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Archive: October, 2009

Posts in October, 2009

Companies Bill, 2009 will have provisions for Class Action suits which will allow investors to seek compensations from companies

October 30, 2009 940 Views 0 comment Print

The Corporate Affairs Minister, Mr Salman Khurshid, on Wednesday said that the Companies Bill, 2009 will also have provisions for Class Action suits that will allow investors to seek compensations from companies. At a workshop to discuss the Bill, Mr Khurshid said, “Compensation cases in India are a long-drawn-out process, with few success stories. Within the current framework of the company law there is no provision for compensation for shareholders in the event of negligence or fraud being committed by company directors.

Court granted bail to arrested income tax commissioner from Nagpur

October 30, 2009 960 Views 0 comment Print

A special court on Wednesday granted bail to arrested income tax c o m m i s – sioner from N a g p u r, Ajoy Singh, his wife, Mrinalika and two other relatives arrested in Hyderabad. While Singh was released on a bail amount of Rs 5 lakh, the others were released on Rs 1 lakh each.

Johnny and Service Tax Refund Part – II

October 30, 2009 549 Views 0 comment Print

In continuation of previous article, elaborating the difficulties in getting the refund claim under GTA service, we in this article are unveiling the problems existing in the Service tax refund mechanism under Port Services (Section 65[105][zn]). This complete scenario is being elaborated with the means of humorous poems and conversation between Johnny (an assessee) and his father but the main motive is to bring out the problems faced by exporters.

Johnny and Service Tax Refund Part – I

October 30, 2009 711 Views 0 comment Print

With the help of this article an effort has been made to picturise the present situation existing in the refund structure mechanism under Service tax. This state of affair is elaborated with the means of poems and conversation between Johnny (an assessee) and his father.

Circular No. 904/24/2009-Central Excise, Dated: 28.10.2009

October 28, 2009 2242 Views 0 comment Print

The matter has been examined. Excisability of bagasse and similar waste products arising during the course of manufacture has been under dispute for a long period of time. There are number of Tribunal’s judgments that being waste, these are not excisable products. Departmental appeal in respect of excisability of bagasse in one such case i.e Balrampur Chinni Mills Ltd. is reportedly still pending in the Supreme Court.

Exchange Rate notification for Import / Export of goods wef 1st November, 2009

October 28, 2009 457 Views 0 comment Print

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 146/2009-CUSTOMS (N.T.), dated the 25 th September, 2009 vide number S.O. 2460 (E), dated the 25 th September 2009, except as respects things done or omitted to be done before such supersession, the Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1 st November, 2009 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.

Income Tax department Requests MCOCA court not to defreeze accounts of Hitesh Bhagat until they can recover dues

October 28, 2009 681 Views 0 comment Print

Fed up of being made to run around for 15 years, the Income Tax (I-T ) department has been quick to seize an opportunity to extract its dues totalling Rs 114.17 crore from the Bhagats. The department recently filed a plea before the special MCOCA court, requesting it not to defreeze the bank accounts of Hitesh Bhagat who along with his mother Jaya Chheda allegedly plotted his father Matka king Suresh Bhagats murder until it gets a chance to recover its dues.

Notification No. 80/2009 – Income Tax Dated 27/10/2009

October 27, 2009 349 Views 0 comment Print

Notification No. 80/2009 – Income Tax In exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income Tax Act, 1961 (43 of 1961), the Central Government hereby makes the following amendment in the notification of the Government of India, Ministry of Finance, Department of Revenue, number S.O. 3458, dated the 2nd September, 2006, and published in the Gazette of India, Part II, section

Operationalisation of provisions of Para 5.11.2 of Hand Book of Procedure Vol.-1 (2009-14)

October 27, 2009 370 Views 0 comment Print

File No.1/36/218/18/AM-10/Policy-5/EPCG-I Government of India Ministry of Commerce and Industry Directorate General of Foreign Trade Udyog Bhawan, New Delhi (EPCG-I Section)  Policy Circular N0. 13 (RE-2009) 2009-14 Dated 27-10-2009 Subject:- Operationalisation of provisions of Para 5.11.2 of Hand Book of Procedure Vol.-1 (2009-14) Reference is invited to Para 5.11.2 of the Hand Book of Procedure […]

Income Tax (I-T) Department issued fresh notice to realty major DLF

October 27, 2009 342 Views 0 comment Print

The Income Tax (I-T) Department has issued a fresh notice to realty major DLF even as it’s appeal against an additional tax liability imposed on it by the I-T Department is being heard. The demand for additional tax payment first came after the Institute of Chartered Accountants of India (ICAI), which sets auditing standards, revised its accounting norms during 2005-06.

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