"19 August 2011" Archive

Customs amendment bill in LS to validate notices issued by different officials during the past 25 to 30 years.

FM Pranab Mukherjee on Friday moved a bill in the Lok Sabha to amend the Customs Act to validate the showcause notices given by different officials during the past several years. The bill, which seeks to validate notices rendered invalid by the Supreme Court on technical ground, will be taken up for discussion and passage next week. ...

Read More
Posted Under: Custom Duty |

Payment for infringement of patent, being purely compensatory in nature, cannot be disallowed

Commissioner of Income Tax Vs Desiccant Rotors International (P.) Ltd. (Delhi High Court)

Desiccant Rotors International Pvt. Ltd. Vs. CIT, Delhi (Delhi High Court)- Payment made by the assessee on settlement of dispute with a company of USA being neither a fine or a penalty for a proved offence nor an amount of Compensation of an offence but is merely a sum in settlement of an action charging the assessee was denied and not ...

Read More

Without physical verification, additions cannot be made for stock register discrepancy

Ankur Cm Food Products (Guj) Ltd. Vs Dy. CIT (ITAT Rajkot)

Ankur Cm Food Products (Guj) Ltd vs Dy.CIT (ITAT Rajkot)- Ground No. 2 of appeal of revenue is in respect of deletion of addition of Rs.7,01,1 19 on account of excess stock of packing material. During the course of survey at factory premises empty bags and empty pouches numbers 1,02,98,914 were found against the book stock of 83,39,051. T...

Read More

Additions u/s 68 cannot be made merely because the affidavits filed by share subscribers were not attested by first class magistrate

ITO Vs. Gay Loard Industries Ltd. (ITAT Ahemdabad)

ITO Vs Gay Loard Industries Ltd (Ahmedabad ITAT)- Once the existence of the investor is proved, there is no further burden on the assessee to prove whether that person itself has invested the said money or some other person has made investment in the name of that person. Thus majority of the courts are of the View that once the shareholde...

Read More

Inauguration of Residential Quarters-cum-guest House by Honorable Finance Minister

Shri Pranab Mukherjee Hon’bl Finance Minister Govt of India inaugurated the Residential Quarter-cum-Guest House ‘Aayakar Abasan’ at Siliguri West Bengal on 13.08.2011 in the August presence of Shri M.C.Joshi Chairman CBDT and B.S.Sondhi Chief Commissioner of Income Tax (CCA) Kolkata other senior officer of the Department and local ...

Read More
Posted Under: Custom Duty |

Consolidated Guidelines for import of precious metal by the Nominated Agencies

Policy Circular No. 39 (RE-2010)/2009-14 19/08/2011

Policy Circular No. 39 (RE-2010)/2009-14 For the Premier Trading Houses and the Star Trading Houses (only for Gems & Jewellery exporters), the Certificate Holder shall be required to request to the concerned Regional Authority (RA) (who had issued the Status Certificate / the Registered office is located) enclosing therewith a self-atte...

Read More

Amends Notification No. 21/2002-Customs, dated the 1st March, 2002 thereby increasing TRQ for Skimmed Milk Powder

Notification No. 78/2011-Customs 19/08/2011

Notification No. 78 /2011 - Customs In exercise of the powers conferred by sub-section (1) of section 25 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 amendments in the notification of the Government of India in the...

Read More

Conclave of ICAI Members in Entrepreneurship & Public Services on 22nd September 2011 at 3.30 PM at Hotel Shangri La, New Delhi

The Conclave is open to ICAI Members who have established themselves as successful Entrepreneurs or are engaged in Public Services such as those Working/Worked as a Public Servant i.e. MP/MLA, Associated with a Constitutional Authority i.e. Judiciary/Appellate Tribunal; Working with Regulatory bodies i.e. SEBI, RBI, IRDA etc; Civil Servan...

Read More
Posted Under: Custom Duty |

Repo and Reverse Repo Rates Increased by Reserve Bank of India from Time To Time To Contain Inflation

The Reserve Bank of India (RBI) has increased the repo and reverse repo rates from time to time to contain inflation and anchor inflationary expectations. The following table captures the movement in repo and reverse repo rate since April 2010:...

Read More
Posted Under: Custom Duty |

FM Reviews Economic Situation with RBI Governor and Chairman, Pmeac

The Union Finance Minister, Shri. Pranab Mukherjee today reviewed the global economic situation with RBI Governor, Dr. Subba Rao, and the Chairman of the Prime Minister’s Economic Advisory Council, Dr.C. Rangarajan. The discussions focused on the slow economic growth in the US and debt worries in the Euro zone. Europe’s debt problem a...

Read More
Posted Under: Custom Duty |

Search Posts by Date

July 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
262728293031