The Central Bureau of Investigation has arrested a Deputy GM-cum-Project Manager, National Building Construction Corporation, Khagaria (Bihar) for demanding and accepting a bribe of Rs.1.25 lakhs from the complainant.
Notification No. 54/2011 – Customs (N. T.) the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001,
All the members of Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of the Council decision taken at its 306th Meeting held on 7th – 8th June, 2011, the Chapter-XII (Minimum Audit Fee in respect of Audit) of the Council General Guidelines, 2008 appended to the ICAI publication titled “ The Chartered Accountants Act, 1949” has been repealed with effect from 7th June, 2011
All the members of the Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of its decision taken at the 299th Meeting of the Council held on 27th – 28th October, 2010, it has been decided that the term ‘relative’ for the purpose of Chapter-IV of Council General Guidelines, 2008 (Opinion on Financial Statements when there is substantial interest) will have the same meaning as assigned to it in AS-18.
CIR/IMD/FIIC/11/2011 Based on the assessment of the allocation and the utilization of the limits to FIIs for investments in debt, it has been decided to allocate the unutilized limits in Government debt long term in the following manner:- 2. Allocation through bidding process: The bidding for these limits shall be done on the BSE from 15:30 hrs to 17:30 hrs, on August 05, 2011, in terms of SEBI circular IMD/FII&C/37/2009 dated February 06, 2009, subject to the modifications stated below:-
I am directed to say that officers as per the enclosed lists are being considered for promotion to the grade of Chief Commissioner of Income Tax, CBDT. You are therefore requested to kindly obtain the options for posting, if any, from the concerned officers on their promotion to the grade of CCIT and to forward the same to Database Cell by E-mail at [email protected] and also by Speed Post latest by 02.08.2011.
Conditions for allowing provisional assessment. — Where an importer or an exporter, as the case may be, is unable to make self-assessment and makes a request in writing to the proper officer for provisional assessment or the proper officer on account of any of the grounds specified in sub-section (1) of section 18 of the Customs Act, 1962 (52 of 1962), is not able to verify the self-assessment or make re-assessment of the duty on the imported goods or the export goods, as the case may be, he shall make an estimate of the duty that is most likely to be levied (hereinafter referred to as the provisional duty). If the importer or the exporter, as the case may be, executes a bond in an amount equal to the difference between the duty that may be finally assessed or re-assessed and the provisional duty and deposits with the proper officer such sum not exceeding twenty per cent of the provisional duty, as the proper officer may direct, the proper officer may assess the duty on the goods provisionally at an amount equal to the provisional duty.
Companies borrowing large amount of loans enjoys tax deduction on interest paid thereby on such loans. But companies may no longer be able to enjoy this huge deduction on their taxable profit as the government is planning to implement Thin Capitalization Rule to avoid such tax evasion.
The question of treating a person as an officer in default by ROCs when prosecutions are launched against a company and its directors for violations under Companies Act, 1956 has come up for examination time and again. The Department has issued various circulars in this regard so far. It may be recollected that the Department vide circular No.42/7/73-CL.II dated 20.9.1973 had clarified that a person appointed as a nominee director, whatever interest he represents or protects is responsible for the proper discharge of his obligations and fiduciary responsibilities under the statute in the similar manner as an ordinary directors. However, in the same circular, it was further clarified that nominees of institutions set up under Acts having non-obstante clauses can enjoy immunity from prosecutions.
The material on record would clearly show that there is no doubt I about the date on which the amendment was made to the provisions of the Act retrospectively with effecf from 11-5-2000. The show cause notice is issued on 9-11-2004. In view of the decision of the Supreme Court and decision of this court, it cannot be disputed mat when the assessee is covered u/s 71-A of the Act any show-cause notice can be issued u/s 73 of the Act. The decision relied upon by the Tribunal of the Apex Court in L.H. Sugar Factoies Ltd.’s case (supra) has been reiterated in the subsequent judgment in Gujarat Carbon & Industries’ case (supra) referred to by the learned counsel for the respondent wherein it is clearly stated that class of persons who come under Section 71-A are not brought under net of Section 73 and show cause notice issued to the assessee invoking Section 73 are not maintainable.
