"September, 2008" Archive

Drawing of export samples of basmati rice and PUSA 1121 non Basmati Rice for variety identification purposes- Notification No 39 dated 16.9.2008-Procedure regarding

Policy Circular No. 33 (RE-2008) 2004-09 (30/09/2008)

In cases, where test reports of samples are found at variance with the export declaration, Customs will report the matter to the nearest Zonal Joint DGFT (with copy to DGFT at HQs New Delhi) for necessary action and remedial measures to be taken regarding the defaulting exporter....

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Extension of due date of filing income tax returns for Sikkim

402/92/2006-MC (47 of 2008) (30/09/2008)

The Central Board of Direct Taxes have extended the last date of filing of income tax returns, due by 31st July 2008, to 31st October 2008 in the state of Sikkim in view of the delay in issuing of Instruction No.8/2008in respect of filing of income-tax return by non-Sikkimese residing in that state....

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Circular No. 9/2008-Income Tax Dated 29-9-2008

Circular No. 9/2008-Income Tax (29/09/2008)

Circular No. 9/2008-Income Tax Reference is invited to Circular No. 08/2007, dated 5-12-2007 whereby the rates of deduction of income-tax from the payment of income under the head "Salaries" under section 192 of the Income-tax Act, 1961, during the financial year 2007-08, were intimated....

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Notification No. 42/2008-Central Excise (N.T.); Dated: 29.09.2008

Notification No. 42/2008-Central Excise (N.T.) (29/09/2008)

In exercise of the powers conferred by section 37 of the Central Excise Act, 1944 (1 of 1944) read with clause (b) of sub-rule (2) of rule 12 of the Central Excise Rules, 2002, the Central Government hereby makes the following amendment in the notification of the Government of India, Ministry of Finance (Department of Revenue) No. 17/200...

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Due Date For Filing of Tax Audit Report U/S 44AB Extended To 31st October in the State Of Orrisa

The Central Board of Direct Taxes have extended the last date of filing of income tax returns and obtaining tax audit report under section 44AB of the Income Tax Act, 1961, due by 30th September 2008, to 31st October 2008 in the state of Orissa in view of the disruption caused due to floods in the state....

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Posted Under: DGFT |

Notification No. 41/2008-Central Excise (N.T.); Dated: 29.09.2008

Notification No. 41/2008-Central Excise (N.T.) (29/09/2008)

The principal notification was published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide notification No. 39/2004-Central Excise (N.T.), dated the 25th November, 2004, number G.S.R.768 (E) dated the 25th November, 2004....

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Notification No. 40/2008-Central Excise (N.T.) ;Dated: 29.09.2008

Notification No. 40/2008-Central Excise (N.T.) (29/09/2008)

Provided further that an independent weaver who intends to opt for the procedure specified in rule 8A of the CENVAT Credit Rules, 2002, shall file an application in the form specified in Annexure-IA to the notification No. 35/2001-Central Excise(N.T.), dated 26th June, 2001 (G.S.R. 464 (E), dated the 26th June, 2001) and shall obtain a tw...

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Specifies Form E.R.-7 under Central Excise Rules, 2002

Notification No. 39/2008-Central Excise (N.T.) (29/09/2008)

In exercise of the powers conferred by sub-rule (2A) of rule 12 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby specifies the following Form for the purposes of the said rule, namely....

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Notification No. 38/2008-Central Excise (N.T.); Dated: 29.09.2008

Notification No. 38/2008-Central Excise (N.T.) (29/09/2008)

The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section(i) vide notification No. 4/2002-Central Excise (N.T.), dated the 1st March, 2002, G.S.R. 143 (E), dated the 1st March, 2002, and were last amended by notification No. 23/2008-Central Excise (N.T.), dated the 23rd May 2008, publishe...

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Due Date Not yet Been Extended

At this point of time, we would like to mention that the due date for “Companies and Assessees liable for audit U/s 44AB” is September 30, 2008. [Amended by Finance Act 2008]. So please make sure that you file the returns (if any) before the due date....

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Posted Under: DGFT |

Exchange rate notification for Import of /exported goods w.e.f. 1st October, 2008

Notification No. 111/2008-Customs (N.T.) (26/09/2008)

with effect from 1st October, 2008 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods....

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Authentication of supply invoice by the Central Excise Authorities for Claiming Deemed export benefits-reg

Circular No. 15/2008-customs Duty (26/09/2008)

These instructions may be brought to the notice of the trade / exporters by issuing suitable Trade / Public Notices. Suitable Standing orders/instructions may be issued for the guidance of the field officers. Difficulties faced, if any in the implementation of the Circular may please be brought to the notice of the Board at an early d...

