New Foreign Trade Policy 2008-09

Exchange Rate for imported goods is Rs 43.75 Per US Dollar and Rs 64.55 Per EURO-Exchange Rate for export is Rs 43.15 Per US Dollar and Rs 63.45 Per EURO-Customs Non-Tariff Notification No.102-Click on Exchange Rate for details Party is over for Mumbai Customs-22 Customs Officers of Mumbai Airport arrested while partying at Khandala with 11 Bar dancers-Senior Officers decide to take disciplinary action against them for attending the Party without their permission Narayana Moorthy & Shaikh Naimuddin join as new Members of CBDT HC rules settlement expenses paid by the assessee fall within the provision of Section 37 (1) of Income Tax Act- decision to pay PBC settlement expenses for an early exit from PBC's premises falls squarely within the meaning of expression 'commercial expediency' when, seen from the perspective of the assessee's business-AIT-2008-300-HC Freight income earned by the assessee on account of transportation of cargo in the international traffic by ships operated by other enterprises under slot chartering arrangement would be taxable only in the state of residence and consequently, such income would be exempt from taxation under the Indian Income-tax Law-AIT-2008-299-ITAT Special Bench of ITAT rules Interest u/s 234 D is chargeable from assessment year 2004-05 and it could not be charged for earlier years even though regular assessments for these years are framed after 1st June. 2003 or the refund was granted for those years after the said date-AIT-2008-297-ITAT SC rules for a hardship to be `undue' it must be shown that the particular burden to have to observe or perform the requirement is out of proportion to the nature of the requirement itself, and the benefit which the applicant would derive from compliance with it-AIT-2008-298-SC Bombay High Court sets aside ITAT Ruling and holds advertisement revenue received by the SET Satellite (Singapore) Pte Ltd are not taxable in India as long as the DTAA and the Circular No. 23 of 1969 stands-Merely because tax on income was paid for some assessment years would not estop the assesses from contending that its income is not liable to tax-AIT-2008-297-HC-Click on the link below for details Services rendered by Sports Persons, Umpires and Referees, Coaches and Trainers, Team Physicians and Physiotherapists, Event Managers, Commentators,Anchors, and Sports Columnists. in relation to the sports activities subjected to TDS at the rate of 10 per cent as "Professional Services" under Section 194J-Income Tax Notification No. 88 Deemed export benefits are available on supply of goods to Mega Power Projects if power procurement from such projects has been tied up through ICB procedure OR if ICB procedure has been followed by such projects at Engineering and procurement contract (EPC) stage-DGFT Circular No.29 SC rules Agricultural Market Committee is not entitled to exemption under Section 10(20) of the 1961 Act after insertion of the said Explanation vide Finance Act, 2002 w.e.f. 1.4.03-AIT-2008-292-SC SC rules Insofar as the under-valuation on account of advances received but not included in the assessable value is concerned, suffice would it be to say that the point is concluded against the Revenue-AIT-2008-294-SC ITAT rules the amount of Rs 1.15 Crore received by CA Firm as compensation for withdrawing from Deloitte Haskins & Sells Partnership is chargeable to tax as revenue receipt-AIT-2008-288-ITAT HC rules there was no transfer of a right in property as contemplated under Section 2 (47) of Income Tax Act when the agreement for sale dated 24.06.1977 was substituted by the collaboration agreement dated 06.10.1981 and the agreement to sell dated 06.10.1981-There was no interest, much less, any right transferred in the property in favour of SSPL by the assessees -AIT-2008-287-HC Bad News for tax evaders and litigants-Larger Bench of SC overrules Virtual Soft Systems Ltd Ruling and rules penalty for concealment of income under Section 271 (1) (c) of the Income Tax Act can be levied if the returned income is a loss- Explanation 4 to Section 271(1)(c) of Income Tax Act is clarificatory and not substantive-AIT-2008-286-SC-Click on the link below for details SC rules service tax show cause notices issued to availers of service of transport operators invoking section 73 are not maintainable -AIT-2008-285-SC Cost Inflation Index for 2008-09 is 582-Income Tax Notification No.86 Tax paid by the employer in respect of salaries paid to the employees is "salary" under Rule 3, for the purpose of computing the value of perquisites in respect of rent-free accommodation provided to the expatriate employees-AIT-2008-284-ITAT CESTAT was not correct in law in upholding the imposition of 100% penalty on the Assessee in terms of Section 11 AC of the Central Excise Act, 1944-AIT-2008-282-HC The activities of liaison offices are preparatory and auxiliary in character and, therefore, cannot be treated as permanent establishment of the assessee in India-AIT-2008-281-ITAT Customs duty on import from Cambodia and Tanzania lowered-Customs Tariff Notification No.96 Liability to pay 50% of the aggregated customs duty on the goods cleared by 100 % EOU to DTA- SC rules CBEC Circular No. 42 of 1997 cannot take away the effect of Notification No. 2/95-AIT-2008-277-SC HC rules the cash loan being not in excess of Rs.20,000/- from each person, penalty could not be levied under Section 271D of the Income Tax Act-AIT-2008-270-HC No TDS liability on Trust- if its status was that of an individual then, the provisions of Section 194A of the Act could not be applicable-AIT-2008-269-HC