Notification No.89/ 2011-Customs – Government has amended Notification No. 39/96-Cus dated July 23, 1996 to allow import of certain important goods and equipment (in addition to personal effects of persons on duty in Central Para Military Forces), without payment of BCD, CVD and SAD for the purpose of internal security operations and coastal security operations.
Notification No. 74 (RE-2010)/2009-14, – Export of cotton [ITC(HS) Codes 5201 & 5203] will continue to be free subject to registration of contracts with DGFT. Performance guarantee (as was given in Notification No. 63 of 04.08.2011) will no longer be required.
The Reserve Bank of India today placed on its website the Report of Expert Committee on Licensing of New Urban Co-operative Banks (Chairman:Shri Y.H. Malegam). Suggestions and comments on the Report may please be forwarded by October 31, 2011 to the Chief General Manager-in-Charge, Urban Banks Department, Reserve Bank of India, Central Office, Garment House, First Floor, Dr. Annie Besant Road, Worli, Mumbai – 400 018 (Fax No. 022-24974030) or emailed.
The Depositories shall: a) put in place a suitable mechanism to follow up with the DPs, wherever necessary; b) devise a system to levy penalty on DPs for any non-compliance with the requirements specified in para 3 above; c) update the status of the complaints in SCORES, at every stage, along with supporting documents; and d) ensure that the status of investor complaints disclosed on their websites is in conformity with the status updated in SCORES.
Please refer to paragraph 5 of Annexure – I of our circular RPCD. NO. PLNFS.BC.57/06.04.01/2001-2002 dated January 16, 2002 on captioned subject. Norms for grant of reliefs and concessions by banks to potentially viable sick SSI units for rehabilitation as furnished in Appendix-II of the above circular were recently re-examined. It was observed that all the banks have migrated to the Base Rate regime with effect from July 1, 2010 and references to PLR/BPLR are no more meaningful.
Govt has vide Notification No. 39 /2011 –Central Excise, dated the 12th September, 2011 exempted Sugar syrup or cream used within the factory of production for manufacture of Biscuits cleared in packaged form with per kg retail sale price equivalent not exceeding Rs. 100.
Attention of the trade is invited to the Circular No. 37/2011-Cus dated 23.08.2011 issued by CBEC vide F.No. 450/179/209-CustomsIV(Pt).
CIT Vs Ms Mayawati (Delhi High Court)- All the donors appeared before the Department, submitted material including affidavits on oath, confirms the gifts made, established their old relations with the assessee and proved their capacity to make the gifts. We have noted that in earlier years also they had made gifts to the assessee and her family members, which were accepted by the Revenue.
All Grow Finance And Investment Pvt. Ltd. Vs CIT (Delhi High Court)- Only condition laid down in second part of sub-section 2 of Section 36 of the Act is that the amount should be advanced in the ordinary course of business which by itself proves its revenue nature and no further conditions are required to be satisfied which are only applicable with regard to debt qualifying as bad debt in the first part of sub-section 2.
The value of the imported goods cannot be based on the value of the goods in the local market. In the present case, no valid reasons have been given by the commissioner to reject the valuation adopted by the overseas chartered engineer. Similarly, comparing the value of the imported goods which are old and used with the data available in DOV is also not appropriate as the said data do not disclose the age, residual life, physical condition of the goods sought to be compared.
