"17 February 2012" Archive

Circular No. HQ/104/2007, dated 17/02/2012

Circular No. HQ/104/2007 (17/02/2012)

The Ministry of Corporate Affairs (MCA) has implemented MCA21 e-Governance Project. The Project is aimed at enhancing the service level efficiencies and bringing about certainty and speed in the operations of the Ministry of Corporate Affairs, particularly with regard to the delivery of all the Registry related services rendered by Regist...

Read More

Payments received by the applicant from the distributor for sale of software product is in the nature of royalty

Re. Citrix Systems Asia Pacific Pty. Ltd. (AAR)

In re Citrix Systems Asia Pacific Pty. Ltd.(AAR) - We find from the decision of the Karnataka High Court in CIT v. M/s. Samsung Electronics Co. Ltd (ITA No. 2808 of 2005) and connected cases that that High Court has held that in that case, the argument that it would be only a sale of copy of the copyright software could not be accepted. ...

Read More

Clarification regarding admissibility of exemption under area-based Notifications No. 49 & 50/2003-CE, both dated 10.06.2003 in specific situations – reg.

Circular No. 960/03/2012-CX (17/02/2012)

Circular No. 960/03/2012-CX Your kind attention is invited to Notifications No. 49/2003-CE and 50/2003-CE, both dated 10.06.2003 which provide full exemption from excise duties to specified goods cleared from industrial units in the states of Uttaranchal and Himachal Pradesh for a period of ten years from the date of commencement of com...

Read More

Lead Bank Scheme – Participation of Public Representatives like MPs/MLAs/Zilla Panchayat Chiefs in District Level Review Committees (DLRC)

RBI/2011-12/401 RPCD.CO. LBS. BC.No. 60/02.01.01/2011-12 (17/02/2012)

Wherein Lead banks were requested to ensure the presence of MPs/MLAs in DLRC meetings as far as possible. Reference is also invited to circular RPCD.LBS.BC.85/02.01.01/2000-01 dated May 9, 2001 wherein the Lead banks were advised to adhere to instructions on participation of Members of Parliament and Public Representatives while convening...

Read More

Adoption of uniform Customs Procedure for calculating the contents of Iron Ore for the purpose of charging of export duty

Circular No. 04/2012-Custom Duty (17/02/2012)

CIRCULAR NO. 04/2012-Cus Several references have been received in the Board highlighting divergent practices for calculation of iron contents from Iron Ore being followed at different Ports for charging Export duty. In this regard two types of calculation methods are being followed i.e. on the basis of Wet Metric Ton (WMT) and other on th...

Read More

ICAI announces setting up WICASA Branch at Navi Mumbai

In pursuance of Regulation 81(5) of the Chartered Accountants Regulations, 1988, read with Rule 4 of the Chartered Accountants Students' Association Rules (as contained in Appendix No. (5) to the Chartered Accountants Regulation 1988), the Council of the Institute of Chartered Accountants of India is pleased to announce the setting up of ...

Read More
Posted Under: Company Law |

CBDT exempts return-filing for salaried having total income upto Rs 5 lakh

Notification No. 9/2012-Income Tax (17/02/2012)

Notification No. 9/2012-Income Tax In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1...

Read More

Allocation of Corporate debt long term category to FIIs – Circular No. CIR/IMD/FIIC/5/2012

Circular No. CIR/IMD/FIIC/5/2012 (17/02/2012)

Based on the assessment of the utilization of the limits to FIIs for investments in corporate debt long term infra category (with one year lock in and one year residual maturity clause), it has been decided to allocate the unutilized limits. The bidding of this limit shall be done on the NSE from 15:30 hrs to 17:30 hrs, on February 29, 20...

Read More

Fight against corruption is incomplete unless illegal assets are recovered

it is high time we should realize the fallout of corruption. He said the fight against corruption is incomplete unless we recover the illegal assets and wealth amassed by corrupt persons. Shri Misra said the corrupt should be not only brought to book but their illegally amassed wealth should also be recovered & attached, as such property ...

Read More
Posted Under: Company Law |

If AO objects to admission of additional evidence, then CIT(A) should give categorical finding in terms of Rule 46A for admission thereof

ITO Vs. Kuber Chand Sharma (ITAT Delhi)

ITO Vs. Kuber Chand Sharma, In our considered view, CIT(A) has admitted the additional evidence without fulfilling the categorical conditions laid down in Rule 46A, as explained by Hon’ble Delhi High Court in the case of Manish Build Well Pvt. Ltd.(supra). Consequently, his order on this issue is not tenable, however, the issue of merit...

Read More