G.S.R. … (E) – In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government hereby makes the following rules further to amend the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Governments of Member States of the Association of Southeast Asian Nations (ASEAN) and the Republic of India] R
S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in t
DGFT Notification No. 07 dated 30th September 2010 the Central Government hereby amends, with immediate effect, Notification No.85 (RE-2007)/2004-2009 dated 17.3.2008 read with Notification No.60 (RE-2008)/2004-09 dated 20th November, 2008, Notification No.33 (RE-2008)/2004-09 dated 19th August, 2008, Notification No.98 (RE-2008)/2004-2009 dated 17.3.2009, Notification No.04/2009-2014 dated 04.09.2009 and Notification No.18/2009-2014 dated 02.12.2009, as amended from time to time.
In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and 2.1 of the Foreign Trade Policy, 2009-14, and also read with Notification No. 26 (RE 2008)/2004-09 dated 22.7.2008 and Notification No. 44/2009-14 dated 21.05.2010, the Central Government hereby makes the following amendments in Notification No. 58/2009-14 dated 17.08.2010.
Following is the Exposure Draft of the Schedule XIV to the Companies Act, 1956, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. This Exposure Draft is in accordance with the IFRS converged Accounting Standards being formulated by the ICAI. The Board invites comments on any aspect of […]
NC Notification No. 73/2010-Income Tax Central Government, in exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project “Navasari Cancer Care Foundation oncology wing”, is being carried out by Navasari Cancer Care Foundation, 5th Floor, Aditya Complex, Near Fuwara Telephone Exchange, Navasari-396 445, as an eligible project or scheme for a further period of three financial years commencing with 2010-11, i.e., 2010-11, 2011-12 and 2012-13.
NC Notification No. 72/2010-Income Tax the Central Government, in exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), hereby specifies the scheme or project “Tribal Schools and Welfare Initiatives at Jharkhand, Tripura and West Bengal”, is being carried out by Vyakti Vikas Kendra India, 19, 39th “A” Cross, 11th Main, IV “T” Block, Jayanagar, Bangalore-560 041, as an eligible project or scheme for a further period of three financial years commencing with 2010-11, i.e., 2010-11, 2011-12 and 2012-13.
The government is considering changes in laws to make multinational audit firms responsible for professional wrongdoings by their Indian affiliates. Currently, domestic laws do not allow regulatory action against the global network of such firms, eve
The assessee, a co-op bank, filed a return for AY 2001-02 showing a loss of Rs. 15.94 crores. As the return was belated, the assessee filed an application u/s 119(2)(b) with the CBDT requesting condonation of delay and for being allowed carry forward of loss. The principal ground on which condonation was sought was that there was a delay in appointment of the statutory auditor by the Registrar and a consequent delay in preparing the s. 44AB tax audit report. The CBDT rejected the application on the ground that the reasons were general in nature and there were no exceptional circumstances beyond the control of the assessee to file the return. It was also stated that the assessee was operating for several years and was aware of its obligation to get the accounts audited and to file the return within the due date. The assessee challenged the rejection of the application. HELD upholding the challenge: (i) The power to appoint statutory auditors is that of the Central Registrar and that was done on 3.9.2001. The Registrar appointed Chartered Accountants to be statutory auditors in place of the Departmental Auditors. This change was made in respect of all societies. Therefore, the assessee cannot be blamed for the delay in carrying out its audit as the same was beyond its control. The contention of the Revenue that the departmental auditors had started the audit in the year 2000 and it was for the assessee to get the audit expedited cannot be accepted. Though the departmental auditors might have started the audit, it appears that pursuant to the said policy decision that was taken, the departmental auditors were replaced by the Chartered Accountants to be the statutory auditors. Therefore, the reason given for delay deserves to be accepted; (ii) It is well settled that in matters of condonation of delay a highly pedantic approach should be eschewed and a justice oriented approach should be adopted and a party should not be made to suffer on account of technicalities.
On 29th September 2010, Prime Minister Dr. Manmohan Singh and UPA Chairperson Smt. Sonia Gandhi will launch the issue of Unique Identification Numbers (Aadhaar) nationally by distributing the first set of numbers among the villagers. This launch will
