"11 April 2011" Archive

Amends Notification No. 61/94-Customs (NT) – Customs airports — Appointment for specified purposes

Notification No. 29/2011-Customs (N.T.) 11/04/2011

Notification No.29/2011 - Customs (N.T.) - Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 61/94-Customs (NT), dated the 21st November, 1994, namely: - (i) In the said notification, in the Table for serial number 6 relat...

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Government to issue biometric PAN cards to taxpayers

The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the Finance Ministry and it comes in the wake of a Comptroller and Auditor General (CAG) report that asked the Income Tax department to ensure that a single tax paye...

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Posted Under: Custom Duty |

No additional Guidelines for the Issue of Compulsory Licences – DIPP

The Department of Industrial Policy and Promotion (DIPP) issued a Discussion Paper on Compulsory Licencing of Patents in August 2010. The Department received 38 responses. Ten of these responses were received from stakeholders based in countries outside India including Thailand, South Africa, USA , UK and Japan. Eleven responses were rece...

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Posted Under: Custom Duty |

Circular specifying that partnership deed should specify the remuneration, is invalid

M/s Durga Dass Devki Nandan Vs. Income-tax Officer (Himachal Pradesh High Court)

M/s Durga Dass Devki Nandan vs. ITO (HP High Court) - The CBDT circular can only be held to be valid if it is in terms of the main section. As held above, the Section 40(b)(v) only lays down that either the working partner should be paid an amount specified in the partnership deed or it should not exceed the amount laid down in the Sectio...

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VAT Cir – 5T of 2011 – Grant Of Refunds against Bank Guarantee in Maharashtra

Trade Circular No. 5 T of 2011 11/04/2011

The refunds against bank guarantee shall be granted any time for any period even after the due date of filing of audit form 704 is over. The condition of refund audit of previous period and major discrepancy will not be applicable in the bank guarantee cases. It may be noted that after granting the refund against bank guarantee, if the r...

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Section 14A disallowance – Revenue cannot dictate assessee that how the assessee should use its own fund

CIT Vs. Gujarat Power Corporation Ltd. (Gujarat High Court)

CIT vs. Gujarat Power Corporation Ltd (Gujarat High Court) - Assessee is fully justified in arranging its affairs in such a manner where his tax liability is reduced provided the assessee does not resort to any illegal means or enter into a sham transaction for the said purpose. It is the prerogative of the assessee to use its own fund in...

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Income tax department raids Lilavati Hospital

The income tax department Monday raided the prestigious Lilavati Hospital here that is frequented by VVIPs, officials said. The raids began at around 9 a.m. in the hospital and the office of the trust which manages it, both located in the same premises in Bandra west. The hospital, worth an estimated Rs.7 billion, is at the centre of a b...

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Posted Under: Custom Duty |

US SEC charges Five India-based affiliates of PWC for role in Satyam accounting fraud

The US Securities and Exchange Commission (SEC) on Tuesday sanctioned five India-based affiliates of PricewaterhouseCoopers (PwC) that formerly served as independent auditors of Satyam Computer Services Ltd. These Indian PwC affiliates have been accused of repeatedly conducting deficient audits of Satyam’s financial statements and enabl...

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Posted Under: Custom Duty |

CBI arrests Inspector of Central Bureau of Narcotics in bribery case

CBI arrests an Inspector of Central Bureau of Narcotics and a Private Person in a bribery case of Rs.Three Lakh- The Central Bureau of Investigation has registered a case U/s 120-B of IPC r/w Section 7, 8 and 10 of Prevention of Corruption Act, 1988 on the basis of written complaint against an Inspector of Central Bureau of Narcotics, Gar...

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Posted Under: Custom Duty |

Glass bottles used by soft drink company are “fixed capital investment” and exempt from trade tax- Supreme Court

Commissioner of Trade Tax, U.P. Vs. Varun Beverages Limited (Supreme Court of India)

Glass bottles used by a soft drink company are “fixed capital investment” and are exempted from trade tax, the Supreme Court ruled in the case, Commissioner of Trade Tax, Uttar Pradesh vs Varun Beverages Ltd. However, crates used to carry the bottles are not fixed capital investment, the court added. The argument of the soft drink com...

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