"23 July 2012" Archive

Frequency of Filing of Service Tax Return

1. A common simplified registration format for Central Excise and Service Tax is being placed for public comments, together with further liberalization in registration requirements, particularly centralized registrations. The proposed changes are attached as Annexure C. 2. Likewise a new simplified one page common return with Central Exci...

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Importance of Inspection of Bank Documents

The Law of evidence plays a pivotal role in the effective functioning of the judicial system. The existence of substantive rights can only be established by relevant and admissible evidence. Relevancy of facts is the key to determine the outcome of the judicial process which is based on fair trial without fear or favor and upholding the P...

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Posted Under: Service Tax |

Ex-parte assessment -ITAT Set aside the order for denovo assessment

M/s. Nabisco Confectionery & Food India Pvt. Ltd. Vs I.T.O., Ward-12(4), (ITAT Kolkata)

it is noticed that the assessment is an ex-parte assessment and also before the ld. CIT(A) there has been no representation. We are of the view that the assessee may be granted one more opportunity to substantiate its case before the ld. AO. It is also noticed that the ld. AR has specifically agreed that there would be no default on the p...

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RBI permit banks to allow customers to pay crystallized MTM of derivative contracts in installment

RBI/2012-13/139 DBOD.No.BP.BC.31/21.04.157/2012-13 (23/07/2012)

There may be situations where the clients of banks may like to reduce the notional exposure of the hedging derivative contract. In such cases, banks may partially or fully terminate the contract before maturity, at their discretion, thereby reducing the notional exposure of the contract. This reduction in notional exposure would not be t...

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SEBI Revises Eligibility Criteria for Stocks in Derivatives Segment

Circular No. CIR/DNPD/3/2012 (23/07/2012)

3. At present, minimum Median Quarter Sigma Order Size (MQSOS) requirement for a stock to be eligible for introduction in derivatives segment is 5 Lakh. It has been decided to revise this minimum MQSOS requirement to 10 Lakh. Thus, in Para ‘3.1.2.b’ of the master circular, for the letters and figures Rs. 5 Lakh (Rupees Five Lakh), th...

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S. 54F – Deduction on investment made after due date but before Return Filing ?

R.K.P. Elayarajan Vs Deputy Commissioner of Income-tax (ITAT Chennai)

In the instant case, it is found that the eligible new asset was not purchased within one year before the date on which the transfer of the original asset took place. Thus, the amount which is not utilized by the assessee for the purchase of new asset before the date of furnishing the return of income under section 139 was required to be ...

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S. 54F – Property jointly owned not to be added in calculating Houses owned by Assessee

Dr. (Smt.) P.K. Vasanthi Rangarajan Vs Commissioner of Income-tax (Madras High Court)

. Given the fact that the assessee had not owned the property in her name only to the exclusion of anybody else including the husband, but in joint name with her husband, we agree with the submission of the learned senior counsel appearing for the assessee herein that unless and until there are materials to show that the assessee is the e...

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EPF member can now Generate Member / Employee Passbook online

NA (23/07/2012)

A facility of E-Passbook to EPF Members has been devised by the IS Division, Head Office through Member Portal on EPFO website. The EPF Members can directly approach the EPFO website and after entering certain necessary details, they can get themselves registered. The registered EPF Members can obtain E-Passbook after entering Establishme...

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Allowability of deduction u/s. 54 Deduction if construction completes after prescribed time?

Smt. Seshu Jaggaiah Vs Income-tax Officer, Business Ward XIV (2), Chennai* (ITAT Chennai)

The case of the assessee is that the assessee could not comply with the provisions of section 54 within the time prescribed for reasons beyond her control, inasmuch as the money, which was blocked by her by paying advances to procure the property, was not realized within the time and, therefore, she could not make any alternative investme...

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Seeks to amend Notification No. 83/2004 – Customs (NT) -Jurisdiction of Customs officers

Notification No. 64/2012-Customs (N.T.) (23/07/2013)

NOTIFICATION NO 64/2012 - Customs, (N T), Dated: July 23, 2012 Central Board of Excise and Customs, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 83/2004-Customs (N.T.), dated the 30 th June, 2004, published in the Gazette of India, vide number G...

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Notification No. 63/2012 – Customs, (N.T), Dated: 23.07.2012

Notification No. 63/2012-Customs (N.T.) (23/07/2012)

NOTIFICATION NO 63/2012 - Customs, (N T), Dated: July 23, 2012 Appointment of Common Adjudicating Authority in respect of the Additional /Joint Commissioner of Customs (Import), Air Cargo Complex, Sahar Mumbai; and the Additional/Joint Commissioner of Customs, Custom House, Opp. Ild High Court, Navrangpura, Ahmedabad....

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Notification No. 62/2012 – Customs, (N T), Dated: 23.07.2012

Notification No. 62/2012-Customs (N.T.) (23/07/2012)

NOTIFICATION NO 62/2012 - Customs, (N T), Dated: July 23, 2012 Appointment of Common Adjudicating Authority in respect of the Joint /Additional Commissioner of Customs, Inland Container Depot, Tughlakabad, New Delhi, the Assistant / Deputy Commissioner of Customs, ICD, Patparganj, New Delhi; and the Assistant / Deputy Commissioner of Cust...

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The NBFC –Factors (Reserve Bank) Directions, 2012

RBI/2012-2013/140 DNBS (PD) CC. No. 297/Factor/22.10.91/2012-13 (23/07/2012)

The Central Government has notified the Factoring Regulation Act, 2011 on January 22, 2012. The Act aims to regulate Factors and assignment of receivables in favour of Factors, as also delineate the rights and obligations of parties to assignment of receivables. Under the Act, factoring companies other than banks, Government companies etc...

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Amendment in ITC (HS) 2012 Schedule 1-Import Policy

Notification No. 7 (RE-2012)/2009-2014, (23/07/2012)

.O. (E) In exercise of powers conferred by Section 5, read along with Section 3(2) of the Foreign Trade (Development and Regulation) Act, 1992, read with paragraph 2.1 of Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendment in the Schedule 1 – Import Policy of the ITC (HS), 2012....

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General Circular No. 17/2012, dated 23/07/2012

General Circular No. 17/2012 (23/07/2012)

as per these rules, information is to be filed in Form 5 INV. The cut-off date for filing information in Form 5 INV refers to the date of AGM upto which the information relating to a particular year is to be updated and then filed. Example: for the financial year ended 31.03.2012, where date of AGM is 30.09.2012, the complete information ...

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