"November, 2008" Archive

Government Plans Interest Sops To Ease Home Loans

The proposal will also include providing loans at below market rates to real estate developers. But the loan disbursed under this will come with a number of conditions like an upper ceiling on selling price of flats and individual homes.The government is considering a proposal to make home loans cheaper for consumers through interest subs...

Read More
Posted Under: Finance |

SEZ applications to go online

The Department of Commerce has completed most of the procedures related to setting up special economic zones online to streamline various operations regarding these industrial enclaves.These steps will not only help the developers of the tax-free zones apply through a website but will enable them to track the status of their applications ...

Read More
Posted Under: Finance |

Subodh Kumar Bhargava Vs Commissioner of Income Tax (Delhi High Court)

Subodh Kumar Bhargava Vs Commissioner of Income-Tax (Delhi High Court)

The tribunal was not right in law in its interpretation of the provisions of Section 275(1)(c) and was wrong in holding that the penalty order passed on 17.02.2004 under Section 271B was within the period of limitation prescribed under the Act....

Read More

Notification No. G.S.R. 824(E), dated 28/11/2008

Notification No. G.S.R. 824(E). (28/11/2008)

– 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....

Read More

Notification No. 106/2008-Income Tax Dated 28/11/2008

Notification No. 106/2008-Income Tax (28/11/2008)

Notification No. 106-Income Tax In exercise of the powers conferred by clause (iii) of sub section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendments to the Industrial Park Scheme, 2008, namely :— In the Industrial Park Scheme, 2008, in FORM IPS - I,—...

Read More

Revenue, having accepted the order of the Tribunal in the first round, cannot raise those objections in the second round

Commissioner of Income Tax-II Vs Mantec Consultants (P) Ltd (Delhi High Court)

Although, no claim under Section 10A had been made before the Assessing Officer, the respondent/assessee had made such a claim before the Commissioner of Income-tax (Appeals). The assessee was fully justified in raising the claim under Section 10A of the said Act...

Read More

Notification for Amendment in Notification for Medical Device

Notification No. VAT.1508/CR- 5/Taxation- 1 (27/11/2008)

No. VAT.1508/CR- 5/Taxation- 1 - In exercise of the powers conferred by sub-entry (8) of Entry 107 of schedule C appended to the Maharashtra Value Added Tax Act, 2002 [Mah IX of 2005], the Government of Maharashtra hereby amends the Government Notification, Finance Department, No.VAT-1505/ CR-233/Taxation- 1, dated the 23rd November, 2005...

Read More

Notification about composition Scheme for Drug Retailers

Notification No. VAT.1507/CR- 55/Taxation- 1 (27/11/2008)

In exercise of the powers conferred by sub-section (1) of section 42 of the Maharashtra Value Added Tax Act 2002 [Mah IX of 2005] the Government of Maharashtra hereby amends the Government Notification, Finance Department, No. VAT-1505/CR- 105/Taxation 1 dated the 1st June 2005 as follows namely....

Read More

In Times of Crisis, CAs In Demand Like Never Before

THE financial meltdown is expected to bring new opportunities for chartered accountants as companies will seek better control over their finances. So, if BSchools are a worried lot and preferences are fast changing from finance to consulting, the CAs are in demand like never before. Also, as per the ICAI top brass, while the financial sec...

Read More
Posted Under: Finance |

MCA Forms under Goes – Varies Changes – Pl Note

Following forms going to be revised with effect from 6th Dec. 08:- new version of Form 1AA, 1AD, 2, 3, 5, 8, 10, 15, 17, 19, 20, 20A, 21,22B, 23, 23AA, 23AAA, 23AAB, 23AAC, 23B, 23C, 24, 24A, 24AB, 24B, 25A,25B, 25C, 35A, 36, 37, 39, 44, 49, 52, 61, 62, 63, 64, 65, CAR, DD-B,DD-C, Form PT-II, Form I & Form II will be available on the Port...

Read More
Posted Under: Finance |

Guide to Deposit Insurance and Credit Guarantee Corporation (DICGC)

In the event of a bank failure, DICGC protects bank deposits that are payable in India. The DICGC insures all deposits such as savings, fixed, current, recurring, etc. except the following types of deposits. (i)  Deposits of foreign Governments; (ii) Deposits of Central/State Governments;...

Read More
Posted Under: Finance |

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

Notification No. 130/2008-Customs (N.T.) (25/11/2008)

In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.115/2008-CUSTOMS (N.T.), dated the 29th October, 2008....

Read More

Review of Advance Authorization cases issued under Policy Circular No.9 dated 30.6.2003 for fulfillment of export obligation

Policy Circular No. 42 (RE-2008)/2004-2009 (24/11/2008)

Attention is invited to Policy Circular No.9 dated 30.6.2003 as amended from time to time, wherein import of approved and unapproved drugs under the Advance Licensing Scheme (now renamed Advance Authorization Scheme) has been allowed without Registration procedure, subject to pre-import condition and fulfillment of Export Obligation withi...

