The Reserve Bank of India (RBI) has decided that all foreign entities including NGOs/ NPOs/Government bodies and news agencies, operating in India through BOs/ LOs, who are continuing to function in India without obtaining any approval from RBI i.e. established under erstwhile FERA provisions, should approach RBI within 90 days from the date of issue of this circular (i.e. 15 July 2011) for regularization of establishment of such offices in India, in terms of extant FEMA provisions. A.P. (DIR Series) Circular No. 02
Notification No. 47/2011-CUSTOMS (N. T.) 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 (N. T.), dated, the 3rd August 2001, namely: –
Commissioner of Central Excise vs M/S. Doaba Steel Rolling Mills -Supreme Court- It is observed by the SC that We, may however, hasten to add that it is high time when the Central Board of Direct and Indirect Taxes comes out with a uniform policy, laying down strict parameters for the guidance of the field staff for deciding whether or not an appeal in a particular case is to be filed. We are constrained to observe that the existing guidelines are followed more in breach, resulting in avoidable allegations of malafides etc on the part of the officers concerned.
These are cross appeals by the assessee and the revenue except for the AY 2004-05 for which the assessee Shri Hitesh S Doshi has filed cross objection against the respective orders of the CIT(A) for the assessment years 2003-04, 04-05 and 06-07.
F. No.A-22013/07/201 1-Ad.II Please refer to Board’s Order No.123/2011 dated 22.06.2011 vide which officers in the grade of Deputy/Assistant Commissioner of Customs & Central Excise were transferred in AGT-201 1. In terms of the said Order, all the officers so transferred were to be relieved by their respective controlling officers by 27.06.2011 from their present charge to enable them to join their new place of posting. The Chief Commissioners/Directors General were also requested to send a compliance report by 01.07.2011.
J. K. Industries Limited Vs CIT (High Court of Calcutta)- The expenditure may not have been incurred under any legal obligation, but yet it is allowable as business expenditure if it was incurred on grounds of commercial expediency. Thus, the borrowed fund advanced to a third party should be for commercial expediency if it is sought to be allowed under section 36(1)(iii) of the Act.
Union Finance Minister Shri Pranab Mukherjee said that inflation figures reported for the month of June 2011 continues to be matter of concern. The Finance Minister said that we are monitoring the price situation closely. He said that Government is working together with RBI to take appropriate steps to reduce inflation to more comfortable level. Shri Mukherjee was reacting to the figures of headline WPI inflation for the month of June, 2011 which were released today. The WPI inflation for the month of June 2011 stood at 9.44% as against 9.06% in May 2011 and 9.74% in April 2011.
July is the month of the year which provides us lots of rains after dry hot days, when freshness and life retunes to schools and college, when mangos are in plenty and there is happiness all around. July is also the month when one has to file his or her annual income tax returns for the previous year ended in March. 31st July is the last date to file tax returns for individuals and those whose accounts are not subject to any audit. The options available to assessee is to do it himself or to call on his chartered accountant who can file the tax returns by just asking for few informations and papers. Tax returns are however, now a days an easy job as returns can be filed with case and online.
There were judgments on section 397/398 of the Companies Act, 1956 relying on technicalities even at the final stage. Now, in my opinion, technicalities are ignored and the substance is keenly noted in a petition under section 397/398 of the Companies Act, 1956. For example, there were many decisions on the issue of ‘consent’ under section 399 of the Act and there were judgments saying that disputed facts can not be decided by the Company Law Board and those require Trial. In the recent past, there were no such pronouncements.
This appeal under section 260A of the Income-tax (“Act”), 1961 is at the instance of an assessee and is directed against an order dated September, 2002, passed by the Income-tax Appellate Tribunal, “B”Bench, Kolkata in Income-tax Appeal bearing ITA No. 1449 (Cal)/2000 for the Assessment Year- 1997-98 and thereby dismissing the appeal preferred by the assessee. Being dissatisfied, the assessee has come up with the present appeal.
