Archive for June, 2009

ICAI given the proposal of for Nomination of Chartered Accountants u/s 14A and 14AA of the Central Excise Act, 1944 for special audit. Copy of letter written by ICAI President CA. UTTAM PRAKASH AGARWAL to The Chairman, Central Board of Excise & Customs is as follows:- No.1-CA(Rep Com) /2009,  Dated: 2nd June, 2009 The Chairman, Central Board of Excise [...] Full Article

Ministry of Corporate  Affairs vide Notification  G.S.R. 257(E) dated 17-04-09 has made the Companies (Central Government s)  General Rules and Forms (Second Amendment) Rules, 2009 and thereby  revised the following forms: Form  19-Declaration of  compliance with the provisions of section 149(i)(a), (b) and (c) of the  Companies Act,1956. The following additions  are made: -        e-mail ID [...] Full Article

Notifications & Circulars :-Circular No.888/8/2009-CX dated 21/5/2009 F.No.276/109/2007-CX.8A New Delhi, the 21st May, 2009. Government of India, Ministry of Finance, Department of Revenue, (Central Board of Excise & Customs) Legal Section Subject : Power to condone delay beyond 180 days by High Court in application/appeals filed under Section 35H and 35G of Central  Excise Act, 1944 – Larger Bench decision of Supreme [...] Full Article

The contention of the assessee regarding allowability of foreseeable loss is accepted in principle, However, the issue is restored to the file of AO for the purpose of quantification and calculation of the said loss in terms of Accounting Standard -7, as the same has not been done. Full Article

The days of spot prices of gold differing from one city to another will soon be over. The launch of the Indian Bullion Market Association, which will represent the Indian bullion trade and industry, will ensure the country now has a uniform price of the yellow metal. The association, jointly promoted by National Spot Exchange [...] Full Article