Read More

Notification No. 64 (RE-2008)/2004-2009, Dated: 24.11.2008

Notification No. 64 (RE-2008)/2004-2009 (24/11/2008)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with 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....

Read More

Determination Of Quantum Of Deduction Under Section 80-I of Income Tax Act, 1961

Gujarat Ambuja Cements Ltd. v. DCIT - For the purposes of determining the quantum of deduction under section 80-I, the taxable income of the industrial undertaking is to be ascertained as if such undertaking were an independent unit owned by the assessee and the assessee had no other source of income; consequently, the unabsorbed losses/d...

Read More
Posted Under: Finance |

Taxability Of Income From Trusts Under Section 166 of the Income Tax Act, 1961

H.H. Maharaja v. ACIT - September 12, 2008 - Section 166 can be invoked only when the income is received by the assessee; unless and until the trustees exercise the discretion and distribute the income in favour of any of the beneficiaries, i.e. the assessee, such income cannot be said to be received by the assessee; merely on the basis o...

Read More
Posted Under: Finance |

The option to or not to avail the benefit of indexation for the computation of capital gains on the transfer of each of the long term capital asset is with the assessee

Mohanlal N. Shah HUF v ACIT - The option to or not to avail the benefit of indexation for the computation of capital gains on the transfer of each of the long term capital asset is with the assessee as provided in section 48; it is only after computing the capital gains as per section 48, can it be aggregated by setting off the loss under...

Read More
Posted Under: Finance |

Public Notice No. 110 (RE-2008)/2004-2009, Dated: 21.11.2008

Public Notice No. 110 (RE-2008)/2004-2009 (21/11/2008)

Shipments from EDI Ports and Non-EDI Ports cannot be clubbed in one application. Port of registration for EDI enabled ports shall be any one EDI port of exports, as per the choice of the applicant. In case of exports through non-EDI port, the port of registration shall be the relevant non EDI port of exports. Accordingly separate applicat...

Read More

SEBI :Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

MRD/DoP/SE/Cir-32/2008 (21/11/2008)

.At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement....

Read More

Notification No. 63 (RE-2008)/2004-2009, Dated: 21.11.2008

Notification No. 63 (RE-2008)/2004-2009 (21/11/2008)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with 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....

Read More

Anti-dumping duty on import of Compact Fluorescent Lamps (CFL)

Notification No. 126/2008-Customs (21/11/2008)

For the purpose 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. ...

Read More

Amends certain notifications

Notification No. 125/2008-Customs (21/12/2008)

The principal notification No. 91/2006-Customs, dated the 1st September, 2006 was published in the Gazette of India, Part II, Section 3, Sub-Section (i) Extraordihnary vide GSR 529 (E), dated the 1st September, 2006 and was last amended by 116/2007-Customs, dated the 30th November, 2007 was published in the Gazette of India, Part II, Se...

Read More

Amends Notification No.39/1996-Customs, dated 23rd July, 1996

Notification No. 124 /2008-Customs (21/11/2008)

The principal notification No .39/1996-Customs, dated 23rd July, 1996 was published in the Gazette of India, Extraordinary, Part II, Section3, Sub-section (ii) vide number G.S.R. 291(E) dated the 23rd July, 1996 and was last amended by notification No.36/2008- Customs, dated the 17th March, 2008 published in the Gazette of India, Extrao...

Read More

Circular No. 878/16/2008-Central Excise, Dated: 21.11.2008

Circular No. 878/16/2008-Central Excise (21/11/2008)

I am directed to invite your attention to para VI of the Board's Circular No. 834/11/2006-CX dated 05.10.2006 wherein the large taxpayers were requested to opt for e-payment of taxes. The Principal Chief Controller of Accounts, Central Board of Excise & Customs, has reported that e-payment of central excise and service tax has since stab...

Read More

Amends the Customs, Central Excise Duties and Service Tax Drawback Rules, 1995

Notification No. 129/2008-Customs (N.T.) (21/11/2008)

In exercise of the powers conferred by section 75 of the Customs Act, 1962 (52 of 1962), section 37 of the Central Excise Act, 1944 (1 of 1944) and section 93A read with section 94 of the Finance Act, 1994 (32 of 1994), the Central Government hereby makes the following rules further to amend the Customs, Central Excise Duties and Service...

Read More

New form no 704 in excel, word and PDF format along with all the schedules

Dear Friends please find attached herewith format/form required for MVAT Audit in Maharashtra ie. form No. 704 in Excel Format, In Word Format and in PDF format released by the department. Download Form No. 704 along with schedules in Excel Format. Download Form No. 704 along with schedules in PDF Format...

