The chemicals namely ZYGLO-ZP-4B and 9C RED concentrate were received in bulk packing of 205 litre of drums and those were repacked into small packs of 1 kg. and cleared as ‘trading goods’ without payment of duty. the Deputy Commissioner had made an order on 03-02-1998 in respect of one of the items covered thereunder and held that there was no suppression of facts as the respondent firm has already brought the matter to the notice of the Jurisdictional Assistant Collector. The show cause notice dated 29.3.2000 was time barred and it was rightly set-aside by the Tribunal.
The Reserve Bank on Wednesday prohibited Non-Banking Finance Companies (NBFCs) from contributing to the capital of a partnership firm or become a partner of such entities. The central bank also asked NBFCs, which have already contributed capital or are partner in such firms, to exit from such arrangements at the earliest.
General Circular No. 09/2011, Dated the 31.03.2011- It has been decided by the Ministry of Corporate Affairs to mandate certain class of companies to file balance sheets and profit and loss account for the year 2010-11 onwards by using XBRL taxonomy. The Financial Statements required to be filed in XBRL format would be based upon the Taxonomy on XBRL developed for the existing Schedule VI, as per the existing, (non converged) Accounting Standards notified under the Companies (Accounting Standards) Rules, 2006. The said Taxonomy is being hosted on the website of the Ministry at www.mca.gov.in shortly. The Frequently Asked Questions ( FAQs ) about XBRL have been framed by the Ministry and they are being annexed as Annexure I with this circular for the information and easy understanding of the stakeholders.
Increase in overall limits- 1. The existing limit of USD 5 billion for investment by foreign Institutional investors (FIIs) in corporate bonds issued by companies in the infrastructure sector with a residual maturity of over five years has been increased by an additional limit of USD 20 billion taking the total limit to USD 25 billion. These investments are now permissible in unlisted instruments. Investments in unlisted bonds- FIIs shall now be eligible to invest in unlisted bonds issued by companies in the infrastructure sector that are generally organised in the form of special purpose vehicles.
NOTIFICATION NO. GSR 278(E), DATED 31-3-2011 – In exercise of the powers conferred under sub-section (1) of section 21 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Central Government hereby appoints Shri R.V. Verma, Chairman and Managing Director, National Housing Bank (NHB), as the Central Registrar to hold additional charge of the Central Registrar for the purpose of registration of transactions relating to securitization, reconstruction of financial assets and security interest created over properties.
The Central Government hereby, entrusts the operations and administration of the Central Registry and the Maintenance of the Central Register to a Government Company licensed under section 25 of the Companies Act, 1956, namely, the Central Registry of Securitisation Asset Reconstruction and Security Interest of India, having its Registered Office at the place mentioned in Column 2 of the above given Table.
These rules may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011. 2) They shall come into force on the date of their publication in the Official Gazette.
CIT Vs Sanjay Chhabra ( Chandigarh High Court)- The sole point for consideration in this appeal is that once the Revenue had come to the conclusion that the assessee had made sales of apples amounting to Rs. 5,75,654/- to one Jagdish Chawla, whether it was the entire amount, or the 5% profit thereof, being commission on such sale, that was to be added to the income of the assessee.
Singareni Collieries Company Ltd Vs ACIT (ITAT Hyderabad) – Whether book profits is to be computed with reference to each assessment year – Whether profits earned during the period of sickness and available for setting off under normal provisions of Income Tax are to be excluded from the ambit of book profit of non-sick years. – Assessee’s appeal dismissed.
DIT v Sahu Jain Trust – Exemption under s 11 — A charitable trust, if acquires tenancy right in respect of some immovable property owned by a different person, and thereafter sublets the said tenancy right and in the process earns some income, such income should not be treated to be an income from business as to attract the provisions contained in s 11(4A) — as held by KolHC in DIT v Sahu Jain Trust; ITA No. 38 of 2001, 13 April 2011
