"15 September 2010" Archive

Government not happy with CAG’s work

“Scandals and scams are known even when they are being planned and executed. If audit draws attention to them forthwith in a well-published manner, such scandals can be halted mid-stride. Post-mortems are good but they can be conducted only when a pa...

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Posted Under: Finance |

Announcement – Constitution of a Group – (14-09-2010)

September 13, 2010 The Council at its 296th meeting held on 29th, 30th June, and 1st July, 2010, while considering an issue raised by CA. Sanjay Kumar Agarwal under Item No.2, “Matters of General Interest to the Profession”, decided to constitute a Group under the convenorship of CA. Nilesh Vikamsey, to examine the matter of […...

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Posted Under: Finance |

Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement – Circular No. MRD/DP/ 31 /2010, dated 15-9-2010

Circular No. MRD/DP/31/2010, (15/09/2010)

Circular No. MRD/DP/ 31 /2010, dated 15-9-2010 - At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies shall obtain a certificate from its Regis...

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Refund of 4 Percent Additional Duty of Customs (4 percent Special CVD) in pursuance of NotificationNo.102/2007-Customs dated 14.9.2007

Circular No. 34/2010-Custom Duty (15/09/2010)

Your kind attention is invited to the Notification No.102/2007-Customs dated 14th September 2007 whereby exemption from Special CVD of 4% leviable under sub-section (5) of Section 3 of the Customs tariff Act, 1975 has been provided subject to the fulfillment of ...

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Notification No. 83/2010-Customs (N. T.), Dated: 15.09.2010

Notification No. 83/2010-Customs (N.T.) (15/09/2010)

S. O… (E) – 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 Finance (Department of Revenue), ...

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Notification No. 95/2010-Customs-Amends Notification No. 96/2008-Customs- Duty free tariff preference for Least Developed Countries

Notification No. 95/2010-Customs (15/09/2010)

G.S.R. 762 (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification...

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Section 50C- AO can not tax the difference in the hands of the purchaser

ITO Vs. Harley Street Pharmaceuticals Ltd. (ITAT Ahemdabad)

Capital gains-Scope of section 50C-Extension of section 50C to purchaser-Section 50C creates a legal fiction for taxing capital gains in the hands of the seller and it cannot be extended for taxing the difference between apparent consideration and valuation done by Stamp Valuation Authorities as undisclosed investment under section 69. Th...

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Notification No. 94 / 2010 – Customs- Exempts certain goods, from customs duty, when imported into India from Nepal, subject to certain conditions

Notification No. 94/2010–Customs (15/09/2010)

In exercise of the powers conferred by section 3A of the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act), read with sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and ­­­­­­­­­in suppression of the notification of the Government of India in the Ministry of Finan...

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CBI moves Supreme Court for cancellation of bail granted bail to B Ramalinga Raju

CBI on Monday moved Supreme Court seeking cancellation of the bail granted bail to B Ramalinga Raju, tainted founder of Satyam Computer Services, by Andhra Pradesh High Court in Rs 14,000-crore (Rs 140-billion) scam. The probe agency has challenged the high court decision contending that Raju, who was the Chairman of the company, may infl...

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Posted Under: Finance |

Non-executive bank directors should be Paid salaries on par with their private sector counterparts

On the heels of the RBI making out a case for better pay packages for PSU bankers, global consultancy KPMG said that not only senior personnel, but non -executive directors, too, should be paid salaries on par with their private sector counterparts....

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Posted Under: Finance |
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