"October, 2011" Archive

Interest Rates – Party Spoiler

Dr. Sanjiv Agarwal This is neither a festival bonanza nor a diwali blast from Reserve Bank of India. From common men’s perspective, Reserve Bank has given yet another blow (this time thirteenth in succession in last twenty months) by hiking interest rates by 25 basis points on the eve of diwali. The objective is to […]...

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Posted Under: Finance |

Where the assessee discloses all the facts truly, no penalty can be levied for concealment of income – Bombay HC

The Metal Rolling Works Ltd. V/s. Commissioner of Income Tax (Bombay High Court)

The Metal Rolling Works Ltd. V/s. CIT (Bombay High Court)- The development agreement did contain a clause to that effect and, therefore, since the last instalment was not received in AY 2002-03, the assessee was justified in not offering the capital gains to tax in AY 2002-03 in the original return of income filed on 31/10/2002. Although ...

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Revision in Limits of Housing Loans and Repayment Period – Second Quarter Review of Monetary Policy 2011-12

RBI/2011-12/238 UBD.BPD.(PCB). Cir.No.7/09.22.010/2011-12 (31/10/2011)

As announced in the Second Quarter Review of the Monetary Policy 2011-12 (para 89 - extract appended), it has been decided to permit Tier-I UCBs to extend individual housing loans upto a maximum of `30 lakh per beneficiary of a dwelling unit and Tier II UCBs to extend individual housing loans up to a maximum of `70.00 lakh per beneficiary...

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ICAI – President's Message – November 2011

Dear Friends, In my message, this time, I would like to recall Shri V. Narhari Rao, the first Comptroller and Auditor General of independent India, who had come to our headquarters in Delhi, on the occasion of the First Conference of Chartered Accountants of India, on 5th April, 1954, to deliver the last distinguished talk of the [&hell...

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Posted Under: Finance |

Government Considering Raising FDI Limit in Single Brand Retail

hri Sharma also informed that India allows 51 per cent FDI in single brand retail and government is considering the ways of raising this limit. Shri Sharma said that the micro, small and medium enterprises sector is the backbone of Indian economy, contributing 8% of our gross domestic product, 45% of manufactured output and 40% of our exp...

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Posted Under: Finance |

Amendment in notifications specifying all Industry Rates of Duty Drawback, 2011-12

Circular No. - 48/2011-Customs (31/10/2011)

Circular No. - 48/2011-Customs As you are aware, the All Industry Rates (AIR) of Duty Drawback 2011-12 were notified vide Notification No. 68/2011-Cus. (N.T.) dated 22.09.2011. These rates have come into effect on 01.10.2011. Subsequently, the Ministry has received representations on the Drawback Schedule 2011-12 from Export Promotion ...

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ICAI invites comments /suggestions on Discussion paper on Tax accounting Standards released by CBDT

The Central Board of Direct taxes has recently released a Discussion paper on Tax Accounting Standards (TAS) for comments/suggestions by all stakeholders. The Direct Taxes Committee of ICAI is in the process of considering the inputs to be given to CBDT with regard to the same....

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Posted Under: Finance |

Amendments in the Reward/Incentive Schemes of Chapter 3 of FTP 2009-14:- Notification of Table-8 under Appendix 37D of Handbook of Procedure Vol.1

Public Notice No. 83 (RE2010)/2009-14 (31/10/2011)

In exercise of powers conferred under paragraph 2.4 of the Foreign Trade Policy, 2009-2014, the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures Vol.1 (Appendices and Aayat Niryat Forms) 2009-2014. The following Table is added in Appendix 37D (Focus Product Scheme) for exports made wi...

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The Status Holders shall also be eligible for the Status Holders Incentive Scrip on exports made during 2012-2013

Notification No. 84 (RE-2010)/2009-2014 (31/10/2011)

Amendments in the Para 3.16.1 of FTP 2009-14. Notification No. 84 (RE-2010)/2009-2014, New Delhi, the 31st October, 2011. In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the fol...

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Notification No 83 (RE-2010)/2009-2014, Dated: 31.10.2011

Notification No 83 (RE-2010)/2009-2014 (31/10/2011)

, In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act, 1992 (No. 22 of 1992) read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby notifies the following relaxation for export of casein and casein products which were banned by Notification No. 23(RE – 2010)/...

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Amendment in chapter 2 of ITC(HS) relating to export of meat

Notification No 82 (RE-2010)/2009-2014 (31/10/2011)

Notification No 82 (RE – 2010)/2009-2014 Exporters would now be required certify both (a) that the items have been obtained/sourced from an APEDA registered integrated abattoir or from APEDA registered meat processing plant and (b) that the raw material have been sourced exclusively from APEDA registered integrated abattoir/abattoir. ...

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Amendment in Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 related to tariff value of Crude Palm Oil, RBD Palm Oil etc

Notification No. 76/2011-Cus., (NT.) (31/10/2011)

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus ...

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DPIN will be treated as DIN

Ministry of Corporate Affairs has decided to simplify issuance of identification numbers to those who wish to incorporate a Company or LLP; hence identification scheme of Designated Partner Identification Number (DPIN) is merged with Director Identification Number (DIN). Accordingly DPIN assigned to you will be treated as DIN....

