"03 November 2011" Archive

Foreign investment in India by SEBI registered FIIs in other securities

RBI/2011-12/244 A.P. (DIR Series) Circular No. 42 03/11/2011

Attention of Authorized Dealer Category-I (AD Category-I) banks is invited to A.P.(DIR Series) Circular No.55 dated April 29, 2011, in terms of which the limit for FII investment in non-convertible debentures / bonds issued by Indian companies in the infrastructure sector was enhanced from USD 5 billion to USD 25 billion. This was subject...

Applicability of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 in ICSI exams

Applicability of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 - SEBI vide its Notification No. LAD-NRO/GN/2011-12/24/30181 dated September 23, 2011 notified the New SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 replacing the Takeover Regulations namely SEBI (Substantial Acquisition o...

Posted Under: Fema / RBI |

Need to Increase Trade Facilitation in Customs – FM

The Union Finance Minister , Shri Pranab Mukherjee has emphasized on the need to increase trade facilitation in customs . He was addressing the third meeting of the Consultative Committee attached to the Ministry of Finance during inter-session period of Parliament 2011, here yesterday. The subject matter of the meeting was Trade facilita...

Posted Under: Fema / RBI |

Facility of self E-updation of profile to all the dealers in Punjab is provided till 25th November, 2011

Excise and Taxation Department in Punjab has given an opportunity to all the dealers in Punjab to update/validiate/amend the data relating to their profiles on the website of Department till 25th of November 2011. If any information relating to a dealer is not being updated then such dealer can update information by loging to the e-Updat...

Posted Under: Fema / RBI |

Canteen services which are indispensable in relation to manufacture of the final products would fall within the ambit of input service

Commissioner of Central Excise Vs Ferromatik Milacron India Ltd. (Gujarat High Court)

Under the provisions of section 46 of the Factories Act, it is mandatory for the employer to provide canteen services to the staff. Thus, provision of canteen services is a statutory requirement. Provision of canteen services being indispensable, it is incumbent on a manufacturer of goods, to provide the same if he desires to run his fact...

Service Tax – Laying of pipeline for drinking water – Show Cause Notice Challenged – Not an indiscriminate notice without application of mind – Adjudicating Authority should decide

M/s L R Sharma & Co. Vs Union of India & Ors (Delhi High Court)

The present notice to show cause is not one where the question of limitation can be decided straightaway on law without adverting to intrinsic facts. It is also not a case where it can be said that the revenue has sent an indiscriminate show cause notice without proper application of mind. Issues require to be adjudicated by the adjudicat...

Income Tax Department raid on premises of Raymond tycoon Gautam Singhania

The Income Tax Department today conducted searches at the premises of prominent industrialist Gautam Singhania here and in Delhi over alleged tax evasion. The I-T operation began early in the morning and was initiated by the Intelligence Wing of the department. ...

Posted Under: Fema / RBI |

Disputes between PSUs and Government – No more Committee on Disputes (COD)

Electronics Corporation of India Ltd. Vs Union of India (Supreme Court of India)

Whilst the principle and the object is unexceptionable and laudatory, experience has shown that despite best efforts of the CoD , the mechanism has not achieved the results for which it was constituted and has in fact led to delays in litigation. On same set of facts, clearance is given in one case and refused in the other. This has led a...

Central Excise – Show Cause Notice issued within five years from the date of knowledge of the Department is valid

Commissioner of Central Excise Vs M/s Mehta & Co. (Supreme Court of India)

Although, the respondent has pleaded that it was done out of ignorance, but there appears to be an intention to evade excise duty and contravention of the provisions of the Act. Therefore, proviso of Section 11A ( i ) of the Act would get attracted to the facts and circumstances of the present case. The cause of action, i.e., date of know...

Service Tax on Commercial Training or Coaching Service

Commissioner of Customs, Central Excise & Service Tax Vs Institute of Insurance & Risk Management (Supreme Court of India)

Service Tax – Commercial Training or Coaching Service– In view of insertion of explanation in section 65 (105)(zzc) w.e.f 01.07.2003, Tribunal decision liable to be set aside– Matter remanded to Tribunal for de novo consideration. IN THE SUPREME COURT OF INDIA Civil Appeal No. 5453 of 2010 COMMISSIONER OF CUSTOMS, CENTRAL EXCISE AND...

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