in a recent case namely Snoline/Snowline Air Conditioner Vs State of Punjab decided on 17-12-2010 by PVAT Tribunal(2011) 16 STM 332 where the penalty was imposed u/s 14-B(6)(i) of Punjab General Sales Tax Act 1948 and the case was remanded for denovo orders to the designated officer on the ground that “As per records, the goods were detained on 07-05-2003 and the penalizing officer imposed a penalty on 07.05.2003. It appears that no inquiry was made by penalizing officer before imposition of penalty. The case is remanded to the penalizing officer to afford proper opportunity of being heard to the appellant and pass de-novo orders.”
All about XBRL Applicable to Listed Companies and companies having a paid up capital of Rs. 5 Crore and above or a turnover of Rs. 100 crore or above – eXtensible Business Reporting Language (XBRL) is an open technology standard which makes it possible to store business and financial information in a computer-readable format. Many countries and/or financial regulators have approved, or are in the process of implementing, requirements around XBRL as the electronic financial reporting standard. These include the US, Japan, UK, Netherlands, Australia & China to name a few.
A Pacific Heights housewife will be heading to prison after pleading guilty Tuesday to insider trading and obstruction of justice charges. In her plea agreement, Annabel McClellan says she gleaned confidential information about publicly traded companies by overhearing her husband, Arnold McClellan, then a partner at Deloitte Tax LLC, discussing details of deals he was working on. She then passed the information on to her sister, Miranda Sanders, and brother-in-law, James Sanders, who was involved in a trading business in London, according to the document.
ICAI Live Classes for CPT & IPCC Courses from 2nd May, 2011 to 12th July, 2011 – (08-04-2011) Last date of registration to ICAI Live Classes is April 25, 2011. The Delhi Live Classes registration form has to be submitted at: Dak Receipt Counter, ICAI ICAI Bhawan, Ground Floor, 52, 53, 54, Institutional Area, Vishwas Nagar, Shahdara, Near Karkardooma Court, Delhi-110032. Registration Form List of Centres for Live Classes
IRDA/IT/CIR/MISC/056/04/2011 Date:08-04-2011 Based on the detailed scrutiny of the Technical Proposals submitted by the various IT firms, subsequent clarifications and also based on the evaluation of the presentations made before the Technical Committee, the following IT firms have been short-listed for the Phase-III of Business Analytics Tendering Process- i.e.) Financial Bidding
The government auditor CAG on Friday said it will soon finalise its report on the conduct of Commonwealth Games which will be tabled in the next session of Parliament. “Yes…certainly,” the Comptroller and Auditor General (CAG) said when asked if the CWG report would be tabled in the Monsoon Session of Parliament. Rai said his office is in the final stages of drafting the CWG report. “It is being finalised. We could not table it in the Budget session as it was truncated,” he added.
Circular No.18/2011-Customs – It is, clarified that the new arrival card vide MHA Notification No. GSR 113(E) dated 24.02.2011 should also be used by the Customs Authorities at Land Customs Station or the Sea Port. In this regard, it is further clarified that against the Column ‘Flight Number’, it can be mentioned either as “Not Applicable” or details of train / vessel could be filled in.
Circular No.17/2011- Customs- New Section 17 of the Customs Act, 1962 provides for self-assessment of duty on imported and export goods by the importer or exporter himself by filing a Bill of Entry or Shipping Bill, as the case may be, in the electronic form (new Section 46 or 50). The importer or exporter at the time of self-assessment will ensure that he declares the correct classification, applicable rate of duty, value, benefit of exemption notifications claimed, if any, in respect of the imported / export goods while presenting Bill of Entry or Shipping Bill. This should not pose any new difficulties since the importers / exporters and CHAs have been filing these documents containing the required details regularly in the ICES.
In exercise of the powers conferred by sub-section of section 620A read with sub-section (1) of section 637A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following amendments in the Notification of the Government of India, the erstwhile Ministry of Commerce and Industry (Department of Company Law Administration) No. G.S.R. 978 dated 28th May, 1963 and published in the Gazette of India, in Part II, section 3, sub-section (i) dated 28th May, 1963 as amended by No. G.S.R. 84(E), dated 23rd February, 1988 and No. G.S.R. 517(E), dated 31st August, 2006.
CIRCULAR NO. 134/3/2011 – ST [F.NO.354/42/2011-TRU], DATED 8-4-2011- Representations have been received from the field formations, seeking clarification regarding the applicability of service tax exemption to Education Cess (refers to both Education Cess leviable under Finance (No.2) Act, 2004 and Secondary and Higher Education Cess leviable under Finance Act, 2007), under notifications where ‘whole of service tax’ stands exempted. Apparently the doubt arises in the context of Tribunal’s Order in the matter of M/s. Balasore Alloys Ltd. Vs CCE, Customs and Service Tax, BBSR-I.