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Posted Under: Finance |

Trade Notice No. 21/2011, Dated: 31.10.2011

Trade Notice No. 21/2011 (31/10/2011)

Trade Notice No. 21 On the basis of information available with the DGFT, the following firms are permitted to export the excise verified stock of quantities mentioned against their names (which were manufactured prior to ban):...

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Banks’ Exposure to Capital Market – Issue of Irrevocable Payment Commitments (IPCs) – Circular No. DBOD.Dir.BC. 43 /13.03.00/2011-12

RBI/2011-12/239 DBOD.Dir.BC. 43/13.03.00/2011-12 (31/10/2011)

Please refer to our circular No. DBOD.Dir.BC.46 /13.03.00/2010-11 dated September 30, 2010 in terms of which certain risk mitigation measures were prescribed in the context of banks issuing IPCs to various Stock Exchanges on behalf of Mutual Funds and FIIs, as a transitionary arrangement till October 31, 2011....

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Corrigendum to Circular 2 of 2011 – Consolidated FDI Policy

Corrigendum to Circular 2 Of 2011 (31/10/2011)

Circular 2 of 2011 was issued on 30th September, 2011. Para NO.3.3.2.1 of the above Circular hereby stands deleted. Erstwhile paragraph 3.3.2.1 of ‘Circular 2 of 2011’ went like this:...

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Young Lawyers with no privileged background – an advice?

Legal profession is a wonderful profession if young lawyers know as to how to succeed in profession. I have recently heard an interview of Shri Gopal Subramaniyam where he was emphasizing on various law colleges in the country apart from ‘National Law Schools’. He was clearing the doubts about the ‘Qualifying Examination’. On ano...

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Posted Under: Finance |

ICSI – Briefs of professional or other misconduct cases

Briefs of professional or other misconduct cases filed against the members in which the Disciplinary Committee of the Institute has found them guilty and has decided to remove their names from the Register of Members vide its Orders dated 3rd October,2011. ...

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Posted Under: Finance |

No disallowance U/s. 40(a)(ia) of expenses for short-deduction of TDS

Deputy Commissioner of Income Tax Vs. M/s. S. K. Tekriwal (ITAT Kolkata)

DCIT vs. M/s. S. K. Tekriwal (ITAT Kolkata) - In the present case before us the assessee has deducted tax u/s. 194C(2) of the Act being payments made to sub-contractors and it is not a case of non-deduction of tax or no deduction of tax as is the import of section 40a(ia) of the Act. But the revenue’s contention is that the payments ar...

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Saving Bank Interest Rate Deregulation – An End to ‘Lazy Banking’?

In a surprise move, India’s central bank, the Reserve Bank of India, on Tuesday freed commercial banks to determine the interest rates on savings accounts for the first time in 34 years. Since 1977, a time that was the halcyon days of Indian socialism, the R.B.I. had determined the rates banks paid on savings deposits, […]...

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Posted Under: Finance |

Cabinet defers decision on Companies Bill 2011

The government today deferred a decision on the new Companies Bill and said it would be taken up next month after sorting out issues concerning delegation of powers to the market regulator Sebi. “Finance Minister has been told by Sebi that few fine tuning matters have to be taken care of before it is actually […]...

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Posted Under: Finance |

RBI seeks Feedback on ToR for Nair Committee on Priority Sector Lending

The Reserve Bank of India has, through a questionnaire, sought views/comments of all stakeholders on the Terms of Reference for the Nair Committee on Priority Sector Lending . Comments/suggestions/views may be emailed latest by November 15, 2011. It may be recalled that the Reserve Bank of India had appointed a Committee to re-examine th...

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Posted Under: Finance |

Important message on Annual Return Filing due date

Dear Corporates please note that Companies having last date of Annual Filling as October 30th 2011 can file on October 31, 2011 also without any additional fee, on account of Oct 30th 2011 being a Sunday. File before October 31st Midnight and save additional fee...

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Posted Under: Finance |

Download Updated Form No. 49A in Excel Format

Download Updated Form No. 49A in Excel Format. The form is prepared after considering latest amendments in format of Form No. 49A latest and it is easily fallible. The form is been revised and re-uploaded to the website by us on 15.11.2011 after removing the shortcomings in earlier version. Downloads New Revised Auto PAN CARD […]...

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Income Tax notification Notifying Amendment in Form No. 49A and 49AA

Notification No. 58/2011 - Income Tax (29/10/2011)

Notification No. 58/2011 - Income Tax [F.No. 133/48/2011-SO(TPL)]/S.O.2468(E), dated 29-10-2011 - S.O.2468(E).- In the notification of Government of India, Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes), number 56/2011 dated 17th October, 2011 bearing S.O.2394 (E) and published in the Gazette of India, Extrao...

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Draft Circular on Refunds in Service Tax ; Problems faced by exporters in availing refund of excess credit

Draft Circular No. /2011 – Service Tax (28/10/2011)

Representations have been received both from the field and the trade regarding difficulties being faced in the determination of the input services which are eligible for refund under notification 05/2006. Resultantly, the issue has spawned delays and disputes, which has necessitated the issue of this clarification. The issue of eligibilit...

