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EIH Limited Vs CIT (Kolkata High Court)- The sale of food and beverages to the international airlines in sealed containers constitutes an export of goods out of India and the payment received from the said foreign airlines in India, in the form of rupees, could be treated as payment in convertible foreign exchange within the meaning of the provisions of s 80HHC.
The Finance Minister Shri Pranab Mukherjee, who is also Chairperson of the National Implementation Committee to commemorate 150th birth anniversary of Gurudev Rabindranath Tagore, today launched a new Audio-Visual presentation of Gurudev Rabindranath Tagore’s ‘Jana Gana Mana’ poem in full five stanzas by various artists as a salutation to the great poet who gave us India’s National Anthem.
Bee Pee Jay Finance Ltd. Vs CIT and Anr (Calcutta High Court)- By virtue of Section 11 5JA a legal fiction has been created by which if total income is found to be less than 30% of the book profit, the total income should be deemed to be 30% of the profit and in such a case, if charge ability of interest under Sections 234B and 234C are held applicable only in view of sub-Section (4) of Section 11 5JA, it would amount to adding another legal fiction to an existing legal fiction of Section 11 5JA( 1). According to Mr. Sen in case of a legal fiction, which has to be interpreted for giving its full logical coverage, another legal fiction cannot be added to the same and for the aforesaid proposition.
In exercise of the powers conferred by Para 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in Public Notice No. 44 (RE-2010)/2009-2014 dated 31.03.2011 read with (i) Public Notice No. 36 (RE-2010)/2009-2014 dated 01.03.2011 and (ii) Public Notice No. 37 (RE-2010)/2009-2014 dated 08.03.2011 relating to procedure for export of 1,50,000 MTs of Non Basmati Rice( Sona Masuri, Ponni Samba & Matta rice varieties).
Over the period, in respect of certain import items pertaining to above two SIONs, improvement in consumption has been observed. Accordingly, quantity allowed for such items has been reduced.
Form No. 1 to be attached with a coy of MAA and proposed agreement with the Managing/Wholetime Director/s (if any) are to be filed. In addition to Form No. 1, MAA and the agreement as aforesaid, Form No. 29 for each Director is also required to be filed.
In order to ensure availability of sufficient credit to MSE Sector, Banks have been advised by RBI to achieve the following targets: i) 60% of MSE advances for Micro Enterprises by 2012-13, to be achieved in three stages: i.e. 50% by 2011, 55% in 2012 & 60% in 2013. ii) Banks are advised to achieve a 20% year-on-year growth in credit to micro and small enterprises. iii) Banks are advised to achieve 10% annual growth in the number of micro enterprises accounts.
Jai Mica Supply Co Pvt Ltd Vs CIT (Kolkata High Court)- We do not find any substance in the contention of Mr. Khaitan that there were conflicting views on this point when the notice under Section 263 of the Act was issued.
In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy 2009-2014, the Director General of Foreign Trade hereby makes an addition in the heading of Appendix 4D of Handbook of Procedure Vol. I (Appendices and Aayat Niryat Forms) 2009-2014, as described in para 2 below. Last such addition was made in Public Notice No.58/2009-2014 dated 30th June, 2011.
Minimum Export Price (MEP) of Bangalore Rose Onions and Krishnapuram onions will be US$ 400 per Metric Ton F.O.B. It was US$ 350 per Metric Ton as notified on 16.05.2011. Minimum Export Price (MEP) of onions other than Bangalore Rose Onions and Krishnapuram onions will be US$ 275 per Metric Ton F.O.B. It was US$ 230 per Metric Ton as notified on 15.07.2011. Notification No 66 (RE – 2010)/2009-2014,
