"14 September 2012" Archive

Notification No. 82/2012-Customs (N.T.) Dated 14/09/2012

Notification No. 82/2012-Customs (N.T.) 14/09/2012

S. O. _____ E).- In exercise of the powers conferred by clause (a) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 62/1994-Custom...

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Amendment in Form No. 11 – Annual Return of LLP

GSR 692(E) 14/09/2012

These rules may be called the Limited Liability Partnership (Second Amendment) Rules, 2012. (2) They shall come into force with effect from 16th September, 2012....

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Misuse charges & interest on the same not deductible in computing total income

Assistant Commissioner of Income-tax Vs Mohan Exports (P.) Ltd. (ITAT Delhi)

Explanation-I to section 37(1) provides inter-alia that any expenditure incurred for any purpose which is prohibited by law shall not be deemed to have been incurred for the purpose of business and no deduction or allowance shall be made in respect of such expenditure. This provision is clearly applicable to the case of the assessee. In a...

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Govt approves FDI in multi-brand product retail trading subject to conditions

The Cabinet has approved the proposal of the Department of Industrial Policy & Promotion for permitting FDI in multi-brand retail trading, subject to specified conditions. ...

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Posted Under: Custom Duty |

Review of the policy of Foreign Investment in Companies Operating in the Broadcasting Sector

The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy & Promotion for Review of the policy on Foreign Investment (FI) in companies operating in the Broadcasting Sector. ...

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Posted Under: Custom Duty |

Govt approves foreign investment up to 49 percent, in Power Trading Exchanges

The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy & Promotion for permitting foreign investment up to 49 percent, in Power Trading Exchanges....

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Posted Under: Custom Duty |

FDI in Civil Aviation Sector – Foreign airlines permitted to make foreign investment, up to 49 percent

The Cabinet Committee on Economic Affairs has approved the proposal of the Department of Industrial Policy and Promotion for permitting foreign airlines to make foreign investment, up to 49 percent in scheduled and non-scheduled air transport services....

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Posted Under: Custom Duty |

Allocation of quantity of Rough Marble and Travertine Blocks for import for Financial Year 2012-13

Trade Notice No. 04/2012, 14/09/2012

Trade Notice No. 04/2012 Issue of import license by RAs of DGFT would commence from 17th September 2012 & end on 20th September 2012. In case any applicant/firm is found to have submitted false or erroneous information or have made any misdeclaration / misrepresentation, such applicant / firm, (a) shall forfeit the allocation made in...

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Do not respond to Mails asking for your Internet Banking Account Details

It has come to the notice of the Reserve Bank of India (RBI) that a fraudulent email has been sent and signed in its name as `Reserve Bank of India'. The mail has referred to provisions of Banking Regulation act, 1949 and Prevention of Money Laundering Rules, 2005 ...

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Posted Under: Custom Duty |

Service tax Payable on Value of study materials supplied free & mock tests conducted?

Aditya Kumar Vs Commissioner of Central Excise, Lucknow (CESTAT Delhi)

The applicant were discharging their Service Tax liability in respect of tuition fee being charged by them from their students. Their premises were visited by the officers on 7.1.2010 and scrutiny of various records maintained by the appellants revealed that no Service Tax was being paid by them on pre-schooling coaching, sale of text boo...

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