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CBI Arrests an Assistant PF Commissioner, Enforcement Officer and a Supdt. of Central Excise in Separate Bribery Cases

CBI ARRESTS AN ASSISTANT PROVIDENT FUND COMMISSIONER, ENFORCEMENT OFFICER AND A SUPDT. OF CENTRAL EXCISE IN SEPARATE BRIBERY CASES The Central Bureau of Investigation has arrested an Assistant Provident Fund Commissioner & an Enforcement Officer working in Employees Provident Fund Organisation, Kandivali (W), Mumbai, for demanding &am...

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Posted Under: Finance |

Companies (Dematerialization of Certificates) Rules, 2011

Notification No 17/143/2011-CL.V (28/10/2011)

The matter was examined by this Ministry in consultation of Law Ministry and it has been decided to withdrawal of draft of Dematerialization of Certificates Rules, 2011....

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MCA withdrawn draft of Companies (Dematerialization of Certificates) Rules, 2011

No 17/143/2011-CL.V (28/10/2011)

E-Governance Cell: - with a request to place the aforesaid letter in the website of MCA....

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No interest levy despite short deduction of taxes if reasons are bona fide and the shortfall is nominal

Madhya Gujarat Vij Co. Ltd. Vs. Income-tax Officer (ITAT Ahemdabad)

Madhya Gujarat Vij Co. Ltd. (ITAT Ahmedabad)- Section 192(3) of the Act enables the employer to make adjustment of any excess or deficiency arising out of previous deduction or failure to deduct during the tax year. If there are bona fide reasons for short deduction in the earlier months and the same is made good immediately […]...

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Supply of goods to offshore installations i.e. EEZ will not be subject to sales tax, especially Central Sales Tax, since EEZ does not form part of territory of India

Larsen & Toubro Ltd Vs Union of India (Gujarat High Court)

Larsen & Toubro Ltd Vs Union of India (Gujarat High Court)- The High Court examined in detail the provisions of the Maritime Zones of India Act, 1976 (MZA) and observed that Union of India had no sovereignty over the EEZ. The Union of India only had certain sovereign rights over the EEZ. The High Court […]...

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Transfers & Postings of Commissioners & Directors of Income-tax – Order No. 176 of 2011

ORDER NO. 176 OF 2011 (28/10/2011)

ORDER NO. 176 OF 2011 -The following postings and transfers of officers in the grade of Commissioners/Director of Income Tax are hereby ordered with immediate effect and until further orders:...

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Government E-Payment System to be Inaugurated; will Bring Transparency; Facilitate Paperless Transaction and Reduce Overall Transaction Cost

The Controller General of Accounts (CGA), Department of Expenditure, Ministry of Finance has developed a fully secured Government e-payment system for direct credit of dues from the Government of India into the account of beneficiaries using digitally signed electronic advice (e-advice) through the ‘Government e-Payment Gateway’ (GePG...

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Posted Under: Finance |

RBI asks NBFCs to take step to Implement Green Initiative

RBI/2011-12/237 DNBS(PD).CC. No 248/03.10.01 /2011-12 (28/10/2011)

Implementation of Green Initiative of the Government -As part of the ‘Green Initiative’ of the Government, the Government of India has suggested that steps be taken by entities in financial sector, including NBFCs to help better utilisation of their resources and also better delivery of services....

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KYC Guidelines – AML Standards -Prevention of Money Laundering Act, 2002 – Obligations of NBFCs – Revised Reporting Format

RBI/2011-12/236 DNBS(PD).CC. No 247 /03.10.42 /2011-12 (28/10/2011)

Know Your Customer' (KYC) Guidelines – Anti Money Laundering Standards (AML) Prevention of Money Laundering Act, 2002 - Obligations of NBFCs in terms of Rules notified thereunder’-Reporting Format under Project FINnet. Please refer to Master Circular No 231 dated July 1, 2011 on 'Know Your Customer' (KYC) Guidelines – Anti Money L...

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Amends Notification No.68/2011-Customs(N.T.) dated the 22nd September related to changes in all Industry Rates of Duty Drawback, 2011-12

Notification No. -75/2011-Customes (N.T.) (28/10/2011)

In exercise of the powers conferred by sub-sections (2) and (3) of section 75 of the Customs Act, 1962 (52 of 1962), sub-sections (2) and (2A) of section 37 of the Central Excise Act, 1944 (1 of 1944), and section 93A read with sub-sections (2) and (3) of section 94 of the Finance Act, 1994 (32 of 1994), read with rules 3, 4 and 5 of the ...

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Transfer Pricing- Excess Earnings Method (EEM), is appropriate method to determine arm’s length price of transaction of sale of Intangible Property and the method construes Comparable Uncontrolled Price (CUP) method

M/s Tally Solutions Private Limited Vs. Deputy Commissioner of Income Tax (ITAT Bangalore)

M/s Tally Solutions Private Limited Vs. Deputy Commissioner of Income Tax, Bangalore for ITA No. 1235(Bang)/2010; AY- 2006- 07 Facts:– The taxpayer was engaged in the business of software development, marketing and sale of ‘tally’ branded financial accounting and management software. On 31 January, 2006 it sold its intel...

