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Archive: 21 July 2009

Posts in 21 July 2009

Live Course on 360 degree Analysis of Input Tax Credit from a Litigation Perspective

July 14, 2024 3036 Views 0 comment Print

Join CA Sachin Jain for a live course on Input Tax Credit from a litigation perspective. Gain practical insights and master ITC complexities. Register now!

Public Notice No. 191 (RE-2008)/2004-2009, Dated: 21.07.2009

July 21, 2009 274 Views 0 comment Print

Indian Rupee Value of the special currency Basket for the purposes of deferred payments contracts entered into under the Deferred Payments Protocol dated the 30th April, 1981 for the period 1.1.81 to 31.12.85 and the Deferred payments protocol dated 23rd December, 1985 for the period 1.1.1986 to 31.12.90 between the Government of India and the former USSR relating to the deliveries of machinery and equipment from the USSR to India on deferred payment terms.

Public Notice No. 190 (RE-2008)/2004-2009, Dated: 21.07.2009

July 21, 2009 175 Views 0 comment Print

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2004-2009, the Director General of Foreign Trade hereby makes the following amendments in Appendix 2 (List of Export Promotion Councils/ Commodity Board) of the Handbook of Procedures (Vol.I).

Re-constitution of National Advisory Committee on Accounting Standards

July 21, 2009 349 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of Section 210A of the Companies Act, 1956 (1 of 1956), the Central Government hereby constitutes an advisory committee to be called the National Advisory Committee on Accounting standards, consisting of the following Members to advise the Central Government on the formulation and laying down of accouting policies and accounting standards for adoption by companies or class of companies under the said Act :—

SEBI : Abolition of no-delivery period for all types of corporate actions.

July 21, 2009 385 Views 0 comment Print

circular is being issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.

SEBI : Amendments to the Equity Listing Agreement

July 21, 2009 256 Views 0 comment Print

The company agrees that it shall not issue shares in any manner which may confer on any person, superior rights as to voting or dividend vis-à-vis the rights on equity shares that are already listed.

Authorising officers in the SFIO for the purpose of filing & conducting prosecution under Companies Act 1956

July 21, 2009 643 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of Section 621 of the Companies Act, 1956 (1 of 1956), the Central Government hereby authorizes Smt. Indrani Sen Chawdhuree, Senior Assistant Director, and Shri Shobhit Gupta, Assistant Director of the Serious Fraud Investigation Office, Ministry of Corporate Affairs, for the purposes of filing and conducting prosecution under the Companies Act, 1956.

Reassessment U/s. 148 cannot be declared invalid, if any reasons taken by AO sustainable

July 21, 2009 2881 Views 0 comment Print

If the notice under section 148 of the Income-tax Act is sustainable on any of the reasons taken by the Assessing Officer, the initiation of reassessment cannot be declared as invalid; there cannot be any initiation of reassessment proceedings on the basis of an item of income or disallowance which has been made in another proceedings of the same assessee for the same year.

Assessing Officer cannot change nature and character of income under section 143(1) of IT Act, 1961

July 21, 2009 2600 Views 0 comment Print

16. On the perusal of the return of income, the statement of total income alongwith notes thereto and form no. 30 claiming refund, filed alongwith the return of income, it is clear that though the assessee had shown total income at Rs. 5,11,68,95,840, the assessee claimed its total tax liability to be Rs. Nil for the reasons given in the notes, and claimed the refund of tax that was deducted at source

Term Loan waiver availed by the assessee is not assessable income

July 21, 2009 811 Views 0 comment Print

19. First we will marshal the facts of the present case. The assessee had availed terms loans from three banks, viz. ICICI Bank Ltd., Standard Chartered Bank Ltd. and Sumitomo Mitsui Banking Corporation (SMBC), Hong Kong. These terms loans were availed by the assessee company for the purpose of acquiring capital assets necessarily to be deployed in the manufacturing system

New Income Tax Rules and Requirement for filing of ITR for A.Y. 2009-10

July 21, 2009 1619 Views 0 comment Print

For the current year, there have been a few changes which have been introduced and need to be kept in mind while filing the returns.The tax department has taken steps to make income tax returns filing easier and simple. In the past few years, there have been many improvements and use of technology by the Income Tax […]

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