"November, 2010" Archive - Page 30

Bar Council of India responsible to lay down standards of professional conduct for Law Firms in the Country

Dr.M.Veerappa Moily, Minister of Law and Justice, in the Lok Sabha in a written reply that under section 7 of the Advocates Act, 1961, the Bar Council of India is responsible to lay down standards of professional conduct and etiquette for advocates; ...

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Posted Under: Corporate Law |

Maximum Limit on Unsecured Loans and Advances

RBI/2010-11/284UBD. BPD. (PCB) Cir. No. 21/13.05.000/2010-11 (15/11/2010)

The modification of the previous directive referred to in this directive shall not in any manner whatsoever affect any action taken by the Reserve Bank under the previous directive and shall not absolve any primary cooperative bank from its liability in respect of any contravention of or any non compliance with the provisions of the said ...

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Exposure to Housing, Real Estate Sector and Commercial Real Estate – Urban Co-operative Banks

RBI/2010-11/276 UBD.BPD. (PCB).Cir. No. 23/13.05.000/2010-11 (15/11/2010)

The above limits of credit exposure to housing, real estate and commercial real estate would be applicable from the date of this circular. UCBs having exposure in excess of the above limits may initiate steps to align their exposure to the revised limits within a period of six months from the date of this circular....

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Share Linking to Borrowing Norm in Urban Co-operative Banks

RBI/2010-11/275 UBD.BPD.(PCB). Cir. No. 22 /09.18.201/2010-11 (15/11/2010)

Accordingly, it has been decided to exempt UCBs, which maintain capital to risk-weighted assets ratio (CRAR) of 12 per cent or above on a continuous basis, from the extant mandatory share linking norms. This exemption would be effective from the date of this circular....

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Exclusion from the Second Schedule to the Reserve Bank of India Act, 1934 – The Bank of Rajasthan Limited

RBI/2010-11/274 Ref. DBOD.Ret..BC. No. 62/12.06.031/2010-11 (15/11/2010)

xclusion from the Second Schedule to the Reserve Bank of India Act, 1934 – The Bank of Rajasthan Limited We advise that the name of “The Bank of Rajasthan Limited” has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD.No.PSBD/2866/16.01.056/2010-11 dated August 18, 2010....

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Notification No. 97/2010 – Customs (N. T.) – Notifies Tariff Value of Edible Oils, brass scrap and Poppy Seeds

Notification No. 97/2010-Customs (N.T.), (15/11/2010)

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. 10(RE-2010)/2009-2014, Dated: 15.11.2010

Notification No. 10(RE-2010)/2009-2014 (15/11/2010)

In exercise of the powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) as amended, read with Para 2.1 of the Foreign Trade Policy, 2009-2014....

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Prescribed methods to be followed for ALP determination and interest on outstanding trade balances not the same as interest on loan

Nimbus Communications Ltd Vs. ACIT (ITAT Mumbai)

In a recent ruling in the case of Nimbus Communications Ltd v. ACIT [2010–TI1-21-ITAT-MUM-T9, the Mumbai Bench of the Income Tax Appellate Tribunal ("the Tribunal"), while deciding the case in favour of the assessee, ruled that for determination the of arms' length price ("ALP"), any one of the methods as prescribed in section 92C(1) of...

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Provision made for bad and doubtful debts to be included in the ‘Book Profit’ for the purpose of MAT

ADIT (Int. Tax) Vs. Bank International Indonesia (ITAT Mumbai)

ADIT (Int. Tax) v. Bank International Indonesia - ITAT held that provision made for doubtful debts will be required to be added back to the net profit as per the profit and loss account while computing the Book Profit for the purpose of determination of Minimum Alternate Tax , subsequent to the amendment to Explanation 1 to section 115JB...

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No Penalty for bonafide difference of opinion in selection of transfer pricing method

ACIT Vs. Firmenich Aromatics (India) Pvt. Ltd. (ITAT Mumbai)

The Tribunal ruling has reiterated the principle of 'bona fide difference of opinion' arising in the context of application of most appropriate transfer pricing method. The Tribunal has ruled that any addition to income arising as a result of bona fide difference of opinion cannot be used as a basis for levy of penalty....

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