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Issue of installation certificate for the capital goods imported/ procured locally under EPCG scheme-procedure-reg

Circular No. 14/2008-customs Duty (26/09/2008)

These instructions may be brought to the notice of the trade / exporters by issuing suitable Trade / Public Notices. Suitable Standing orders/instructions may be issued for the guidance of the field officers. Difficulties faced, if any in the implementation of the Circular may please be brought to the notice of the Board at an early da...

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Amends notification No.102/2008-Customs Duty (N.T.) dated 26th August, 2008

Notification No. 110/2008-Customs (N.T.) (25/09/2008)

In exercise of powers conferred by Section 14 of Customs Act, 1962 (52 of 1962), the Board hereby makes the following amendments in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 102/2008-Customs(N.T.) dated the 26th August, 2008 [S.O. 2109(E)] namely....

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Public Notice No. 88 (RE-2008)/2004-2009, Dated: 25.09.2008

Public Notice No. 88 (RE-2008)/2004-2009 (25/09/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures....

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Public Notice No. 87 (RE-2008)/2004-2009, Dated: 25.09.2008

Public Notice No. 87 (RE-2008)/2004-2009 (25/09/2008)

Consequently, the above mentioned products/groups destined to specified linked markets only are entitled to benefit under Para 3.10.7 of Foreign Trade Policy (RE-2008)/2004-2009 on exports w.e.f 1.4.2008....

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Notification No. S.O. 2266(E), dated 25/09/2008

Notification No. S.O. 2266(E) (25/09/2008)

Shri Dinesh Verma, CIT(ITA), Central Board of Direct Taxes the entry, Shri Anand Kumar Kedia, Director (TPL-1II), Central Board of Direct Taxes shall be substituted....

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SEBI : Applications Supported by Blocked Amount (ASBA) facility in Rights Issues

SEBI/CFD/DIL/2008/ 25/09 (25/09/2008)

Merchant Bankers, Registrars and Self Certified Syndicate Banks (SCSBs) are advised to provide the ASBA facility in rights issues with suitable modifications to ASBA process specified by SEBI for public issue....

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Notification No. 37/2008- Central Excise (N.T); Dated: 25.09.2008

Notification No. 37/2008-Central Excise (N.T.) (25/09/2008)

In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue No. 6/2007-Central Excise (N.T), published in t...

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Notification No. 36/2008- Central Excise (N.T); Dated: 25.09.2008

Notification No. 36/2008-Central Excise (N.T.) (25/09/2008)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue No. 5/2007-Central Excise (N.T),...

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Notification No. 46 (RE-2008)/2004-2009, Dated: 24.09.2008

Notification No. 46 (RE-2008)/2004-2009 (24/09/2008)

In exercise of powers conferred by Section 5, read alongwith Section 3(2) of the Foreign Trade (Development and Regulation) Act, 1992, also read alongwith paragraph 2.1 of the Foreign Trade Policy, 2004-09, the Central Government hereby amends Schedule – I (Imports) of the ITC (HS) Classifications of Export and Import Items, 2004-09...

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Amends in First Schedule to Customs Tariff Act, 1975

Notification No. 109/2008-Customs (N.T.) (24/09/2008)

The first amendment to the First Schedule to the Customs Tariff Act, 1975 was published in Gazette of India, Extraordinary, vide GSR No. 783-805(E) dated 29.12.2006. and was last amended by notification no. 15/2007-Cus(N.T) published vide GSR No. 102(E) dated 22nd February 2007....

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Notification No. 35/2008-Central Excise (N.T.); dated: 24.09.2008

Notification No. 35/2008-Central Excise (N.T.) (24/09/2008)

The principal rules were published in the Gazette of India, Part II, Section 3, sub-section (i), Extraordinary, vide notification No. 23/2004-Central Excise (N.T.),dated the 10th September,2004,vide number, G.S.R. 600 (E), dated the 10th September 2004, and was last amended by notification No. 39/2007-Central Excise(N.T) dated the 13th N...

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Notification No. 45 (RE-2008)/2004-2009, Dated: 23.09.2008

Notification No. 45 (RE-2008)/2004-2009 (23/09/2008)

Provided that the prohibition shall not be applicable on the import of pathological material and biological products for diagnostic and research purposes from South Asian Association for Regional Cooperation member countries on specific request....

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Notification No. 44 (RE-2008)/2004-2009, Dated: 23.09.2008

Notification No. 44 (RE-2008)/2004-2009 (23/09/2008)

Hotels of one-star and above (including managed hotels) and heritage hotels approved by Department of Tourism (DoT) and other Service providers in tourism sector registered with DoT as well as Clubs having residential facility of minimum 30 rooms shall be entitled to duty credit scrip equivalent to 5% of free foreign exchange earned durin...

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Notification No. 43 (RE-2008)/2004-2009, Dated: 23.09.2008

Notification No. 43 (RE-2008)/2004-2009 (23/09/2008)

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 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government hereby makes the following amendment in Foreign Trade Policy RE2006 and RE2007....

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Amends notification No. 15/2002-Customs Duty (N.T.) dated 7th March, 2002

Notification No. 108/2008-Customs (N.T.) (23/09/2008)

The principal Notification No.15/2002-Customs (N.T.), dated the 7th March, 2002 was published in the Gazette of India vide G.S.R 171 (E), dated the 7th March, 2002 and was last amended by notification No.112/2007-Customs (N.T.), dated the 14th November, 2007 [G.S.R. 710(E), dated the 14th November, 2007]....

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Public Notice No. 86 (RE-2008)/2004-2009, Dated: 23.09.2008

Public Notice No. 86 (RE-2008)/2004-2009 (23/09/2008)

For FX earned during 2007-08, a single consolidated application for Duty Credit Scrip shall be filed with jurisdictional RA in ANF 3B along with documents prescribed therein. For FX earned during current financial year 2008-09, application for Duty Credit Scrip shall be filed on monthly/quarterly/half-yearly/annual basis, at the option of...

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Public Notice No. 85 (RE-2008)/2004-2009, Dated: 23.09.2008

Public Notice No. 85 (RE-2008)/2004-2009 (23/09/2008)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (V2), 2004-2009, as amended from time to time, addition/revision/amendments/corrections at appropriate places as mentioned in ANNEXURE "A” (Page-1) to this Public Notice are made....

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Public Notice No. 84 (RE-2008)/2004-2009, Dated: 23.09.2008

Public Notice No. 84 (RE-2008)/2004-2009 (23/09/2008)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2004-09, the Director General of Foreign Trade hereby makes the following additions in the Handbook of Procedures....

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Sixth Central Pay Commission Recommendations relating to LTC

31011/4/2008-Estt.(A) (23/09/2008)

DoPT's O.M. No. 31011/4/2008-Estt.(A), dated 23rd September, 2008 Consequent upon the acceptance of the recommendations of Sixth Central Pay Commission, it has been decided to make necessary additions/changes in the CCS (LTC) Rules, 1988 as indicated below:-...

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RBI Set Limit for Transaction through Mobile Banking

The Reserve Bank of India has set a limit for maximum transaction per day through mobile phones. A customer can, now, transect Rs 2,500 to a maximum of Rs 5,000 in a day. Customers must have access to a debit or credit card to avail mobile banking. Many Indian leading banks are providing mobile banking in the country. The banks need to in...

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Posted Under: DGFT |

Circular No. 8/ 2008-Income Tax Dated 22-9-2008

Circular No. 8/ 2008-Income Tax (22/09/2008)

Circular No. 8 of 2008-Income Tax The Central Board of Direct Taxes, vide notification S.O. No. 752(E), dated 28-3-2008, inter alia, notified a new return forms for all the assessee for assessment year 2008-09....

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Amends Notification No. 147/94-Customs Duty, dated 13th July, 1994

Notification No. 106/2008-Customs (22/09/2008)

The principal notification was published in the Gazette of India, Extraordinary, Part II, Section3, Sub-section (ii) vide number G.S.R. 576 (E) dated the 13th July, 1994 and was last amended by Notification No.24/2002- Customs, dated the 1st March 2002, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub- section (ii...

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Why US Dollar, after a 5-year fall, started appreciating

From the third quarter of 2008, the dollar, which was sliding against almost all currencies, suddenly found itself on an escalator. Policy mechanics, and not market economics, explains the greenback's rise, says S. GURUMURTHY. ...

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Posted Under: DGFT |

Due Date Extended For Submission of Return of Income from 31st July to 30th September for Assessees of J & K

On consideration of the reports of dislocation of general life caused due to the law and order problem in the State of Jammu & Kashmir, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date for filing of returns of income which were required to be furn...

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Posted Under: DGFT |

Due Date Extended For Submission of Audit Report U/S. 44AB for Assessees of Bihar

(18/09/2008)

On consideration of the reports of disruption caused due to floods in the State of Bihar, the Central Board of Direct Taxes, in exercise of powers conferred under section 119 of the Income Tax Act, 1961, hereby extends the due date of obtaining tax audit report u/s 44AB of the I.T. Act as well as for filing of returns of income required t...

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Posted Under: DGFT |

Notification No. 42 (RE-2008)/2004-2009, Dated: 18.09.2008

Notification No. 42 (RE-2008)/2004-2009 (18/09/2008)

An exporter may apply for credit, at specified percentage of FOB value of exports, made in freely convertible currency. In case of supply by a DTA Unit to a SEZ Unit /SEZ Developer / Co-Developer, an exporter may apply for credit for exports made in freely convertible currency or payment made from foreign currency account of SEZ Unit / SE...

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Notification No. 41 (RE-2008)/2004-09, Dated: 18.09.2008

Notification No. 41 (RE-2008)/2004-09 (18/09/2008)

Importers of the aforementioned items of agglomerated/artificial stones, wishing to avail Transitional Arrangements under Para 1.5 of the Foreign Trade Policy, 2004-09, as amended from time to time, may apply to DGFT Headquarters, New Delhi within two weeks of issue of this Notification, along with details of their respective LCs and cont...

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Public Notice No. 83 (RE-2008)/2004-2009, Dated: 18.09.2008

Public Notice No. 83 (RE-2008)/2004-2009 (18/09/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendments in Handbook of Procedures, Vol. I RE2008....

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Notification No. 105/2008-Customs Duty, dated 18-09-2008

Notification No. 105/2008-Customs (18/09/2008)

For the purposes of this notification, "rate of exchange" applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 ...

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Notification No. 40 (RE-2008)/2004-2009, Dated: 17.09.2008

Notification No. 40 (RE-2008)/2004-2009 (17/09/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes, with immediate effect, the following amendments to Notification No.32 (RE-2...

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Public Notice No. 82 (RE-2008)/2004-2009, Dated: 17.09.2008

Public Notice No. 82 (RE-2008)/2004-2009 (17/09/2008)

PUBLIC NOTICE NO. 82/(RE:2008)/2004-2009 In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, amendments/corrections at appropriate places as mentioned in ANNEXURE A to this Public Notice are made....

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Sec 234A Interest cannot be levied on delayed ROI if SA tax is paid before due date

CIT Vs Pranoy Roy (Supreme Court of India)

Since the tax due had already been paid which was not less than the tax payable on the returned income which was accepted, the question of levy of interest Under Section 234A does not arise....

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Notification No. 39 (RE-2008)/2004-2009, Dated: 16.09.2008

Notification No. 39 (RE-2008)/2004-2009 (16/09/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes amendments to Notification No.93(RE-2007)/2004-2009 dated 1st April, 2008 rea...

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Amends notification No. 36/2001-Customs Duty (N.T.), dated, 3rd August 2001

Notification No. 107/2008-Customs (N.T.) (16/09/2008)

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No.36/2001 - Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 104/2008-Customs (N.T.), dated, the 1st September, 2008 (S.O. 2144 (E) dated 1st September, 2008)...

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Public Notice No. 81 (RE-2008)/2004-2009, Dated: 16.09.2008

Public Notice No. 81 (RE-2008)/2004-2009 (16/09/2008)

The goods for which the claim has been made are meant for utilization / production of goods/services of the EOU/EHTP/STP unit and will be utilized only in our factory and we shall not divert or dispose off the material procured without obtaining prior permission of the concerned Development Commissioner....

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If notice U/s. 143(2) not served before due date then Assessment proceeding are not valid- (ITAT Delhi)

Cebon India vs. ACIT (ITAT Delhi) Where the record did not show that the assessee had been served with a notice under section 143(2) before the due date HELD that the assessment proceedings were not valid as the non-service of the notice was a jurisdictional defect and not merely a procedural defect. Held also that s. 292BB was procedural...

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Posted Under: DGFT |

Power of ITAT to rectify mistakes: Supreme Court

ACIT vs. Saurashtra Kutch SE (Supreme Court)- Where the Tribunal had dismissed the appeal filed by the assessee by holding that it was not entitled to exemption u/s 11 and subsequently, on an application filed by the assessee u/s 254(2), recalled the said order on the ground that it had not considered a judgement of the jurisdictional Hig...

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Posted Under: DGFT |

ITAT Spl Bench on s. 80HHC foreign exchange gain on Exchange Rate difference of Earlier Years

ACIT vs. Prakash I. Shah (i) The exchange rate gain difference pertaining to exports is an integral part of the exports and export turnover and cannot be treated as income from other sources. (ii) However, where such gain relates to exports made in an earlier year, the deduction u/s 80HHC is allowable only in the year in which the export...

