Notification No. 78/2010 – Customs (N. T.),- 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), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: –
I am directed to refer to Customs notification No.22/2009-Cus. dt.02.03.2009 and DGFT’s notification No.86 (RE-2008/2004-2009) dated 17.2.2009 whereby the actual user condition for import of raw sugar from 17.2.2009 to 30.9.2009 under the Advance Authorization scheme was relaxed and the said imports were allowed on ‘ton-to-ton’ basis instead of ‘grain-to-grain’ basis.
The Madras high court last week dismissed the writ petition of Infotech Software Dealers’ Association raising the question whether a software would amount to goods and if so, when it is supplied to a customer pursuant to the End User Licence Agreement (EULA), the transaction is liable to be treated as sale or service. It also raised the constitutional validity of the new provision in the Finance Act 2009,
The Supreme Court has held that voltage stabilisers are electronic items which attracted lesser sales tax. Dismissing a batch of appeals from Uttar Pradesh, Commissioner of Trade Tax vs Parikh Gramodyog Sansthan, the court ruled that stabilisers are not electric goods. A voltage stabiliser might have many components some of which use electricity. That cannot be the sole reason for classifying it as an electrical item, the judgment said.
The demand for electricity bill arrears cannot be raised once again against the buyer of an industrial unit which had cleared the dues, the Supreme Court ruled in the appeal case, Haryana State Electricity Board vs Hanuman Rice Mills. Hanuman mills had bought the Durga Rice Mills and had cleared the electricity bills due to the board.
If an arbitration agreement says that no interest would be payable for an award amount from the date when the cause of action arose and the date of the award, the court cannot order a party to pay interest, the Supreme Court clarified in the case, Sree Kamatchi Amman Constructions vs Divisional Railway Manager. In this case, the contract stated that no interest would be payable on amounts payable to the contractor.
The Supreme Court has declared that an application for settlement of an income tax case cannot be revised and the settlement commission has to go by the original application and annexure filed in the prescribed form. Revision of annexure tantamount to revision of application and cannot be allowed under the scheme of settlement in Chapter XIX-A of the Income Tax Act,
In this connection, it is clarified that in addition to the documents listed in paragraph 2(i) of our circular referred to above for opening a bank account in the name of a proprietary concern, banks may also accept any registration/licensing document issued in the name of the proprietary concern by the Central Government or State Government Authority/Department. Banks may also accept IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT as an identity document for opening of bank account.
The government will lose over Rs 53,000 crore (Rs 530 billion) in tax revenue on account of the increase in exemption limits and tweaking of slabs in the Direct Taxes Code Bill, which will come into effect from April 1, 2012, a year behind the previous deadline.
a candidate desirous to seek verification of marks in any subject(s) of June, 2010 examination result is required to submit an application written on a plain paper in his/her own handwriting, mentioning his/her (i) Name; (ii) Student Registration Number; (iii) Stage of Examination and Roll No.; (iv) Name(s) of Subject(s) in which Verification of Marks is sought; (v) Complete Postal Address with Pin Code; and (vi) details of payment made, to Sr. Director (Exams.), The Institute of Company Secretaries of India, C-37, Institutional Area, Sector 62, NOIDA – 201 309. Specimen of application form is also displayed at link http://www.icsi.edu/portals/0/announce_vom.doc for ready reference.
