CIT vs. Jyoti Plastic Works Pvt Ltd (Bombay High Court) – under Section 80IB(2)(iv) what is relevant is the employment of ten or more workers and not the mode and the manner in which the said workers are employed by the assessee. In other words, irrespective of the terms of employment, condition of Section 80IB(2)(iv) would stand fulfilled if the assessee in aggregate employs ten or more workers in its manufacturing activity. The fact that the employer – employee relationship between the workers employed by the assessee differs cannot be a ground to deny deduction under Section 80IB of the Act, so long as the workers employed by the assessee in aggregate exceed ten in number.
Arrangement for transportation of petroleum products was essentially a contract for transportation of goods and not an arrangement of hiring of vehicles. In view thereof, tax is required to be deducted at source from the payments to the carrier in terms of provisions of sec. 194C of the Act and not u/s 194I of the Act.
Minimum Export Price (MEP) of all varieties of onions excluding Bangalore Rose Onions and Krishnapuram Onions will be US$ 350 per Metric Ton F.O.B. It was US$ 475 per Metric Ton for general category onion as notified on 20.09.2011.For Bangalore Rose Onions and Krishnapuram Onions it will be US$ 400 per MT F.O.B instead of US$ 475 per MT as notified on 20.09.2011. Notification No 85 (RE – 2010)/2009-2014
Government vide press release dated November 18, 2011 has decided to: a. Increase the current limit of FII investment in Government Securities by US $ 5 billion raising the cap to US $ 15 billion. The incremental limit of US $ 5 billion can be invested in securities without any residual maturity criterion; b. Increase the current limit of FII investment in corporate bonds by US $ 5 billion raising the cap to US $ 20 billion. The incremental limit of US $ 5 billion can be invested inlisted corporate bonds.
With a view to widening the secondary market in Government Securities to more number of participants, it has been decided to extend direct access to NDS-OM to licensed Urban Co-operative Banks (UCBs) and Systemically Important Non-Deposit taking Non-Banking Financial Companies (NBFC-ND-SIs) falling under the purview of Section 45-I (c) (ii) of the Reserve Bank of India (RBI) Act, 1934 (i.e. NBFC-ND-SIs which carry on as their business or part of their business the activity of acquisition of shares, stock, bonds, debentures or securities issued by a Government or local authority or other marketable securities of a like nature). The financial criteria and other requirements for direct access to NDS-OM for the above entities are furnished in the Annex.
Champion Photostat Industrial Corporation Vs UOI (P&H High Court) – Section 46 of the Act deals with the submission of Bill of Entry by an importer. There is no condition in the said Section, which prohibits the submission of Bill of Entry by an importer himself or that the importer has to have some educational qualification. It is only Section 146 of the Act, which deals with the clearing with the intervention of the Customs House Agents. Since such agents have to act for others, certain qualifications have been fixed in the regulations framed to regulate their working and also by Public Notice.
The Income Tax department has started investigating 782 people suspected of having stashed away unaccounted wealth in accounts with the HSBC Bank in Geneva. A senior official with the department, on condition of anonymity, said the newly created Directorate of Criminal Investigation has started sending notices to individuals, seeking explanation on the source of funds in these HSBC Bank accounts in Geneva.
Notification No. 7/9/2011 – Income Tax Central Government hereby authorises the following 50 branches of Bank of India to receive, with immediate effect, subscriptions under the Public Provident Fund Scheme, 1968 and Senior Citizens Savings Scheme Rules, 2004:—
Notification No.41 /2011-Central Excise – G.S.R. 824(E). – In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 3/2005-Central Excise dated the 24th February,2005, published in the Gazette of India, Extraordinary, vide number G.S.R. 95 (E), dated the 24th February,2005, namely: –
G Ramaswamy, President, The Institute of Chartered Accountants of India (ICAI) has been elected as the Board Member of International Federation of Accountants (IFAC) at the November IFAC Council Meeting held at Berlin, Germany on 17th November 2011. IFAC is a global organization for the accountancy profession, dedicated in serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 167 members and associates in 127 countries and jurisdictions, representing approximately 2.5 million accountants in public practice, education, government service, industry and commerce.
