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Archive: 07 September 2007

Posts in 07 September 2007

Notification No. 33/2007-Central Excise (N.T.); dated: 07.09.2007

September 7, 2007 1000 Views 0 comment Print

The principal rules were published in the Gazette of India, Extraordinary vide notification No. 23/2004-Central Excise (N.T.), dated the 10th September, 2004, vide GSR 600 (E), dated the 10th September 2004, and were last amended vide notification No.32/2007-Central Excise (N.T.), dated the 3rd August, 2007, vide G.S.R.534 (E), dated the 3rd August, 2007.

Notification No. 28 (RE-2007)/2004-2009, Dated: 07.09.2007

September 7, 2007 262 Views 0 comment Print

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (No.22 of 1992) read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government hereby makes following amendment in the Paragraph 3 of Notification No.15(RE-2006)/2004-2009 dated 27.06.2006 (as amended).

Circular No. 854/12/2007-Central Excise, Dated: 07.09.2007

September 7, 2007 586 Views 0 comment Print

In exercise of the powers conferred under Rule 31 of the Central Excise Rules, 2002, the Central Board of Excise and Customs, hereby, issues following instructions for the assessees manufacturing Pan Masala, Gutkha and Chewing Tobacco.

Notification No. 27 (RE-2007)/2004-2009, Dated: 07/09/2007

September 7, 2007 1453 Views 0 comment Print

Activity related to all phases prior to “production” such as design, design research, design analysis, design concepts, assembly and testing of prototypes, pilot production schemes, design data, process of transforming design data into a product, configuration design, integration design, layouts.

SEBI : Proof of Identity (POI) and Proof of Address (POA) for opening a Beneficiary Owner (BO) Account for non-body corporates.

September 7, 2007 424 Views 0 comment Print

Subsequently, SEBI vide circular No. MRD/DoP/Cir-08/2007 dated June 25, 2007 has discontinued with the requirement of Unique Identification Number (UIN) under the SEBI (Central Database of market Participants Regulations), 2003 (MAPIN Regulations)/circulars.

BCTT helps Income Tax make dent into cash transactions; CBDT to use prosecution

September 7, 2007 579 Views 0 comment Print

As against 6000 surveys conducted u/s 133A in 2004-05 the Department has closely followed the data coming from all the scheduled banks and zeroed in on potential cases and organised 7400 surveys in 2005-06 and detected undisclosed income to the tune of Rs 2300 Crore. Last fiscal it was only 6200 Surveys but detected Rs 2600 Cr undisclosed income. With the Board putting additional officers at the disposal of CCITs for monitoring BCTT, the monthly mop-up which used to average about Rs 36 Cr in 2005-06 has gone up to Rs 46 Cr last fiscal. In fact, the current fiscal opened the account with a collection of Rs 60 Cr in April. Last year BCTT collections were Rs 535 Crore.

Whether notice to assess gift by a deceased person has to be served on all legal representatives of deceased

September 7, 2007 1097 Views 0 comment Print

In the present case, as is evident from admitted facts, the notice was Under Section 16(1). It is a general notice on the assessee as if she made a gift which had escaped assessment. There is no reference or mention to alleged deemed gift made by her mother Smt. Gurcharan Kaur which the G.T.O. wished to assess.

Employing muscle power to recover vehicle loans cannot be permitted

September 7, 2007 921 Views 0 comment Print

Employing muscle power to recover vehicle loans cannot be permitted in a civilised society where there is effective rule of law – procedure of law may be slow, but that is no excuse for use of force: National Consumer Commission. It is well known that the private banks use muscle power to recover loans. The National Consumer Redressal Commission in a recent order came down heavily on such barbaric methods of collection. What more, the Commission held that even the hire purchase agreement is ab initio void.

Public Notice No. 46 (RE-2007)/2004-2009, Dated: 07.09.2007

September 7, 2007 187 Views 0 comment Print

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Appendix- 3 of Handbook of Procedures.

TDS credit – firm vs partners – If dividend income is assessed in hands of assessee-shareholder ?

September 7, 2007 586 Views 0 comment Print

In the present case, the dividend income is admittedly taxed in the hands of the assessee/ shareholder. Once the dividend income is assessed in the hands of the assessee / share-holder, the proviso to Section 199 of the Act would have no application and consequently denying the credit of TDS to the assessee / shareholder does not arise at all. The first proviso to Section 199 read with Rule 30A apply inter alia, where the dividend income is to be taxed in the hands of a person other than the shareholder. As the case of the assessee falls in the first part of Section 199, the assessee could not be denied credit of TDS.

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