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Archive: 31 August 2009

Posts in 31 August 2009

Public Notice No. 4/2009-14, Dated: 31.08.2009

August 31, 2009 283 Views 0 comment Print

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby makes the following corrections / amendments in HBPv1 (including Appendices and ANFs).

Public Notice No. 3/2009-14, Dated: 31.08.2009

August 31, 2009 250 Views 0 comment Print

However, it is clarified that in case the importer wants to use a specific permission/license for import of a restricted item as well as pay the duty using Duty Credit Scrip, then Duty Credit Scrip shall be allowed to be used only if the item is also importable under the respective paras of Duty Credit Scrip (reference FTP Paras 3.12.6, 3.13.4, 3.16.4, and 3.17.5).

Notification No. 24/2009-Central Excise; Dated: 31.08.2009

August 31, 2009 487 Views 0 comment Print

– The principal notification was published vide number G.S.R. 266(E), dated the 31st March, 2003, and last amended vide notification No. 10/2009-Central Excise, dated the 7th July, 2009, published vide number G.S.R.468(E), dated the 7th July, 2009.

Levy of penalty for declaration of in-genuine gift in revised return u/s. 139(5) of IT Act

August 31, 2009 369 Views 0 comment Print

The undisputed fact is that return filed by the assessee on 31.7.2001 did not contain any information with respect to the amount of gifts received by the assessee in the name of his children. That return was processed under section 143(1) on 1.2.2002 and notice under section 143(2) was also issued on 14.2.2002 and compliance was required to be made on 1.4.2002 which was not made.

Section 260A authorizes the High Court to hear an appeal only when substantial question of law is involved

August 31, 2009 792 Views 0 comment Print

It is settled position of law that appeal is creature of Statute and appeal can be filed only when permitted by Statute and can be filed on the grounds mentioned In the Statute. In terms of section 260-A the High Court gets power to hear and decide an appeal only when a substantial question of law is involved. The section 260-A of the Act of 1961 thus, authorizes the High Court to hear an appeal only when substantial question of law is involved.

AAR on tax rate applicable to a foreign company on LTCG accruing to it on sale of shares in Indian company

August 31, 2009 874 Views 0 comment Print

The applicant is a non-resident Company incorporated in United Kingdom. It is engaged in the business of information technology services. The applicant acquired the shares in Zensar Technologies Limited (for short `Zensar’), an Indian company by making payments in foreign currency between 1963 and 1994, after obtaining RBI’s approval.

Depreciation on transfer of Investment from available for sale (AFS) to held to maturity (HTM) category by banks

August 31, 2009 2857 Views 0 comment Print

Assessee is treating the securities held under the, category ‘held for maturity’ as stock-in-trade. If there is appreciation in the market value as compared to the market value at the opening of the year and such appreciation is also accounted for. It is not claiming depreciation only for the years, when the value has gone down.

Amends Notification No. 36/2001-Customs Duty (N. T.), Dated: 03.08.2001

August 31, 2009 262 Views 0 comment Print

The Principal notification was published in the Gazette of India, Extraordinary, vide Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 (S. O. 748 (E), dated, the 3rd August, 2001) and was last amended vide Notification No. 122/2009-Customs (N.T.), dated, the 13th August, 2009 (S. O. 2123 (E) dated 13th August, 2009).

Notification No. 89/2009 – Customs Duty, Dated: 31.08.2009

August 31, 2009 523 Views 0 comment Print

rate of exchange applicable for the purposes of calculation of anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.

RBI issued circular, relaxing existing norms on Investment Portfolio of Primary Dealers

August 31, 2009 465 Views 0 comment Print

Banks undertaking PD activities departmentally may continue to follow the extant guidelines applicable to the banks in regard to the classification and valuation of the investment portfolio issued by our Department of Banking Operations and Development.

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