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Archive: 30 November 2009

Posts in 30 November 2009

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6141 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Live Course on How to Reply to GST Notices & SCN & to Fake ITC Notices? – Last day to Register

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Join our live course to learn expert strategies for replying to GST notices, SCNs, and fake ITC notices. Understand litigation nuances, evidence insights, and practical tips for effective responses. Register now!

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

November 30, 2009 214 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. 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

November 30, 2009 2910 Views 0 comment Print

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

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

November 30, 2009 1108 Views 2 comments Print

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.

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

November 30, 2009 2496 Views 0 comment Print

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:-

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

November 30, 2009 612 Views 0 comment Print

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.

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

November 30, 2009 1962 Views 0 comment Print

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.

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

November 30, 2009 1011 Views 0 comment Print

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.

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

November 30, 2009 528 Views 0 comment Print

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.

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

November 30, 2009 1584 Views 0 comment Print

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

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

November 30, 2009 1077 Views 0 comment Print

(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,

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