Recently, Income Tax Department searched a large number of private lockers and vaults in the city which resulted in unearthing of unaccounted or unexplained jewellery, gold, diamonds and cash in the lockers belonging to people whose whereabouts are not known ie, benami holdings. While this was going on, separately, Income tax department has made it mandatory for all high value buyers of jewellery to declare or mention their Income tax Permanent Account Number (PAN) to the dealer from whom such purchases are made.
While presenting his budget proposals for 2011-12 on 28th February 2011 the Finance Minister Shri Pranab Mukherjee proposed certain changes in the Central Excise rate structure to prepare the ground for the transition to GST, beginning with a reduction in the number of exemptions. He accordingly withdrew the exemption on 130 of these items and levied a nominal Central Excise duty of 1 per cent on these 130 items that entered the tax net. The manufacturers of these items were granted the benefit of the SSI exemption. The scheme of SSI exemption is governed by notification 8/2003 the salient features of which are discussed hereunder.
Constitution of panel of Senior Standing Counsels and Junior Standing Counsels for handling cases of Indirect Taxation cases before the Hon’ble High Courts/other Judicial forums
The Central Bureau of Investigation has registered a case u/s 120B IPC r/w 420 IPC and 13(2) r/w 13(1)(d) of P.C. Act 1988 against the then Additional Central Provident Fund Commissioner and other 8 then officers of EPFO Delhi who had entered into a criminal conspiracy with Managing Directors, two Director & one General Manager, HR of Delhi based private firm. In pursuance to this criminal conspiracy the accused allegedly created false records in respect of certain employees engaged, inflated the number of excluded employees, manipulated the period of engagement of employees and thereby manipulated the amount of Provident Fund liability which was due and payable by the said private firm.
Following the announcement in the Second Quarter Review of Monetary Policy 2010-11 (paragraph 107) that guidelines stipulating the prudential limits to regulate the investment of banks in companies engaged in forms of business other than financial services will be issued separately, the Reserve Bank of India the Reserve Bank of India today released on its website, Draft Guidelines on Equity Investments by scheduled commercial banks in subsidiaries and other companies for comments and feedback.
The Union Finance Minister Shri Pranab Mukherjee said that during the global financial crisis of 2008, our GDP growth rate lowered to 6.8 per cent in 2008-09 but the economy rallied back with an 8 per cent growth in 2009-10. Shri Mukherjee said that the overall GDP growth in 2010-11 was estimated at 8.5 per cent and there is no reason why this momentum cannot be maintained in fiscal 2011-12 and improved further in the coming years.
Chandna Imp ex Private Limited vs Commissioner of Customs (Supreme Court of India) – Customs – Indirect Tax – Customs Act, 1962, ss. 2(34), 28AB, 111, 114 and 124 – Jurisdiction of DRI – Appeal u/s 130E – Undervaluation – Confiscation- Appellant was engaged in the business of import plywood, inlays, MDF laminated boards and veneer sheets etc. – In search operations, certain goods were seized from the premises of the appellant – A show cause notice was issued to the appellant by the DRI u/s. 124 of the Act alleging mis-declaration of quantity/ description and value of the goods – Subsequently, Commissioner ordered the confiscation of goods u/s. 111 of the Act, confirmed the demand u/s. 28AB of the Act and also imposed penalty u/s. 114 A on the appellant
M/s. Gammon India Ltd. Vs Commissioner of Customs (Supreme Court of India)- Customs – Exemption under notification no. 17/2001 Customs – Contract in the name of Joint Venture – Import of machine by one party to the joint venture – actual user condition – Appellant and ‘X’, entered into a joint venture agreement dt. 18.9.2000 for submitting a bid to the National Highways Authority of India (NHAI) for awarding a contract for construction of a road in India – The said joint venture was named as ‘Y’ – The bid tendered by the ‘Y’ was accepted by NHAI and an agreement was executed between NHAI and ‘Y’ – Subsequently, the Central Government issued exemption notification no. 17/2001-Cus., granting full exemption to the goods required for construction of roads
These rules may be called the Limited Liability Partnership Rules, 2009 (Amendment) Rules, 2011. Designated Partnership Identification Number (DPIN) means an identification number which the Central Government may allot to any individual, intending to be appointed as designated partner of a Limited Liability Partnership for the purpose of his identification as such, and includes Directors Identification Number (DIN) issued under sections 266A, 266B and 266E of the Companies Act, 1956 and rules made thereunder.
In a major haul, the VAT department of Government of Delhi has confiscated 56 trucks in the capital for transporting goods without paying the required taxes. The trucks were confiscated in an operation carried out by 15 teams comprising officials of VAT department last night during which checkings were carried out on 463 vehicles on all interstate roads connecting Delhi.
