"02 August 2011" Archive - Page 2

Custom Duty – Amends Notification No.16/2011-Customs(N.T) dated the 1st March, 2011

Notification No. 56/2011-Customs (N.T.) 02/08/2011

Notification No. 56 /2011 - Customs (N.T.) In exercise of the powers conferred by section 11 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 amendment in the notification of the Government of India in the Ministry of F...

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Cenvat credit admissible on service tax paid on workmen compensation insurance

Surani Ceramics Ltd. Vs Commissioner of Central Excise, Rajkot (CESTAT Ahmedabad)

In case of an accident within the factory, the compensation has to be paid by the company in accordance with the law and this is obligatory. To fulfil this legal obligation, the assessee has taken insurance. Therefore, it can be said that in this case the insurance premium is definitely relatable to business activity and is to fulfil one ...

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PF contributions need to be deducted for training period of Junior Employees

BSNL Vs Union of India & others (Madras High Court)

Please find enclosed herewith a copy of judgement dated 16/6/2011 delivered by Hon'ble High Court,Madras in the W.P.No. 21520,21782 and 21783/2010 filed in the matter of BSNL Vs. Union of India & others. The Hon'ble High Court has upheld the decision of RPFC that PF contributions need to be deducted for training period of Junior Telecom ...

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Proceeding u/s 263 initiated on the basis of existing circular which conflicts with views of High Courts or Supreme Court not sustainable

Bhartia Industries Ltd. Vs Commissioner of Income Tax, Central- III (Kolkata High Court)

Bhartia Industries Ltd Vs CIT (Kolkutta HC) - The Commissioner of Income-tax initiated proceedings under Section 263 of the Act questioning the allowance of the said payments made on account of VRS by the Assessing Officer and an order under Section 263 of the Act dated March 4, 2003 was passed by the Commissioner under Section 263 of ...

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Export of Cotton [ITC (HS) Code 5201 & 5203], amendment in nature of restriction

Notification No. 62 (RE-2010)/2009-2014 02/08/2011

The cap on export of cotton [ITC (HS) Code 5201 & 5203] has been removed. However, condition regarding registration of contracts with DGFT would continue to apply. A new procedure of registration is being separately notified for export of Cotton [ITC (HS) Code 5201 & 5203]. In respect of cotton waste including yarn waste and garneted sto...

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Benefits of lower tax rates of 10 per cent as per proviso to section 112(1) is not available where shares of listed company are sold in off-market mode

In re. Cairn U.K. Holdings Ltd. (AAR Delhi)

Cairn U.K. Holdings Ltd. In re (AAR) The relief provided for by the proviso to Section 112 is intended to cover cases where effect of inflation is not provided for. That is why the proviso specifies that the calculation of 10% of the Capital Gain should be “before giving effect to” indexation. ‘Before giving effect to’ connotes th...

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FEMA – Exim Bank's Line of Credit of USD 4 million to the Government of the Co-operative Republic of Guyana

RBI/2011-12/138 A.P. (DIR Series) Circular No. 07 02/08/2011

A.P. (DIR Series) Circular No. 07 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated July 26, 2010 with the Government of the Co-operative Republic of Guyana, making available to the latter, a Line of Credit (LOC) of USD 4 million (USD four million) for financing eligible goods, services, machinery and equipment incl...

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Comprehensive Guidelines on Derivatives – Modifications

RBI/2011-12/136 DBOD.No.BP.BC. 27/21.04.157/2011-12 02/08/2011

Please refer to our Circular DBOD No. BP. BC. 86/21.04.157/2006-07 dated April 20, 2007 on Comprehensive Guidelines on Derivatives. The guidelines with regard to suitability and appropriateness policy for offering of derivative products to users, as outlined in paragraph 8.3 of the said circular, have been reviewed in the light of experie...

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SEBI- Stock exchanges to send details of transactions to the investors through SMS and E-mail alerts

CIrcular No. CIR/MIRSD/15/2011 02/08/2011

SEBI receives complaints from investors against stock brokers which include alleged unauthorized trading in their accounts. SEBI has taken steps in the past to address this issue. As an additional measure, it has now been decided in consultation with the major stock exchanges and market participants that the stock exchanges shall send d...

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Entitlement of number of trainees by Company Secretary in Practice

The Council at its 201st meeting held on 23rd-24th June, 2011, in supersession of its earlier decision which was notified in October, 2008 issue of Chartered Secretary, has decided that with effect from 24th June, 2011, for the purpose of clause (c) of Regulation 48 of the Company Secretaries Regulations, 1982, the number of trainees to b...

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