"03 August 2010" Archive

Notification No. 67/2010- Notified scheme for purposes of section 80-IB(10)

Notification No. 67/2010 - Income Tax 03/08/2010

Notification No. 67/2010 - Income Tax In exercise of the powers conferred by the proviso to Clause (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies the Scheme contained in Regulations 33(10) of Development Control Regulation for Greater Mumbai 1991 read with the provision...

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Amendments in Table A of the Schedule 2 of the ITC(HS) Classification of Export and Import Items, by inserting entry at S.No. 7A of HBP

NOtification No. 54/2009-2014, 03/08/2010

Export of goods including plant & plant products using wood packaging material such as pellets, dunnage, crating, packing blocks, drums, cases load boards, pellet collars and skids etc. shall be allowed subject to compliance of ISPM-15....

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Any disclosure made subsequent to seizure of incriminating material cannot be called voluntary

Shardadevi P. Jhunjhunwala Vs. CIT (Bombay High Court)

When the disclosure is made subsequently to the seizure of incriminating material, the disclosure is made because of adverse consequences and such disclosure is not voluntary. On the facts of the case, the disclosure was made pursuant to search and seizure of incriminating material which includes the diary. The issue whether the authoriti...

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Is It Wrong To Express Opposition When The Judge Departs From The Settled Practice?

I have great respect for judiciary and legal profession. I have heard about the eminent lawyers in India like H.M.Seervai and his courage and commitment to the chosen principles. I have studied that he was so courageous and never compromised with his chosen principles in legal profession and successfully held the post of Advocate-General ...

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Posted Under: Income Tax |

Biyani offers 50 crore Salary Package to former CEO of ICICI Prudential Life Insurance

Ever heard of a Rs. 50-crore compensation package? That’s what V Vaidyanathan, former managing director (MD) and CEO of ICICI Prudential Life Insurance, has been offered to shift loyalties to Future Capital Holdings, the finance company promoted by Kishore Biyani of Big Bazaar/Pantaloons fame....

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Posted Under: Income Tax |

Revision of Contribution Rate Under Employees Pension Scheme (EPS), 1995

The employer and employee contribute to the Provident Fund each @ 12% of wages. Out of employer share of Provident Fund, 8.33% contribution is diverted to Employees’ Pension Fund.The rate of contribution by the Employer to Employees’ Pension Fund has not been raised by the Central Government for the last one decade as the total contri...

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Posted Under: Income Tax |

Tax SOPS for Industrial Parks

Section 80-IA [4 (iii)] of the Income Tax Act, 1961 provides for a tax holiday for 10 out of 15 years in respect of profits of any undertaking which develops, develops and operates or maintains and operates an industrial park or special economic zone....

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Posted Under: Income Tax |

CJI says government must consult the judiciary in selecting prosecutors

Chief Justice of India S.H. Kapadia pointed out that the government took away powers under Section 24 of the Criminal Procedure Code, under which Public Prosecutors were appointed in consultation with the Chief Justices of the High Courts. “Why the power was taken away I don't want to comment,” he said....

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Posted Under: Income Tax |

Doctors prohibited from accepting gifts from pharma companies

Ministry of Health & Family Welfare, in consultation with Medical Council of India, has recently taken more stringent steps to curb malpractices resorted to by the doctors by amending the Indian Medical Council (Professional conduct, Etiquette and Ethics) Regulations, 2002, on 10.12.2009....

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Posted Under: Income Tax |

Directors not responsible for dishonoured cheque: SC

PJ Agro Tech Ltd Vs Water Base Ltd. (Supreme Court of India)

The Supreme Court ruled last week that prosecution for issuing a cheque which was dishonoured for want of credit in the bank can be initiated only against the person who issued the cheque and not against the company or directors who were not aware of it....

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