"02 July 2012" Archive

S. 2(47)(v) Possession need not necessarily be sole & exclusive

Assistant Commissioner of Income-tax Vs A. Ram Reddy (ITAT Hyderabad)

Owners have entered into an agreement for development of the property and certain rights were assigned to the developer who in turn had made the substantial payment and consequently entered into the property and thereafter if the transferee has taken any steps in relation to construction of the flats, then it is to be considered as transf...

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Addition u/s. 68 cannot be made merely because of customers incomplete address

Citizen Co-op. Society Ltd. Vs Additional Commissioner of Income-tax (ITAT Hyderabad)

Amounts in the accounts maintained by the assessee are deposits of the customers and/or not under the control of the assessee, and therefore, provisions of section 68 are not applicable to the bank. ...

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If assessee exonerated, on merits, criminal prosecution on same issue cannot be allowed to continue

Dinesh Aggarwal Vs DRI (Delhi High Court)

Although there is no automatic closure or quashing of the criminal complaint, in the event, there is a favourable verdict in the departmental or the adjudicatory proceedings in favour of an accused but in case the adjudicatory proceedings culminate into a favourable order in favour of the accused on merits and the criminal complaint is in...

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Adjudicating authority cannot reject authorization granted by approval committee in respect of input services

Tata Consultancy Services Ltd. Vs Commissioner of Central Excise & ST (LTU), Mumbai (CESTAT Mumbai)

As regards the refund claim of Rs. 6,66,794/- which has been rejected on the ground that the services to which this amount pertains do not have direct nexus with the authorized operations undertaken by the appellant, this stand of the department is totally incorrect. The Approval Committee which has examined this issue has issued a specif...

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RBI Master Circular on Loans & Advances – Statutory & Other Restrictions

Master Circular DBOD.No.Dir.BC. 4/13.03.00/2012-13 02/07/2012

This Master Circular provides a framework of the rules/regulations/instructions issued to Scheduled Commercial Banks on statutory and other restrictions on loans and advances. Banks should implement these instructions and adopt adequate safeguards in order to ensure that the banking activities undertaken by them are run on sound, prudent ...

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Master Circular on Disclosure in Financial Statements – Notes To Accounts

MASTER CIRCULAR DBOD.BP.BC NO.14/21.04.018/2012-13 02/07/2012

Please refer to the Master Circular DBOD.BP.BC.No.16/21.04.018/2011-12 dated July 1, 2011 consolidating all operative instructions issued to banks till June 30, 2011 on matters relating to disclosures in the 'Notes to Accounts' to the Financial Statements. The Master Circular has now been suitably updated by incorporating instructions iss...

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RBI Master Circular on Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977

MASTER CIRCULAR DNBS (PD) CC NO. 284/03.02.001/2012-13 02/07/2012

As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated Circulars/notifications. The instructions contained in the Notification No.DNBC.39/DG(H)-77 dated 20th June 1977 updated as on June 30, 2012 is enclosed. The updated notification has also been placed on the RBI...

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Master Circular on Mortgage Guarantee Companies Investment (Reserve Bank) Directions, 2008

MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 13/23.11.001/2012-13 02/07/2012

Quoted investments for each category shall be valued at cost or market value whichever is lower. For this purpose, the investments in each category shall be considered scrip-wise and the cost and market value aggregated for all investments in each category. If the aggregate market value for the category is less than the aggregate cost for...

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Master Circular on Mortgage Guarantee Companies Prudential Norms (Reserve Bank) Directions, 2008

MASTER CIRCULAR DNBS (PD-MGC) C.C.NO. 12/23.11.001/2012-13 02/07/2012

The Reserve Bank of India may, if it considers it necessary for avoiding any hardship or for any other just and sufficient reason, grant extension of time to comply with or exempt any mortgage guarantee company or class of mortgage guarantee companies, from all or any of the provisions of these instructions either generally or for any spe...

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Master Circular on KYC Guidelines – AML Standards – ‘PMLA, 2002 – Obligations of NBFCs

Master Circular DNBS (PD) CC No.285/03.10.42/2012-13 02/07/2012

NBFCs were advised to follow certain customer identification procedure for opening of accounts and monitoring transactions of a suspicious nature for the purpose of reporting it to appropriate authority. These 'Know Your Customer' guidelines have been revisited in the context of the Recommendations made by the Financial Action Task Force ...

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