Read More
Posted Under: Finance |

Interconnect charges/port access charges cannot be regarded as fees for technical services

Commissioner of Income Tax Vs Bharti Cellular Ltd (Delhi High Court)

The payment for use of services for MTNL/other companies via the interconnect/port/access/toll by the assessee would not fall within the purview of payments as provided for under section 194J of the Act, so as to be eligible for tax deduction at source....

Read More

Debit of advance authorization/DFIA based on balance CIF value of inputs in freely convertible currency-regarding

Policy Circular No. 41 (RE-2008)/2004-2009 (20/11/2008)

It is clarified that for the purpose of clearance of imported items against the advance authorization/DFIAs, imports would be allowed as per the balance CIF value in freely convertible currency irrespective of the fact as to whether the CIF value of imports had exhausted in the said authorisation in terms of Rupee. This is subject to oth...

Read More

Policy Circular No. 40 (RE-2008)/2004-2009, Dated: 20.11.2008

Policy Circular No. 40 (RE-2008)/2004-2009 (20/11/2008)

It has been decided to add a condition to the EPCG Authorization that pharmaceutical units would instead be required to submit a copy of Drug Manufacturing Licence to the concerned Regional Authority within a period of three years from the date of issue of EPCG Authorization failing which the Bank Guarantee /Legal Undertaking executed/fur...

Read More

Permission for export of edible oil in small consumer packs and proposal to allow export of fish oil-Monitoring of export quantity

Policy Circular No. 39 (RE-2008) 2004-09 (20/11/2008)

To monitor the quantity of edible oil exported in branded consumer packs of upto 5 Kgs and to ensure that the ceiling of 10,000 tons is not exceeded, a weekly report shall be sent to Office of DGFT by Joint Secretary, Customs (Central Board of Excise and Customs) and DGCI&S, Kolkata. The weekly report shall contain the quantity (in Kgs...

Read More

Relaxation of ban for export of non-basmati rice by two 100% EOU units-regarding monitoring of export quantity

Policy Circular No. 38 (RE-2008) 2004-09 (20/11/2008)

Attention is invited to Notification No. 59 dated 18th November, 2008 and No. 38 dated 15th October, 2007, read with Notification No. 93 dated 1st April, 2008, Notification No. 37 dated 3rd September, 2008, Notification No. 38 dated 5th September, 2008, Notification No. 39 dated 16th September, 2008 and Notification No. 55 dated 5th Novem...

Read More

Notification No. 62 (RE-2008)/2004-2009, Dated: 20.11.2008

Notification No. 62 (RE-2008)/2004-2009 (20/11/2008)

The Minimum Export Price mentioned in Para 2, Column 3 of the Notification No.59 (RE-2008)/2004-09 dated the 18th November, 2008 shall be read as ‘US $ 1000’ in place of ‘$ 1000’. This issues in public interest....

Read More

Notification No. 61 (RE-2008)/2004-2009, Dated: 20.11.2008

Notification No. 61 (RE-2008)/2004-2009 (20/11/2008)

Notwithstanding anything contained in Para 2 above, export of cement by M/s IDEB Projects (P) Limited, Bangalore shall be allowed from Tuticorin Port, for a quantity of 41,100 bags of 50 Kg each, to Maldives for construction of Indian-Maldives Friendship Faculty of Hospitality and Tourism Studies Centre, under a bilateral agreement sign...

Read More

Notification No. 60 (RE-2008)/2004-2009, Dated: 20.11.2008

Notification No. 60 (RE-2008)/2004-2009 (20/11/2008)

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 amends, with immediate effect, Notification No.85 (RE-2007)/2004-2009 dated 17.3.2...

Read More

Notification No.123/2008-Customs dated 20th November, 2008

Notification No. 123/2008-Customs (20/11/2008)

Provided that no anti-dumping duty shall be imposed on Homopolymer Acrylic Fibre, falling under Chapter 55 of the First Schedule to the said Customs Tariff Act, containing 100 per cent. Acrylonitrile, when originating in, or exported from, the countries specified in column (2) of the above Table and imported into India, if the price of su...

Read More

I-T Dept Chalks Out Strategy To Keep Tabs On Direct Tax Mop-Up

Tightening its belts, the income tax department has chalked out an intensive strategy on collections in the backdrop of slowing economy. Though, direct tax collections have been buoyant so far, the department is not taking any chances as the deadline for payment of the third installment of advance tax is drawing near.A meeting of senior l...

Read More
Posted Under: Finance |

Hypothetical Tax Paid Abroad Not Income

In what would come as a relief to expat employees coming to India on a posting or Indian employees going abroad, a tax tribunal has ruled that they could exclude the amount deducted as ‘hypothetical tax’ by their employers from their taxable income in the country. The tribunal turned down income-tax authorities contention that this am...

