Accounting watchdog Institute of Chartered Accountants of India (ICAI), which regulates auditors, is currently facing the prospect of meeting an income tax penalty of Rs 16 crore, after the Income-Tax department withdrew tax exemptions on the institute. It is also understood that the I-T department has written to the institute’s banks to freeze the accounting regulator’s accounts till the institute pays the penalty, according to persons familiar with the development.
Notification No.16 / 2010 – Customs (N.T.)- Central Board of Excise and Customs hereby appoints the Commissioner of Central Excise, Mumbai IV to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on – (i) Commissioner of Customs, ICD, Nagpur, vide Show Cause Notice Number DGCEI/MZU/I&IS’A’/12(4)13/2007/6367 to 6370 & 6354 dated 08th August, 2007, Corrigendum DGCEI/MZU/I&IS’A’/12(4)13/2007/3549 dated 16th June, 2008
Adjudicating the matters relating to Show Cause Notice pertaining to M/s. Hazel Mercantile Private Limited and M/s Veritas Exports (a division of Sanman Trade Impex), issued by the Special Intelligence and Investigation Branch (Export), New Custom House, Mumbai.
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Commissioner of Customs, The Mall, Amritsar to act as a common adjudicating authority to exercise the powers and discharge the duties
Notification No.13 / 2010 – Customs (N.T.) Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Import), Sahar Air Cargo Complex, Mumbai to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on:- the Commissioner of Customs (Export), Sahar Air Cargo Complex, Mumbai, the Commissioner of Customs (Import and General), Indira Gandhi International Airport, New Delhi; the Commissioner of Customs (Export), Indira Gandhi International Airport, New Delhi; the Commissioner of Customs, Ahmedabad and the Commissioner of Customs, Bangalore
Notification No. 12 / 2010 – Customs (N.T.),- Central Board of Excise and Customs hereby appoints the Commissioner of Customs (Adjudication), Mumbai to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on,- the Commissioner of Customs, Custom House, Strand Road, Kolkata; and the Commissioner of Customs, The Mall, Amritsar.
As earlier intimated to you, Writ Petition bearing No. 50 of 2010 (Indian Exporters Grievances Forum & Other vs. CIT) challenging the constitutional validity of Rule 8D has been admitted on 12.1.2010 by Hon’ble Shri Justice Dr. D.Y. Chandrachud and Hon’ble Shri Justice J.P. Devadhar of the Bombay High Court.
A writ Petition challenging the constitutional validity of the Explanation inserted by the Finance No.2 Act 2009 to section 80IA (4) of the Act with retrospective effect from 1.4.2000 has been admitted today (16.2.2010) by the Bombay High Court in Patel Engineering Ltd vs. ACIT W. P. No. 219 of 2010.
Securities and Exchange Board of India has told the government that it favours giving companies five years to increase their public shareholding to 25 per cent. Sebi’s letter to the finance ministry follows a proposal by Finance Minister Pranab Mukherjee to increase the minimum public holding in all listed companies – whether government- and privately-owned – in last year’s Budget.
FIEO said that sectors like tobacco, man-made yarns, tea and coffee have shown growth due to stimulus provided by the government and ‘in case of abrupt withdrawal of stimulus these sectors may again enter into negative territory’. In the wake of the contraction in exports, the government had provided incentives like two per cent interest subsidy, higher duty drawback and refund of services tax in 19 categories of services.
