"30 June 2011" Archive - Page 2

Transfer Pricing – Disallowance of costs on ground that associated enterprises also benefited not permissible

Patni Computer Systems Ltd Vs. DCIT (ITAT Pune)

Patni Computer Systems Ltd vs. DCIT (ITAT Pune) - A continuing debit balance per se, in the account of the associated enterprises, does not amount to an international transaction u/s 92B in respect of which ALP adjustments can be made. U/s 92B(1), the apportionment of cost is permissible only where there exists a 'mutual agreement or arra...

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Cost Audit Order dated 30th June 2011 in modification of Order dated 3rd May 2011

NA 30/06/2011

F. No. 52/26/CAB-2010 In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which the Companies (Cost Accounting Records) Rules, 2011 apply, and which are engaged in the ...

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FB to launch Facebook Credits for Indian users from July 1

Social networking site Facebook will next month introduce a payment system 'Facebook Credits' for Indian users who could spend the virtual currency across various games or applications they use on the popular website. A virtual currency, Facebook Credits is already popular among gaming enthusiasts in many other countries, including the US...

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Posted Under: Income Tax |

Salient Features of New all India Time Table ‘Trains at a Glance’ – New Time Table Comes into Effect from 1st July 2011

The salient features of the All India Railway Time Table Encouraged by the public response over the past few years all the user-friendly features of Trains at a Glance viz. how to read a table, route map, station index, trains between important stations, station code index, Train number index, Train name index, has been retained. Five ...

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Posted Under: Income Tax |

S. 80P not applies to District level Central Cooperative Bank

The Sundergarh District Central Co-operative Bank Ltd. Vs Dy. Commissioner of Income Tax (ITAT Cuttack)

Statute makes the amended provision Section 80P(4) inserted by Finance Act, 2006 to be effective from 1.4.2007, which therefore clearly indicates that it is applicable from the Assessment Year 2007-08 onwards. The said provision clearly mandates that the provisions of Section 80P shall not apply in relation to any co-operative bank other ...

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Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 –

Notification No. 42/2011-Customs (N.T.) 30/06/2011

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus ...

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RBI – Fabricated Certificate of Registration – M/s Forex Achievements

The Bank would like to clarify to the general public that no company / entity by the name, M/s Forex Achievements is registered as a company under the Companies Act, 1956 which is a prerequisite for obtaining CoR from the Bank. The CoR bearing Registration No. 07.00410 dated April 07, 2010 displayed by the entity on its web site is a fabr...

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Posted Under: Income Tax |

Procedure relating to export of pharmaceuticals and drugs

Public Notice No. 60(RE-2010)/2009-2014 30/06/2011

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-2009, as amended from time to time, Director General of Foreign Trade, notifies with immediate effect, procedures/guidelines to strengthen the enforcement mechanism available under the Drugs and Cosmetics Act, 1940 to ensure that counterfeit drugs ...

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Deferment in the date of effect for implementation of bar-coding on export consignment of pharmaceuticals and drugs for tracing and tracking purpose

Public Notice No. 59(RE-2010)/2009-2014 30/07/2011

Incorporation of barcodes (1 D) encoding unique product identification code (GTIN), Batch Number, Expiry Date and Unique Serial Number of the Tertiary pack (shipper/carton)....

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Authorising EIC for issuing Certificate of Origin under India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA)

Public Notice No. 58 /2009-2014 (RE-2010) 30/06/2011

Public Notice No. 58 /2009-2014 (RE-2010), The 30th June, 2011 EIC would also be the authorised agency to issue Certificate of Origin under India-Malaysia Comprehensive Economic Cooperation Agreement (IMCECA), with effect from 1st July 2011. ...

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