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Markup on costs incurred is not an arm’s length remuneration for sourcing support service and the taxpayer should be compensated on the basis of value of the goods sourced through it

Li & Fung (India) Pvt. Ltd. Vs. DCIT (ITAT Delhi)- ITA No. 5156/Del/2010]

Li & Fung (India) Pvt. Ltd. Vs. DCIT (ITAT Delhi)- ITA No. 5156/Del/2010] Tribunal ruling that the amount of compensation to be received ought to be a reflection of the functions performed, assets deployed and risks assumed by the associated enterprises (‘AE’) whilst discharging the business. On the concept of location savings the...

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Right to exercise an option is a capital asset and gains arising on sale are ‘long term capital gains’ if such right is held for more than three years

Abhiram Seth Vs. JCIT (ITAT Delhi)- ITA No. 2302/Del/2010]

Abhiram Seth Vs. JCIT (ITAT Delhi) Facts :- Abhiram Seth (the assessee) was employed in an executive position with M/s. PepsiCo India Holdings (P) Ltd., part of PepsiCo Inc.The assessee was granted valuable rights in shares of Pepsi Co Inc. Employees’ Stock Options [ESOP] held with Barry Group of Merrill Lynch [Trust], USA. Such rights ...

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Advance Ruling on settlement amount receivable by Upaid Systems Limited from Satyam Computer Services Ltd.

Re. Justice Mr. P. K. Balasubramanyan (Chairman) (AAR)

The applicant is a company incorporated under the laws of British Virgin Islands. It was previously known as ‘In touch Technologies Holdings Limited’, the predecessor of which in turn was ‘In Touch Technology Limited’. The applicant is engaged in the business of providing and enabling Electronic Payment Services via mobile and fix...

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Appointment of IRS Officers as Joint Commissioners of Income-tax – ORDER NO. 175 OF 2011

ORDER NO. 175 OF 2011 (27/10/2011)

ORDER NO. 175 OF 2011 - The President is pleased to appoint the following officers of Indian Revenue Service (Income Tax) to the grade of Joint Commissioner of Income Tax (OSD) purely on Ad hoe basis in the PB 3-Rs. 15,600-39, 100+7, 600/- with immediate effect and until further orders....

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IASB proposes an amendment to the accounting for government loans in IFRS 1

The International Accounting Standards Board (IASB) today published for public comment a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposed amendment sets out how a first-time adopter would account for a government loan with a below-market rate of interest when they transition to ...

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Posted Under: Finance |

IASB clarifies accounting for costs associated with waste removal in surface mining

The IASB issued today an Interpretation clarifying the requirements for accounting for stripping costs in the production phase of a surface mine. The Interpretation was developed by the IFRS Interpretations Committee, the interpretative body of the IASB. The Interpretations Committee was asked to clarify when and how to account for stripp...

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Insurers get more say in motor accident tribunals – SC

United India Insurance Co. Ltd. Vs. Shila Datta & Ors (Supreme Court of India)

United India Insurance Co. Ltd. Vs. Shila Datta & Ors (Supreme Court of India)- The Supreme Court last week widened the scope for insurance companies for resisting claims in road accident cases, especially on the amount of compensation. ...

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European Banks – The Repeat of History

By the time this article is being read by you the European deal makers will be meeting another obstacle in reducing the debt pains of Euro. In the last meeting it was agreed that the banks of Europe having exposure to the ballooning debt of Euro nations will be required to cut of 21% of its debts from the Balance sheet of the banks. But t...

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Posted Under: Finance |

Rate of exchange of conversion of each of the foreign currency with effect from 1st November, 2011

Notification No. 74/2011-Customs (N.T.) (27/10/2011)

NOTIFICATION NO.74/2011-CUSTOMS (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st November, 2011 be the rate mentio...

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FEMA – Section 43 of the Foreign Contribution (Regulation) Act, 2010 – Investigation into cases under the Act – Notified authorities for investigation of offences punishable under the Act

Notification No. S.O. 2446(E) (27/10/2011)

In exercise of the powers conferred by section 43 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby specifies that the officers not below the rank of Sub-Inspector of Police of the following organisations shall be the authorities for investigation of offences punishable under the said Act,...

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Transfer Pricing – No Penalty U/s. 271G for failure to respond to ‘omnibus’ notice

Deputy Commissioner of Income Tax V/s Ms. Leroy Somer & Controls (India) (P) Ltd. (ITAT Delhi)

ORDER- A N Pahuja: This appeal filed on 15.3.2011 by the Revenue against an order dated 31-01-2011 of the ld. CIT(Appeals)- XX, New Delhi, for the Assessment Year 2005-06, raises the following grounds:-...

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FEMA – Section 40 of the Foreign Contribution (Regulation) Act, 2010 – Bar on prosecution of offences under the Act – Officers authorized for according previous sanction

Notification No. S.O.2445(E) (27/10/2011)

In exercise of the powers conferred by section 40 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby authorises the following officers for according previous sanction as required under the said section, namely....

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Enhancement in the features provided under TAN account by NSDL

This is with reference to the facilities available in your TAN account for requesting various files from the TIN central system. The procedure for online request of Consolidated TDS/TCS statements/ Form 16A/ Default file under the ‘TAN Account’ has been enhanced. Salient features of the new procedure are as follows: You may re...

