"30 March 2011" Archive

Tribunal can extend stay beyond 365 days if delay not attributable to assessee

M/s. Tata Communications Ltd Vs. ACIT (ITAT Mumbai)

“Whether in the facts and circumstances of the case where the delay in the disposal of the relevant appeals is not attributable to the assessee, the Tribunal can extend the stay already granted beyond the period of 365 days even after 01.1 0.2008 or it has no power to grant/extend such stay as a result of amendment made by the Finance A...

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Rescinds Notification No. 33/2006-Customs, dated the 7th April, 2006 vide Notification No. 33/ 2011- Customs,

Notification No. 33/2011-Customs 30/03/2011

Notification No. 33/ 2011- Customs- Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 33/2006-Customs, dated the 7th April, 2006, published in the Gazette of India, vide number G.S.R. 211(E), dated the 7th April, 2006, except as respects things done or om...

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The Banking Companies (Nomination) Rules, 1985 – Clarifications – RBI circular No. DBOD.No. Leg. BC. 83/09.07.005/2010-11

RBI/2010-11/454 DBOD.No. Leg. BC. 83/09.07.005/2010-11 30/03/2011

DBOD.No. Leg. BC. 83/09.07.005/2010-11- The Banking Companies (Nomination) Rules, 1985- Clarifications. 1. Witness in nomination forms. As you are aware, the Banking Companies (Nomination) Rules, 1985 have been framed in exercise of powers conferred by Section 52 read with Sections 45ZA, 45ZC and 45ZE of the Banking Regulation Act, 1949. ...

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NBFCs not to be Partners in Partnership firms – RBI Circular No. DNBS.PD/ CC.NO. 214/03.02.002/2010-11

RBI/2010-11/453 DNBS.PD/ CC.NO. 214/03.02.002/2010-11 30/03/2011

DNBS.PD/ CC.NO. 214/03.02.002/2010-11- It has come to the notice of the Reserve Bank of India that some NBFCs have large investments in / have contributed capital to partnership firms. In view of the risks involved in NBFCs associating themselves with partnership firms, it has been decided to prohibit NBFCs from contributing capital to a...

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FEMA – Draft Foreign Contribution (Regulation) Rules, 2011

In exercise of the powers conferred by section 48 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby makes the following rules, namely: - 1. Short title and commencement. - (1) These rules may be called the Foreign Contribution (Regulation) Rules, 2011. (2) They shall come into force on the date...

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Posted Under: Income Tax |

Notification No. DNBS.227/CGM(US)-2011, Dated 30.3.2011

Notification No. DNBS.227/CGM(US)-2011 30/03/2011

Insertion of new paragraph 19A– After paragraph 19 of the said Directions, the following paragraph 19A shall be inserted. "NBFCs not to be partners in partnership firms" 19A. (1) No non-banking financial company, which is accepting public deposit shall contribute to the capital of a partnership firm or become a partner of such firm. (2)...

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NBFCs – Amendment in NBF (Non-Deposit Accepting or Holding) Companies Prudential Norms (RB) Directions – Notification No. DNBS. 228/CGM(US)-2011, Dated 30.3.2011

Notification No DNBS. 228/CGM(US)-2011 30/03/2011

NOTIFICATION NO. DNBS. 228/CGM(US)-2011, DATED 30-3-2011- Insertion of new paragraph 20A– After paragraph 20 of the said Directions, the following paragraph 20A shall be inserted. "NBFCs not to be partners in partnership firms" 20A. (1) No non-banking financial company shall contribute to the capital of a partnership firm or become a pa...

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Notification – Amendment to A, C and D Schedule-Extention of Time Limit- Maharashtra VAT

Notification No. VAT. 1511/C.R.-47/Taxation-1 30/03/2011

In SCHEDULE A,—(a) in entry 9A, in column (2), for the figures, letters and words "31st March 2011 or the date on which the Goods and Services Tax Act comes into force, whichever is earlier" the figures, letters and word "31st March 2012" shall be substituted ; (b) in entry 51, in column (2), for the figures, letters and words "31st Mar...

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Asset Classification and NPA Provision for F.Y. ending 31st March 2011

Guidelines on Asset Classification- All accounts need to be classified into four categories taking into account the degree of well defined credit weaknesses and extent of dependence on collateral security for realisation of the dues as given under :- 1. Standard Assets- Standard asset is one which does not disclose any problem...

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Posted Under: Income Tax |

Bank Audit 2011-Categorization of a Borrowal Account as NPA – Ready Recokner

Cash Credits and Overdrafts- A cash credit or overdraft account will be treated as NPA if the account remains out of order for a period of more than 90 days. An account is treated as “out of order” if any of the following conditions is satisfied: a. The outstanding balance remains continuously in excess of the sanctioned limit/drawi...

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Posted Under: Income Tax |

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