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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. 111/2008-Customs(N.T.) dated the 26th September, 2008 [S.O. 2296(E)] namely.
11. We have carefully perused the agreement entered into by the assessee company with the Government of Tamil Nadu vide concession agreement dated 22-12-2000. In this agreement Article 1 deals with the definition of project as defined under:- ” Project” – means the project described in Appendix 1 which the concessionaire is required to design,
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 Handbook of Procedures.
.The issue of applicability of NAV on realisation basis in case of Income/Debt oriented schemes (other than liquid fund schemes) was discussed with AMFI and in the Mutual Fund Advisory Committee.
G.S.R.(E) In exercise of the powers conferred by sub-section (1) of rule 3 of the Central excise Rules, 2002, the Central Board of Excise and Customs hereby appoints the Commissioner of Customs.
undisputedly, the assessing officer has not initiated proceedings under S.14S of the Act, to lax the interest income of Rs.25,83,848 earned on margin money. In fact, the assessing officer has initiated the proceedings under S.148 to bring to tax the reimbursement of income-tax from APTRANSCO. However, during the course of re-assessment proceedings, the assessing officer also noticed that the assessee has earned interest income of Rs.25,83,848 on margin money kept by it for providing bank guarantee in favour of APTRANSCO, in respect of which it has claimed deduction from the total interest income received during the year under consideration.
The Ministry of Corporate Affairs (MCA) has asked the income-tax department to provide all information on tax evasion by listed companies so that it can see whether these firms have violated the provisions of Companies Act as well. “MCA is trying to develop a system that whenever the I-T department finds any such case where there is income-tax evasion or any practice of showing wrong amount in financial statements, the department would inform us also,” a senior ministry official said. He said usually such things involve violation of Companies Act too,
In a crucial judgment on the scope of penalty provisions in tax and other civil liability laws, the Supreme Court has significantly broadened their scope (Union of India v. Dharmendra Textile Processors, CA Nos. 10289 – 10303 of 2003, decided on September 29, 2008, per Pasayat J.). The judgment of the three-judge Bench on a reference from a Division Bench overrules the important decision in Dilip Shroff v. JCIT. The following is an argument that it has done so unsatisfactorily.
Market regulator Securities and Exchange Bureau of India (SEBI) has asked stock brokers and trading members to complete internal auditing on a half yearly basis from chartered accountants, company secretaries or cost and management accountants.
