"August, 2011" Archive - Page 3

MVAT – Grant of Administrative relief to unregistered dealers

Trade Circular No. 13 T of 2011 30/08/2011

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 ...

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No Penalty in case of interpretational nature – Supreme Court

Uni flex Cables Ltd. Vs Commissioner, Central Excise (Supreme Court of India)

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...

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

Instruction No. 09/2011 25/08/2011

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, revisio...

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

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...

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While kidnapping is an offense, paying ransom is not; Ransom can not be disallowed under Explanation 1 to s. 37(1)

Commissioner of Income Tax Vs M/s Khemchand Motilal Jain (Madhya Pradesh High Court)

Commissioner of Income Tax Vs M/s Khemchand Motilal Jain (Madhya Pradesh High Court)- In the present case, Sukhnandan Jain was on business tour and was staying at Govt. Rest House, Sagar from where he was kidnapped. ...

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Taxation Of Services Based On a Negative List Of Services – Concept Paper For Public Debate

To a lay person, not initiated into the rigors of tax policy, a negative list of services implies two things: firstly, a list of services which will not be subject to service tax; secondly, other than the services mentioned in the negative list, all other services will become taxable which fall within the definition of the 'supply of serv...

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RBI releases Draft Guidelines for Licensing of New Banks in the Private Sector

Over the last two decades, the Reserve Bank licensed twelve banks in the private sector. This happened in two phases. Ten banks were licensed on the basis of guidelines issued in January 1993. The guidelines were revised in January 2001 based on the experience gained from the functioning of these banks, and fresh applications were invited...

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Key Feature and Background of Draft Guidelines for Licensing of New Banks in the Private Sector

Date : 29 Aug 2011 –  The Reserve Bank of India released on its website today, the Draft Guidelines for “Licensing of New Banks in the Private Sector”. The Reserve Bank has sought views/comments on the draft guidelines from banks, non-banking financial institutions, industrial houses, other institutions and the public at large....

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New Companies Bill – Government proposes to further strengthen the SFIO

Keeping in view the recommendations made by Vepa Kamesam committee, it is proposed to give statutory recognition to SFIO. Besides, powers such as treating its investigation report as a report filed by a Police Officer, giving SFIO power to issue letter of requests (letter Rogatory) in cases involving companies having business/interest out...

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Independent Directors liable for penal action (including for frauds)

The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of interest, to desist from achieving any undue...

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