The question of bar of limitation as well as setting aside the penalty is dependant on the leviability of excise duty on the impugned product. That is an issue which is to be decided by the Apex Court and the Apex Court is already seized of the matter. As the findings on that issue would have direct bearing in deciding the issues arisen in these appeals and all these issues arise out of the very same order, it is settled law that these issues cannot be bifurcated and decided by this court.
The Income Tax department on Thursday expressed difficulty in recovering Rs 74,000 crore tax claims from Pune-based stud-farm owner Hasan Ali Khan, saying he does not have enough assets. ‘Hasan Ali does not have enough assets to meet the tax liability,’ an I-T department official said.
Bank fixed deposits would continue to remain more attractive for savers than long-term deposits under small savings schemes of post office despite the hike in interest rates proposed by the government panel. At the current market condition, the term deposit rates are as much as 50 basis points higher than the returns offered by small savings scheme as recommended by the Committee headed by RBI Deputy Governor Shyamala Gopinath.
Market regulator Sebi today said it plans to induct four new executive directors, who would replace some key incumbent directors handling important departments like mutual funds and secondary markets. Starting the process for hiring new directors, Sebi today invited applications for four posts of executive directors, including one for legal affairs. The remaining three would be inducted for various regulatory roles at Securities and Exchange Board of India.
Market regulator Sebi on Thursday agreed to settle a probe against Reliance Securities for a suspected breach of regulations, after the Anil Ambani group firm offered to pay Rs 25 lakh among various settlement terms. Brokerage firm Reliance Securities will also not register any new clients for the next 45 days and would spend Rs 1 crore on investor education and awareness programs, as per the terms of the settlement with Sebi.
Former telecom minister A Raja and his staff threatened and coerced officials in giving preference to Swan Telecom and Unitech over Tata group in the award of telecom licences, CBI has informed the Joint Parliamentary Committee probing the 2G scam.
Amidst growing demand of the civil society for a strong anti-graft law and confiscation of black money, the Supreme Court sought amendment to the Prevention of Corruption Act (PCA) to root out corruption in the country. A bench of justices B S Chauhan and Swatanter Kumar also favoured amendment to the Drugs and Cosmetics Act, 1940, to tackle spurious drugs. In this country, if there are two laws that need to be changed or amended to act as a deterrent, they are laws relating to anti-corruption and sale of spurious drugs, the bench said on Wednesday while dismissing the appeal of an Assistant Excise Commissioner in a graft case.
ED Director Arun Mathur, in a presentation to the Joint Parliamentary Committee examining the spectrum allocation, on Wednesday said that the probe agency has been investigating 10 telecom companies for allegations of violation of the Foreign Exchange Management Act and the Prevention of Money Laundering Act. Unitech Wireless (Tamil Nadu), Swan Telecom, Loop Telecom, S-Tel Limited, Videocon Telecom, Idea Cellular, Tata Teleservices, Sistema-Shyam Telecom, Allianz Infratech which subsequently became EtisalatDB and Spice Communications which has since been merged with Idea Cellular are the companies being investigated by the ED, JPC Chairman P C Chacko told reporters in New Delhi on Wednesday.
India IPV6 Task Force Newsletter and Compendium on IPV6 Activities Released. Sh. R Chandrashekhar, Secretary (Telecom) released the first India IPv6 (Internet Protocol IPv6 )Task Force Newsletter and technical compendium on IPv6 activities at a function held in Sanchar Bhawan on the occasion of World IPv6 day, 8th June, 2011. Sh. S. C. Misra, Member (S), Smt. Sadhana Dixit, Member (Finance), Sh.J.Gopal, Advisor (T) and other senior officers of DoT, TEC, DIT, BSNL and MTNL were also present.
DGBA. CDD. No. H-8545/15.15.001/2010-11 It has been brought to our notice that some of the agency banks do not implement the instructions given in Government of India’s Office Memorandum F. No. 2-8/2004-NS-II dated October 29, 2004 and circulated to agency banks vide our circular RBI/2004-05/259 Ref. CO. DT. No. 15.05.001/H-3999-4021/2004-05 dated October 30, 2004 (copy enclosed), particularly in case of retired army personnel and have denied the facility of this Scheme to some of them in contravention of the instructions ibid.