Read More
Posted Under: Finance |

ICAI to Oppose Valuation Professionals Bill

The government’s move to create a separate breed of corporate valuers in the country is set to face stiff resistance from the Institute of Chartered Accountants of India (ICAI), that trains and regulates the professional conduct of chartered accountants.The Institute is expected to tell the government that financial valuation of compani...

Read More
Posted Under: Finance |

SEBI (Prohibition of Insider Trading) (Amendment) Regulations, 2008

Notification No. LAD-NRO/GN/2008/29/44801 (19/11/2008)

In the case of subscription in the primary market (initial public offers), the above mentioned entities shall hold their investments for a minimum period of 30 days. The holding period would commence when the securities are actually allotted....

Read More

Conversion of jumbo rolls of photographic films into small rolls of various sizes is manufacture or not?

M/s India Cine Agencies Vs Commissioner of Income Tax (Supreme Court of India)

India Cine Agencies Vs CIT, Madras Income tax - Sec 32AB benefits - assessee converts jumbo rolls of photographic films into small rolls of various sizes - claims Sec 32AB, Sec 80HH and Sec 80I benefits - AO says it is neither manufacture nor production...

Read More

Service Tax Refund Application Can Now Be Filed Within Six Months from the End of the Relevant Quarter

Notification No. 32/2008-Service Tax (18/11/2008)

NOTIFICATION NO 32/2008-Service Tax - Refund application can now be filed within six months from the end of the relevant quarter during which the said goods have been exported. earlier itwas only sixty days.the amending notification no. 32/2008-ST dated 18-11-2008 is appendedherewith for info....

Read More

Notification No. 59 (RE-2008)/2004-2009, Dated: 18.11.2008

Notification No. 59 (RE-2008)/2004-2009 (18/11/2008)

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 the following amendments to Notification No.93(RE-2007)/2004-2009 dated 1st...

Read More

Further amends Notification No. 21/2002-Customs Duty, dated 1st March, 2002

Notification No. 122/2008-Customs (18/11/2008)

The principal notification No. 21/2002-Customs, dated the 1st March, 2002 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118 (E), dated the 1st March, 2002 and was last amended vide notification No. 120/2008, dated the 4th November, 2008, which was published in the Gazette of I...

Read More

Amendment in Notification No. 115/2008- Customs Duty (N.T.), dated 29th October, 2008 effective from 19th November, 2008

Notification No. 128/2008-Customs (N.T.) (18/11/2008)

n exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Board hereby makes the amendment in the Notification of the Government of India, Ministry of Finance (Department of Revenue) No. 115/2008-CUSTOMS (N. T.), dated the 29th October, 2008 vide number S. O. 2546 (E), dated the 29th October, 2008....

Read More

Notification No. 127/2008 – Customs Duty (N.T.), dated 17-11-2008

Notification No. 127/2008-Customs (N.T.) (17/11/2008)

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. 116/2008-Customs (N.T.), dated, the 31st October, 2008 (S.O. 2577 (E) dated 31st October, 2008)....

Read More

Public Notice No. 109 (RE-2008)/2004-09, Dated: 17.11.2008

Public Notice No. 109 (RE-2008)/2004-09 (17/11/2008)

We undertake to submit a self certified copy of ‘Drug Manufacturing Licence’ in case of export of Pharmaceutical Product(s) within a period of three years from the date of issue of EPCG Authorization failing which the Bank Guarantee /Legal Undertaking executed/furnished at the time of clearance of Capital Goods with Customs authoritie...

Read More

Circular No. 877/15/2008-Central Excise, Dated: 17.11.2008

Circular No. 877/15/2008-Central Excise (17/11/2008)

Representations have been received from trade and industry seeking clarification on the issue whether proportionate credit should be reversed in cases where a manufacturer avails credit of the amount of duty paid by supplier as reflected in the excise invoice, but subsequently the supplier allows some trade discount or reduces the price,...

Read More

DIT, New Delhi Vs KLM Royal Dutch Airlines (Delhi High Court)

Director of Income Tax, New Delhi Vs KLM Royal Dutch Airlines (Delhi High Court)

Income tax - DTAA - Assessee is incorporated in Netherlands - engaged in airlines business of carrying passengers as well as cargo - gets licence from Airport Authority of India for cargo space - enters into a contract with a company to take care of cargo-booking and handling service on commission basis - While making payments to the outs...

Read More

Taxability of Compensation Received By A Banking Undertaking Under Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (SC

PNB Finance Ltd. v. CIT - Where the Banking Undertaking, inter alia, included intangible assets like goodwill, tenancy rights, manpower and value of banking licence, it was not possible to compute capital gains and, therefore, the amount of compensation received by the Banking Undertaking on its transfer was not taxable under section 45 o...

