"November, 2009" Archive

Amends Notification No. 36/2001-Customs Duty (N. T.), Dated, the 3rd August 2001

Notification No. 176/2009-Customs (N.T.) 30/12/2009

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. 173/2009-Customs (N.T.), dated, the 13th November, 2009 (S. O. 2890 (E) dated 13th November,...

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Establishment of Connectivity with both depositories NSDL and CDSL

Circular No. SEBI/MRD/DoP/SE/Cir-17/2009 30/11/2009

Establishment of Connectivity with both depositories NSDL and CDSL –Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement...

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Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs) – Circular No. – DBOD.No.BL. 63/22.01.009/2009-10

RBI/2009-10/238 DBOD.No.BL. 63/22.01.009/2009-10 30/11/2009

DBOD.No.BL. 63 /22.01.009/2009-10 - Banks are permitted to appoint the following entities as BCs, in addition to the entities presently permitted: (i) Individual kirana/medical /fair price shop owners (ii) Individual Public Call Office (PCO) operators (iii) Agents of Small Savings schemes of Government of India/Insurance Companies (iv) I...

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Process of drawing of wire from wire rods amounts to manufacture of thing or article within meaning of section 80-IC of the IT Act, 1961

J. B. Conductors & Cables Vs ITO (ITAT Chandigarh)

The controversy squarely involves interpretation and, construction of the words "manufacture" and, "production" . The word `manufacture' was not defined under the Act, uptill the insertion of section 2(29BA) by the Finance (No. 2) Act, 2009, w.r.e.f. 1-4-2009, which reads as under:-...

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RBI will ask banks to provide details of their direct and indirect exposure to Dubai

While RBI played down the issue, it emerged that Bank of Baroda (BoB) had an exposure of around $200 million (Rs 928 crore at Friday’s rates) to Dubai World, a senior bank executive said. “The amount is due for repayment only after 2011. It is paying interest and there are no overdues. So, we have absolutely no immediate concern,” a...

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Posted Under: Custom Duty | ,

Convergence to IFRS by April 2011 as India is signatory to IFRS

India will stick to its earlier announced deadline for convergence with the International Financial Reporting Standards (IFRS) by April 2011, a top Government official has said. “Let me make it very clear that India is a signatory to accept IFRS.By accept, I mean convergence to IFRS by April 2011 and not adoption....

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Posted Under: Custom Duty |

Success of transition to GST will depend on alignment with Indirect taxes

The FTP is primarily focused around export-import guidelines and various incentives available for export of goods and services outside India. In addition, it is also an important source of information for companies effecting deemed exports, i.e., supplies for specified projects / purposes in India (such as power projects, refineries, etc....

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Posted Under: Custom Duty |

Dubai crisis will not have much impact on our economy: Pranab Mukherjee

Asserting that there is no need to press the panic button, Finance Minister Pranab Mukherjee today said the Dubai debt crisis will not have “earth shaking” impact on the country’s economy. “The full impact of the Dubai debt crisis is yet to be assessed, but there is no need to press the panic button,” Mukherjee told reporters....

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Posted Under: Custom Duty |

Burden to determine "actual cost" of assets in accordance with law is on Assessing officer

Chitra Publicity Co. Pvt. Ltd. Vs ACIT (ITAT Ahmedabad)

After careful consideration of1 above provisions and facts and circumstances of the case, I am unable to accept the stand of the Revenue. As noted above actual cost should ordinarily mean real cost or real worth of assets. If it is not market value, then what is it? Mechanism to take W.D.V as provided in Explanation 2 to Section 43(6)(c) ...

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Receipt through banking channel not sufficient to prove genuineness of a gift

Rajinder Kumar Mittal Vs. ACIT (ITAT Delhi)

(i) Mere identification of donor and showing movements of gift amount through banking channels is not sufficient to prove the genuineness of the gift, (ii) Since the claim of the gift is made by the assessee, the onus lies on him not only to establish the identity of the person making the gift but also his capacity to such a gift. The ass...

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