"15 March 2010" Archive

FDI in sensitive sector under automatic approval route may be under post-investment surveillance

The Committee of Secretaries (CoS) set up to formulate changes in the foreign direct investment (FDI) policy in sensitive sectors that are now under the automatic approval route has added a rider subjecting them to post-investment surveillance....

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Posted Under: Fema / RBI |

BJP may recourse to legal action if government decides not to impose Entertainment tax on IPL

BJP today said it would take legal action, if the state government fails to implement a cabinet decision to impose entertainment tax on the Indian Premier League(IPL) matches here. Finance minister Sunil Tatkare's recent announcement that there will be no entertainment tax on the IPL matches, has evoked a sharp reaction from the main oppo...

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Posted Under: Fema / RBI |

CBEC instructed DGFT to strictly monitor Export- Import (Exim) licence norms

Norms for issuing export licences should be tightened, the Central Board of Excise and Customs (CBEC) has told the Directorate-General of Foreign Trade (DGFT). The directive is believed to have come immediately after a probe by the Directorate of Revenue Intelligence (DRI) showed up inconsistencies in exports of textiles, gems and jewelle...

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Posted Under: Fema / RBI |

CUSTOMS Notification No 20/2010 (NT), Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001

Notification No. 20/2010–Customs (N.T.) 15/03/2010

Notification No. 20/2010 – Customs (N.T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finan...

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Validity of S.147 reopening has to be determined based on law prevailing on date of issue of S.148 notice

Rallis India Limited Vs ACIT (Bombay High Court)

In respect of AY 2004- 05, the assessee computed its book profits u/s 115JB by claiming a deduction for provision for doubtful debts and advances and the same was allowed vide order u/s 143 (3). On 18.07.2008 (within 4 years), the AO issued a notice u/s 148 inter alia on the ground that the provision for doubtful debts had to be added bac...

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Minister of state of Corporate Affair addresses members of CA profession

The Institute of Chartered Accountants of India (ICAI) organized a special address for its members on March 12, 2010 at Vigyan Bhawan, New Delhi. It was for the first time that the Hon’ble Minister of State (Independent Charge) of Corporate Affairs, Shri Salman Khurshid addressed the members of the profession since the time the Minister...

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Posted Under: Fema / RBI |

Role of QIBs in capital issues – Preview of current scenario

On 5th March,2010, SEBI announced that it would be mandatory for `Qualified Institutional Buyers’ (QIBs) to put in 100 per cent of the application money towards subscription of shares in capital issues through offers. This would come into force from 1st May, 2010. Presently, QIBs are required to pay just 10 per cent of the share value ...

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Posted Under: Fema / RBI |

Income Tax Press Note [F. NO. 9/3/2009-ECB], dated 15-3-2010

Press Note [F. NO. 9/3/2009-ECB] 15/03/2010

Press Note [F. NO. 9/3/2009-ECB] In continuation to the Press Note dated 15th February, 2010 regarding the amendment to the "Issue of Foreign Currency Convertible Bonds and Ordinary Shares (through Depository Receipt Mechanism) Scheme, 1993," (the Scheme) permitting revision of conversion price of FCCBs, it is clarified that for the purp...

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Revised return filed after intimation under section 143(1)(a) but within time limit–Duty of Assessing Officer to process

CIT Vs. Himgiri Foods Limited (Gujarat High Court)

CIT Vs Himgiri Foods Limited (Gujarat High Court)- On a plain reading of section 143(1B) it is apparent that the provision mandates that if after the issuance of intimation, a revised return is furnished by an assessee under sub-section (5) section 139 it is incumbent upon the Assessing Officer to process the revised return and amend the ...

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Bharti Auditor given it clean chit on payment of licence fees and spectrum charges

Bharti Airtel on Sunday welcomed the findings of the government-appointed special auditor and said the audit showed that the licence fees and spectrum charges paid by the company conform to the licence conditions and rulings of the regulator....

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Posted Under: Fema / RBI |

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