"22 May 2011" Archive

Unless the correctness of facts, is put in issue, a question of law does not arise

Commissioner of Customs (Import) Vs Stone man Marble Industries and others [Supreme Court of India)

Commissioner of Customs (Import) vs Stoneman Marble Industries and others [SUPREME COURT OF INDIA) - Apex Court do find some substance in the submission of learned counsel for the Revenue that a standard formula cannot be laid down for imposition of redemption fine and penalty under the aforenoted provisions of the Act and each case has t...

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Customs – Refund – Adjudicating Authority cannot permitted to circumvent the order passed by the High Court

RBF Rig Corporation, Mumbai Vs The Commissioner of Customs (Imports) (Supreme Court of India)

RBF Rig Corporation, Mumbai Versus The Commissioner of Customs (Imports), - Supreme Court - Customs - Refund -Adjudicating Authority cannot permitted to circumvent the order passed by the High Court. High Court directs consideration of refund claim on the basis of essentiality certificate - Adjudicating Authority rejects claim on the grou...

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Time limit prescribed for one scheme could be completely unwarranted for another scheme

M/s Hans Steel Rolling Mill Vs Commnr. of Central Excise (Supreme Court of India)

M/s Hans Steel Rolling Mill Versus Commnr. of Central Excise, Chandigarh - (SUPREME COURT OF INDIA ) - Recovery of amount due under compounded levy scheme - application of period of limitation - Section 11A of the Central Excise Act, 1944 - Held that: - In the case of Collector of Central Excise, Jaipur V. Raghuvar (India) Ltd as reported...

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Supreme Court sets aside Allahabad Court judgement on tax exemption- U.P. Trade Tax Act, 1948 – Central Sales Tax Act, 1956

Commissioner of Trade Tax Vs Kartos International Etc. (Supreme Court of India)

Sales Tax - Indirect Tax - U.P. Trade Tax Act, 1948 - Central Sales Tax Act, 1956 - Exemption - Notification No. 1166 dt. 10.4.2000 - Assessee, engaged in the manufacture and sales of various 'scientific and biological equipments/instruments', claimed goods sold by it were exempted from tax in view of the notification no. 1166 - Assessing...

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IMF – Selection of new chief due on June 30

The International Monetary Fund's selection process for a new managing director will kick off with nominations on Monday,and the final decision expected by June 30, the institution has said. I am very pleased to announce that the Fund's Executive Board has adopted a procedure that allows the selection of the next managing director to take...

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Posted Under: Custom Duty |

Income-Tax Department starts scrutiny of over 6.5 lakh demat accounts

The Income-Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. Investigation and intelligence wings have started looking into the frozen accounts with substantial amounts lying in them to se...

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Posted Under: Custom Duty |

Ministry of Corporate Affairs asks SFIO to outsource job partly to private sleuths

Ministry of Corporate Affairs has asked corporate fraud investigating agency SFIO to outsource part of its work to private sleuths to overcome the problem of staff shortage that was causing delay in completing probes timely. The Ministry, in an internal note to the Serious Fraud Investigating Office (SFIO), has directed the body to hire p...

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Posted Under: Custom Duty |

Finance Ministry to set up Directorate of Criminal Investigation

The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month. A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black money (which is illegally acquired), money lau...

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Posted Under: Custom Duty |

To reduce accidents in night govt may make anti-glare tech in vehicles mandatory

The government may consider bringing in a legislation to make anti-glare technology in automobiles mandatory in an effort to reduce night accidents caused due to blinding by lights of oncoming vehicles. The government has been supporting the development of an automotive anti-glare technology by the International Centre for Automotive Tec...

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Posted Under: Custom Duty |

More foreigners than Indians receiving patents in India

There are more foreigners than Indians receiving patents in India, prompting the government to say much needs to be done to encourage more domestic innovations. The number of patents granted to Indian applicants has steadily decreased from a high of 41 per cent in 2002-03 to a low of 17 per cent in 2009-10, according to an Industry Minis...

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Posted Under: Custom Duty |

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