"21 July 2009" Archive

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

Public Notice No. 191 (RE-2008)/2004-2009 (21/07/2009)

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 an...

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

Public Notice No. 190 (RE-2008)/2004-2009 (21/07/2009)

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)....

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Re-constitution of National Advisory Committee on Accounting Standards

Notification No. S.O. 1800(E) (21/07/2009)

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 lay...

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

MRD/DoP/SE/Cir-07/2009 (21/07/2009)

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....

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SEBI : Amendments to the Equity Listing Agreement

SEBI/CFD/DIL/LA/2/2009/21/7 (21/07/2009)

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....

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

Notification No. G.S.R. 540(E) (21/07/2009)

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...

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

M. P. Ramachandran Vs DCIT (ITAT Mumbai 'E' Bench)

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 ...

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

Microsoft Regional Sales Corpn. Vs ADIT (ITAT Delhi 'E' Bench)

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 ...

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Term Loan waiver availed by the assessee is not assessable income

Accelerated Freez & Drying Co. Ltd. Vs DCIT (ITAT Cochin)

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 d...

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

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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