The Reserve Bank of India today released the September 2011 issue of its monthly RBI Bulletin. The September issue carries six articles: India’s Foreign Trade: 2011-12 (April-June), Monthly Seasonal Factors of Selected Economic Time Series, Corporate Investment: Growth in 2010-11 and Prospects for 2011-12,
The President, in terms of the authority given to him by the Council at its 303rd meeting held on 10th, 11th and 12th February, 2011, has appointed Shri Manoj Kumar, Joint Secretary, Ministry of Corporate Affairs, the newly nominated member on the 21st Council in place of Dr. T.V. Somanathan, on the following Committees/Boards of the Institute, for the remaining period of the year 2011-2012.
Emersons Process Management India Pvt Ltd. Vs. Add. CIT (ITAT Mumbai)- The fact that this company was selected as one of the comparables, by assessee himself, in the preceding assessment year cannot be put against the assessee, as whether or not a comparable is to be included must depend on its merits rather than be solely guided by events of an earlier year – particularly when assessee is successfully able to demonstrate that the entity sought to be used as comparable is not engaged in same or materially similar business at least in the present year.
J. K. Lakshmi Cement Ltd. (Taxpayer) Vs ACIT (ITAT Kolkata)- In computing the book profit for the assessment years 2006-07 and 2007-08, the assessee was entitled to deduction in terms of clause (iii) of the Explanation to section 115JB(2) of the Act the adjustment of debit balance in the Profit and Loss Account with share Premium Account and Revaluation Reserve made on September 30, 2000, which is required to be excluded from consideration and accordingly, AO is required to determine amount of loss brought forward or unabsorbed depreciation for each of years without taking said adjustment into consideration and allow deduction in respect of lesser of two amounts.
Bharati Shipyard Ltd. Vs DCIT (ITAT Mumbai Special Bench) – The Finance Act, 2010 has extended the time limit for depositing tax deducted at source by the due date u/s 139(1) of the Act from the earlier lesser time available for compliance.
Following the announcement by the Union Finance Minister Shri Pranab Mukherjee in his budget 2011-12, the Government in consultation with the regulators had raised the limit for FII investment in long-term corporate bonds issued by the companies in the infrastructure sector from USD 5 billion to USD 25 billion. This scheme was operationalised vide SEBI circular CIR/IMD/FIIC/5/2011 dated 31st March 2011.
Notification No. 44/2011 – Service Tax – Section 65(105)(zzb) Of The Finance Act, 1994 – Business Auxiliary Service – Exemption To Service Provided By A Sub-Broker To A Stock-Broker In Relation To Sale Or Purchase Of Securities Listed On A Registered Stock Exchange – Amendment In Notification No. 31/2009-St, Dated 1-9-2011
Union Corporate Affairs Minister Dr. M. Veerappa Moily has said that the announcement of the national competition policy will be the second biggest reform initiative after the 1991 economic reforms. Dr. Moily was chairing the first Consultation Meeting organized by the Indian Merchants’ Chamber and the Indian Institute of Corporate Affairs in Mumbai today. He hoped that the Cabinet’s nod will be obtained by the end of this year to pave way for the New Competition Policy next year.
I am directed to invite your attention to the instructions contained in the Board’s letter F.No. 282/10/93-CX.9, dated 21.12.93, wherein, in supersession of earlier instructions, guidelines were issued for constitution of Regional Advisory Committee (RAC) for organized sector in each of the Central Excise Collectorate (since re-christened as Commissionerate). Attention is also invited to the Board’s instructions on the constitution of a separate RAC for small scale industries, issued vide letter F.No.282/34/73-CX-9, dated 22.12.75.
The Companies (Amendment) Act, 2000 has inducted good corporate governance [CG] leading to more transparent, ethical and fair business practice to be adopted by corporates at large. The following are the provisions which have brought good CG: Section 217(2AA) dealing with Directors’ Responsibility Statement [DRS] to be included in the Directors’ Report
