"12 April 2011" Archive

Value Based Exemption Scheme for SSI – Garments – Clarifications and Simplification

The issue of excise duty on readymade garments, the applicability of SSI exemption notifications and many such other issues were discussed in my last article VALUE BASED EXEMPTION SCHEME FOR SSI - GARMENTS . Since the time of publication of this article many clarifications were issued and many procedural aspects were simplified. In this ...

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Posted Under: Excise Duty |

CA, CS and ICWA allowed to upload certified co documents without MCA'' nod

Chartered accountants, cost accountants and company secretaries can now directly upload certified annual documents of firms on MCA''s portal, without prior approval of the ministry, while holding them responsible for such submissions. The move is seen as a major initiative towards expeditious e-filing....

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Posted Under: Excise Duty |

Income Tax Scrutiny – Instructions regarding income limits for assigning cases to Deputy Commissioners/Assistant Commissioners/ITOs

INSTRUCTION NO. 6/2011 (08/04/2011)

INSTRUCTION NO. 6/2011 [F.NO.187/12/2010-ITA-I], DATED 8-4-2011 Reference may kindly be made to Board's Instruction No. 1/11, dated 31-1-2011 which lays down revised monetary limit of cases to be assessed by DCsIT/ACsIT in metro cities and mofussil areas w.e.f. 1-4-2011. Some CCsIT have expressed the view that the limits fixed in the afo...

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Illegitimate Child will have right to whatever becomes the property of their parents whether self acquired or ancestral

Revanasiddappa & Another Vs Mallikarjun & Others (Supreme Court of India)

Citation - REVANASIDDAPPA & ANOTHER VERSUS MALLIKARJUN & OTHERS (SC) - Section 16(3) of the Hindu Marriage Act as amended, does not impose any restriction on the property right of Illegitimate Child except limiting it to the property of their parents. Therefore, such children will have a right to whatever becomes the property of their p...

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Large number of transactions can not be the sole criterion to treat Profit from Shares as business income

Nagindas P. Sheth (HUF) Vs. ACIT (ITAT Mumbai)

Nagindas P. Sheth (HUF) vs. ACIT (ITAT Mumbai) -Merely because assessee transacted in 158 shares that should not be taken as a sole criterion to come to the conclusion that assessee is a trader in shares. It is not in dispute that in the books of accounts assessee has declared the shares as an investment and the finding of the learned CIT...

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Statement by PM prior to his departure for China to participate in BRIC Summit-2011

In China, I will attend the BRICS Leaders Meeting in Sanya being hosted by President Hu Jintao. This is the third Summit of the BRICS grouping since the first stand alone meeting in 2009. This meeting will see the participation for the first time of South Africa. India welcomes South Africa’s membership of BRICS, which will provide an A...

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Posted Under: Excise Duty |

JK govt detects 3,045 cases of tax evasion in '09-10

The Jammu and Kashmir government has detected 3,045 cases of evasion of tax by various trade and business houses in the state in 2009-10.Revealing this in its report on state finances for the year ended March 31, 2010, Comptroller and Auditor General (CAG) of India has said that 2,357 cases of evasion of tax were detected by the Commercia...

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Posted Under: Excise Duty |

Trade deficit with China matter of concern – India

Ahead of the meeting between Prime Minister Manmohan Singh and Chinese President Hu Jintao, India today said trade imbalance in favour of China was a matter of concern and India had sought greater market access to bridge it. The issue is expected to come up during the talks between Singh and Hu tomorrow in the Chinese resort of Sanya on t...

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Posted Under: Excise Duty |

Promotion can not be denied on the ground of Minor punishment

S. Ponniah Vs The Director General of Police and The Commissioner of Police (Madras High Court)

S. Ponniah Vs The Director General of Police and The Commissioner of Police - Writ Petitions are filed under Article 226 of the Constitution of India praying to issue a Writ of Mandamus directing the respondents to promote the petitioners for the post of Sub-Inspector of Police with effect from January 2008 and 2010 respectively....

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RBI penalises two Gujarat-based cooperative banks for violation of various rules

The Reserve Bank has imposed penalty of Rs 1 lakh each on two Gujarat-based cooperative sector lenders for violation of various rules, including anti-money laundering guidelines. The two banks are -- the Surat-headquartered Rander People's Co-operative Bank and Vadodara-based Shree Mahalaxmi Mercantile Co-operative Bank, the apex bank sai...

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Posted Under: Excise Duty |