"11 December 2008" Archive

SEBI : Review of Provisions relating to Close Ended Schemes

SEBI/IMD/CIR No. 12/147132/08 (11/12/2008)

. NAV shall be computed and published on daily basis.It has also been decided that a close ended debt scheme shall invest only in such securities which mature on or before the date of the maturity of the scheme....

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Circular No. 106/9/2008-ST dated the 11th December, 08

Circular No. 106/9/2008-ST (11/12/2008)

Notification No. 41/2007-ST, dated 6/10/2007 allows refund of service tax paid on specified services used for export of goods. The Board has from time to time examined the procedural difficulties arising in implementation of this refund scheme....

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CIT cannot disarray The AAR. An Attempt to belittle the role of this authority in the statutory scheme of adjudication cannot be countenanced

Burmah Castrol Vs. DIT Mumbai (Authority for Advance Rulings)

Burmah Castrol vs. DIT Mumbai The applicant, Burmah Castrol Plc. is a non-resident company incorporated under the laws of England and Wales. The applicant submits that during the financial year 2001-02, as per the directive of SEBI, it acquired 12,77,292 equity shares of Foseco India Limited (hereinafter referred to as “FIL”), an Indi...

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Amounts received towards reimbursement of expenses can, under no circumstances, be regarded as a revenue Receipt and not chargeable to income-tax

CIT VS. SIEMENS AG (BOMBAY HIGH COURT) If the Tribunal has answered an issue and that has not been challenged by the revenue, it will not be open to the revenue to raise the said issue again in respect of the same assessee; The judgement of the Supreme Court in Ishikawajima-Harima Heavy Industries vs. DIT 288 ITR 408 (SC) has been overcom...

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Posted Under: SEBI |

A Good Tool for MVAT Audit

Have a look at a very small utility to verify the correctness of VAT and CST Registration Numbers under Maharashtra VAT Act, 2002.This small MVAT Registration Numbers validation utility can be used as atool for the VAT Audit to check the VAT and CST Registration Nos of the parties as the utility checks whether the numbers are in the prope...

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Posted Under: SEBI |

Where the income is actually received or has accrued in India, the resort to deeming provision is not warranted

MUSTAQ AHMED VS. DIT (AAR) Where the income is actually received or has accrued in India, the resort to deeming provision is not warranted and s. 5(2) is sufficient to create a charge in respect of non-resident’s income. Clause (b) to Explanation 1 makes no difference to this position. ...

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Posted Under: SEBI |

While Announcing the Measures for Stimulating the Economy, Govt Failed to Do Justice with the Service Providers

It is strange that while reducing peak rate of excise duty from 14% to 10%, central government did not reduce the peak rate of service tax from 12% to 10% or 8%. After the reduction of excise duty with effect from 7-12-2008, now the rate of excise duty on packaged software will be 8% whereas rate of service tax on customized software will...

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Posted Under: SEBI |

Revision of Excise and Customs Duty Rates and Service Tax Refund to Exporters

The three major ad valorem rates of Central Excise duty viz. 14%, 12% and 8% applicable to non-petroleum products have been reduced by 4 percentage points each. The revised rates will be 10%, 8% and 4% respectively....

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Posted Under: SEBI |

Government Announces Measures for Stimulating the Economy

Government has focussed its attention on countering the impact of the global recession on India's economic growth. On the monetary side, the RBI has sought to pump sufficient liquidity into the banking system to enable bank credit to meet the expanded requirements of the economy keeping in mind the contraction in credit from non-bank sour...

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Posted Under: SEBI |

High Court Verdict Strengthens Income Tax Department – CBDT Chairman

The CBDT, Chairman Shri N.B. Singh said that the decision of the Mumbai High Court in favour of the Income Tax Department in the case relating to transfer of securities of Vodafone Essar Limited has strengthened the hands of the Income Tax Department....

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Posted Under: SEBI |

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