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Posted Under: Finance |

Yes Bank raises savings deposit rate to 6%

Private sector lender YES Bank said on Tuesday it has raised savings deposit rate for all savings accounts by 200 basis points to 6%. It has also raised base rate by 25 basis points to 10.5%, effective immediately, it said in a press release. Earlier in the day, the Reserve Bank of India (RBI) deregulated […]...

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Posted Under: Finance |

SEBI issues Concept Paper on Regulation of Investment Advisors

The proposed regulatory framework intends to regulate the activity of providing investment advisory services in various forms by a wide range of entities including independent financial advisors, banks, distributors, fund managers etc. The investment advice may be provided for investments in various financial products including but not ...

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Posted Under: Finance |

1% interest rebate on home loans upto Rs. 15 Lakhs provided cost of house not exceed Rs. 25 Lakh

The Union Cabinet today approved the proposal under 1% interest subvention on housing loan scheme liberalising the limit of housing loan upto Rs. 15 lakh where cost of the house does not exceeding Rs. 25 lakh from the present limit of Rs. 10 lakh and Rs. 20 lakh respectively, and designating National Housing Bank (NHB) as the Nodal Agency...

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Second Quarter Review of Monetary Policy for 2011-12 Press Statement by Dr. D. Subbarao, Governor

At the outset, on behalf of the Reserve Bank of India, I want to welcome all of you to this Second Quarter Review of Monetary Policy for 2011-12. 2. Earlier this morning, we put out the monetary policy measures accompanying this Review. Based on an assessment of the current macroeconomic situation, we have decided to: […]...

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Posted Under: Finance |

Second Quarter Review of Monetary Policy 2011-12

From a macroeconomic perspective, the last quarter witnessed significant developments, both globally and domestically. Growth momentum in the US and the euro area economies has weakened. In the euro area, macroeconomic prospects are intimately tied in to its ability to credibly resolve its sovereign debt and financial sector problems. In ...

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Posted Under: Finance |

Instructions regarding Power of adjudication of Central Excise Officers

Circular No. 957/18/2011-Central Excise 3 (25/10/2011)

Circular No. 957/18/2011-CX-3, the Board has noticed that the monetary limits for adjudicating cases (both extended period and others), for Joint Commissioners is with regard to cases involving duty– above Rs 5 lakhs and upto Rs 50 lakhs and for Additional Commissioners it is with regard to cases involving duty - above Rs 20 lakhs a...

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NCM to take up with parliamentary committee proposal to tax donations in Direct Tax Code Bill

The National Minority Commission today voiced concern on a proposal in the Direct Tax Code Bill to tax donations for institutions and organisations run by a particular religion or community and is planning to take up the issue with a parliamentary committee examining it. A delegation led by NCM member Keki N Daruwala has sought a meeting ...

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Posted Under: Finance |

Request for Proposal – Appointment of CA firms For Internal Audit Services of PNB Housing Finance Ltd.

RFP terms and conditions 1. Project Objective The Company wishes to appoint a competent internal audit firm to frame a Risk based Internal Audit Model & perform internal audit services for the Company in a co-sourcing model. The objective of the audit is as below: Provide recommendation for set up of organizational structure for Inter...

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Posted Under: Finance |

Empanelment with RailTel Corporation of India Ltd. for Appointment of Internal Auditors

RailTel Corporation of India Ltd invites offers for Appointment of Internal Auditors for its Corporate Office at Delhi and its branch offices at Mumbai, Kolkata, Hyderabad and Delhi from firms of Chartered Accountants empanelled with Comptroller and Auditor General of India for the second half year of F.Y.2011-2012 and further extendable ...

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Posted Under: Finance |

RBI deregulated savings bank deposit interest rate with immediate effect

RBI/2011-12/233 DBOD.Dir.BC. 42/13.03.00/2011-12 (25/10/2011)

In its Monetary Policy declared on 25.10.2011 RBI has deregulated interest rates on Savings bank accounts. Currently, banks pay interest rate of 4% on the savings bank accounts. Post this deregulation, the interest rates on Savings bank accounts bound to move up. This can have quite serious implications on the profitability of the bankin...

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RBI increases Repo, Reverse Repo and Marginal Standing Facility Rates by 25 bps under Liquidity Adjustment Facility

RBI/2011-2012/231 FMD.MOAG. No.64/01.01.01/2011-12 (25/10/2011)

As announced today by the Governor in the Second Quarter Review of the Monetary Policy 2011-12, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 8.25 per cent to 8.50 per cent with immediate effect....

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RBI increases repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points to 8.50 per cent

RBI/2011-12/232 MPD.BC. 350/07.01.279/2011-12 (25/10/2011)

Please refer to the Second Quarter Review of Monetary Policy 2011-12 on October 25, 2011, in terms of which the repo rate under the Liquidity Adjustment Facility (LAF) has been increased by 25 basis points from 8.25 per cent to 8.50 per cent with immediate effect....

