011 09:26 PM PDT The Policy aims to take the share of manufacturing from 16 per cent to 25 percent by 2025. He said that in the coming few years about 100 million young people will enter the job market and emphasis on manufacturing is the critical part of creating... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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