"October, 2010" Archive - Page 3

Excise Officer issuing summons to appear with records could not be “deprivation” of liberty of an individual

An Excise Officer issuing summons to appear with records could not be “deprivation” of liberty of an individual, the Madurai Bench of the Madras High Court has ruled. Hearing writ petitions from partners of a Virudhunagar-based company, V.V. Vanniape...

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Posted Under: Excise Duty |

SEBI to hear auditors' role afresh from Nov 3 in Satyam case

The Securities and Exchange Board of India will, in November, hear afresh the case relating to the role of audit firm Price Waterhouse in the multi-crore Satyam fraud. The capital market regulator (which has been investigating the case for more than ...

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Posted Under: Excise Duty | ,

HC defers Vodafone tax hearing to Nov 23

The Bombay High Court on Wednesday deferred to Nov 23 a hearing of Vodafone's petition against a move by Indian tax office to treat it as an agent of the seller in its 2007 acquisition of Hutchison Whampoa's mobile business in India, a spokesman for ...

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Posted Under: Excise Duty |

SEBI to tighten disclosure norms for related companies

Market regulator SEBI on Tuesday indicated that it could tighten the disclosure norms for transactions between related companies. “There is a scope for improvement...,” SEBI Chief C.B. Bhave said when asked if the measures taken by SEBI so far with r...

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International Financial Reporting Standards (IFRS) norms may be diluted before rollout

With less than six months to go before the nation moves towards a globally-recognised accounting system, the government plans to dilute some key provisions relating to foreign exchange differences and overseas borrowings which will make global invest...

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Posted Under: Excise Duty |

Exit from stimulus to be gradual- Finance minister Pranab Mukherjee

Expecting the country’s growth rate to strengthen further in the coming months, finance minister Pranab Mukherjee on Tuesday said the government would gradually withdraw fiscal stimulus measures undertaken since October 2008 to combat the adverse imp...

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Posted Under: Excise Duty |

Indirect tax collection may exceed target

The finance ministry expects to overshoot its indirect tax collection target by Rs 15,000 crore. For 2010-11, the government had set an indirect tax collection target of Rs 315,000 crore. “We may exceed our original target…It (indirect tax mop-up) co...

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Posted Under: Excise Duty |

Not unnecessarily aggressive on Vodafone tax case – CBDT Chairman

After slapping over Rs 11,000 crore tax notice on Vodafone over its deal with Hutch , the income tax department today said it is not unnecessarily aggressive on this case and is just implementing the law. "We are implementing the law as it is. ...

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Posted Under: Excise Duty |

Revised Form of Bond to be furnished for availing duty exemption under Advance License and EPCG Schemes

Circular No. 40/2010-Customs Duty (28/10/2010)

I am directed to invite attention to the Board’s circular No.58/2004-Cus dated 21.10.2004 which prescribes form of bond to be furnished for availing duty exemption under Advance License and EPCG Schemes. Condition 1 of the prescribed form of bond reads as under...

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Issue of Irrevocable Payment Commitments

RBI/2010-11/249 DBOD.Dir.BC.52 /13.03.00/2010-11 (28/10/2010)

Custodian banks have expressed operational difficulties in complying with the requirement of incorporating a clause in the agreement with their clients which gives them an inalienable right over the securities to be received as payout in any settlement before November 1, 2010. Accordingly, it has been decided to grant an additional perio...

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