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Archive: 15 December 2011

Posts in 15 December 2011

TDS U/s. 194C not deductible on Packing or Printed material supplied to us as per pur specification

December 15, 2011 50164 Views 0 comment Print

DCIT Vs. Elgie Engineering Works (ITAT Calcutta)- On perusal of the bills of parties, it is seen that the payments are for manufacture and supply of items such as Buckstay Slings, Economiser coils, Lifting beams etc. The bills show that the price is inclusive of the material which indicates that the transactions were in the nature of sales contracts.

Amendment to PPF & Senior Citizens Savings Scheme, 2004 – Payment of commission to the agents

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We forward herewith a copy of Government of India Notification No. F.1/12/2011-NS-II dated November 25, 2011, on the captioned subject. The contents of the same are self-explicit. 2. In this regard, we advise that the contents of the Notification may be brought to the notice of the branches of your bank operating the PPF, 1968 and SCSS, 2004 Scheme. These should also be displayed on the notice boards of your branches for the information of the PPF, 1968 & SCSS, 2004 subscribers and agents.

FM to inaugurate Direct Taxes Regional Training Institute, Bangalore on 18th December 2011

December 15, 2011 1188 Views 0 comment Print

The strength of the Indian economy and the capabilities of the Indian Income-tax Department are globally accepted today. The training sector of the Department has matched steps in this journey through constant re-skilling, value additions and capability build ups. A sprawling global training centre to advance the cause of research and academic exercises in direct taxation is now proposed at Bangalore adjacent to the DTRTI campus in Jalahalli. The existing campus of DTRTI to be inaugurated by the FM on 18th Dec spells the first step in this futuristic venture.

Risk Management and Inter Bank Dealings – A.P. (DIR Series) Circular No. 58

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Keeping in view the developments in the foreign exchange market, it has been decided by RBI to implement the following measures with immediate effect until further review. i. Under contracted exposures, forward contracts, involving the Rupee as one of the currencies, booked by residents to hedge current account transactions, regardless of the tenor, and to hedge capital account transactions, falling due within one year, were allowed to be cancelled and rebooked.

Regarding Implementation of The Pneumatic Tyres and Tubes for Automotive Vehicles (Quality Control) Order, 2009

December 15, 2011 1766 Views 0 comment Print

Attention is invited to CBEC instructions F.No.528/109/2011 – STO (TU) dated 29.11.2011, on the issue of the implementation of the Pneumatic Tyres and Tubes for Automotive Vehicles (Quality Control) Order, 2009. Representations have been received in the Board seeking clarification on applicability of exemption under sub-clause 3(a) to (e) of the said Order.

DGFT notification on Export of empty Gelatin Capsule, to EU

December 15, 2011 1078 Views 0 comment Print

Notification No 90 (RE – 2010)/2009-2014 – For export of Empty Gelatin capsule to EU, CAPEXIL will be the competent authority for issuance of shipment clearance certificate. Post shipment Health certificate will be issued jointly by CAPEXIL and Regional Animal Quarantine Officer, Department of Animal Husbandry, Dairying and Fisheries, Ministry of Agriculture, Government of India.

Formation of two new districts – Fazilka & Pathankot in the State of Punjab Assignment of Lead Bank responsibility

December 15, 2011 2905 Views 0 comment Print

The Department of Revenue & Rehabilitation, Government of Punjab vide their Gazette Notification No. 1/1/2011-RE-II(I)/14544 & 14554 dated July 27, 2011 has advised about the constitution of new districts viz. Pathankot and Fazilka respectively with effect from July 27, 2011. The new district with its headquarter at Pathankot has been carved out from the existing Gurdaspur and comprises of two Tehsils viz. Pathankot & Dharkalan and another new district with its headquarter at Fazilka has been carved out from the existing Ferozepur district and comprises of three Tehsils viz. Fazilka, Jalalabad & Abohar.

Guidelines on Outsourcing of Activities by Intermediaries

December 15, 2011 2280 Views 0 comment Print

Merchant Bankers/Registrars to An issue and Share Transfer Agents/Debenture Trustees/Bankers to An Issue/Underwriters/Credit Rating Agencies/Mutual Funds/Portfolio Managers/Venture Capital Funds/Collective Investment Schemes/Custodians

No proceedings can be brought against a non­existent person either natural or artificial

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CIT Vs. S R M B Udyog Ltd. (Kokata High Court)- Under the provisions of the Companies Act, 1956, effect of amalgamation is winding up of the transferor company. Moreover, from the terms of the amalgamation which have been accepted by this Hon’ble Court, it appears that whatever proceedings were pending or were sought to be initiated after the date of the order of amalgamation, were to to done against the transferee company. Under such circumstancs, we could gather from the facts that the appeal was preferred by SRMB Udyog Ltd. before the Commissioner of Income Tax after the order of amalgamation was passed; similarly the department preferred an appeal subsequently. It is settled law that no proceedings can be brought against a nonexistent person either natural or artificial.

Seeks to provide provisional assessment to imports of ceramic glazed tiles other than vitrified tiles originating in or exported from China PR by M/s M/s Gaoyao Marshal Ceramics Co. Ltd China PR (producer) through M/s Foshan Dihai Trading Development Co. Ltd.-China PR (exporter)

December 15, 2011 514 Views 0 comment Print

Notification No. 109/2011-Customs- G.S.R. (E).- Whereas, in the matter of import of ceramic glazed tiles other than vitrified tiles where at least one of the sides (length or width) exceeds 17 inches or 431.80 millimeters (mm) or 43.18 centimeters (cm) or 1.4167 feet (hereinafter referred to as the subject goods), falling under tariff item 6908 90 90 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in or exported from China PR (hereinafter referred to as the subject country), the designated authority, vide its final findings, vide notification No. 14/16/2008-DGAD, dated the 9th October, 2009, published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 12th October, 2009, has come to the conclusion that –

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