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Archive: 12 August 2011

Posts in 12 August 2011

Clandestine removal of excisable goods can not be denied by the company if MD of the company voluntarily came forward to sort out the issue and to pay the Excise duty – SC

August 12, 2011 1922 Views 0 comment Print

CCE Vs M/s. Kalvert Foods India Pvt. Ltd. & Ors. (Supreme Court of India)- The statements were recorded by the Central Excise Officers and they were not police officers. Therefore, such statements made by the Managing Director of the Company and other persons containing all the details about the functioning of the company which could be made only with personal knowledge of the respondents and therefore could not have been obtained through coercion or duress or through dictation.

When Did Amitabh become a Crorepati – Income Tax Knows?

August 12, 2011 1873 Views 0 comment Print

When asked to recall the moment when he first became millionaire in real life, Big B said, ‘I don’t remember the time when I became a ‘crorepati’. I have never paid that much attention to it I was more focused on my work that is acting. But I guess officials from the income tax department might know about it.”

Cost of packing of motor cycles cleared to Depot to be included in assessable value for Excise Duty Valuation – Supreme Court

August 12, 2011 1091 Views 0 comment Print

Royal En field (Unit of M/s. Eicher Ltd.) Vs CCE (Supreme Court of India)- In the decision of Government of India v. Madras Rubber Factory Ltd. reported at 1995 (77) ELT 433 (SC) a three-Judge Bench of this Court held that where the goods are delivered in a packed condition at the time of removal the cost of such packing shall be included.

India’s Export Grows 81 percent in July at US $ 29.3 Billion -Commerce Secretary

August 12, 2011 652 Views 0 comment Print

India’s exports have registered a growth of 81.8% during July 2011, at US $ 29.3 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-July 2011, exports have reached a level of US $ 108.3 billion, a growth of 54% while the imports were US $ 151 billion with a growth of 40% and a trade deficit of US $ 42.7 billion, during the same period. During the interaction, Shri Khullar also informed that India’s imports in July 2011 were US $ 40.4 billion registering the growth of 51.5%. Balance of trade for the month of July 2011 stood at 11.1 billion US dollar.

CBEC requiress Advocates for empanelment as Senior/Junior Standing Counsels to represent before Bombay HC

August 12, 2011 1044 Views 0 comment Print

The Customs and Central Excise Department requires Advocates for representation before the Hon’ble High Court of Bombay, Mumbai and other Statutory bodies/authorities like Tribunals/BIFR/AAIFR/DRT in the matters relating to Indirect Tax Laws. Practicing Advocates and retired officers of the Customs & Central Excise Department who are enrolled/registered as Advocates with the High Court of Bombay, Mumbai are eligible to apply.

ICAI May 2011 PCC and IPCC exam – Pass percentage & Toppers

August 12, 2011 13024 Views 0 comment Print

The Institute of Chartered Accountants of India (ICAI) announced the results of PCC & IPCC examinations held in May, 2011. The toppers of PCC examination held in May, 2011 are from Chennai, Mumbai and district Satara located in Maharashtra. This shows that even the country side regions are also not untouched by the reach of this profession.

Regarding Name change of ICWAI to ICMAI /ICAI – President writes letter to Minister of Corporate Affairs

August 12, 2011 3137 Views 6 comments Print

The ICWAI has been appealing the Government to change its name from the ‘institute of Cost and Works Accountants of India’ to the ‘Institute of Cost and Management Accountants of India’ in line with the global practice and to make its members known by its true functions they are performing in line with the changing role of the professionals known earlier as cost and works accountants of similar institutes in developed and developing countries such as UK, USA, Canada, Pakistan, Bangladesh.. Sri Lanka, etc. The appeal was also considered by the Standing Committee on Finance in 2004-05 which strongly recommended the name change, in spite of objections only from ICAI.

Multipurpose Empanelment Form – 2011

August 12, 2011 640 Views 0 comment Print

This is to reiterate that last date for submission of online applications on is 27th August, 2011. Sample copy of MEF is availaible at for your ready reference. You are requested to visit the site and fill up the form at the earliest possible to avoid the last minute rush.

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