Archive for February, 2010

“Advance Authorisation necessitates exports with a minimum value addition of 15%, except for items specified in Appendix 11B of HBP v1 and for items in Gems & Jewellery Sector, for which value addition would be as per paragraph 4A.2.1 of HBP v1.” Full Article

A new Appendix i.e., Appendix 11B related to “Value addition Norms (below 15%) for specific product(s) under Advance Authorisation Scheme” stands added in the Appendices and Aayat Niryat Forms in the HBP, v1, as per the Appendix attached to this Public Notice. Full Article

The CBDT and OECD are jointly holding an International seminar on transfer pricing at Vigyan Bhawan, New Delhi, India from 17th to 19th February 2010. Shri Pranab Mukherjee, Finance Minister of India, will inaugurate the seminar. Shri. S.S. Palanimanickam Minister of state for Finance (Revenue); Shri. Sunil Mitra, Secretary (Revenue); Shri. S.S.N. Moorthy, Chairman CBDT; Mrs. Caroline Silberztein, Head of transfer pricing unit OECD; Full Article

As per section 141 of Negotiable Instruments Act, If the person committing an offence under section 138 of the Negotiable Instruments Act is a company, every person who, at the time the offence was committed, was in charge of and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly Full Article

A high-powered committee of the Institute of Chartered Accountants of India (ICAI) has recommended stringent action against the Indian arm of global audit firm PricewaterhouseCoopers (PwC) for delegating audit work in erstwhile Satyam Computer Services to an affiliate firm Lovelock & Lewes. Full Article

THE CVC had disposed off 468 cases during December 2009 referred to it for advice. The Commission advised initiations of major penalty proceedings against 70 officers. Of these, 20 were from public sector banks, 17 from M/o Railways, 11 from Northern Coalfields Ltd., 4 from Western Coalfields Ltd., 3 from MCD, 2 each from Ministry of Home Affairs and Central Board of Excise and Customs. The remaining 9 cases pertained to different departments of the Government of India a.. Full Article

Calcutta High Court asked film actress Suchitra Sen to deposit Rs five lakh before opening up a hearing of her appeal challenging the income tax (I-T) department directive to pay hefty taxes for her flat in the city’s southern part. This is for the second time Ms Sen moved an appeal against the I-T department for imposing a wealth tax penalty of over Rs 30 lakhs on her property. Full Article

The Union government on Monday indicated it was hopeful of a favourable reply from the US Securities and Exchange Commission to a request for being lenient on scam-hit Satyam Computers, thereby allowing it to remain on the rehabilitation track. Full Article