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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).
In exercise of the powers conferred by sub-section (1) of section 642 read with sub-section (1) of 610B of the Companies Act, 1956, the Central Government hereby makes the following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely: –
the Ministry of Earth Sciences is produced in each case by the importer to the jurisdictional Assistant Commissioner or Deputy Commissioner of Customs at the time of importation, to the effect that such goods have been used for or are related to the Indian Antarctic Expedition or the Indian Polar Science Programme.
Export of Basmati rice, as above shall be subject to the additional condition that foreign commission upto 12.5% is to be allowed for computation of MEP and any discount /commission in excess of 12.5% will not be allowed for calculation of MEP (and FOB price will have to be higher to that extent).
The Stock Exchanges are advised to report to SEBI, the action taken in this regard in Section II, item no. 13 of the Monthly/Quarterly Development Report.
he Central Government, for the purpose of making all transactions faster, improving service delivery and making Office of the Registrar paperless, has decided to dispense with the physical submission of documents. The Central Government shall initially collect stamp duty payable on Form No.1, Memorandum of Association, Article of Association, Form No. 5 and Form No. 44
In the Companies (Electronic Filing and Authentication of Documents) Rules, 2006, in rule 3, in sub-rule (1), after the proviso, the following proviso shall be inserted, namely :- “ Provided further that if stamp duty on such documents is paid electronically through Ministry of Corporate Affairs portal www.mca.gov.in, in such case, the company shall not be required to make physical submissition of such documents, in addition to their submission in the electronic form:
Section 32 of the Income Tax Act allows depreciation on both tangible and intangible assets and clause [ii] thereof enumerates the intangible assets on which depreciation is allowable. The assets which are included in the definition of `intangible assets’ given in clause [ii] are know-how, patents, copy rights, trademarks, licenses, franchises etc.,
13. It may be mentioned that provisions of section 145A were inserted by the Finance Act No. 2, 1998 w.e.f. 1-4-1999. It may be mentioned that prior to assessment year 1998-99 the entire provisions relating to method of accounting were contained in sec. 145 only. As per that sec. The income under the head ‘profits and gains of business’ or ‘other sources’
Apart from said business, the assessee invested in shares and treats shares as investment in his books of account. This itself manifests the intention of the assessee as to whether he proposed into dealing in shares or earn dividend and profit out of such investment. The Assessing Officer was guided more because of the total amount involved rather than the actual intention and the way of carrying on share transaction.
