"27 April 2012" Archive

Intra-bank Deposit Accounts Portability

RBI/2011-12/528 DBOD.AML. BC. No. 97/14.01.001/2011-12 (27/04/2012)

Banks are advised that KYC once done by one branch of the bank should be valid for transfer of the account within the bank as long as full KYC has been done for the concerned account. The customer should be allowed to transfer his account from one branch to another branch without restrictions. In order to comply with KYC requirements of c...

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Priority Sector Lending-Indirect Finance to Housing Sector – Increase in Limit to 10 lakh

RBI/2011-12/527 RPCD.CO RRB. BC.NO.74 /03.05.33/2011-12 (27/04/2012)

Pursuant to the announcement made by Union Finance Minister in the Union Budget for the year 2012-13, it has been decided to increase the limit from Rs.5 lakh to Rs.10 lakh for the bank loans extended to non-governmental agencies, approved by NHB for their refinance, for on-lending for the purpose of construction/reconstruction of individ...

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SEBI – Auction calendar for allocation of FII debt limit

Circular No. IMD/FIIC/12/2012 (27/04/2012)

SEBI has been allocating FII debt limits through open bidding platform since February 2009 as and when free limits are available. The utilisation status of FII debt limits and the free limits available as on 15th of every month and at the end of every month are being disseminated on SEBI website....

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Seeks to amend Notification 69/2011 – Customs, dated 29-07-2011 thereby exempting specific goods when imported into India from Japan

Notification No. 28/2012-Customs (27/04/2012)

Notification No. 28/ 2012 - Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the...

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Seeks to amend Notification 69/2011-Cus, dated 29-07-2011 thereby exempting specific goods when imported into India from Japan

Notification No. 28/2012-Customs (27/04/2012)

G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (D...

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S. 36(1)(ii) Without Evidence AO can not presume Commission paid as Dividend

ACIT Vs. Coromandel Agrico Pvt. Ltd. (ITAT Delhi)

In the case of ACIT vs. Bony Polymers Pvt. Ltd. (supra), it was held by the Co-ordinate Bench that in the absence of any material or evidence to show that the commission is being paid as dividend to the shareholders the disallowance u/s 36 (1)(ii) was not permissible. The Companies Act, 1956 contains the limitation and restrictions in the...

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