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Archive: 22 April 2010

Posts in 22 April 2010

SEBI circular on Reduction in time between issue closure and listing

April 22, 2010 262 Views 0 comment Print

Presently, it takes on an average around 22 days to list the securities after an issue closes. This exposes investors as well as issuers to market risk as well as leading to infrastructural stress and costs. One of the reasons identified for this delay is data entry at multiple level and reconciliation thereof. Needless to say, any reduction in the period taken to list an issue after closure is in general interest of investors.

SCN issued beyond six month period from knowledge date is barred by limitation

April 22, 2010 3845 Views 0 comment Print

In the facts of the present case the record indicates that the Director of the respondent has admitted shortage of Grey fabrics as well as illicit clearance thereof without issuance of central excise invoices or any other duty paying documents, without payment of central excise duty and without entering in the Daily Stock Account Register and Lot Register during the months May-2002 and June 2002.

Notification No. 28/2010-Income Tax Dated 22/4/2010

April 22, 2010 313 Views 0 comment Print

Notification No. 28/2010-Income Tax It is hereby notified for general information that the organization Institute of Bioinformatics, Bangalores has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year 2009-2010 onwards in the category of ‘other

Notification No. 27/2010-Income Tax Dated 22/4/2010

April 22, 2010 271 Views 0 comment Print

Notification No. 27/2010-Income Tax It is hereby notified for general information that the organization Punjab State Council for Science and Technology, Chandigarh has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year 2009-2010 onwards

Notification No. S.O.913(E), dated 22/04/2010

April 22, 2010 457 Views 0 comment Print

In the said notification, against serial No. (2), for the entry “Shri Uttam Prakash Agarwal, President of the Institute of Chartered Accountants of India”, the entry “Shri Amarj it Chopra, President of the Institute of Chartered Accountants of India” shall be substituted.

IT dept activates control rooms in Delhi and Mumbai to monitor IPL

April 22, 2010 315 Views 0 comment Print

The Income Tax department has activated control rooms in Delhi and Mumbai to streamline the flow of information between its various investigation directorates probing the IPL. The control rooms are equipped with dedicated telephone lines, fax machines and internet enabled computer systems and are being manned by officials of the rank of Income Tax Officer (ITO).

Income Tax assistant commissioner Anjali Bambole in CBI custody till April 27

April 22, 2010 615 Views 0 comment Print

Mumbai: A special court on Tuesday remanded Income Tax assistant commissioner Anjali Bambole in the custody of the Central Bureau of Investigation (CBI) until April 27. Bambole was arrested on Monday night, two days after the arrest of I-T additional commissioner Sumitra Banerjee and her husband Subratho. The trio is accused of accepting a bribe of Rs 1.50 crore from a builder to reduce his tax liability.

Nominee, not heir, to get shares after holder’s death: HC

April 22, 2010 1744 Views 0 comment Print

A nominee has the right to the shares after the original shareholder’ s death and not the deceased’s heirs, Bombay High Court has ruled. Dismissing the application of a widow who sought permission to sell the shares belonging to her late husband, Justice Roshan Dalvi held that she had no right to do so since she was not the nominee. The nominee was her late husband’s nephew.

Spouse and Law of Nomination

April 22, 2010 61316 Views 14 comments Print

Most unfortunate thing to happen to a woman is to become a WIDOW. Still worst is that she is not NOMINEE in LIC / GIC Policies, P.F., P.P.F., Bank Account / FDRs and other welfare laws and DDA / Society flats, etc. and – or the deceased spouse has not even made his “REGISTERED WILL”. Though legally nominee receives money as ‘Trustee” as opposed to a beneficiary, yet in most cases, nominees are reluctant to hand over money to wife and family due to one reason or other. The widow has to fight a legal battle to get the money due to her.

Tharoor's case similar to Chidambaram's 18 years ago

April 22, 2010 913 Views 0 comment Print

The resignation of Shashi Tharoor as minister of state for external affairs has striking similarity with another incident 18 years ago when Home Minister P Chidambaram had stepped down from the commerce ministry. The issue then involved alleged investments by Chidambaram’s wife Nalini in the scam-tainted Fairgrowth Financial Services that had been promoted by banker Bilgi Ratnakar,

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