NJP Surya Cold Storage Pvt Ltd. Vs ITO (ITAT Hyderabad)- In this case, it is on record that in earlier years, returns were non est. returns and the interest claimed cannot be considered as allowed to the assessee in the earlier years. This being so, interest waived in the present assessment year cannot be considered as income of the assessee. Reliance placed by the assessee in the case of Rayala Corporation (P) Limited vs. ACIT cited supra supports our view on this issue. In view of the above, we allow the ground raised by the assessee.
eference is invited to the Authority’s Circular Ref: IRDA/CAD/GDL/AGN/016/02/ 2011 dated 151h February, 2011 wherein, interalia, all Non Life Insurers are directed to lay down Minimum Business Requirements for Individual Agents. The said provision of Minimum Business Requirements is now being extended to all Corporate Agents engaged with Non Life Insurance Companies for soliciting the Insurance Business. Accordingly, all Non Life Insurers are directed to lay down the Minimum Business Requirements for Corporate Agents and monitor the performance of Corporate Agents in this regard as often as it is required.
QUICK HIGHLIGHTS OF E-FILING IN F.Y. 2011-12 (UPTO 30/11/2011) COMPARATIVE GROWTH OF E-FILING IN CURRENT YEAR FORM WISE RECEIPT OF E-RETURNS UPTO 30th NOVEMBER S.N. FORM NAME F.Y. 2010-11 F.Y. 2011-12 PERCENT GROWTH IN F.Y. 2011-12 1 ITR-1 14,85,923 33,83,904 127.73% 2 ITR-2 5,91,305 11,08,047 87.39% 3 ITR-3 1,52,845 2,43,307 59.19% 4 ITR-4 […]
In a developing nation’s economy, it’s the small and micro enterprises which play a vital role. If India has to have a growth rate of 8-10 percent for the next couple of decades, it needs a strong micro and small sector and micro entrepreneurs need to be nurtured. They not only give employment to a large number of people but also support bigger industries by supplying raw material, basic goods, finished parts and components, etc.
Shri Rajeev Kumar Jain Vs ITO (ITAT Kolkata)- Assessee stated that the assessee during the year under consideration took loan of Rs. 3,00,000/- from one Shri Amit Kr. Jain, a close relative, by account payee demand draft. The assessee furnished copies of P&L Account, Balance Sheet, I. T. Returns, bank statement for FY 2006-07 relevant to Assessment Year 2007-08 along with confirmation from Shri Amit Kr. Jain.
IRDA has twin objectives of development of the industry as well as protection of the policyholder. Both the objectives are interlinked and unless the policyholders’ interests are protected the industry cannot achieve the required penetration. The policyholder protection acquires much more significance for IRDA as the rural population is either totally illiterate or financially illiterate. The role of the agent becomes crucial in educating the rural policyholders about the features of the product and the consequences of taking certain protection and not taking certain protections from the insurance. Further, the agents are supposed to educate the policyholders about the risks involved in complex products like ULIPs.
This paper examined the operation of credit channel of monetary policy rate transmission in India during the post-LAF period of 2001:3 to 2011:3. Drawing on the literature, two reduced form equations, one representing nominal bank credit and the other real bank credit was estimated. The regression estimates were carried out after transforming the variables to stationary form and following an approach similar to Hendry’s general-to-specific method. Stability and structural break tests were performed, and rolling regressions were estimated to confirmed robustness of the results.
The recommendations of the Pension Implementation Committee (PIC) of the Employees’ Provident Fund Organisation to increase the minimum pension amount to Rs. 1000 per month is to be placed before Central Board of Trustees, Employees Provident Fund {(CBT(EPF)} in its ensuing meeting for its consideration.
International Customs Day is celebrated on 26th January every year all over the world. This being the Republic Day of India, it is celebrated in India on either the previous or next working day. It has been decided that the International Customs Day 2012 shall be celebrated on Friday, the 27th January, 2012. The main function would be held at New Custom House, New Delhi. Chief Commissioner of Customs, Delhi is requested to organize the ‘International Customs Day’ function in New Delhi on this day. As part of the celebrations, members of the trade and office bearers of CHA Associations, senior level officers of the other departments associated with Customs and other stakeholders may also be invited to the function.
Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 53 dated December 2, 2011, wherein the Rupee value of the special currency basket was indicated as Rs. 71.668914 effective from October 25, 2011.
