"26 September 2011" Archive

CBEC assigns Adjudicating Authority for another DRI SCN

F.No.437/20/2011-Cus. IV (26/09/2011)

F.No.437/20/2011-Cus. IV, Dated the 26th September, 2011 - In terms of Notification No. 15/2002-Customs (N.T.) dated 07.03.2002 (as amended) issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby assigns the Show Cause Notice DRI F.No.856(28)LDH/2009/Pt-XI/3100-3121 dated 09.06.2010 issued by Add...

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SEBI releases Concept Paper on Regulation of Investment Advisors

As decided by SEBI Board in its meeting dated March 22, 2007, SEBI had posted a consultative paper on the 'Regulation of Investment Advisors' on its website inviting public comments. Based on public comments received on the consultative paper as also the USAID (Fire Project), a memorandum was placed before the SEBI Board proposing a regul...

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Posted Under: Custom Duty |

External Commercial Borrowings (ECB) from the foreign equity holders

RBI/2011-12/204 A.P. (DIR Series) Circular No. 29 (26/09/2011)

To benefit eligible borrowers, it has been decided, in consultation with the Government of India, to consider the ECB proposals from foreign equity holders (direct/indirect) and group companies under the approval route as under:- (i) Service sector units, in addition to those in hotels, hospitals and software, could also be considered as ...

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External Commercial Borrowings (ECB) Policy – Structured Obligations for infrastructure sector

RBI/2011-12/203 A.P. (DIR Series) Circular No. 28 (26/09/2011)

On a review, it has been decided by RBI , to further liberalise the ECB policy in respect of the infrastructure sector.Direct foreign equity holder (holding minimum 25 per cent of the paid-up capital) and indirect foreign equity holder holding atleast 51% of the paid-up capital, will be permitted to provide credit enhancement for the dome...

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Indian Railways introduced new mode of ticket verification

Electronic Reservation Slip (ERS) – The printout in standard specified Performa containing reservation particulars, and instructions for use which cn be used by the passenger along with the relevant authorized Identification, as travel authority for performing the journey. Virtual Reservation Message (VRM) – A screen-shot of t...

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Posted Under: Custom Duty |

Internet Banking for Customers of Urban Co-operative Banks

RBI/2011-12/202 UBD.BPD.(SCB)Cir No. 1/09.18.300/2011-12 (26/09/2011)

UBD.BPD.(SCB)Cir No. 1/09.18.300/2011-12 - As announced in the Monetary Policy Statement 2011-12, [para 102 - appended], it has been decided to permit scheduled UCBs satisfying certain criteria to provide internet banking facility to their customers. Accordingly, scheduled UCBs having minimum networth of Rs. 100 crore, CRAR of at least 10...

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Fraudulent payments in EPFO Accounts via fake cheques‑ precautions

Notification No. Bkg/1(5)/2006/Bank Agreement/Part/27794 (26/09/2011)

Fraudulent payments in the Accounts of EPFO through fake cheques‑ precautionary measure to avoid fraudulent payment- reg. ...

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Interest on income tax refund can be set-off against interest on delayed payment

DCIT Vs Bank of America NT & SA (ITAT Mumbai)

DCIT v. Bank of America NT & SA (ITAT Mumbai) - Tribunal held that interest received on income tax refund can be set-off against the interest paid on delayed payment of income tax and only net amount is to be taxed. The issue before the tribunal was that Whether interest income received by the taxpayer on income tax refund can be set-off ...

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

Bhura Exports Ltd. Vs ITO (Calcutta High Court)

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 t...

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Dividend Distribution Tax not dependent on eventual taxability of dividend income

The Tata Power Company Limited Vs ACIT (ITAT Mumbai)

The Tata Power Company Limited Vs ACIT- The Tribunal reiterated that the incidence of liability to pay DDT arises the moment such dividend is distributed (declared) and any subsequent events can have no bearing on such liability, even if such event renders dividend non-­taxable in the hands of the recipient. It was not possible to extend...

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