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Archive: 06 April 2010

Posts in 06 April 2010

SEBI circular on Applications Supported by Blocked Amount (ASBA) facility in public issues- CIR/CFD/DIL/2/2010 April 06, 2010

April 6, 2010 424 Views 0 comment Print

1. This has reference to circular No. SEBI/CFD/DIL/ASBA/1/2009/30/12 dated December 30, 2009 in the captioned matter, wherein as para 2(c)(i), ASBA facility was available to all the investors except Qualified Institutional Buyers (QIBs). In this regard SEBI has decided to extend the ASBA facility to QIBs in public issues opening on or after May 1, 2010.

SEBI issued Master Circular for Depositories

April 6, 2010 201 Views 0 comment Print

Securities and Exchange Board of India (SEBI) has been issuing various circulars from time to time. In order to enable the users to have an access to all the applicable circulars at one place, Master Circular for Depositories has been prepared. This Master Circular is a compilation of the circulars issued by SEBI up to March 31, 2010 and shall come into force from the date of its issue.

Aayakar Sewa Kendra Pune receives ISO certification

April 6, 2010 795 Views 0 comment Print

ASK is a one stop computerized center for the taxpayers to obtain services promised by the Department in its Citizens’ Charter in a time bound manner. ASK provides a front office backed by re-engineered processes and a new outlook of the officials to quickly redress grievances of taxpayers and also to prevent grievances. The first ASK was inaugurated in Pune on 18th May 2009, followed by two more ASKs at Kochi and Chandigarh.

Engagements of individual Chartered Accountants as consultants with Principal Director of Commercial Audit, Indian Audit and Accounts Department, Mumbai

April 6, 2010 330 Views 0 comment Print

1. The office desires to engage CAs as consultants for a period of 11 months. 2. The Consultant will be required to assist this office in gathering and evaluating audit evidence within the framework of methods and techniques followed by this office which may be also at client’s sites/offices.

Income tax department will recommend de-freezing of about 100 demat accounts

April 6, 2010 444 Views 0 comment Print

The income tax department will recommend de-freezing of about 100 demat accounts after it found the claims of a few individuals in the frozen accounts to be genuine. The department has been probing more than 6,300 frozen demat accounts, which had Rs 6,700 crore of unclaimed stocks.

Cost of Litigation

April 6, 2010 441 Views 0 comment Print

The Law Commission of India, in its 128th Report (1988) examines the cost of litigation and suggested ways to compensate the wronged party so that cost of litigation does not become an impediment in the road to justice. This paper examines the cost of litigation in taxation matters, with special emphasis to taxation laws, reasons for frivolous litigation in these matters, its deleterious effect on the business environment of the country.

Service Tax on Membership Subscription on “Club of Association Service”

April 6, 2010 14953 Views 0 comment Print

With effect from 16.06.2005, Service Tax was levied on Club or Association Services. Club or Association was defined under Section 65(25a) as, Club or Association means any person or body of persons providing services, facilities or advantages, for a subscription or any amount to its members. The purpose of this paper to examine as to whether trade or industry association can be liable to pay Service Tax under this head or under any other head.

Master Circular on Allotment of codes to Stock Exchanges, Subsidiary management by Stock Exchanges, Governance of recognised Stock Exchanges and Arbitration in recognised Stock Exchanges

April 6, 2010 361 Views 0 comment Print

The Securities and Exchange Board of India has, from time to time, issued various circulars/directions on the captioned subject. In order to enable the users to have an access to all the applicable circulars at one place, this Master Circular has been prepared.

Custom Order Appointing Common Adjudicating Authority in the case of M/s Health Impex, New Delhi and others

April 6, 2010 469 Views 0 comment Print

In exercise of the powers conferred under the Notification No. 01/2003-Customs (N.T.) dated 3rd January, 2003 read with Notification No. 37/2003-Customs (N.T.) dated 3rd June, 2003 issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice F.No. 50D/41A/2008-CI dated 12.03.2010 issued by the Additional Director General, DRI (Hqs), New Delhi in case of M/s Health Impex, New Delhi & others, to the Commissioner of Central Excise (Adjudication), referred to as Commissioner of Central Excise (Adjudication)-I, New Customs House, New Delhi, for adjudication.

Merely coming together and acting in cooperation do not mean AOP has been formed

April 6, 2010 444 Views 0 comment Print

A tax authority has ruled in A.A.R. Nos 798-799 of 2008 that consortium members, which do not share profits or losses as a group and execute tasks requiring skills different from others, will be treated as separate entities.

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