"01 December 2009" Archive

RBI circular on Credit Information Companies (Regulation) Act, 2005

RPCD.CO.RF.BC. No.44/07. 40.06/2009- 10 (01/12/2009)

As you are aware, the Credit Information Companies (Regulation) Act, 2005 has been operationalised with effect from December 14, 2006. In terms of Section 15(1) of the Act, every credit institution has to become member of at least one credit information company within a period of three months from commencement of the Act or any extended t...

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Public Notice No. 21/2009-14, Dated: 01.12.2009

Public Notice No. 21/2009-14 (01/12/2009)

Dye is extracted from the leather using dichloromethane and methanol (1: 1) mixture. The cut pieces of leathers are heated in a water bath with the solvent mixture for few miniutes.Theextracted dye is kept as a spot on the TLC paper and the strip is kept in the eluting solvent such that the dye spot lies above the solvent level. The prese...

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CBDT’s clarification on instructions on Stay of Demand

Letter [F.No. 404/10/2009-ITCC], (01/12/2009)

Letter [F.No. 404/10/2009-ITCC], dated 1-12-2009 Many queries have been received regarding the applicability of Instruction number 95 dated 21.8.1969 vis-à-vis Instruction number 1914 dated 2.12.1993. Many assesses are taking the plea that Instruction No. 1914 does not supercede Instruction No. 95 dated 21.8.1969. 2. Instruction No. 95 d...

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Allowability of depreciation on a plant which was ready for use but not used

ACIT Vs Chennai Petroleum Corpn. Ltd. (ITAT Chennai)

Coming to the first point of difference it seems to me that even after the introduction of block of assets concept, there is no change in the legal position to the effect that the assessee^ would be entitled to depreciation even though the assets in question were not actually put to use in the relevant previous year, but were kept ready f...

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Determination of nature of fees received by a foreign company from its Indian branch

ADIT (IT) Vs. Mckinsey & Co. Inc. UK (ITAT Mumbai)

The undisputed fact which is confirmed by the learned counsel for the assessee, Shri Porus Kaka is that, no e-mail, correspondence, bill or any other documents or evidence pertaining to the impugned assessment year 2003-04 has been furnished or filed before the assessing officer during the assessment proceedings despite requests to do so....

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Reimbursable expenses is not includible in value of taxable services

Louis Berger International Inc. Vs CCE (CESTAT Bangalore)

We have considered the submissions made at length by both sides and perused the records. The issue for determination in this case is whether the reimbursable expenditure incurred by the appellant is chargeable to service tax or not. On perusal of the returns it appears that they had indicated this amount against the column marked as "amou...

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MVAT circular on Filing of Refund Application in Form – 501 electronically

Trade Circular No. 33 T of 2009 (01/12/2009)

Trade Cir. No.33T of 2009 Electronic Filing of Refund Application in Form-501 has been mandatory from 1st of December 2009. Therefore, any dealer who desires to file Refund Application in Form-501, on or after 1st of December 2009 for any period(including period prior to 1-12-2009) shall file the same electronically....

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Under the Revised Copyright Act one song may cost 1.50 lakh to Broadcasters

Asking for transparency in functioning, leading broadcasters like Zee TV, STAR, Sony and others have taken a strong objection to a proposed move by the Ministry of Human Resource Development (HRD) to amend the existing Copyright Act without consulting them. Under the proposed changes, even news broadcasters may also have to cough up a sim...

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Posted Under: Fema / RBI |

Commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel

To ensure impartiality in adjudication of transfer pricing disputes, the Central Board of Direct Taxes (CBDT) has decided that commissioners associated with transfer pricing orders will not be part of the alternate dispute resolution panel. This panel is being set up by CBDT to resolve disputes arising from transfer pricing assessments....

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Posted Under: Fema / RBI |

RBI unlikely to hike the exposure limit to a single corporate group

The Reserve Bank of India (RBI) is likely to turn down a fresh request from banks to increase the exposure limit to a single corporate group.Banks led by State Bank of India (SBI) had approached RBI to relax group exposure norms for infrastructure sectors, at least for corporate houses that enjoy a high level of credibility. ...

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Posted Under: Fema / RBI | ,