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Archive: 30 August 2011

Posts in 30 August 2011

Changes in address, contact numbers and e-mail address of Export Promotion Council for EOUs and SEZ Units/its Regional Offices

August 30, 2011 696 Views 0 comment Print

Changes in the address, contact numbers and e-mail address of Export Promotion Council for EOUs & SEZ Units/its Regional Offices in serial number 11 and that of Best Mulyankan Consultants Ltd in serial number 23 have been incorporated.

Modification of Sion C-1579 under Engineering Product Group- Billets of Iron/ Low Carbon Steel for Remelting has been added at Sl No. 2

August 30, 2011 313 Views 0 comment Print

Public Notice No. 74 /(RE-2010)2009-2014 Earlier only one item at Sl No. 1 was allowed for import. Now one more input i.e. Billets of Iron/ Low Carbon Steel for Remelting has been added at Sl No. 2 .There is no change either in description or in the quantity of export item .

SEBI (Mutual Funds) (Amendment) Regulations, 2011 – Amendment in Regulations 24, 25, 36, 43, 44, 56 and Insertion of Chapter VI-B

August 30, 2011 504 Views 0 comment Print

NOTIFICATION NO. LAD-NRO/GN/2011-12/27668, DATED 30-8-2011 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, namely :— 1. These regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2011.

Notification No.63/2011-Customs (N.T.) dated August 30, 2011- Tariff Values of Edible Oils, Brass Scrap (All Grades) and Poppy Seeds Notified

August 30, 2011 271 Views 0 comment Print

Tariff Values of Edible Oils, Brass Scrap (All Grades) and Poppy Seeds Notified- Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.63/2011-Customs (N.T.) dated August 30, 2011 and thereby notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds as shown in the table below.

RBI launches the 25th Round of Inflation Expectations Survey of Households

August 30, 2011 366 Views 0 comment Print

The Reserve Bank of India has been conducting Inflation Expectations Survey of Households (IESH) on a quarterly basis since September 2005. The 25th round of the Survey with July-September 2011 as the current reference period has been launched today. The Survey seeks qualitative responses from households on price changes (general prices as well as prices of specific product groups) in the next three months as well as in the next one year and quantitative responses on current, three-month ahead and one-year ahead inflation rates. The results of this Survey are being used by Reserve Bank as one of the important inputs to the monetary policy formulation.

MVAT – Grant of Administrative relief to unregistered dealers

August 30, 2011 11316 Views 0 comment Print

In supersession of all previous instructions in this behalf, now it has been decided that the delay in obtaining certificate of registration beyond 5 years shall be treated as an attempt to evade or to delay the payment of legitimate tax. The dealers who have remained un­registered for a period exceeding 5 years shall not be entitled to get any Administrative Relief.

No Penalty in case of interpretational nature – Supreme Court

August 30, 2011 3378 Views 0 comment Print

Uniflex Cables Ltd. versus C.C.E. (Supreme Court)- With regard to the imposition of penalty in the present case is concerned, the Commissioner, himself in his order-inoriginal has stated that the issue involved in the case is of interpretational nature. Keeping in mind the said factor, the Commissioner thought it fit not to impose harsh penalty and a penalty of an amount of Rs. 5 lakhs was imposed on the appellant while confirming the demand of the duty. Honorable Supreme Court held that as Commissioner himself found that it is only a case of interpretational nature, in our considered opinion, no penalty could be and is liable to be imposed on the appellant herein.

Limitation period does not apply to withholding tax proceedings – Calcutta HC

August 30, 2011 2340 Views 0 comment Print

Bhura Exports Ltd Vs ITO (Calcutta High Court, Decided on August 30, 2011)- When the limitation provided earlier in Section 231 of the Act for taking action u/s 201 has been omitted with effect from April 1, 1989 and was re-introduced by way of addition of sub-Section (3) of Section 201 with effect from April 1, 2010, there is no bar of the period of limitation for taking action under Section 201 of the Act.

CBDT – Instructions to subordinate authorities – Handing over of Charge – Need for proper Handing Over Note

August 30, 2011 7192 Views 0 comment Print

Instruction No. 09/2011 It has come to the notice of the Board that at the time of transfer of an officer/official, detailed Handing Over Note indicating the confidential records and documents, including documents relating to survey and search and seizure, pending important and time bound matters such as audit objections, appeals, revision matters, approvals for retaining impounded/seized documents, reopening of assessments, pending search and survey assessments etc. is not given to the successor. In the absence of a proper handing over of records, important documents get misplaced and even lost in some cases.

CBI arrests Income Tax Commissioner (Appeal) Daya Shankar in Mumbai for allegedly accepting bribe of Rs. 2 lakh

August 30, 2011 4013 Views 0 comment Print

The CBI today arrested Income Tax Commissioner Daya Shankar in Mumbai for allegedly accepting a bribe of Rs2 lakh from a private company for passing a favourable order in an appeal matter. Daya Shankar, Commissioner IT (Appeals), was arrested this morning from his office in Bandra for demanding and accepting bribe for settling and issuing a favourable order in an appeal matter pending before him, CBI Joint Director (Western Region) Rishiraj Singh told reporters.

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