Salient features of the proposed bond issue- 1. The Bonds are issued in the form of tax-free, secured, redeemable, non-convertible Debentures and the interest on the Bonds will not form part of the total income. 2. In case of over-subscription; allotment shall be on first cum first serve basis up to the date falling 1 day prior to the date of oversubscription and on proportionate basis on the date of oversubscription, in the manner specified in the Tranche Prospectus. 3. CARE has assigned a rating of ‘CARE AA+’ to the Bonds. Instruments with this rating are considered to have high degree of safety regarding timely servicing of financial obligations. Such instruments carry very low credit risk. Fitch has assigned a rating of ‘Fitch AA+ (ind)’ to the Bonds.
Notification No. 6/2012-Customs (N.T.) These rules may be called the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Amendment Rules, 2012. 2) They shall come into force on the date of their publication in the Official Gazette. In the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995,-
DCIT Vs. Kesoram Industries Ltd. (ITAT Kolkata) – In the assessment order the A.O. did not accept this claim of the assessee on the ground that for the assessment years 2001-02 to 2005-06 the department had gone in appeal before the Hon’ble High Court against the decisions of Hon’ble ITAT, Kolkata in this matter. Thus the A.O. disallowed an amount of Rs.l,35,87,876/- as excess depreciation claimed. On appeal ld. CIT(A ) after taking into consideration of the various documents filed by assessee before him and following the decisions of the ITAT, Kolkata from 2001-02 to 2005-06 deleted the disallowance of Rs. 1,35,87,876/- made by AO. It is further observed that the filing of appeal before the Hon’ble High Court against the decision of this Tribunal for A.Yrs.2001-02 to 2005-06 will not have any effect since the Hon’ble High Court has neither set aside the orders of the Tribunal nor granted any stay. Respectfully following the same we dismiss the appeal of the revenue.
Notification No. 05/2012- Customs (N.T.) These rules may be called the Refund of Anti-Dumping Duty (Paid in Excess of Actual Margin of Dumping) Rules, 2012. (2) They extend to the whole of India. (3) They shall come into force on the date of their publication in the Official Gazette.
Base year for calculation of index cost of acquisition of the shares in terms of Explanation (iii) to Section 48 of the Act, acquired by the assessee by way of inheritance (one of the modes specified in Section 49(1) of the Act) should be taken as financial year 1981-82 when such shares were acquired by the previous owner prior to 1st April, 1981. As decided by bobbay high court also in the case of CIT vs. Manjula J. Shah.
The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In an instruction issued today, the CBDT issued proforma for query letters and responses to be issued to the high value investors / depositors / spenders.
Internet company Yahoo!’s co-founder Jerry Yang has quit the company he founded 17 years ago. Yahoo! said besides quitting the board of its directors, Yang has resigned from all other positions in the company, effective from January 18, as well as from the Boards of Yahoo! Japan Corporation and Alibaba Group Holding Ltd, firms in which Yahoo! has stakes.
presently, the accounting and financial reporting practices of educational institutions in India are oriented towards meeting the needs of the governing bodies running them and educational institutions follow not only diverse accounting practices but also different basis of accounting, the Group has recommended that all educational institutions should be mandated to apply accrual basis of accounting; Accounting Standards issued by the ICAI should be made mandatory to educational institutions; Fund based accounting may be introduced for Earmarked / Designated Funds; All educational institutions should follow a common format for presentation of its general purpose financial statements to ensure proper accountability, financial discipline, end-use of funds and to meet the needs of stakeholders.
The Income Tax Department has slapped a Rs 1,067-crore demand notice on telecom giant Bharti Airtel for non-payment of TDS dues in the last four financial years in connection with its overseas operations, even as the company said it was fully compliant with all the provisions.
Faced with increasing incidents of misuse of tickets, Railways have made it mandatory for all passengers travelling in AC classes to carry an identity proof with them. So far, carrying ID proof was required only for passengers travelling with e-tickets or with tatkal tickets.