Read More
Posted Under: Finance |

Revenue Cannot Be Inconsistent In Filing Appeals

Commissioner of Income Tax. Central, Kanpur Vs K. Charitable Trust, Kamal Tower, Kanpur (Supreme Court of India)

Whether the revenue can be precluded from filing an appeal even though in respect of some other years involving identical dispute no appeal is filed. merely because in some cases revenue has not preferred an appeal that does not operate as a bar for the revenue to prefer an appeal in another case where there is just cause for doing so or ...

Read More

Public Notice No. 108 (RE-2008)/2004-2009, Dated: 14.11.2008

Public Notice No. 108 (RE-2008)/2004-2009 (14/11/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009 and Paragraph 1.1 of the Handbook of Procedures (Vol. I), the Director General of Foreign Trade hereby makes the following amendments in the Schedule of DEPB Rates notified vide Public Notice No. 102 dated 5.11.2008....

Read More

Notification No. G.S.R. 788 (E), dated 14/11/2008

Notification No. G.S.R. 788 (E) (14/11/2008)

– 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: ...

Read More

Clarification on setting up Duty Free Shops approved by FIPB -reg

Circular No. 19/2008-Customs Duty (14/11/2008)

In this context, the FIPB's approval is only for the purpose of permitting foreign investment and any such approval does not automatically confer a right on the applicant to open a duty free shop at any port. The observance of any conditions stipulated under the Customs Act, 1962 and rules and regulations made thereunder is mandatory. CBE...

Read More

Notification No. 58 (RE-2008)/2004-2009, Dated: 14.11.2008

Notification No. 58 (RE-2008)/2004-2009 (14/12/2008)

Consequently, exports of Cement in all types and forms, and Primary Steel Products as listed in Public Notice No. 130(RE 2007) /2004-09 dated 27.3.2008, as amended from time to time, made with effect from the date of issuance of this Notification shall be eligible for export incentives under Focus Market Scheme....

Read More

If Tribunal Passed An Order In Absence Of Appearance By The Appellant, It Had To Pass The Order On Merits

Rajendra Prasad Borah Vs ITAT and Ors. (gauhati High Court)

This petition under article 226 of the Constitution of India registers a challenge to the order dated August 23, 2007, passed by the learned Income-tax Appellate Tribunal, Guwahati Bench, Guwahati (hereinafter referred to as the Tribunal), dismissing four appeals being...

Read More

Notional Liability On Account Of Change In Exchange Rates Could Not Be Allowed On Notional Basis

CIT Vs Oil and Natural Gas Corpn. Ltd. (Uttaranchal High court)

CIT vs Oil and Natural Gas Corpn. Ltd.- Business loss: Business expenditure - Notional Liability: Loss due to fluctuations in foreign exchange rates The assessee had borrowed funds in foreign exchange for the purpose of capital outlay....

Read More

Notification No. 126/2008-Customs Duty (N.T.), Dated 12/11/2008

Notification No. 126/2008-Customs (N.T.) (12/11/2008)

Inter Container Depot, Tughlakabad, New Delhi, to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on the Commissioner of Customs, Chennai, for the purpose of adjudicating the matters relating to show cause notice pertaining to Mr. S.M. Asif, Publisher/Owner/Controller of M/s Indi...

Read More

Notification No. 125/2008-Customs Duty (N.T.), dated 12-11-2008

Notification No. 125/2008-Customs (N.T.) (12/11/2008)

for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Parth Marketing, J-503, Satyam Status, Opposite Chandan Farm, Jodhpur, Satellite, Ahmedabad and others issued vide, F.No. DRI/AZU/INV-14/2007, dated the 2nd May, 2008 by the Additional Director General, Directorate General of Revenue Intelligence,...

Read More

Notification No. 124/2008-Customs Duty (N.T.), dated 12-11-2008

Notification No. 124/2008-Customs (N.T.) (12/11/2008)

for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s Tini Pharma Limited, A-69, API Estate, Setapalli, Port, Tirupati and others issued vide, F.No. DRI/BZU/F/04/2006, dated the 30th April, 2008, by the Additional Director General, Directorate General of Revenue Intelligence, Mumbai Zonal Unit, Mumb...

Read More

Notification No. 123/2008 – Customs Duty (N.T.), dated 12-11-2008

Notification No. 123/2008-Customs (N.T.) (12/11/2008)

In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Export Promotion), New Customs House, Ballard Estate, Mumbai to act as a common adjudicating authority to exercise ...

Read More

Notification No. 122/2008-Customs Duty (N.T.), dated 12-11-2008

Notification No. 122/2008-Customs (N.T.) (12/11/2008)

appoints the Commissioner of Customs, Nhava Sheva, Mumbai, to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on the Commissioner of Customs, Inter Container Depot, Tughlakabad, New Delhi...