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Monetary Policy Announcements would help in getting us back to a more Comfortable Inflation Situation soon – FM

The Union Finance Minister Shri Pranab Mukherjee has said that the today’s monetary policy announcement by Reserve Bank of India (RBI) would help in getting us back to a more comfortable inflation situation soon while leaving scope for growth to pick up in the second half of current fiscal year. The Finance Minister Shri Mukherjee was r...

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Posted Under: Finance |

Implementation of bar coding on tertiary packing of consignments of pharmaceuticals and drugs for export with effect from 01.10.2011

Policy Circular No. 43 (RE-2010)/2009-14 (25/10/2011)

As per Public Notice No. 59 (RE-2010)/2009-14 dated 30.06.2011, incorporation of barcodes (1 D) encoding unique product identification code (GTIN), Batch Number, Expiry Date and Unique Serial Number of the Tertiary pack (shipper/carton) on export consignments of pharmaceuticals and drugs has come into effect from 01.10.2011. ...

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ICAI – Empanelment as a Technical Reviewer with the Quality Review Board

Announcement for Empanelment as a Technical Reviewer with the Quality Review Board The Government of India has, in exercise of the powers conferred by Sec. 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board to perform the following functions:- (a)    to make recommendations to the Council with regard to the ...

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Posted Under: Finance |

Memorandum of Instructions governing money changing activities- Location of Forex Counters in International Airports in India

RBI/2011-12/234 A.P. (DIR Series) Circular No. 38 (25/10/2011)

Foreign Exchange Counters in the arrival halls in international airports in India shall ideally be established after the Customs Desk (Green Channel/Red Channel). However, Foreign Exchange Counters may also be established between the Immigration Desk and the Customs Desk in international airports in India, subject to the condition that th...

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The Maharashtra Value Added Tax (Fifth Amd.) Rules, 2011

Notification No. VAT. 1511/C.R.139/Taxation-1 (25/10/2011)

in exercise of the powers conferred by sub-sections (1), (2) and (3) read with the proviso to sub-section (4) of section 83 of the said Act and of all other powers enabling it in this behalf, the Government of Maharashtra hereby, amends the Maharashtra Value Added Tax Rules, 2005, namely....

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MVAT – Amendment to Notification No. VAT.1511/CR-57/Taxation-1 dt. 30th April 2011

Notification No.- VAT 1511/ CR 96/ Taxation 1 (25/10/2011)

In exercise of the powers conferred by sub-section (5) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby amends the Government Notification, Finance Department, No. VAT 1511/ C.R.57/ Taxation-1, dated the 30th April 2011, namely...

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Empanelment of CA/ICWA for Special audit of Service Tax assessees

(14/10/2011)

The Service Tax department proposes to order for conduct of special audit of Service Tax Assessees by the Chartered Accountant and Cost Accountants under Section 14AA of the Central Excise Act, 1944, as made applicable to Service Tax under Section 83 of the Finance Act, 1944. For this purpose, it is proposed to make a panel of CA/ICWAI ...

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Posted Under: Finance |

‘Input Tax Credit’ Under the Punjab Value Added Tax Act, 2005

Recently the Hon’ble Judges of the Hon’ble Punjab & Haryana High Court has clinched the issue by passing a landmark judgment reported in 40 PHT, page 145 regarding denial of input tax credit by the Assessing Authority on the ground that the dealer from whom the assessee has purchased goods have not deposited full tax in the Government...

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Posted Under: Finance |

‘In-person’ verification (IPV) of clients by subsidiaries of stock exchanges, acting as stock brokers

Circualr No. CIR/MIRSD/22/2011 (25/10/2011)

It is clarified that the subsidiaries of stock exchanges, acting as stock brokers, may rely upon the ‘in-person’ verification done by their sub-brokers (who are also registered with SEBI as stock brokers of the parent stock exchange) for their respective clients. However, the ultimate responsibility for ‘in-person’ verification wo...

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Relevant date to Pay Interest on delayed payment of Service Tax Refund

Ranbaxy Laboratories Ltd. Vs. Union of India & Ors (Supreme Court of India)

Issue - The question is whether the liability of the revenue to pay interest under Section 11BB of the Act commences from the date of expiry of three months from the date of receipt of application for refund or on the expiry of the said period from the date on which the order of refund is made?...

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Income Tax Department set up special cell to track taxpayers who are ‘untraceable’ or have reported inadequate assets to pay back tax demands

Stepping up measures to recover over Rs 1,00,000 crore of unpaid taxes, the Income Tax (I-T) Department has set up a special cell to track taxpayers who are “untraceable” or have reported inadequate assets to pay back tax demands. The department has also decided to search and approach every possible database or agency, ranging...

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No lawyer, No hearing, No appeal; Court should not decide a criminal case against the accused in the absence of his counsel -SC

Md. Sukur Ali Vs State of Assam (Supreme Court of India)

MD. Sukur Ali Vs State of Assam (Supreme Court) - In Maneka Gandhi vs. Union of India AIR 1978 SC 597, it has been held by a Constitution Bench of this Court that the procedure for depriving a person of his life or liberty should be fair, reasonable and just. We are of the opinion that it is not fair or just that a criminal case should b...

