Taxation Laws (Amendment) Act, 2005 is published.

[(150 Taxman (St.) 12) (280 ITR (St.) 27)]

2. National Tax Tribunal Act, 2005

The National Tax Tribunal Act, 2005 is published.

[(149 Taxman (St.) 83) (280 ITR (St.) 11)]

3. National Tax Tribunal Act, 2005

The National Tax Tribunal Act, 2005 shall come into force on 28th December, 2005.

[Notification No. SO 1826(E) dated 28th December, 2005 (150 Taxman (St) 1) (280 ITR (St) 26)]

4. Imposition of penalty/recovery of taxes in view of amendment to Section 80-HHC

1. In view of the amendment made in Section 80-HHC read with section 28 of the Income-tax Act, 1961 by the Taxation Laws (Amendment) Act, 2005, relating to Duty Entitlement Pass Book Scheme and Duty Replenishment Certificate with retrospective effect, it has been decided that no penalty shall be levied or interest shall be charged in respect of any fresh demand raised consequent to the enactment of Taxation Laws (Amendment) Act, 2005, on account of variation in the returned/assessed income attributable to profits on sale of DEPB credits or DFRC.
    

2. Further, in such cases where assessments have already been completed and, –

(i) interest has been charged, the Chief Commissioner of Income-tax shall waive the interest relating to claim of profit on sale of DEPB credits or DFRC for deduction u/s 80-HHC;

(ii) penalty has been levied, the Chief Commissioner of Income-tax shall waive the penalty relating to claim of profit on sale of DEPB credits or DFRC for deduction u/s 80-HHC; or

(iii) penalty relating to claim of profit on sale of DEPB credits or DFRC for deduction u/s 80-HHC, has been initiated but not levied, the penalty proceedings shall be dropped.

c) Further, it is also directed that such demand shall be recovered over a period of 5 years.

[Circular No. 2/2006, dated 17th January, 2006 (150 Taxman (St.) 27) (280 ITR (St.) 39)]

5. Port – Sections 10(23G) and 80(IA)

Structures at the ports for storage, loading and unloading etc. will be included in the definition of "port" only if the concerned port authority has issued a certificate that the said structures form part of the port for and from the assessment year 2002-03 onwards.

[Circular No. 10/2005, dated 16th December, 2005 (149 Taxman (St.) 82) (280 ITR (St.) 1) (199 CTR (St.) 97)]

6. Effluent Treatment and Conveyance System – Infrastructure facility – Section 80(IA)

Effluent treatment and conveyance system will be treated as an ‘infrastructure facility’ for the purposes of tax benefit under section 80-IA. Under the treatment of effluents and its conveyance system, the effluents emanating from chemical industries are to be conveyed inside the sea through onshore pipeline and before discharging effluent through pipeline, entire load of effluent is to be treated to marine standards. Therefore, it is a part of ‘water treatment system’ and would accordingly, qualify as an infrastructure facility. However, an enterprise carrying on the business of (i) developing or (ii) operating and maintaining or (iii) developing, operating and maintaining such facility shall be eligible to the tax benefit under section 80-IA subject to fulfilment of other conditions laid down therein.

[Circular No. 1/2006, dated 12th January, 2006 (150 Taxman (St.) 23) (280 ITR (St.) 33]

7. Extension of due date for filing of Quarterly Return of Payment of Interest to Residents without Deduction of Tax at Source

The CBDT has extended the due date for filing of quarterly return of Payment of Interest to Residents without Deduction of Tax at Source under section 206A(1) for the quarter ending 30-6-2005 and 30-9-2005 to 31st of January, 2006.

[Order F.No. 385/35/2005-IT(B) dated December 29, 2005 (280 ITR (St) 8) (150 Taxman (St) 1)]