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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, 2009).
Establishment of Connectivity with both depositories NSDL and CDSL –Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement
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) Individuals who own Petrol Pumps (v) Retired teachers and (vi) Authorised functionaries of well run Self Help Groups (SHGs) linked to banks.
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:-
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 senior bank executive said.
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.
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.) that are also eligible for various incentives available for physical exports.
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.
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) is not available in Explanation 3 o auction 43(1). Further, assets whose actual cost is to be determined under Explanation 3 are second hand and it is always difficult to find actual cost or value of such assets as compared to new assets. In the case of transf
(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 assessee has to prove that the money has actually been received as a gift from donor,
