There can be no dispute with the proposition that the word ‘attributable’ is much wider in scope than ‘derived’. The Legislature has used the words ‘attributable to’ in conjunction with the phrase ‘anyone or more of such activities’. The investment of the funds by the banks including the non-reserves was part of the banking activities since no bank would like its reserve funds to remain idle and not earn any interest.
We are unable to uphold the view of the Tribunal that it is incumbent upon the Assessing Officer, on the facts and circumstances of the case, to establish with the help of material on record that the share monies had come or emanated from the assessee’s coffers. Section 68 of the Act casts no such burden upon the Assessing Officer.
Whereas in the matter of imports of Cold Rolled Flat Products of Stainless Steel(400 Series) having width below 600 mm,(hereinafter referred to as the subject goods), classified under Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, European Union, Korea RP, and USA Notification No. 46/2012 – Customs (ADD)
Notification No. 92/2012 – Customs (N.T.) Ministry of Finance (Department of Revenue) No.68/2011-Customs (N.T.), dated the 22nd September, 2011 published vide number G.S.R. 712 (E), dated the 22nd September, 2011, except as respects things done or omitted to be done before such supersession, the Central Government hereby determines the rates of drawback as specified in the Schedule annexed hereto (hereinafter referred to as the said Schedule) subject to the following notes and conditions, namely:-
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 5th October, 2012 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods. Notification No.91/2012-Customs (N.T.)
Vide Order No. 186 dated 04.10.2012 the CBDT has ordered the transfers & postings of several officers in the grade of Commissioners/ Directors of Income-tax with immediate effect.
SEBI has decided to introduce an additional mechanism for investors to submit application forms in public issues using the stock broker network of Stock Exchanges, who may not be syndicate members in an issue.This mechanism can be used to submit ASBA as well as non-ASBA applications by investors.
The Ministry issued General Circular No.30/2012 Dated 28.09.2012, In order to ensure smooth filing and to avoid last minute rush, the due date of filing of e-forms 23AC(Non-XBRL) and 23ACA (Non XBRL) as per new schedule VI is extended in following manner without any additional fee :-
In compliance of the provisions contained in Finance Bill 2012 and subsequent notifications issued by the Ministry of Finance, the Service Tax in case of transportation of parcel traffic (leased or non-leased parcel traffic) by rail, which was exempted upto 30th September 2012, would now be levied on total freight charges with effect from 1st October 2012.
The case of Chatterjee Petrochem (I) (P.) Ltd. v. Haldia Petrochemicals Ltd. [2011] 110 SCL 107 is clearly distinguishable as in that case when the company was in dire need of funds the Chatterjee Group had failed to keep its promise of providing funds as it obtained a loan raising the debt equity ratio of the company. These circumstances were taken into consideration for reduction of Chatterjee group into a minority. In the present case firstly the enforcement of MOU dated 18/05/2007 is not in consideration in the present order and secondly the facts borne out from the record clearly show that raising of authorised share capital was not on account of raising immediate funds for the completion of the hotel/resort project but was mainly for reducing the shareholding of the Petitioner to an abject minority.
