These regulations shall apply for assessment and clearance of imported or export goods, carried by an Authorised Courier by air, on behalf of a consignee or consignor at such Customs airports and in such form and to such extent, as the Board may, by notification, declare for the purposes of these regulations in this behalf.
Therefore, since it has been held in this judgement that it is imperative on part of the respondents to issue order under section 127(3), the letters/notices under challenge are set aside and quashed. The writ petition is allowed. Consequential proceedings are also set aside and quashed. Accordingly, the notice dated 6th January, 2010 regarding the penalty proceedings under section 271(1)(c) for the assessment year 2006-07 is also set aside and quashed. The application being G.A.No. 81 of 2010 is also allowed.
The Delhi High Court Wednesday asked the government to refund Rs.80 lakh fine to the heirs of Maharani Gayatri Devi of the erstwhile Jaipur royal family, which was penalised 35 years ago for possessing undeclared gold. The income tax department had seized 800 kg of undeclared gold which was listed as the private property of Gayatri Devi’s husband, the late Maharaja Sawai Man Singh in 1975.
The Central Bureau of Investigation has arrested today a Branch Manager, Indian Overseas Bank, Berhampore Branch (under suspension), Chartered Accountant and four other private accused persons for defrauding Indian Overseas Bank, Berhampore Branch to the tune of Rs. 5.38 crores.
As per instructions contained in paragraph 12 of circular UBD.DC.102/V.1-86/87 dated June 25, 1987 on Interest Rates on Deposits and paragraphs 9.1 and 9.2 of Master Circular UBD.No.BPD.MC.No.11/13.01.000/2009-10 dated July 01, 2009 on Interest Rates on Rupee Deposits, UCBs, on request from the depositor, should allow closure of a term deposit, a deposit in the form of daily deposit, or recurring deposit, to enable the depositor to immediately reinvest the amount lying in the aforesaid deposits with the same bank in another term deposit.
Investor Marc Faber said China’s economy will slow and possibly “crash” within a year as declines in stock and commodity prices signal the nation’s property bubble is set to burst. The Shanghai Composite Index has failed to regain its 2009 high while industrial commodities and shares of Australian resource exporters are acting “heavy”, Faber said. The opening of the World Expo in Shanghai last week is “not a particularly good omen”, he said, citing a property bust and depression that followed the 1873 World Exhibition in Vienna.
Insurance regulator IRDA, locked in a turf war with capital market watchdog Sebi over regulation of unit-linked policies, has reemphasised that insurers should offer assured life insurance cover with ULIPs. Reiterating its December 2005 order on ULIPs, IRDA in an order late last night said: “All Unit linked Insurance products (ULIPs), including pension/annuity products must have a minimum assured sum payable on death.”
Form 11 is made available at http://llp.gov.in. All LLPs whose financial year closes on 31st March of every year has to file Form 11 within 60 days from the date of financial year closure without any late fee and later it attracts late fee at the rate of Rs. 100/- per day. The due date falls on 30/05/2010.
May 4, 2010- In view of the disruption in local train traffic due to the strike call of Railway Motor – men, and in order to avoid hardship to the candidates appearing in CA exams at different Centres in Mumbai city and its suburbs, it has been decided to allow extension of time for late entry to CA examinations upto 3.00 p.m. (instead of 2.30 p.m.) in respect of the Exam Centres located in Mumbai and its suburbs.
The Government has said that the Institute of Chartered Accountants of India (ICAI) is the Regulator for Chartered Accountancy profession in India and it is collecting information whether top multi-national firms have flouted norms to provide services in the country. Giving this information in reply to a question in the Rajya Sabha, the Minsiter for Corporate Affairs, Shri Salman Khurshid told the House that as far as the functioning of multinational accounting firms is concerned the Ministry has collected the following information from the relevant Central Govt. Departments:
