"12 January 2012" Archive

Public Notice No. 91 (RE-2010)/2009-2014, Dated: 12.01.2012

Public Notice No. 91 (RE-2010)/2009-2014 12/01/2012

In exercise of the powers conferred under Paragraphs 2.1, 2.4 and 2.29 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade makes the following amendment in Public Notice No. 90 (RE-2010)/2009-2014 dated 6.1.2012....

Brought Forward business Loss can not be set off against Capital Loss on sale of Depreciable Business Assets

M/s Nandi Steels Limited Vs The Assistant Commissioner of Income Tax (ITAT Bangalore)

Nandi Steels Limited Vs The ACIT (ITAT Bangalore)- It is not in dispute that the land, building and bore well sold by the assessee were used by the assessee for its business purposes. It is also not disputed that these assets were fixed assets of the assessee. The only argument of the assessee has been that they have direct nexus with the...

Delhi HC to Facebook, Google – Remove obscene content or face blocking as blocked in China

The Delhi High Court warned social networking site Facebook India and search engine Google India that websites can be 'blocked' like in China if they fail to devise a mechanism to check and remove objectionable material from their web pages. 'Like China, we will block all such websites,' Justice Suresh Kait said while asking counsel for ...

Posted Under: DGFT |

ICAI – Procedure for Providing Inspection or Certified Copies of Evaluated Answer Books

Procedure for providing inspection/certified copies of evaluated answer-books to the concerned examinees 1. The procedure laid down hereinafter specifically applies to providing inspection/certified copies of answer books relating to November 2011 examinations and onwards only. 2. An application by an examinee seeking inspection of his/he...

Posted Under: DGFT |

Despite Dependence, Arms’ Length Agent is Not Permanent Establishment (PE)

Delmas, Vs Assistant Director of Income Tax (ITAT Mumbai)

The core issue that we are really required to adjudicate in this appeal is whether or not, on the facts and circumstances of this case, the assessee can be said to have a permanent establishment (PE)1 in India, and, if it is held that the assessee indeed has a permanent establishment in India how much profits can be taxed as being attribu...

Status of various Bills Presented in Parliament or pending to be present

On December 30, 2011, Shri Pawan Kumar Bansal, the Minister for Parliamentary Affairs spoke to the media and gave a detailed account of the Bills that were passed in one or both the Houses and the Bills that are pending for consideration. Of these, only the Lokpal and Lokayuktas Bill and the Whistle Blowers were passed by the Lok Sabha ...

Posted Under: DGFT |

Performance of CBI in 2011

The year 2011 was marked by complex, specialized, high profile investigations conducted by the Central Bureau of Investigation, to probe corruption and crime. The Bureau's investigations made national headlines in several cases, such as, the 2G Spectrum investigation; Bellary illegal mining Case, Bhanwari Devi abduction and murder case, C...

Posted Under: DGFT |

Comments/Suggestions for future XBRL Implementation

The Ministry of Corporate Affairs has formed a committee to develop the roadmap for future implementation of XBRL. The committee has its Terms of References as under: A. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner. B. Development of Taxonomies to be used by Corporates for their [&helli...

Posted Under: DGFT |

Finance Minister holds Moderation in Inflation Would Continue in Coming Months

The Union Finance Minister Shri Pranab Mukherjee said that he is confident that moderation in inflation would continue in the coming months, though softening in the prices of manufactured goods, despite the rapid decline in non-food primary inflation, may be more gradual. ...

Posted Under: DGFT |

RBI – Export of Goods and Services – Forwarder’s Cargo Receipt

RBI/2011-12/345 A. P. (DIR Series) Circular No.65 12/01/2012

Uthorized dealers may, at their discretion, also accept FCR issued by Shipping companies of repute/IATA approved agents (in lieu of bill of lading), for purchase/discount/collection of shipping documents even in cases, where export transactions are not backed by letters of credit, provided their 'relative sale contract' with overseas buye...

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