Read More

Notification No. 121/2008 – Customs Duty (N.T.), dated 12-11-2008

Notification No. 121/2008-Customs (N.T.) (12/11/2008)

for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s B.N.Industries, 75/80, Bharat Industrial Estate, Bhimpore, Daman (U.T.) and others issued vide, F.No. DRI/SRU/INV-13/2006, dated the 31st March, 2008, by the Additional Director General, Directorate General of Revenue Intelligence, Ahmedabad Zona...

Read More

Notification No. 120/2008 – Customs Duty (N.T.), dated 12-11-2008

Notification No. 120/2008-Customs (N.T.) (12/11/2008)

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Park Organics Limited, 37/B,Sumatinagar, S.V.Road, Kandivali (W), Mumbai - 67 issued vide, F.No. DRI/BZU/F/04/2005/6690 to 6708, dated the 21st August, 2007, by the Additional Director General, Directorate General of Revenue Intelligence, Mumbai Z...

Read More

Notification No. 119/2008 – Customs Duty (N.T.), dated 12-11-2008

Notification No. 119/2008-Customs (N.T.) (12/11/2008)

for the purpose of adjudicating the matters relating to show cause notice pertaining to M/s Navyuga Engineering Company Limited, 48-9-17, Dwarakanagar, Vishakapatnam issued vide, F.No. DRI/MZU/E/31/2007, dated the 23rd January, 2008 by the Additional Director General, Directorate General of Revenue Intelligence, Mumbai Zonal Unit, Mumbai...

Read More

Rules to amend Customs (Compounding of Offences) Rules, 2005

Notification No. 118/2008-Customs (N.T.) (12/11/2008)

The principal notification No.114/2005-Customs (N.T.), dated the 30th December, 2005, was published in the Gazette of India, Extraordinary, Part II, Section 3, sub-­section (i), vide number G.S.R. 755 (E), dated the 30th December, 2005. (incorporating correction by corrigenda dated 18.11.2008)....

Read More

Amends Notification No.12/97- Customs Duty (N.T.), dated 2nd April, 1997

Notification No. 117/2008-Customs (N.T.) (12/11/2008)

The principal notification No.12/97-CUSTOMS(N.T.), dated the 2nd April, 1997 was published in the Gazette of India, Extraordinary, Part-II, section 3(i) vide number G.S.R. 193(E), dated the 2nd April, 1997 and was last amended by notification No. 88/2008-CUSTOMS (N.T.), dated the 17th July, 2008, published in the Gazette of India, Extrao...

Read More

Notification No. 57 (RE-2008)/2004-2009, Dated: 12.11.2008

Notification No. 57 (RE-2008)/2004-2009 (12/11/2008)

Import permitted freely provided cif value is US$ 50 & above per square metre except, in case of import of the product from Nepal. However, the said exemption shall be applicable only on such imports, which have been processed/ manufactured out of marble mined in Nepal....

Read More

What Lower Oil Prices Mean For the World

Oil prices are a barometer of the world economy. Rising prices between 2003 and 2007 reflected the best global economic growth in a generation. This high economic growth was brought to an end not only by underpricing of risk, excess liquidity and over-confidence but also by an increasingly unsustainable commodity boom – of which oil was...

Read More
Posted Under: Finance |

Sops Pack Soon For Labour-Intensive Exports

Exporters of traditional items including textiles, gems & jewellery, handicraft and leather — hit hardest by the slowdown in the Western markets — may get access to cheaper credit to tide over the current global meltdown. The commerce department and the finance ministry are discussing an incentive package for identified labour-intensi...

Read More
Posted Under: Finance |

SEBI Eased Takeover Regulation

Sebi has once again attempted to walk the tightrope not by imposing restrictions, but by encouraging buying on bourses by relaxing the Takeover Code to extend creeping acquisition limit beyond 55%, if done on the floor of the stock exchange. With stock markets plummeting and most regulators imposing harsh measures like banning short selli...

Read More
Posted Under: Finance |

Public Notice No. 107 (RE-2008)/2004-2009, Dated: 11.11.2008

Public Notice No. 107 (RE-2008)/2004-2009 (11/11/2008)

A In case of claim under Market Linked Focus Product scheme (Para 3.10.7 of Foreign Trade Policy, 2004-09), kindly fill in the linked market for each shipping bill....

Read More

7 Great Lessons to Learn From a Market Downturn

You can never really understand investing until you weather a market downturn. The valuable lessons learned can help you through the bad times and can be applied to your portfolio when the economy recovers. Listed below are some common investor experiences during tough economic times and the lessons each investor can come away with after ...

