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Archive: 23 May 2011

Posts in 23 May 2011

Rajiv Kumar replaces Amit Mitra as FICCI secretary general

May 23, 2011 850 Views 0 comment Print

Rajiv Kumar, a well-known economist, has been appointed as the FICCI secretary general, a post vacated by Amit Mitra who has joined the Mamata Banerjee government in West Bengal as finance minister.

2G Scam – HC rejects bail pleas of 5 corporate honchos

May 23, 2011 979 Views 0 comment Print

Five corporate honchos, including Unitech Group MD Sanjay Chandra and Group MD of Reliance ADAG Gautam Doshi, will remain in jail in the 2G case with the Delhi High Court today dismissing their bail pleas, saying the gravity of offence itself is sufficient to deny bail.

Provisions of section 194C will not apply in a case where the invoices clearly show that sales tax and excise duty were collected on the supply of materials by the vendors

May 23, 2011 40336 Views 0 comment Print

ACIT Vs M/s Tube Investments of India Ltd. (ITAT Chennai) – A perusal of the terms and conditions as also the invoices as found in the paper book clearly shows that sales tax and excise duty had been collected on the supply of materials by the vendors to the assessee. In these circumstances, in view of the finding of the Hon’ble Supreme Court in the case of Silver Oak Laboratories P. Ltd. in S.L.P. No. 18012/2009 dated 17-08-2010, referred to supra, we are of the view that the transaction involved in the present case is a contract for sale and not a contract for carrying out any works.

Govt pegs GDP growth during UPA rule at 8.5 Percent

May 23, 2011 708 Views 0 comment Print

Pegging the country’s average economic growth rate at 8.5 per cent during the UPA rule so far, the government today said it was determined to take India to the select league of “middle income countries.

New companies bill to encourage 'responsible corporate behaviour'

May 23, 2011 714 Views 0 comment Print

Speaking about corporate governance initiatives taken during the UPA regime, the government in its ‘Report to the People’ said, The bill (Companies Bill 2009) incorporates a number of investor protection measures and it will encourage responsible corporate behaviour through innovative provisions of law.

Notification No. 41/2011-Customs Dated: 23/05/2011

May 23, 2011 1274 Views 0 comment Print

Notification No. 41/2011-Customs, Whereas, in the matter of import of Vitrified Porcelain Tiles, (hereinafter referred to as the ‘subject goods’), falling under Chapter 69 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the ‘Customs Tariff Act’) and originating in, or exported from the People’s Republic of China (China PR) and United Arab Emirates (hereinafter referred to as the ‘subject countries’), the designated authority, vide its final findings in notification No.37/1/2001-DGAD dated 4th February, 2003 in the original anti-dumping case published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 4th February, 2003 had come to the conclusion that—

Guidelines on Credit Default Swaps (CDS) for Corporate Bonds

May 23, 2011 1252 Views 0 comment Print

IDMD.PCD.No. 5053 /14.03.04/2010-11 As indicated in paragraph 113 of the Second Quarter Review of Monetary Policy for year 2009-10, an Internal Group was constituted by the Reserve Bank to finalise the operational framework for the introduction of plain vanilla OTC single-name CDS for corporate bonds in India.

Dispute Resolution Panel (DRP) Revised Constitution w.e.f. 23.05.2011

May 23, 2011 2051 Views 0 comment Print

Order No.4/FT&TR/2011 – In exercise of powers conferred under section 144C of the Income Tax Act, 1961, and in supersession of Order No.1/FT&TR-I/2011 dated 12.012011 and Order No.3/FT&TR-I/2D11 dated 31.03.201, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRP at the places given below, who shall perform such duties in addition to their regular duties with effect from 23.05.2011 and until further order:

If Excess excise duty paid not refunded, buyer can claim the refund

May 23, 2011 3383 Views 0 comment Print

Learned counsel for the appellant submits that even if the duty has been paid in excess of the amount finally held to be payable, unless the excess duty paid has been refunded, the assessee could claim cenvat credit as the department could not get the duty twice.

Notification No. G.S.R. 396(E), dated 23/05/2011

May 23, 2011 775 Views 0 comment Print

After removing requirement of approaching Central Government for Managerial Remuneration by Public Companies which are not subsidiaries of Listed Company, MCA has further simplified the requirements of Schedule XIII. MCA has allowed the subsidiaries of Listed Companies to fix managerial remuneration subject to following conditions and has dispensed with requirements of Central Government approval: The Remuneration Committee and Board of Directors of Holding Company approve the remuneration and the said remuneration is considered as remuneration paid under Section 198 by the Holding Company;

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