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Posted Under: DGFT |

Circular No. 105/08/2008 dated September 16th, 2008

Circular No. 105/08/2008 (16/09/2008)

It has been observed that there has been lack of clarity in the field formations administering service tax as regards the applicability of service tax levy on units located in Special Economic Zones. This lack of clarity has resulted in certain problems especially with respect to service tax administration....

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Public Notice No. 80 (RE-2008)/2004-2009, Dated: 15.09.2008

Public Notice No. 80 (RE-2008)/2004-2009 (15/09/2008)

An indemnity bond by exporter to the effect that he would indemnify Government for financial loss, if any, on account of duty free import entitlement availed / allowed against lost Shipping Bills / BRC....

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Public Notice No. 79 (RE-2008)/2004-2009, Dated: 15.09.2008

Public Notice No. 79 (RE-2008)/2004-2009 (15/09/2008)

In the statement of Standard Input Output Norms (SION) as contained in the Handbook of Procedures (Vol.2), 2004-2009, as amended from time to time, amendments/corrections at appropriate places as mentioned in ANNEXURE "A”to this Public Notice are made....

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Extension of Last Date for Submission of MEF for the Year 2008-09

The last date for submission of application on the website www.meficai. org October, has been extended to 6th 2008 and the last date for receipt of duly signed hard copy of declaration (alongwith the acknowledgement of soft submission of application) at the Institute’s Delhi office has been extended to 16th October, 2008....

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Posted Under: DGFT |

Empanelment for ISA Auditors-ICAI

Due to various initiatives taken by the Committee on Information Technology for providing Professional Opportunities to the ISA Qualified members, we are pleased to inform that Computer Emergency Response Team (CERT-In) has recognised D.I.S.A. (ICA) qualification offered by ICAI for empanelment by CERT-In as IS Auditor....

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Posted Under: DGFT |

Banks Should Display Info regarding interest rates and service charges On Website – RBI

After advising banks to display information regarding interest rates and service charges on the notice board inside their all the branches, now the central bank has asked them to do the same thing on their website. For the purpose, RBI has also issued a format in which the bank should display the information on their websites. ...

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Posted Under: DGFT |

No business profit on conversion of stock into asset – ITAT

ACIT vs. Bright Star Investment (ITAT Mumbai) - Where the assessee had converted stock-in-trade into investments at their book value and later sold them and offered to tax the difference between the indexed book value and the sale proceeds as capital gains and the AO took the view that the difference between the book value and the FMV on ...

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Posted Under: DGFT |

Deduction Under section 80HHC is allowable on Proportionate Basis – SC

Mysodet (P) Ltd vs. CIT (Supreme Court) -Where in respect of the asst. year 1990-91, the assessee claimed deduction under section 80-HHC on traded goods on the proportion that the export turnover bore to the total turnover even though there were no profits from the export activity and the High Court held, relying on IPCA Laboratories vs. ...

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Posted Under: DGFT |

Loss in Legal arising as a result of infraction of the law is not allowable :- Bombay HC

Mahendra D. Jain vs. ITO (Bombay High Court) - Where the assessee is carrying on an illegal activity which is treated as a business, any loss arising in such business as a result of confiscation by the authorities is an allowable loss. However, where the assessee is carrying on a lawful business, any loss arising as a result of infraction...

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Posted Under: DGFT |

SET Satellite – High Court reverses ITAT judgement

23 (23/07/1969)

SET Satellite (Singapore) vs. DDIT (Bombay High Court) - Where the assessee had a ‘Dependent Agency Permanent Establishment’ (‘DAPE’) (“SET India”) in India and it was admitted by the Revenue that the assessee had paid ‘arms length’ remuneration to the said dependent agent but the Tribunal still held (106 ITD 75) that notw...

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No tax on sale of TDR – ITAT Bombay

ITO vs. Lotia Co.op Hsg. Soc. (ITAT Mumbai) - Where the assessee was a co.op society and it and its members entered into a development agreement with a builder pursuant to which Tranferable Development Rights (TDR) entitled to be received under the Development Control Regulations was assigned to the developer for the repairs and redevelop...

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Posted Under: DGFT |

Notification No. G.S.R. 655(E), dated 12/09/2008

Notification No. G.S.R. 655(E) (12/09/2008)

. – In exercise of the powers conferred by sub-section (1) of section 642 read with section 610B of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules to amend the Companies (Central Government's) General Rules and Forms, 1956, namely...

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Half-Yearly Audit Rule Puts Small Broking Companies in a Spot

The decision to make half-yearly internal audits obligatory for stock broking houses spells doom for smaller firms that are already burdened with low-trading turnover, dipping revenues and increased policy levies. According to a section of brokers, half-yearly internal audits will not only be difficult to implement, but also make a dent i...

