Notification No. 17/ 2011-Central Excise (N.T.) Central Government hereby makes the following further amendment to the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 20/2006-Central Excise (N.T), dated the 30th September, 2006, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i), vide number G.S.R. 609(E), dated the 30th September, 2006
Notification No. 16/2011-Central Excise (N.T.) The Central Board of Excise and Customs has notified new Form ER-1 and Form ER-3. Form ER-1 is the monthly return for production and removal of goods and other relevant particulars and CENVAT credit. Form ER-3 is the quarterly return for production and removal of goods and other relevant particulars and CENVAT credit, by an assessee eligible to avail of the exemption under a notification based on the value of clearances in a financial year.The new forms would be effective from 1st October, 2011.
Corporate Affairs Minister Veerappa Moily on Monday said the Companies Bill 2009, which promises greater shareholder democracy and stricter corporate governance norms, will be brought before Parliament for consideration and passage in the monsoon sesssion. ‘End of this week, as far as we are concerned, we will finalise the Cabinet note and by next week we will move it. Comments from all ministries have come. Now, we will take it forward and possibly if Cabinet approves it, we will be able to bring it in the monsoon session,’ said Moily.
The Supreme Court has recalled its order given on 15 November last year in which it had directed MoD to set up a Commission to look into the grievances of serving and former soldiers of the Armed Forces. In the same order, the Apex Court had made a mention of Smt Pushpa Vanti’s case, a widow whose husband was an Army Major. The petitioner Smt Pushpa Vanti had claimed that she was getting only a meager amount of Rs. 80/- per month as pension since the death of her husband in 1967 and her pension had not been revised since then.
Hasan Ali Khan, arrested for alleged money laundering, has stashed $800 million in banks in countries like the U.S., Switzerland and Singapore and has links with officials of these banks, the Enforcement Directorate told the Bombay High Court on Monday. Justice A.M. Thipsay was hearing a bail application filed by Mr. Khan after a sessions court rejected his bail plea. The matter will be heard on July 26.
Total import of sensitive items for the period April-March 2011 has been Rs. 70656 crores as compared to Rs. 65565 crores during the corresponding period of last year thereby showing an increase of 7.8%. The gross import of all commodities during same period of current year was Rs. 1596869 crores as compared to Rs. 1363736 crores during the same period of last year. Thus import of sensitive items constitutes 4.8% and 4.4% of the gross imports during last year and current year respectively.
Fulford (India) Ltd v. DCIT (ITAT Mumbai) – The Tribunal made specific reference to the noting of the DRP in its order viz., that the assessee may be justified in claiming that own researched medicine should fetch higher profit margin, may be justifiable arguments, but the same had to be supported by adequate fact and each and every medicine had to be shown with respect to back-up research and development to justify the profit margin.
ITO v. Parag Mahasukhlal Shah (ITAT Ahemdabad) If a payment is compensatory in nature and not related to any deposit/debt/loan, then such a payment is out of the ambits of the provisions of section 194A of the Income-tax Act. To buttress this legal proposition, we hereby placed reliance on the decision of Hon’ble Gujarat High Court in the case of Nirma Industries Ltd. (supra), wherein the question was the admissibility of deduction under sections 80HH and 80-I of the Income-tax Act in respect of interest received from trade debtors.
Yahoo India P. Ltd v. DCIT (ITAT Mumbai) -Payment made by assessee-company to Yahoo, a Hong Kong company, for hiring its services for uploading and display of banner advertisement of Department of Tourism of India on its portal was not in nature of royalty within meaning of clause (iva) of Explanation 2 to section 9(1)(vi). meaning of clause (iva) of Explanation 2 to section 9(1)(vi).
Ahead of Prime Minister Manmohan Singh’s visit to Bangladesh, India, in a goodwill gesture, has allowed zero duty import of vegetables, spices and garments from the neighbouring country, with immediate effect vide Notification No. 60/2011-Customs Dated- 14th July, 2011. However, Bangladesh exporters would enjoy the duty concession only if they dispatch the goods through the land route from Balat-Kalaichar region in Meghalaya for sale in Border Haats.