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What was wrong if I recorded your guilt in advance – Judge

New Delhi, Oct 24 : Special CBI Judge O P Saini today expressed his displeasure against the high-profile accused in 2G spectrum scam case for making a hue and cry over his decision to record in advance that they were not pleading guilty and face the trial. “What was wrong if I recorded your guilt […]...

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Posted Under: Finance |

LLP – Reminder for filing Form 8 and Form 11

All LLPs registered upto 30-September-2010 have to mandatorily close the financial year as on 31-03-2011 and file Form-11 by 30-May-2011 and Form-8 by 30- October-2011. LLPs registered from 01-10-2010 to 31-03-2011 have option either to close financial year as on 31-03-2011 or 31-03-2012 and to file Form-8 & 11 accordingly....

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Posted Under: Finance |

ORDER NO. 174 OF 2011- Ad. VI.(Promotion and transfer/posting of CCITs)

ORDER NO, 174 OF 2011 (24/10/2011)

ORDER NO, 174 OF 2011 The following transfers/postings in the grade of Chief Commissioner of Income Tax are hereby ordered with immediate effect and until further orders:...

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Potato chips classifiable as processed vegetable and taxable at the rate of 4%

M/s Shriya Enterprises Vs Commissioner, Commercial Taxes (Uttarakhand High Court)

Shriya Enterprises Vs. Commissioner,Commercial Taxes - , the court is the opinion that potato chips, being a processed vegetable, is liable to be taxed @ 4 per cent under entry 6 of Schedule-II(B) of the Act. Consequently, the impugned order of the assessing authority, the order of the Joint Commissioner (Appeals) as well as the order of...

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India-Nepal DTAA to be expedited – FM

The Finance Minister of Nepal Mr Pun assured Shri Mukherjee about the safety and security of Indian businessmen visiting Nepal. He sought support of the Finance Minister Shri Mukherjee in completing various projects in Nepal. He also assured that finalization of DTAA between two countries would also be got expedited. He thanked Shri Mukhe...

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Posted Under: Finance |

Kamal Nath directs DDA to examine latest SC order on General Power of Attorney issue

The other issues discussed at the meeting included, guidelines for Use conversion charges from residential to commercial on upper floor of markets, conversion to freehold without charging UEI (unearned Increase) in cases of transfer through will, gift deed, share of transfer etc., need for land monetization and better use of scarce land r...

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Posted Under: Finance |

Union Finance Minister Shri Pranab Mukherjee’s Address at the National Development Council Meeting

We have initiated two major steps in the area of tax reforms. The first pertains to the DTC and the second to the Goods and Services Tax (GST). The DTC Bill was introduced in August, 2011 and has been referred to the Parliamentary Standing Committee. I am hopeful that the Committee will submit its report by the Winter Session of the Parli...

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CBI arrests ITO and CA in Bribery Case

The Central Bureau of Investigation (CBI) on Wednesday arrested income-tax officer Ranjan Prakash and chartered accountant Vimal Patangia on the allegation that Mr Prakash demanded Rs. 1.5 lacs from the complainant through the CA concerned for getting favourable order in A.Y. 2009-2010 pending with the ITO....

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Need for Better Co-Ordination Between Monetary and Fiscal Policies for Improving Overall Economic Stability and Growth – FM

The Finance Minister Shri Pranab Mukherjee has said that the present global economic developments and more particularly the sovereign debt crisis of Europe has once again brought into focus the need for better co-ordination between monetary and fiscal policies towards improving overall economic stability and growth. He was speaking on the...

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Posted Under: Finance |

Service Tax – Revenue Department takes notice of 9 lakh entities stop filing returns

The Revenue Department has decided to cross check service tax returns in order to locate 9 lakh entities that have stopped filing returns. E -filing has been made mandatory from this year and the exercise of cross checking is likely to start after December 26, the last date for e-filing. According to the official sources, […]...

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Address delivered by the Chairman, CBEC at the valedictory function for workshop on capacity building for 'SEVOTTAM'

SEVOTTAM symbolizes the Government’s intent to move from ‘administration’ mind set to ‘service orientation’ in delivery of public services. It emphasizes the relationship between service provider and service receivers. It is a standardized Services Delivery Excellence Model whose main features are to identify the services provid...

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Posted Under: Finance |

Regarding Commercial construction/infrastructure development projects of road, airports, dams, tunnels etc, – levy of service tax on various service providers engaged / associated with such construction work

Circular No. 147/16/2011 - Service Tax (21/10/2011)

Circular No. 147/16/2011 – Service Tax , it apparent that in case the services provided by the sub-contractors to the main contractor are independently classifiable under Work Contract Service, then they too will get the benefit of exemption so long as they are in relation to the infrastructure projects mentioned above. Thus, it may h...

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Conditions for issue of import licenses of Rough Marble Blocks for the balance quantity for Financial year 2011-12

Notification No. 81(RE-2010)/2009-2014 (21/10/2011)

The only change from the earlier notification no 64 of 4th August 2011 is that documents are to be submitted at HQ office of DGFT. Therefore hard copy of the application alongwith documents as prescribed in Notification number 64 of 4th August 2011 will need to be submitted to DGFT office at Udyog Bhavan, New Delhi by 1700 hours on 28th O...