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Posted Under: DGFT |

Company Disputes May Soon Be Settled Out Of Court

In a bid to check the rise in court cases against corporate houses for company law violations, the government is set to give more powers to its officials to deal with such offenses out of court. The framework proposed in the new company law envisages that company disputes should not be dragged to the court....

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Posted Under: DGFT |

Single Role For SEBI, RBI

The country’s most powerful regulators, SEBI and RBI, may soon be left with fewer responsibilities if the government has its way. The finance ministry is thinking of taking away the regulators’ mandate to develop markets so that their regulatory concerns and caution on new products and markets do not come in the way of developing new ...

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Posted Under: DGFT |

CBDT Issues Instructions For Scrutiny Of FBT Returns

It has been decided that in all the Corporate cases selected for scrutiny as per the guidelines contained in the Action Plan document 2008-09 which have returned income of Rs.5 crore or more and where provisions of FBT apply, assessment order shall also be passed under section 115WE after scrutiny of all such cases....

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Posted Under: DGFT |

Penalty can be imposed even if there is a loss- SC larger bench

CIT vs. Gold Coin Health - The recommendations of the Wanchoo Committee and the CBDT Circular make it clear that the amendment to Expl. 4 to s. 271(1)(c) was to make explicit what was otherwise implicit i.e. that penalty can be imposed even in a case where the assessment results in a loss....

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Posted Under: DGFT |

High Court issues public accountability guidelines to dept.

Ornate Traders vs. ITO (Bombay High Court) Where the department sought condonation of delay of several months in filing appeals in several matters and explained the reasons for the delay in a casual and negligent manner and without giving even the basic details,...

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Posted Under: DGFT |

It is imperative to record reasons and the failure to do so render the order unsustainable

State of H.P. vs. Sardara Singh (Supreme Court) -Where the High Court summarily dismissed an application without giving any reasons HELD that this manner of dealing left a lot to be desired. It was imperative to record reasons and the failure to do so rendered the order unsustainable....

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Posted Under: DGFT |

Public Notice No. 78 (RE-2008)/2004-09, Dated: 10.09.2008

Public Notice No. 78 (RE-2008)/2004-09 (10/09/2008)

Import authorizations for a restricted item if so directed by the competent authority, shall be issued for import through one of the sea ports or air ports orICDs or LCS, as per the option indicated, in writing, by the applicant. Authorization holder shall register the same at the port specified in the authorization and thereafter all imp...

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Public Notice No. 77 (RE-2008)/2004-09, Dated: 10.09.2008

Public Notice No. 77 (RE-2008)/2004-09 (10/09/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09, as amended, the Director General of Foreign Trade hereby makes the following correction in the Public Notice No.27 (RE-2005)/2004-09, dated 14th July, 2005, read with Public Notice No.14 (RE-2006)/2004-09 dated 30th May, 2006 and Public Notice No.91 ...

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Port of registration on authorizations issued for import of restricted items

Policy Circular No. 32 (RE-2008)/2004-2009 (10/09/2008)

The concerned licensing authorities of DGFT shall call back all authorizations for import of rough marble blocks/slabs issued under Policy Circular No.12 dated 27.6.2008 and under Policy Circular No.13 dated 30.6.2008 and indicate the port of registration on these licences, as per the option exercised by the license holder....

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Notification No. 34/2008- Central Excise (N.T); Dated: 10.09.2008

Notification No. 34/2008-Central Excise (N.T.) (10/09/2008)

In exercise of the powers conferred by sub-section (1B) of section 35B of the Central Excise Act, 1944 (1 of 1944), the Central Board of Excise and Customs hereby makes the following further amendments in the notification of the Government of India, Ministry of Finance, Department of Revenue No. 25/2005-Central Excise (N.T), dated the 13...

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Regarding of anti-dumping duty imposed on steel and fibre glass tapes and their parts and components

Notification No. 104/2008-Customs (10/09/2008)

The principal notification No. 147/2003-Customs, dated the 7th October, 2003, was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-section (i) vide number GSR 793(E), dated the 7th October, 2003 and was last amended vide notification No. 50/2008-Customs, dated the 21st April, 2008 and was published in the Gazette...

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No tax on undertaking transfer- ITAT Bombay

Avaya Global Connect vs. ACIT (ITAT Mumbai 'A' Bench)

Avaya Global Connect vs. ACIT (ITAT Mumbai) - Where the assessee transferred its undertaking under a scheme of demerger which provided that neither the assessee nor its shareholders would receive any consideration from the transferee company as the value of the liabilities taken over were more than the value of the assets taken over and t...

