"10 February 2009" Archive

Importability of items where import restrictions have been removed vide Notification No.81 dated 16.1.2009

Policy Circular No. 59 (RE-2008)/2004-2009 10/02/2009

Representations have been received seeking a clarification on clearance of import consignments of items where restrictions have been removed vide Notification No.81 dated 16.1.2009. The consignments in question were said to be imported during the period i.e. 21st November, 2008 and 16th January, 2009, when these items were restricted f...

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Notification No 12/2009-Custom Duty, Dated: 10.02.2009

Notification No 12/2009-Customs 10/02/2009

The principal Notification No.21/2002 Customs, dated 1st March 2002 was published in the Gazette of India, Extraordinary, Part II, Section3, Sub- section (i) vide G.S.R.118 (E) dated the 1st March 2002 and was last amended by notification No11./ 2009-Customs dated the 3rd February 2009 published in the Gazette of India, Extraordinary, Par...

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ICAI panel pulls up auditor in GTB case

The disciplinary committee of the Institute of Chartered Accountants of India (ICAI) has concluded that the chartered accountant who audited and certified the balance sheet of the Global Trust Bank (GTB) for the financial year 2000-01 is guilty of professional misconduct....

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Posted Under: DGFT |

SEBI : Review of Annual Issuers’ charges

MRD/DoP/SE/Dep/Cir-2/2009 10/02/2009

bring the provisions of this circular to the notice of the DPs of the Depositories and the issuers whose securities have been admitted into the depositories and also to disseminate the same on the website....

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There exist no provision in section 56(2)(v) of IT Act to treat loans, which may not be repaid, as income of assessee

Chandrakant H. Shah Vs ITO (ITAT Mumbai)

11. We have considered the submissions made by both the parties, material on record and orders of the authorities below. It is noted that the assessee is an individual and aged about 50 years. The assessee has income from salary and other sources both aggregating to Rs. 2.62 lakhs. It is also noted that the assessee was received salary fr...

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AAR on admissibility of legal expenses claimed by a non-resident company for transfer of its shares held in an Indian listed company

In re Compagnie Financiere Hamon (Authority for Advance Ruling New Delhi)

12. The applicant has given the details of legal proceedings that preceded the transfer of shares starting from the filing of Company Petition No. 19/2007 and 133 of 2007 by the Indian Promoters and by the applicant respectively before the Company Law Board (CLB). These Company Petitions were filed under Section 397 and 398 of the Compani...

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CA Exam Dates Announced

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF INDIA – NEW DELHI ANNOUNCEMENT 6th February, 2009 The Professional Education – II, Professional Competence Course (PCE) and Final Examinations of the Institute will be held from  1st to 15th June, 2009 at the following centres : 1) Centres in India –Agra,Ahmedabad, Ahmednagar, Ajmer, Ak...

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Posted Under: DGFT |

Allowability of deduction under section 10B of IT Act prior to setting off of depreciation allowance

ACIT Vs Jewellery Solutions International Pvt. Ltd. (ITAT Mumbai)

6. Having heard both the parties and having considered their rival contentions, we find that the only dispute before us is as to whether deduction u/s.10B is to be allowed prior to the set off of the depreciation allowance and whether the unabsorbed depreciation of earlier years would form part of the current year's depreciation. It is no...

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Mayawati wins again in ITAT – can gift to a politician be treated as Professional income?

Mayawati wins again in ITAT – can gift to a politician be treated as Professional income? – Gift of Rs 11 Lakhs allowed by AO after proper inquiry and consultation with CIT – Commissioner’ s Review order quashed: ITAT KM Mayawati the beloved Chief Minister is in the habit of getting huge gifts from her […]...

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Posted Under: DGFT |

Promoters continue to pledge shares despite the big risk involved

If the Satyam and Orchid Chemicals and Pharma episodes are any indication, promoters pledging shares can be an extremely sordid affair  and can leave ordinary investors in the lurch. But promoters, unperturbed, continue to pledge a large chunk of their stake with banks and financial institutions. The pledged shares in some cases touch 20...

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Posted Under: DGFT |

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