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Archive: 16 May 2011

Posts in 16 May 2011

Soon Stock brokers may not be required to seek 'running account authorisation' from clients every year

May 16, 2011 711 Views 0 comment Print

Sebi has allowed brokers an uninterrupted access to their clients’ accounts by seeking one time authorisation, reversing its earlier direction of such a requirement every year. Sebi has agreed to drop the requirement of stock brokers seeking ‘running account authorisation’ from their clients at least once a year — which was made mandatory in December 2009 — after repeated requests from brokerages in this regard.

Gain from Portfolio Management Scheme (PMS) not Business Profit – ITAT Mumbai

May 16, 2011 1848 Views 0 comment Print

ITO vs. Radha Birju Patel (ITAT Mumbai) – Transactions carried out via Portfolio Management Scheme are clearly in the nature of transactions meant for maximization of wealth rather encashing the profits on appreciation in value of shares. The very nature of Portfolio Management Scheme is such that the investments made by the assessee are protected and enhanced and in such a circumstance, it cannot be said that Portfolio Management is scheme of trading in shares and stock. Whether, the assessee is engaged in the business of dealing in shares or investment in shares is essentially a question of fact and it has to be determined with regard to the entirety of the circumstances. Where the assessee is engaged in systematic activities of holding portfolio through a PMS Manager, it cannot, by any stretch of imagination, be said that the main object of holding the portfolio is to make profit by sale of shares during the course of maintaining the portfolio investment over the period. The high number of transactions shown in the statement is misleading because these are computer-split transactions and not independent transactions.

Provisions of section 2(22)(e) of the Income Tax Act, 1961 related to deemed dividend not applicable to non shareholders – Delhi HC

May 16, 2011 4257 Views 0 comment Print

The assessee who was not the shareholders of M/s. Jackson Generators (P) Ltd. (JGPL) could be treated as covered by the definition of ‘dividend’ as contained in Section 2(22)(e) of the Income Tax Act (hereinafter referred to as ‗the Act‘). This issue has arisen under the following circumstances.

Increase in Housing Loan Limit under Priority Sector -Circular No. RPCD.CORRB.No.71/03.05.33/2010-11

May 16, 2011 1193 Views 0 comment Print

RPCD.CORRB.No.71 /03.05.33/2010-11 – Pursuant to the announcement made by Union Finance Minister in paragraph 44 of the budget for the year 2011-12, it has been decided to increase the above limit from Rs. 20 lakh to Rs. 25 lakh. 3. The above change will be applicable to housing loans sanctioned on or after April 1, 2011.

Transfer Pricing – whether the Tribunal was justified in entertaining the additional ground for exclusion of comparable

May 16, 2011 7752 Views 0 comment Print

CIT Vs Quark Systems India (P) Ltd. (Punjab and Haryana High Court)- The Tribunal, while entertaining the additional ground raised by the assessee for the exclusion of a comparable, remanded the matter to the AO allowing an opportunity to the assessee to produce material before the AO for determination of the ALP, and after the remand and consideration of the material produced by the assessee in terms of the order of the Tribunal, an order in favour of the assessee has been passed.

Govt signs USD 150 million loan agreement with World Bank to push e-governance

May 16, 2011 507 Views 0 comment Print

The government has signed a USD 150 million loan agreement with the World Bank to push e-governance initiatives by filling in strategic policy gaps. This loan will support critical policy measures within Government”s overall e-Governance reform agenda leading to more robust implementation of NeGP, with significant social benefits for the population and positive impact on the poor, Additional Secretary, Department of Information Technology, Shankar Aggarwal said in a statement.

FEMA – Revised guidelines on KYC norms/AML standards under Money Transfer Service Scheme – A.P. (DIR SERIES) CIRCULAR NO. 62, DATED 16-05-2011

May 16, 2011 853 Views 0 comment Print

A.P. (DIR SERIES) CIRCULAR NO. 62, DATED 16-5-2011 APs (Indian Agents) should introduce a system of maintaining proper record of transactions prescribed under Rule 3, as mentioned below : (a) all cash transactions of the value of more than Rupees ten lakh or its equivalent in foreign currency; (b) all series of cash transactions integrally connected to each other which have been valued below Rupees ten lakh or its equivalent in foreign currency where such series of transactions have taken place within a month and the aggregate value of such transactions exceeds Rupees ten lakh;

FEMA – Revised instructions on KYC norms/AML standards – A.P. (DIR SERIES) CIRCULAR NO. 61, DATED 16-05-2011

May 16, 2011 510 Views 0 comment Print

A.P. (DIR SERIES) CIRCULAR NO. 61, DATED 16-5-2011 The directions contained in this Circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and also under the, Prevention of Money Laundering Act, (PMLA), 2002, as amended by the Prevention of Money Laundering (Amendment) Act, 2009 and the Prevention of Money-Laundering (Maintenance of Records of the Nature and Value of Transactions, the Procedure and Manner of Maintaining and Time for Furnishing Information and Verification and Maintenance of Records of the Identity of the Clients of the Banking Companies, Financial Institutions and Intermediaries) Rules, 2005 as amended from time to time. Non-compliance with the guidelines would attract penal provisions of the Acts concerned or Rules made there under.

Public Notice No. 46 (RE-2010)/2009-14, Dated: 16.05.2011

May 16, 2011 238 Views 0 comment Print

In exercise of powers conferred under Paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes the following amendment at S.No.30 under the State of Maharashtra in Appendix 4C (List of Agencies Authorised to Issue Certificates of Origin-Non Preferential) of the Handbook of Procedures(Vol.I), 2009-14.

NBFCs- RBI’s advisory regarding updation of consolidated list of individuals/entities linked to terrorist organisations – CIRCULAR NO. DNBS(PD).CC. NO. 219/03.10.42/2010-11, DATED 16-05-2011

May 16, 2011 613 Views 0 comment Print

CIRCULAR NO. DNBS(PD).CC. NO. 219/03.10.42/2010-11 The Chairman of UN Security Council’s 1267 Committee has issued a note on March 24, 2011 regarding changes made in the consolidated List of Individuals and entities linked to Al-Qaida and Taliban (copy enclosed).

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