Since 2006, the Ministry has implemented MCA-21, an e- Governance project, bringing greater transparency as the data available in the public domain can be viewed by any person. The Ministry has also evolved System to help in detecting likely fraud at an early state. In the process of development of Early Warning System (EWS), the Ministry has identified certain Risk Parameters which can be run on the data available with the Ministry of Corporate Affairs, on financial statements furnished by the companies in e-forms developed by the Ministry.
The conditions for export were prior registration of contracts with DGFT on a first-come-first-served basis subject to: (i) Export shall be made from privately held stocks. (ii) Applications for allotment must be accompanied with irrevocable and confirmed letter of credit , (iii) An applicant must submit a performance bank guarantee(BG), along with the application for a value equivalent to a value of 10% of applied quantity. In case of non-completion of exports, within the stipulated time frame, this bank guarantee is liable to be confiscated. A flexibility of + or – 5% in performance is allowed.
One case of M/s. Speak-Asia Online Pte, a foreign company, has come to the notice of Ministry of Corporate Affairs. It is a multi-level marketing company. As per preliminary enquiry, it is found that the company is not registered under the Companies Act, 1956. Besides, the company has also not registered its place of business with the Registrar of Companies,
VIP Industries Ltd. Vs. CCE (Bombay High Court) -High Court has [de hors of the provisions of the Central Excise Act, 1944] power to review its own decision rendered in appeal filed under the Act. Ordinary Courts which have been seized of a dispute in respect of a legal right or liability under a special enactment, should be regarded as having power to adjudicate such dispute according to the ordinary rules of practice and procedure which would include the power to review judgements and orders.
ACIT Vs Hotel Blue Moon (Supreme Court of India)- However, if an assessment is to be completed under Section 143(3) read with Section 158-BC, notice under Section 143(2) should be issued within one year from the date of filing of block return. Omission on the part of the assessing authority to issue notice under Section 143(2) cannot be a procedural irregularity and the same is not curable and, therefore, the requirement of notice under Section 143(2) cannot be dispensed with. The other important feature that requires to be noticed is that the Section 158 BC(b) specifically refers to some of the provisions of the Act which requires to be followed by the assessing officer while completing the block assessments under Chapter XIV-B of the Act.
Global Geophysical Services Limited (A.A.R. No. 873 of 2010)–Would the special provisions for computing profits under section 44BB be applicable to a non-resident carrying on business of seismic data acquisition and processing under contract with Indian concerns?On an application made to the Authority of Advance Ruling by the non-resident on the above issue, the Authority observed that in an identical issue in Geofizyka Torun SP. Z.O.O. (2010) 320 ITR 0268 (AAR), it was observed that without seismic data acquisition and interpretation, it is impractical to carry out the activity of prospecting of mineral oil and gas which is a step in aid to its exploration. The seismic data (in processed form) is used to create highly accurate images of the earth’s sub-surface which in turn are used by the exploration and production companies for locating potential oil and gas reserves based upon the geology observed.
In consultation with stakeholders it has since been decided to levy service charges for all outward transactions of RTGS members. The rationale behind the levy of service charges for outward transactions of members in the RTGS System is to (a) recover operational costs; and (b) to bring in further efficiency in the operations and the liquidity flows in the RTGS system. Inward transactions of the members will not attract any service charges and will continue to be free as hitherto. DPSS (CO) RTGS No.388/04.04.002/2011-2012
Attention is invited to the Board’s instruction of even number dated 30.8.2011 on the subject mentioned above. 2. In Paragraph 3 of the said instruction the date 02.07.2007, wherever it occurs, should be read as 02.07.2011. 3. The other contents of the said instruction shall remain unchanged.
Submission of Credit Information to Credit Information Companies – Defaulters of Rs. 1 Crore and above and Wilful Defaulters of Rs. 25 lakh and above – Dissemination of Credit Information of suit-filed accounts
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby make the following amendment in the Handbook of Procedures Vol I (2009-14).
