"27 February 2012" Archive

Rate of exchange of conversion of each of the foreign currency with effect from 1st March, 2012

Notification No. 14/2012-Customs (N.T.) 27/02/2012

NOTIFICATION NO.14/2012-CUSTOMS (N.T.) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.9/2012-CUSTOMS (N.T.), dated the 30th January, 2012 vide number S.O. 189 (E), dated the 30t...

SEBI Clarification on Offer For Sale of Shares by Promoters through the Stock Exchange Mechanism

Circular No. MRD/DP/8/2012 27/02/2012

CIRCULAR No. MRD/DP/8/2012, dated 27-2-2012 This has reference to SEBI circular No. MRD/DP/05/2012, dated February 1, 2012 and MRD/DP/07/2012, dated February 23, 2012, on the subject. 2. It is clarified that the contents of the advertisement, if any, to be issued in terms of Para 4(a) of the aforementioned circular dated February 1, 2012,...

Import of Gold on Loan Basis – Tenor of Loan and Opening of Stand-by Letter of Credit

RBI/2011-12/411 A.P. (DIR Series) Circular No. 83 27/02/2012

The maximum tenor of gold loan was notified as 240 days consisting of 60 days for manufacture and exports +180 days for fixing the price and repayment of gold loan as per the Foreign Trade Policy 2004-2009 of the Government of India and that the tenor of the Standby Letter of Credit (SBLC), for import of gold on loan basis, where ever req...

Appointment of Common Adjudicating Authority – Notification No. 13/2012-Customs (N.T.)

Notification No. 13/2012-Customs (N.T.) 27/02/2012

Notification No. 13/2012-Customs (N.T.) for the purpose of adjudicating the matters relating to Show Cause Notice pertaining to M/s A & N Impex, House No.995, Sanjay Gandhi Colony, Sector-32A, Ludhiana issued vide, DRI F.No. 856(08)LDH/2010/II/2646-2663 dated the 28th December, 2011, by the Joint Director, Directorate of Revenue Intelli...

Amends Notification No. 12/97 – Customs(N.T.), Dated: 02.04.1997

Notification No. 12/2012-Customs (N.T.) 27/02/2012

Notification No. 12/2012 - Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of...

Reward for tax info should be reduced on the ground that amount of penalty cannot be determined

Amrit Lal Mehta Vs Director General Of Revenue Intelligence & Others (Delhi High Court)

In the first three minutes, reward has been awarded @ 19.4% that is nearly the maximum possible rate. The said reward was on the principal amount of customs duty of Rs.1.21 crores and, therefore, the Reward Committee was competent to award a lower amount/percentage on the penalty and fine amount but this is not the reason and ground given...

MVAT – Submission of certain annexures by the dealers who are not required to file Audit Report in Form 704

Trade Circular No. 3 T of 2012 27/02/2012

As per the provisions of section 61 of MVAT Act, 2002 the dealers covered under this section are liable to submit Audit Report in Form 704. Alongwith Form 704, details of the customer-wise sales and customer-wise purchases are also submitted in annexure Jl and J2 with other requisite details. However, for the dealers who are not required ...

Section 2 of the Securitisation & Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 – Financial Institution – Notified financial institution – The National Small Industries Corporation Ltd. (NSIC)

Notification No.S.O. 367(E) 27/02/2012

Notification No.S.O. 367(E), dated 27-2-2012 In exercise of the powers conferred by sub-clause (iv) of clause (m) of sub-section (1) of section 2 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (54 of 2002), the Central Government hereby specifies the The National Small Industrie...

Lease Rent – Only Finance charge represents the revenue receipt

Prakash Leasing Ltd. Vs DCIT (Karnataka High Court)

Prakash Leasing Ltd. v. DCIT - The lease rentals is not the real income of the assessee. The lease rental consists of financing charge as well as capital recovery. The amount received towards capital recovery constitute the capital expenditure, whereas the financing charge represents the revenue receipt, which is the real income. It is as...

Merely because vehicles were used by lessees in their business, Assessee cannot be denied depreciation

Prakash Leasing Ltd. Vs Deputy Commissioner of Income-tax (Karnataka High Court)

Merely because the vehicles were used by the lessees in their business, the assessee cannot be denied the depreciation @ 40%. In fact, it is not in dispute that in respect of all these vehicles, the assessee has acknowledged the receipt of lease rent and has shown the same in his profit and loss account. It is thereafter he is claiming de...

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