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.
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. The facility will not be available on products which have been manufactured/ processed in Nepal using imported marble.
The importer shall furnish quarterly returns of the quantity and value of the imports made by him to the Ministry of Finance for the quarters ending 30th June, 30th September, 31st December and 31st March of each financial year, within 30 days of the close of the quarter concerned.
All Stock Exchanges are further advised to communicate to SEBI, status of implementation of the requirements of this circular in their quarterly report for the quarter ended March 31, 2009.
whereby the policy decision of the Government of India regarding foreign investments in infrastructure companies in securities markets, viz. stock exchanges, depositories and clearing corporations was communicated.
Notification No. 81-Income Tax WHEREAS by notification of the Government of India in the Ministry of Finance (Department of Revenue) number S.O. 2370(E) dated 23rd October, 2008, issued under clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government had notified at serial number 21, extension of running old age home and women upliftment campaign by Aashara
