"May, 2009" Archive - Page 10

Power to condone delay beyond 180 days by High Court

Circular No. 888/08/2009-CX (21/05/2009)

I may invite your attention to the Supreme Court’s Larger Bench judgement in the case of Commissioner of Customs & Central Excise Vs. Hongo India Pvt. Ltd. [2009 (236) E.L.T 417 (S.C)] wherein it has been held that the High Court has no power to condone the delay in filing the “reference application” filed by the Commissioner under ...

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“Error 96” cases and their online validation under DEPB Scheme

Policy Circular No. 91 (RE-2008)/2004-2009 (21/05/2009)

In case the DEPB Entry Serial Number is changed by the Regional Authority, thereby reducing or retaining the DEPB rate at the same level as that endorsed in the shipping bill, the matter need not be brought before DEPB Committee, and such DEPBs will be sent with Flag ‘M’ by DGFT Hqrs and accepted by the Customs authorities....

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ICAI started Project Parivartan with the help of Infosys

18th May 2009 My dear Members and Students, The new millennium is upon us and the changes sweeping across the globe are dramatic indeed. ICAI has progressed steadily into the new millennium. I am keen to take ICAI into the next level by adopting the latest Digital Technology to make the entire organization and its […]...

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Posted Under: Excise Duty |

Fraud detection cell of ICAI to be operational by July 2009

ICAI expect its fraud detection cell to come into operation by July 2009, to handle cases like the `Satyam case’, said Uttam Prakash Agarwal, ICAI President. The cell would crack large financial fraud cases and help agencies like Securities and Exchange Board of India and Reserve Bank of India. The cell’s objective would be to...

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Posted Under: Excise Duty |

ICAI President written letter to govt. for Empowerment of visually challenged Chartered Accountants

Ref No. No.1-CA(RepCom) /2009 (20/05/2009)

We are producing below the copy of letter written by ICAI President CA. UTTAM PRAKASH AGARWAL  to Honourable Secretary to the Govt. of India Shri. Shri K.M. Acharya in respect of Empowerment of visually challenged Chartered Accountants. May, 20th 2009  Ref No. No.1-CA(RepCom) /2009 Shri K.M. Acharya, Secretary to the Govt. of Indi...

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ICAI announced again the rules related to transfer of Articles and Timing of Coaching Classes

IMPORTANT ANNOUNCEMENT  (Transfer of Articles – (19-05-2009) The following decisions taken by the Council of the Institute are brought into force immediately for compliance by the Students / Members concerned. It is advised that required compliance be made by the concerned students / members. It may please be noted that non-complia...

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Posted Under: Excise Duty |

PAN requirement for transfer of shares in physical form : SEBI

Notification No. MRD/DoP/ Cir-05/2009 (20/05/2009)

The Securities and Exchange Board of India (SEBI) vide circular ref. no. MRD/DoP/Cir-05/2007 dated April 27, 2007 made PAN the sole identification number for all participants transacting in the securities market, irrespective of the amount of such transaction. ...

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Notification No. 45/2009 – Income Tax Dated 20/5/2009

Notification No. 45/2009 - Income Tax (20/05/2009)

Notification No. 45/2009 - Income Tax It is hereby notified for general information that the organization Fluid Control Research Institute, Palakkad has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with Rules 5C and 5E of the Income-ta...

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CESTAT is correct in allowing benefit of penalty upto 25% of duty amount

Commissioner of Central Excise Commissionerate, Rohtak Vs M/s J.R. Fabrics (P) Ltd. (Punjab & Haryana at Chandigarh)

The argument of the Revenue that the judgement in Dharmendra Textile Processor's case (supra) would apply and penalty equal to the amount of duty of excise assessed by the Assessing Authority is to be paid. We are afraid that such an argument would not be available because judgement in Dharmendra Textile Processor's case (supra) dealt wit...

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Nigerian Cheated Income Tax official

Mumbai: Being an I-T official, Ajaykumar Singh (38)—who rummages through documents to detect tax evasion—should have smelt a rat when he received an SMS saying he had won three lakh pounds in a lottery. However, the Powai resident not only fell for the Nigerian scam but also followed instructions regarding payment towards processing ...

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Posted Under: Excise Duty |