Read More
Posted Under: Finance |

Instructions Regarding Large Taxpayer Unit by CBEC

Circular No. 878/16/2008-Central Excise (21/11/2008)

Circular No. 878/16 /2008-CX, As e-payment facility has been provided for payment of central excise duty and service tax, large taxpayers shall pay the central excise and service tax dues electronically only, through internet banking. However, in case of difficulties in e-payment, a large taxpayer is permitted to pay the duty through ban...

Read More

Food Coupons, Prepaid Cards May Come Under RBI Glare

MEAL vouchers and prepaid cards have come under the regulatory scanner. In an attempt to check possible moneylaundering, Reserve Bank of India (RBI) has proposed that only banks and finance companies be allowed to issue prepaid cards which are accepted outside a closed group. This means that issuers who are neither banks nor finance compa...

Read More
Posted Under: Finance |

Unique Ids to Deliver Goods from Dec ’09

The government is planning to issue a unique identification (ID) to every citizen from December 2009, which would help it in better governance, including targeting kerosene, cooking gas, food, fertiliser, education and electricity subsidies. The task of creating the database may soon be entrusted to the proposed agency — UID Authority o...

Read More
Posted Under: Finance |

Mandatory IPO Rating To Stay For Now

PMAC had examined the issue at its meeting last week following criticism from several quarters. “The general view was to let the grading continue for some more time. Though, globally such a condition was not applicable in any market, it was felt, any experience on this count would benefit other regulators as well,” said a person assoc...

Read More
Posted Under: Finance |

Computation of Value under Section 14 for Levy of Export Duty

circular No. 18/2008-Customs Duty (10/10/2008)

Any difficulties which are anticipated in the implementation of the change in computation of export duty from 1st January, 2009 may be brought to the notice of the Board by 20th November, 2008 positively....

Read More

Swift Action Now Can Bring Opportunities

These are uncertain times. The subprime mortgage crisis weighs heavily on the financial markets and it is starting to cause considerable collateral damage to the wider economy. The outlook for 2009 is bleak, and the major economies in the US and Europe can expect deep and prolonged recessions. Some asset managers have felt the full force ...

Read More
Posted Under: Finance |

Interesting From Money and Markets

Despite the global euphoria that greeted Barack Obama's landslide victory on Tuesday, U.S. stocks posted their greatest post-election decline in history — evidence that investors are now beginning to realize what we've been saying all along: All the king's horses and all the king's men can't put the economy together again...

Read More
Posted Under: Finance |

ACIT Vs. Ashima Syntex Ltd. (ITAT Ahemdabad)

Assistant Commissioner of Income-tax Ahmedabad Vs Ashima Syntex Ltd. (ITAT Ahmedabad)

Though the taxpayer may have written off the expenditure in its books of account over a period say of five years, it must be allowed in its entirety in the year in which it was incurred, if it is revenue expenditure, and if it is wholly and exclusively incurred for the purposes of business(Para 15)...

Read More

Sharp Rise in Indian Investors' Suicides

The global financial crisis is taking its toll in India’s cities as some despairing investors and stockbrokers seek refuge from their losses and debt in suicide. A wave of financially related deaths over the past month has sparked concerns about the vulnerability of unsophisticated investors and borrowers encouraged by rising markets an...

Read More
Posted Under: Finance |

Investing In Hedge Fund

Hedging means managing risk. A fund manager employs a particular hedging technique in order to mitigate a particular type of risk. For example, a market risk can be hedged against by selling a broad collection of securities short, in equal proportion to one's long exposure or by buying put options on an index. You can hedge against intere...

Read More
Posted Under: Finance |

Public Notice No. 106 (RE-2008)/2004-2009, Dated: 07.11.2008

Public Notice No. 106 (RE-2008)/2004-2009 (07/11/2008)

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-09, the Director General of Foreign Trade hereby includes the following commodities in the existing list of 22 items notified vide Public Notice No. 289 (PN)/ 92-97 dated 10th April, 1995....

Read More

Non-Submission of One Particular Return ST-3 for One Quarter Can Not Be Said Intentional

CCE v. Maha Laxmi Sugar Mills Co. Ltd - non-submission of one particular return ST-3 for only quarter ending December 1997, on the part of the assessee cannot be said to be intentional withholding of the same for the purposes of avoiding the payment of tax, which has been paid by the assessee. It is pertinent to mention here that amount o...

Read More
Posted Under: Finance |

Draft Bank audit empanelment for 2008-09 list hosted

Declaration in respect of MEF 2008-09 not received - As per our records, declaration has not been received from applicants mentioned in the below list. Individual SMS communication has already been sent to all concerned at mobile nos. of the contact person provided in MEF application. In case of non-receipt of the declaration, your MEF ap...

Read More
Posted Under: Finance |

Public Notice No. 105 (RE-2008)/2004-09, Dated: 07.11.2008

Public Notice No. 105 (RE-2008)/2004-09 (07/11/2008)

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....

