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Archive: 28 February 2012

Posts in 28 February 2012

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6447 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Circular for Mutual Funds – Distributor Due Diligence, Clarification to Regulation 24 of SEBI (Mutual Funds) Regulations, 1996

February 28, 2012 2898 Views 0 comment Print

Circular No. Cir/IMD/DF/7/2012 , Dated- February 28, 2012 It is hereby clarified that the due diligence of distributors is solely the responsibility of mutual funds/AMCs. This responsibility shall not be delegated to any agency. However, mutual funds/AMCs may take assistance of an agency of repute while carrying out due diligence process of distributors.

Circular on Mutual Funds – Amendments to SEBI (Mutual Funds) Regulations, 1996, Valuation of Debt and Money Market Instruments, Advertisement

February 28, 2012 631 Views 0 comment Print

Amendments to SEBI (Mutual Funds) Regulations, 1996 1. Please find enclosed a copy of the gazette notification No. LAD-NRO/GN/201 1-12/38/4290 dated February 21, 2012 pertaining to Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2012 for your information and implementation.

ICSI – Guidelines, Rules and Procedures for Supply of Certified Copies) Of Answer Books to Students

February 28, 2012 879 Views 0 comment Print

A student who wishes to obtain certified copies of his/her answer books of any subject(s) of a particular examination shall apply on the prescribed application form together with (a) requisite fee; and (b) self-attested photocopy of his/her Admit Card (Roll No.) or Student Identity Card so as to reach the Institute within 45 days from the date of declaration of the result.

Common area has to be excluded while computing built-up area for benefit u/s. 80-IB(10)

February 28, 2012 3704 Views 0 comment Print

Keeping in mind the fact that obstacles were put in assessees getting the benefit, the Legislature introduced the definition of built-up area in sub-section (14)(a) of section 80-IB. From a reading of the definition of built-up area, the intention is clear. In calculating the built-up area it is only the inner measurements of the residential unit on the floor level, which has to be taken into consideration. If there are any projections and balconies and if it exclusively belongs to the residential units, then that also has to be taken into consideration for deciding the built-up area.

Duty exemption on re-import of Cut & Polished Diamonds sent abroad for Certification/ Grading

February 28, 2012 963 Views 0 comment Print

Basic Customs Duty of 2% on import of cut & polished diamonds has been imposed by the Department of Revenue with effect from 16.1.2012 vide Notification No.01/2012. Such duty will not be applicable on re-import of cut & polished diamonds (each of 0.25 carat or more) sent for certification/ grading abroad to the above laboratories. (Earlier also similar provision existed in FTP which was deleted after the Basic Customs Duty on cut and polished diamonds was brought down to zero.)

Penalty U/s. 271D for Contravention of section 269SS not leviable if assessee provides reasonable cause

February 28, 2012 9924 Views 0 comment Print

The assessee in the present case has also raised the plea of reasonable cause, that the person advancing the loan was agriculturist and had no bank account. Accordingly, we delete the penalty levied under sections 271D and 271E of the Act.

As per Import and Export Policy for the period 2009-2014 mport of second hand goods except capital goods is restricted and special import license is required

February 28, 2012 1547 Views 0 comment Print

Eastron Overseas Inc., Mataji Enterprises & M/s. Celestial Enterprises by bill of entries dated 12.12.2011, 14.12.2011 and 7.12.2011 had asked the Commissioner of Customs at ICD, Tughlakabad, New Delhi to permit and allow import into India of the Data Graphic Display Tubes, which have been imported from Malaysia. It was claimed that these goods could be imported under the open general license.

CBDT notifies Competition Commission of India U/s. 10(46)

February 28, 2012 2697 Views 0 comment Print

Notification No. 12/2012-Income Tax In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the Competition Commission of India, a Commission established under sub-section (1) of section 7 of the Competition Act, 2002 (Act 12 of 2003), in respect of the specified income arising to the said

Section 10(46) of the Income-tax Act, 1961 – Exemptions – Statutory Body/Authority/Board/Commission – Notified body or authority – National Skill Development Corporation

February 28, 2012 47952 Views 3 comments Print

Notification No. 11/2012-Income Tax In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies for the purposes of the said clause, the National Skill Development Corporation, a body constituted by the Central Government, in respect of the specified income arising to the said Corporation , as follows:-

Interest on delayed receipt of compensation on land acquisition is liable to TDS

February 28, 2012 8848 Views 0 comment Print

The acquisition is of the year 2001 while the compensation has been paid somewhere in the year 2009. Keeping in view the law laid down by the Apex Court in the matter of Bikram Singh v. Land Acquisition Collector [1996] 89 Taxman 119, it is to be held that interest received on delayed payment is a revenue receipt exigible to Income-tax. Since the amount has already been deposited by the respondent-authority and the deduction is in accordance with section 194A, therefore, no illegality has been committed by the Court below in upholding the action taken by respondent-authority in deducting the amount.

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