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Archive: 18 July 2011

Posts in 18 July 2011

Regarding Handling of Cargo in Customs Areas Regulations, 2009

July 18, 2011 610 Views 0 comment Print

Circular No. 29/2011-Customs Board clarifies that Commissioner of Customs, subject to his satisfaction, should not insist for residential accommodation for staff from CCSP in cases where concerned facility of CCSP is located in the city area. The underlying idea is to provide for residential facilities for staff deployment at Customs facilities located in far flung and remote areas where it is difficult to have appropriate residential facility and which can not be easily commuted by the officers.

SEBI CIR/MRD/DP/ 10 /2011 -Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

July 18, 2011 370 Views 0 comment Print

CIR/MRD/DP/ 10 /2011 , Dated – July 18, 2011It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories. 2. The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following:

CBI raids Paramount Group office, residence of airline MD in connection with non-repayment of a large amount of bank loans

July 18, 2011 718 Views 0 comment Print

CBI today raided the office of the Paramount Group and residence of Paramount Airways Managing Director M Thiagarajan in connection with alleged financial transactions. CBI officials said the raids were conducted in connection with non-repayment of a large amount of bank loans, but refused to give details.

Notification No. 17/ 2011-Central Excise (N.T.); dated: 18/07/2011

July 18, 2011 1124 Views 0 comment Print

Notification No. 17/ 2011-Central Excise (N.T.) Central Government hereby makes the following further amendment to the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 20/2006-Central Excise (N.T), dated the 30th September, 2006, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 609(E), dated the 30th September, 2006

Format of Form E.R.1 / E.R. 3 for monthly / Quarterly return for production and removal of goods and other relevant particulars and CENVAT credit

July 18, 2011 31522 Views 3 comments Print

Notification No. 16/2011-Central Excise (N.T.) The Central Board of Excise and Customs has notified new Form ER-1 and Form ER-3. Form ER-1 is the monthly return for production and removal of goods and other relevant particulars and CENVAT credit. Form ER-3 is the quarterly return for production and removal of goods and other relevant particulars and CENVAT credit, by an assessee eligible to avail of the exemption under a notification based on the value of clearances in a financial year.The new forms would be effective from 1st October, 2011.

New Companies Bill to come up in monsoon session – Corporate Affairs Minister

July 18, 2011 1022 Views 0 comment Print

Corporate Affairs Minister Veerappa Moily on Monday said the Companies Bill 2009, which promises greater shareholder democracy and stricter corporate governance norms, will be brought before Parliament for consideration and passage in the monsoon sesssion. ‘End of this week, as far as we are concerned, we will finalise the Cabinet note and by next week we will move it. Comments from all ministries have come. Now, we will take it forward and possibly if Cabinet approves it, we will be able to bring it in the monsoon session,’ said Moily.

Supreme Court Recalls its Directions to MoD in Pushpavanti Case

July 18, 2011 441 Views 0 comment Print

The Supreme Court has recalled its order given on 15 November last year in which it had directed MoD to set up a Commission to look into the grievances of serving and former soldiers of the Armed Forces. In the same order, the Apex Court had made a mention of Smt Pushpa Vanti’s case, a widow whose husband was an Army Major. The petitioner Smt Pushpa Vanti had claimed that she was getting only a meager amount of Rs. 80/- per month as pension since the death of her husband in 1967 and her pension had not been revised since then.

Hasan Ali Khan stashed $800 million in banks in countries like U.S., Switzerland and Singapore

July 18, 2011 502 Views 0 comment Print

Hasan Ali Khan, arrested for alleged money laundering, has stashed $800 million in banks in countries like the U.S., Switzerland and Singapore and has links with officials of these banks, the Enforcement Directorate told the Bombay High Court on Monday. Justice A.M. Thipsay was hearing a bail application filed by Mr. Khan after a sessions court rejected his bail plea. The matter will be heard on July 26.

Import of Sensitive Items During April-March 2011

July 18, 2011 300 Views 0 comment Print

Total import of sensitive items for the period April-March 2011 has been Rs. 70656 crores as compared to Rs. 65565 crores during the corresponding period of last year thereby showing an increase of 7.8%. The gross import of all commodities during same period of current year was Rs. 1596869 crores as compared to Rs. 1363736 crores during the same period of last year. Thus import of sensitive items constitutes 4.8% and 4.4% of the gross imports during last year and current year respectively.

Determining the characterisation of an entity before the selection of most appropriate method is critical

July 18, 2011 616 Views 0 comment Print

Fulford (India) Ltd v. DCIT (ITAT Mumbai) – The Tribunal made specific reference to the noting of the DRP in its order viz., that the assessee may be justified in claiming that own researched medicine should fetch higher profit margin, may be justifiable arguments, but the same had to be supported by adequate fact and each and every medicine had to be shown with respect to back-up research and development to justify the profit margin.

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