Read More

Public Notice No. 104 (RE-2008)/2004-2009, Dated: 07.11.2008

Public Notice No. 104 (RE-2008)/2004-2009 (07/11/2008)

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....

Read More

Public Notice No. 103 (RE-2008)/2004-2009, Dated: 07.11.2008

Public Notice No. 103 (RE-2008)/2004-2009 (07/11/2008)

It is clarified that exports made during the ban period under the transitional arrangements in terms of Para 1.5 of FTP may not be allowed the benefits of VKGUY Scheme, in view of Para 3.8.2.2 (d) of FTP. In this regard, attention is also invited to Para 4 of Policy Circular No 26 (RE2007) / 2004-09 dated 9.1.2008. Further it is also clar...

Read More

Notification No. 56 (RE-2008)/2004-09, dated: 07.11.2008

Notification No. 56 (RE-2008)/2004-09 (07/11/2008)

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

Read More

Amendment in notification No. 116/2008-Customs Duty, dated 31st October, 2008

Notification No. 121/2008-Customs (07/11/2008)

The principal notification No. 116/2008-Customs, dated the 31st October, 2008 was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 760(E), dated the 31st October, 2008....

Read More

NICHOLAS PIRAMEL (I) LTD. Versus COMMISSIONER OF CENTRAL EXCISE (CESTAT MUMBAI)

Nicholas Piramel (I) Ltd. Vs Commissioner of Central Excise (CESTAT Mumbai)

NICHOLAS PIRAMEL (I) LTD. Versus COMMISSIONER OF CENTRAL EXCISE, THANE-I- The provisions of Rules 6(3)(b) of the Cenvat Credit Rules, 2002 are not applicable when the amount equivalent of the Cenvat Credit attributable to the common inputs used in, or in relation to, the manufacture of exempted final products has been paid prior to the re...

Read More

Microsoft Providing Free Software to Students

Microsoft is Providing Professional Developer and Designer tools for students at no charge.Microsoft DreamSpark enables students to download Microsoft developer and design tools at no charge.This enables students to unlock there creative potential and set you on the path to academic and career success,by supporting and advancing your lear...

Read More
Posted Under: Finance |

Assumption of Jurisdiction u/s. 147 in Case Of Returned Income

JAGAN LAMPS LTD. v. ITO The accepting of returned income is not an assessment; hence, it will be incorrect to say that the provisions of section 147 cannot be substituted for verification of correctness of entire information contained in the return of income....

Read More
Posted Under: Finance |

Taxability of Income Received By a Resident Cine Artist from Her Performance in Canada

Pooja Bhatt v. DCIT Income derived by the assessee-artist from the exercise of her activity in Canada is taxable only in source country i.e., Canada as per the scheme of taxation contained in the Indo-Canada Treaty; by using the expression "may be taxed in the other State" in Article 18(1) of the said Treaty, the contracting parties permi...

Read More
Posted Under: Finance |

Applicability Of Section 2(22)(e) Of It Act, 1961 Qua Amount Received by an Assessee-Director From His Company

Sunil Sethi v. DCIT- Where there was documentary evidence on record to substantiate the explanation of the assessee that the amount was given for the business purposes of the company, the same could not be considered to be deemed dividend in the hands of the assessee and the provisions of section 2(22)(e) were not applicable....

Read More
Posted Under: Finance |

Exchange Rate Difference Of Exports Made In Earlier Year – Whether Part Of Export Turnover?

ACIT Vs Prakash L. Shah (ITAT Mumbai)

ACIT v. Prakash L. Shah - The exchange rate difference pertaining to the exports made in the earlier year shall be part of the export turnover of the year in which such export is made provided such sale proceeds of the eligible goods are realized in India within the period of six months from the end of the previous year or within such fur...

Read More

SEBI : Time period for utilization of debt limits

Cir No. IMD/FII&C/35/2008 (06/11/2008)

It has now been decided that the time period for utilization of the allocated debt limit shall be 11 working days from the date of the allocation. ...

Read More

SEBI : Issuance of Electronic Contract Notes (ECNs) in Equity Derivatives Segment

SEBI/DNPD/143542/Cir-43/08 (06/11/2008)

Permit signing of the electronic contract note with a digital signature so as to make the modified format of the electronic contract note a valid legal document like the physical contract note....

Read More

Public Notice No. 102 (RE-2008)/2004-2009, Dated: 05.11.2008

Public Notice No. 102 (RE-2008)/2004-2009 (05/11/2005)

Agro products, including processed products thereof, covered under standard Input Output norms and for which either no specific rate exists or the specific rate, if any, is below 5%, packed in consumer packs of 1 Kg or less with such details as the generic or common name of the product packed, list of ingredients (in case of processed agr...

Read More

Search Posts by Date

December 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031