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Changes in due dates for filing Form No. 24Q/26Q where deductor is Govt. office

Notification No. 57/2011 - Income Tax (24/10/2011)

Notification No. 57/2011 - Income Tax Rules, 1962 were amended, vide notification No. S.O. 2429(E) dated 24th of October, 2011, for (i) extending the time limit of submission of TDS statements by the Government deductors in view of filing of Form No.24G by them; (ii) compulsory uploading of particulars of amount paid without deduction of ...

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Reporting format under Regulation 11 of Securities Contracts (Regulation) (Manner of Increasing and Maintaining Public Shareholding in Recognised Stock Exchanges) Regulations, 2006

Circular No. CIR/MRD/DSA/12/2011 (24/10/2011)

Regulation 11 of MIMPS Regulations inter alia prescribes certain obligations on the recognised stock exchanges pertaining to their shareholding including submission of a report to SEBI within 15 days from the end of each quarter. In this regard, it has been observed that stock exchanges have been submitting the said report in different fo...

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No Pre-payment penalty on pre-closure of housing loans from Housing Finance Companies

Notification No. NHB (ND)/DRS/Pol. No. 43/2011-12 (19/10/2011)

The housing finance regulator said Housing Finance Companies will no longer levy any fee on floating rate loans. In case of fixed rate loans, it has made a distinction and only those borrowers who pay from their “own sources”, such as savings or even loans from relatives, will be exempted from payment of penalty. In […]...

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Eligibility of export product 'Technical Textiles' listed at FPS Product Code 33, Table-4, Appendix 37D of HBPv1

Policy Circular No. 42 (RE-2010)/2009-14 (21/10/2011)

The matter has been examined. It is decided that a technical textile is a textile product manufactured for non-aesthetic purposes, where function is the primary criterion. Technical textiles include textiles for automotive applications, medical textiles, geotextiles, agrotextiles and protective clothing like heat and radiation protecti...

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Role of Foreign Investment Promotion Board (FIPB)

The Foreign Investment Promotion Board (FIPB) is a government body that offers a single window clearance for proposals on Foreign Direct Investment (FDI) in India that are not allowed access through the automatic route. FIPB comprises of Secretaries drawn from different ministries with Secretary, Department of Economic Affairs, MoF in the...

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Posted Under: Finance |

Circular No. 46/2011-Customs, Dated 20th October, 2011

Circular No. 46/2011 - Customs (20/10/2011)

Circular No. 46/2011 - Customs While processing Drawback claims, whether under Section 74 or Section 75, wherever any deficiency is noticed in the claim, the same shall be communicated to the exporter in a clear unambiguous manner within a period of 10 days, from the date of filing of the claim. Further, the drawback claims shall be disbu...

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CBDT Makes Discussion Paper on Tax Accounting Standards Public

The Central Board of Direct Taxes (CBDT) has made public the discussion paper on accounting standards, to be known as Tax Accounting Standards (TAS), for feedback from all concerned. The TAS, applicable only to computation of taxable income under the Income Tax Act 1961, will be different from accounting standards issued by the Institute ...

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Posted Under: Finance |

Observance of Vigilance Awareness Week as 'Grievance Redressal Week'

2. The CVC during its consultative meeting with the CBDT on 18.10.2011 has conveyed that the Vigilance Awareness Week 2011 should also be observed as Grievance Redressal week. Hence in addition to the various activities suggested in the earlier communication , the week long celebration should be combined with the whole hearted effort to r...

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Posted Under: Finance |

NHB advised housing Finance companies to charge Uniform interest (foating rate basis) for old and new customers

NA (21/10/2011)

The NHB, which is the housing finance regulator, has also asked HFCs to ensure that all borrowers pay the same interest rate, irrespective of when the loan was taken. Download NHB Notification No. NHB (ND)/DRS/Pol. No. 44/2011-12 Dated 19.10.2011 related to Uniformity in charging interest (floating rate basis) for old and new customers...

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Clarification on "Completion of Service" where service providers are unable to issue invoices within 14 days of completion of service

TRADE NOTICE NO. 15/ST/2011 (20/10/2011)

This is to clarify that as per Service Tax Rules, 1994, an invoice should be issued within a period of 14 days from the completion of the taxable service. The invoice needs to indicate inter alia the value of service so completed. Thus, it is important to identify the service so completed. ...

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Addition under section 68 not permissible when the advances are received by account payee cheques and interest and shares have been paid and allotted against these advances

D.C.I.T Vs M/s Bihariji Ispat Udyog Ltd. (ITAT Kolkata)

DCIT Vs. Bihariji Ispat Udyog Ltd. (ITAT Kolkata)- From the record it appears that all the aforesaid transactions were by Account Payee cheques and loan confirmation and also the confirmation for payment of Share Application Money were obtained from the said Ankur Marketing Ltd. with its I.T. File No. and the same were filed with the A.O....

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Govt. issues National Public Private Partnership (PPP) Policy – 2011

NA (20/10/2011)

Government of India is committed to improving the level and the quality of economic and social infrastructure services across the country. In pursuance of this goal, the Government envisages a substantive role for Public Private Partnership (PPPs) as a means for harnessing private sector investment and operational efficiencies in the prov...

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