"18 May 2012" Archive - Page 3

Composite contract for installation & commissioning cannot be split to exempt profits from offshore supply of goods

Re. Justice Mr. P. K. Balasubramanyan (Chairman) (AAR Delhi)

In Vodafone International Holdings BV Netherlands vs. Union of India and another (345 ITR 1 (SC). a three judge bench of the Supreme Court has laid down that what is needed is to consider the transaction in its entirety and to look at the transaction as a whole. The Supreme Court has advocated that a transaction must be looked at and not...

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Bank Finance Limit to NBFCs Predominantly Engaged in lending against Gold

RBI/2011-12/568 DBOD.BP.BC.No. 106/21.04.172/2011-12 18/05/2012

The rapid expansion of such NBFCs has led to their increased dependence on public funds, including bank finance. To supplement the prudential measures mentioned above, it is proposed that: banks should reduce their regulatory exposure ceiling in a single NBFC, having gold loans to the extent of 50 per cent or more of its total financi...

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Reg. classification of Structural Components of Boiler & Admissibility of CENVAT Credit

Circular No. 966/09/2012-Central Excise 18/05/2012

Circular No. 966/09/2012-CX As clearly stated in para 3 of Boards’ above circular dated 2.4.2012, it is once again reiterated that in terms of the Rule 2(k) of the CENVAT Credit Rules, 2004, while CENVAT Credit is available in respect of parts of Boiler, the same is not admissible in respect of the structural components used for laying ...

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Treatment of Capital Goods sourced from SEZ and import of spares for such Capital Goods under EPCG Scheme

Policy Circular No. 65 (RE-2010)/2009-14 18/05/2012

Policy Circular No. 65 (RE-2010)/2009-14 It is clarified that Capital Goods sourced from SEZ are treated as ‘imported goods’. Hence, EPCG Scheme-under Para 5.2A is available for import of spares for such imported Capital Goods (i.e. sourced from SEZ) with reduced EO. Besides this, EPCG Authorization for “Spares” is also allowed ...

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Priority Sector Lending – Indirect Finance to Housing Sector – Limit Raised to 10 Lakh

RBI/2011-12/567 UBD.BPD. (PCB) CIR No.33/09.09.001/2011-12 18/05/2012

Please refer to our Circular UBD.PCB.Cir.No.11/09.09.01/2007-08 dated August 30, 2007 forwarding the guidelines for UCBs on lending to priority sector. In terms of para 7.4 of section I of Annex of the above Circular, assistance given to a non-governmental agency approved by the NHB for the purpose of refinance for construction / reconstr...

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FM justifies decision to neutralise impact of SC decision in Vodafone case

Government on Wednesday justified its decision to neutralise the impact of Supreme Court decision in the Vodafone case by amending the Income Tax Act with retrospective effect suggesting it was to prevent outflow of Rs 40,000-Rs 50,000 crore from the exchequer....

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Posted Under: Income Tax |

Empanelment with Chennai Metro Rail Limited for Internal Audit

Chennai Metro Rail Limited (CMRL), hereinafter referred to as the Client, is the Special Purpose Vehicle of the Government of Tamil Nadu and the Government of lndia for implementation of Phase 1 of the Chennai Metro Rail Project. The GoI and GoTn have approved a Metro Rail project for Chennai in January 2009 with a total budget of INR 146...

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Posted Under: Income Tax |

Cancellation of transfer order of Judicial Member, Chandigarh Benches to Pune Benches of ITAT

ORDER [NO. F-46-AD(AT)2012] 14/05/2012

In partial modification of this office order of even number dated 11th May, 2012; and upon consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice Presidents, the transfer of Ms. Sushma Chowla, Judicial Member, Chandigarh Benches to Pune Benches is cancelled in public intere...

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Transfer of specified members of ITAT from one Bench(es) to another Bench(es)

ORDER [NO. F-46-AD(AT)2012] 11/05/2012

ORDER [NO. F-46-AD(AT)2012], DATED 11-5-2012 In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice Presidents, the following Members of the Income Tax Appellate Tribunal are hereby transferred, in public interest, in the same capacity to the Bench(es) ...

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Mock Tests for CAT Level-1 Students Appearing For Exam on 24.6.2012

ATTENTION: CAT LEVEL-1 STUDENTS APPEARING FOR EXAM ON 24.6.2012 All the CAT Level-1 students appearing for June'12 CAT Examination are hereby informed that in order to familiarise them with the new pattern of CAT Level-l exam two mock tests are scheduled at their respective CAT Study Centre/ROCC on the below mentioned dates:...

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Posted Under: Income Tax |

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