"05 July 2012" Archive

Tribunal cannot stay demand beyond maximum period of 365 days

Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited Vs CIT (Karnataka High Court)

The Tribunal is not authorized to extend stay of demand beyond maximum period of 365 days. The decision of Tribunal to extend stay of demand beyond 365 days amounted to contravention of provisions of the law.( Ecom Gill Coffee Trading Private Limited and B. Fouress Private Limited v. CIT (ITA. No. 160&161/2012)] ...

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Taxation of Gift given by cessation of Trading Liability

Rajesh Kumar Vs Assistant Commissioner of Income-tax (ITAT Cochine)

While the gift is given by a person to another person who is personally related to him, the remission of trading liability takes place in business relationships. Normally, the remission of trading liability takes place only due to adverse business situation faced by a business concern. ...

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Vehicles in the nature of professional equipment can be imported against SFIS scrips

Circular No. 18/2012-Custom Duty 05/07/2012

Circular No. 18/2012-Cus It has been decided by the Board that the vehicles which are in the nature of professional equipment, illustratively mentioned in para (4) of the said Circular, may also include Ambulance, Sewage Disposal Truck, Refuse Disposal Vehicle, that are pre-designed structurally and pre-fitted with relevant devices and me...

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Verification of genuineness, of duty credit scrips issued under Chapter 3 of FTP, before registration

Circular No. 17/2012-Custom Duty 05/07/2012

Circular No. 17/2012-Customs Attention is drawn to para 2 (e) of Circular No. 5/2010-Customs dated 16.03.2010, which reads - “ As regards the duty credit scrips issued under Chapter 3 of FTP, the verification of genuineness of scrips in terms of Para 3.11.3 of the HBP v.1 shall be done before allowing registration of such scrips. Furt...

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No Condonation of delay if same is because of laches /negligence on the part of dept officials

Commissioner of Income-tax, Kol-I Vs Peerless General Finance & Investment Co. (Culcutta High Court)

It appears that the entire statements and averments constitute culpable laches and negligence on the part of the departmental official. There is no whisper as to what steps have been taken against the negligent officials. The Supreme Court has cautioned not to give any undue and unlimited concession to the appellant, who happens to be a G...

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Declaration of dividend by UCBs – Revised criteria for declaring without prior permission of RBI

RBI/2012-13/113 UBD.BPD. (PCB). Cir.No. 4/12.05.001/2012-13 05/07/2012

It has now been decided to revise the criteria for declaring dividend without prior permission of the Reserve Bank. Accordingly, UCBs may henceforth declare dividend subject to compliance with the following parameters: i) Compliance with CRAR norms as prescribed by RBI . ii) Net NPA of less than 5% after making all necessary provisions (i...

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Buyback value of FCCBs shall be at a minimum discount of 5% on accreted value – RBI

RBI/2012-13/114 A. P. (DIR Series) Circular No. 1 05/06/2012

Reserve Bank will consider proposals from Indian companies for buyback of FCCBs under the approval route subject to: a) The buyback value of the FCCBs shall be at a minimum discount of five per cent on the accreted value. b) In case the Indian company is planning to raise a foreign currency borrowing for buyback of the FCCBs, all FEMA rul...

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Rate of exchange of conversion of each of foreign currency wef 6th July, 2012

Notification No. 56/2012-Customs (N.T.) 05/07/2012

Notification No.56/2012 - Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 6th July, 2012 be the rate mentioned...

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CMA – President Communique for July, 2012

The Parliament passed the Amendment to The Cost and Works Accountants Act changing the name of the Institute to The Institute of Cost Accountants of India at the same time allowing the use of the designation ACMA and FCMA to denote the membership. Council passed resolution to rename all buildings of the Institute as “CMA Bhawan” ...

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Posted Under: Income Tax |

ICAI Announces date of November CA exams

No. 13-CA (EXAM)/N/2012: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final examinations will be held on the date...

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Posted Under: Income Tax |

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