NOTIFICATION G.S.R. 475(E) [NO. 1/2011-AAR], In exercise of the powers conferred by section 28M of the Customs Act, 1962 (52 of 1962), section 23H of the Central Exercise Act, 1944 (1 of 1944) and section 96H of the Finance Act, 1994 (32 of 1994), the Authority for Advance Rulings (Central Excise, Customs and Service Tax) hereby makes the following amendment in the Authority for Advance Rulings (Central Excise, Customs and Service Tax) Procedure Regulations, 2005, namely:—
– I did not expect the effect of shock injection of liquidity into the system by the United States. I could not anticipate that the Middle East would once again go into turmoil. Commodity prices, food prices, energy prices are variables over which we have no control. And if you exclude these I think the rest of the inflation is still marginally above what would be considered as inflationary. Now we have the no magic wand to bring down international commodity prices – particularly of food grains – we cannot force our farmers to part with their food grains for procurement at unreasonable prices. That will be suicidal to our farmers. One thing what this Government has done is, it has increased the procurement prices in a manner like no one has increased in the history of the country. (Interjection : That is the root of the problem.) No it may be the root of the problem but that is also our safety net. That agriculture is in good shape. That we have all time high stocks of foodgrains. We have at long last been able to reach out to large numbers of our people.
ORDER NO. 5/FT&TR/2011 [F.NO. 500/15/2011-FTD-1], DATED 27-6-2011 -In partial modification of Order No. 4/FT&TR/2011, and in exercise of powers conferred under section 144C of the Income-tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP-II at Delhi, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
Proposed guidelines for conversion of section 25 company (non profit company) to an ordinary company under Companies Act, 1956. – The Ministry has been receiving representation from various stakeholders to develop a procedure under Companies Act, 1956 for conversion of section 25 company (non-profit company) to an ordinary company because there are a number of section 25 companies which have not done any activity after obtaining license under section 25 or have stopped such activities, and now want to convert themselves as an ordinary company.
Proposed guidelines for strike off name u/section 560 of the Companies Act, 1956 of companies (non profit companies) which have been granted license u/s 25 of Companies Act, 1956 By 15th July – The Ministry has been receiving representation from various stakeholders to develop a procedure for strike off name under section 560 of the Companies Act, 1956 of companies (non profit companies) which have been granted license under section 25 of the Companies Act, 1956. There are a number of section 25 companies which have not done any activity after obtaining license under section 25 or have stopped such activities, and now want to strike off their name under section 560 of the Companies Act, 1956.
Need to Explore Innovative Approaches to Sustain High Growth With Stability; Challenge is to Harness this Growth to Make the Development Process More Inclusive, Strengthen Food Security, Improve Education Opportunities and Health Facilities Both in Rural and Urban Areas ;Discussions Underway to Build Consensus on Further Liberalisation of the FDI Policy in Retail and Defence Sector: FM
Stewart Holl (India) Ltd. Vs CIT (High Court of Calcutta)- Court held that the different brands of tea which were mixed by the assessee in Nilgiri’s case for the purpose of producing a tea mixture of a different kind and quality according to the formula evolved by them, there was plainly and indubitably processing of different brands of tea, because these brands of tea experienced, as a result of mixing, qualitative change, in that the tea mixture which came into existence was of different quality and flavour than the different brands of tea which went into the mixture.
Notification No. 41/2011 – Consulting engineers to pay service tax on receipt basis – With effect from 1 July 2011, the Point of Taxation in respect of individuals or proprietary firms or partnership firms providing ‘consulting engineer services’, shall be date on which payment is received or made.
The Central Board of Excise and Customs (CBEC) today said that tax rates under the proposed Goods and Services Tax (GST) regime in India is likely to be between 16% and 20%.
The Supreme Court will hear on July 4 a Sahara group firm’s plea challenging a SEBI order directing the company to return money collected from investors through a scheme along with 15% interest.