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Translation Losses under Production Sharing Contract Care Not Illusory Losses

CIT vs. Enron Oil & Gas (Supreme Court) - Where the Assessee had entered into a production sharing contract with a consortium which was governed by section 42 of the Act and the assessee made contribution at a certain rate to the consortium whereas the expenditure incurred out of the said contribution stood converted on the basis of a dif...

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Posted Under: DGFT |

No power to condone delay in tax matters – High Court

CCE vs. Shruti Colorants (Bombay High Court) - As s. 35-G of the Central Excise Act (and s. 130 of the Customs Act) provides that an appeal to the High Court shall be filed within 180 days of the receipt of the order appealed against and there is no provision for condonation of delay the court has no power to condone delay. ...

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Interest paid on the capital borrowed for the acquisition of an asset cannot be allowed as a revenue expenditure

Commissioner of Income Tax-I, Ludhiana Vs M/s Vardhman Polytex Limited (Punjab & Haryana High Court at Chandigarh)

Even a conjoint reading of Section 36(1)(iii) as existing prior to the proviso thereto and Section 43(1) explanation 8 clearly shows that any interest paid on the capital borrowed for the acquisition of an asset cannot be allowed as a revenue expenditure. The capital might have been borrowed by an assessee for the purpose of business. How...

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Clarification on transfer of inputs to the Notified areas stated in paragraph 4.5 of HBP v.1 under DFIA Scheme

Policy Circular No. 31 (RE-2008)/2004-2009 (08/09/2008)

The matter has been examined and accordingly it is clarified that the restrictions on such transfer is limited to advance authorization and DFIA Scheme issued and operated under Actual User condition. Once transferability is endorsed on the DFIA, transfer of the imported/domestically procured input(s) against such DFIA shall not be cove...

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Fema-Circular on Advance Remittance for Import of Services

RBI/2008-09/158 ,A.P.(DIR Series) Circular No. 15 (08/09/2008)

With a view to liberalizing the procedure further, it has been decided to raise the limit of USD 100,000 for advance remittance for alladmissible current account transactions for import of services without bank guarantee to USD 500,000 or its equivalent. AD Category – I banks may frame their own guidelines to deal with such cases as per...

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Notification No. 38 (RE-2008)/2004-2009, Dated: 05.02.2008

Notification No. 38 (RE-2008)/2004-2009 (05/09/2008)

In exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2004-2009, the Central Government hereby makes amendments to Notification No.37 dated 3rd September, 2008....

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AAR on taxability of Joint Venture in India with a foreign company

Geoconsult ZT GmbH (Authority of Advance Rulings - New Delhi)

The Joint Venture can be treated as an association of persons (A.O.P.) in consonance with section 2(31)(v) read with the Explanation to section 2 of the Act and liable to be assessed as such under the Income-tax Act. All the partners of J.V. have joined in for common purpose on their own volition to produce income which is shared in ce...

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SEBI : Amendments to Equity Listing Agreement

SEBI/CFD/DIL/LA/5/2008/4/09 (04/09/2008)

Publication of financial results: A listed entity opting to submit consolidated financial results in addition to standalone results to the stock exchanges shall publish consolidated financial results only....

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Notification No. 102/2008-Customs Duty, dated 04-09-2008

Notification No. 102/2008-Customs (04/09/2008)

Notification No. 102/2008-Customs For the purposes of this notification, landed value means the assessable value as determined under the Customs Act, 1962 (52 of 1962) and includes all duties of customs except duties levied under sections 3, 3A, 8B, 9 and 9A of the said Customs Tariff Act....

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Notification No. 37 (RE-2008)/2004-2009, Dated: 03.09.2008

Notification No. 37 (RE-2008)/2004-2009 (03/09/2008)

TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART II SECTION 3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION NO. 37 (RE-2008)/2004-2009 NEW DELHI, THE 3rd SEPTEMBER, 2008 S.O.(E) In exercise of the powers conferred by Section 5 read with Section...

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Notification No. 36 (RE-2008)/2004-2009, Dated: 02.09.2008

Notification No. 36 (RE-2008)/2004-2009 (02/09/2008)

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 of the Foreign Trade Policy, 2004-2009 (as amended from time to time), the Central Government hereby makes the following amendment in Foreign Trade Policy....

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Notification No. 31/2008 – Service Tax, dated 02-09-2008

Notification No. 31/2008-Service Tax (02/09/2008)

Notification No. 31/2008-Service Tax In exercise of the powers conferred by section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994, namely :- 1. (1) These rules may be called the Service Tax (Third Amendment) Rules, 2008....

