"05 July 2011" Archive

Extension of terminal date of basic custom duty exemption on raw sugar and white/refined sugar

Notification No. 55/2011-Customs 05/07/2011

Notification No. 55 /2011 - Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the...

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Applicability of Circular No. 845/03/2006-CX dated 1.02.2007 on textile products falling under Chapter 55 – regarding

Circular No. 948/09/2011-Central Excise 05/07/2011

Circular No. 948/09/2011-CX It has been brought to the notice of the Board that doubts have arisen on whether the benefit of proportionate Cenvat credit as clarified by Circular 845/03/2006-CX dated 1.02.2007 would be available to textile items of heading 5508, 5509, 5510, 5511, 5512, 5513 and 5514 of the First Schedule to the Central Exc...

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Car expenses incurred for the personal use of directors of the company in accordance with the terms and conditions of service were allowable as business expenditure

Mitsui & Co India Pvt Ltd Vs Addl. CIT (ITAT Delhi)

Mitsui & Co India Pvt Ltd v Addl CIT (ITAT Delhi) - Directors of the assessee were entitled to use the vehicles for their personal use in accordance with the terms and conditions on which they were appointed and the perquisites given to the directors formed part of their 'remuneration' under the Explanation to section 198 of the Companie...

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Statistics in the World of RBI – Duvvuri Subbarao

I note with satisfaction, indeed some pride, that the celebration of the Statistics Day in the Reserve Bank is much more than an annual calendar event. We are deeply conscious of the fact that our policy calibration, be it monetary policy, regulatory actions or decisions in pursuit of financial stability, is improved by the quality of dat...

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Posted Under: Custom Duty |

DTAA Does Not Protect Tax Evaders – SC

Ram Jethmalani & Ors. Vs Union Of India & Ors. (Supreme Court of India)

Ram Jethmalani vs. UOI (Supreme Court) - SC held that That the names of those individuals with bank accounts in Liechtenstein, as revealed by Germany, with respect of whom investigations have been concluded, either partially or wholly, and show cause notices issued and proceedings initiated may be disclosed; and That the Special Investig...

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Public Comments and Stakeholders' Views Invited on the Report Submitted by Committee to Review Implementation of Informal Sector Pension

A Committee to Review Implementation of Informal Sector Pension was constituted under the Chairmanship of Shri G N Bajpai former Chairman, SEBI, LIC and also member of PFRDA NPS Trust. The Committee has submitted its report on 1st July, 2011. The report is accessible on http://pfrda.org.in/indexmain.asp?linkid=180. Pension Fund Regulatory...

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Posted Under: Custom Duty |

Investment by banks in liquid/short term debt schemes of mutual funds

RBI/2011-12/106 DBOD.No.BP.BC. 23/21.04.141/2011-12 05/07/2011

Please refer to paragraph 112 of the Monetary Policy Statement 2011-12 (extract enclosed) wherein it has been indicated that banks’ investments in liquid schemes of mutual funds have grown manifold. The liquid schemes continue to rely heavily on institutional investors such as commercial banks whose redemption requirements are likely to...

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Companies Director Identification Number (Third Amendment) Rules, 2011

Notification No. G.S.R. 507(E) 05/07/2011

These rules may be called the Companies Director Identification Number (Third Amendment) Rules, 2011. They shall come into three with effect from 9th July, 2011. Director Identification Number (DIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as director or to any exis...

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Order passed under section 263 becomes ‘infructuous’ if effect order not passed in reasonable time

CIT Vs. Goyal M.G. Gases Pvt Ltd (Delhi High Court)

CIT vs. Goyal M.G. Gases Pvt Ltd (Delhi High Court) - Even if there is no period of limitation prescribed u/s153 (3)(ii) to give effect to s. 263 orders, the AO is required to pass the order within a 'reasonable period'. Non-specification of period of limitation does not mean that the AO can wait for indefinite period before passing the c...

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SEBI (Underwriters) (Amendment) Regulations, 2011

Notification No. LAD-NRO/GN/2011-12/15/21214 05/07/2011

No. LAD-NRO/GN/2011-12/15/21214 – In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Underwriters) Regulations, 1993, namely:- These Regulations may be called the Secu...

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