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Notification No. 106/2008-Customs Duty (N.T.), Dated: September 2, 2008

Notification No. 106/2008-Customs (N.T.) (02/09/2008)

In exercise of the powers conferred by sub-rule (1) of Rule 3 of the Customs Tariff (Transitional Product Specific Safeguard Duty) Rules, 2002, and in supersession of notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 16/2007-Customs (N.T.) issued vide G.S.R. No. 103(E) dated the 22nd February, ...

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Notification No. 105/2008-Customs Duty (N.T.), Dated: September 2, 2008

Notification No. 105/2008-Customs (N.T.) (02/09/2008)

In exercise of the powers conferred by sub-rule (1) of Rule 3 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, and in supersession of notification of the Government of India....

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Public Notice No. 76 (RE-2008)/2004-2009, Dated: 02.09.2008

Public Notice No. 76 (RE-2008)/2004-2009 (02/09/2008)

A copy of the MODVAT / CENVAT non-availment Certificate duly counter-signed by Central Excise Authority or a certificate from the Central Excise authorities thatimported inputs have been used for the production of dutiable goods in his factory or in the factory of his supporting manufacturer or ARE 1 or similar document(s) duly authentica...

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Public Notice No. 75 (RE-2008)/2004-09, Dated: 02.09.2008

Public Notice No. 75 (RE-2008)/2004-09 (02/09/2008)

In respect of export product for which Standard Input Output Norms (SION) does not exist, the authorization holder shall submit an application in “Aayaat-Niryaat Form” along with prescribed documents to NC before making the shipment. The applicant shall also furnish Advance Authorisation for Annual Requirement No. and date along with ...

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Public Notice No. 74 (RE-2008)/2004-2009, Dated: 02.09.2008

Public Notice No. 74 (RE-2008)/2004-2009 (02/09/2008)

Consequently exports of cashew and value added products of cashew (covered by ITC HS Codes 080131, 080132 and 20081910) shall be entitled to VKGUY scheme benefits as continuing products and this shall be applicable for exports made during the period 27.4.2005 till 31.3.2007 as well....

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Public Notice No. 73 (RE-2008)/2004-09, Dated: 02.09.2008

Public Notice No. 73 (RE-2008)/2004-09 (02/08/2008)

The regional offices of the Council at Cecil Court, (Mumbai), Madras, Ahmedabad, Kolkata, Tuticorin, Cochin., Coimbatore, Jaipur, Ichalkaranji, Erode and Air Cargo Complex (Mumbai) are herby deleted....

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Public Notice No. 72 (RE-2008)/2004-09, Dated: 02.09.2008

Public Notice No. 72 (RE-2008)/2004-09 (02/09/2008)

In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby makes the following amendment in the Handbook of Procedures (Vol.I) in Appendix 4C....

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Public Notice No. 71 (RE-2008)/2004-09, Dated: 02.09.2008

Public Notice No. 71 (RE-2008)/2004-09 (02/09/2008)

In exercise of power conferred under paragraph 2.4 of the Foreign Trade Policy 2004-09, Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures....

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Notification No.101/2008 – Customs Duty, dated 02-09-2008

Notification No. 101/2008-Customs (02/09/2008)

That the importer produces before the Deputy Commissioner or the Assistant Commissioner of Customs, as the case maybe, within six months from the date of importation of the said goods or within such extended period as the said officer may allow, a certificate from the District Magistrate of the affected area in the State of Bihar that the...

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Notification No. 48/2008-Central Excise; Dated: 2nd September 2008

Notification No. 48/2008-Central Excise (02/09/2008)

that the manufacturer produces before the jurisdictional Deputy Commissioner or the Assistant Commissioner of Central Excise, as the case maybe, within six months from the date of removal of the goods or within such extended period as the said officer may allow, a certificate from the District Magistrate of the affected area in the State ...

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CBDT Expand Definition of Professionals

The Central Board of Direct Taxes (CBDT) expanded the scope of professional services to cover sportspersons, umpires and referees, making them liable for a higher tax deduction at source (TDS) at the rate of 10% against 1-2%. ...

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Posted Under: DGFT |

Amends notification No. 36/2001-Cus. (N.T.), dated, 3rd August 2001

Notification No. 104/2008-Customs (N.T.) (01/09/2008)

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No.36/2001 - Customs (N.T.), dated, the 3rd August, 2001 (S.O.748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 101/2008-Customs (N.T.), dated, the 14th August, 2008 (S.O. 2053 (E) dated 14th August, 2008)....

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