The Reserve Bank of India has, in consultation with stakeholders, today rationalised charges that banks can levy on customers for transfer of funds through National Electronic Funds Transfer (NEFT). Now banks can levy not more than `2.50 (exclusive of service tax) for funds transfer upto Rs. 10,000. Charges for transfers beyond this limit would remain unchanged, that is, Rs. 5 for transfers between Rs. 10,001 to Rupees one lakh; Rs. 15 for transfers between Rupees one lakh and above and upto Rs. 2 lakh; and Rs. 25 for transfers beyond Rs. 2 lakh.
The Prime Minister has approved the constitution of an Expert Committee on GAAR to undertake stakeholder consultations and finalise the guidelines for GAAR. This committee would manage the consultation process and finalise the draft GAAR Guidelines. 2. While postponing GAAR by one year to 2013 was a very welcome move, a widespread consultative process is necessary to generate a discussion on GAAR provisions so that there is an informed debate on how GAAR is going to operate. Some steps have been taken in this direction:
. Section 192A of the Companies Act, 1956, read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 (the Rules) obligates the listed companies to conduct certain businesses only by way of postal ballot. The Companies Act and the Rules also permit the companies to pass any other business through postal ballot apart from those businesses which are to be transacted mandatorily through postal ballot. Further, SEBI (Buy Back of Securities) Regulations, 1998, SEBI (Delisting of Equity Shares) Regulations, 2009, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 require listed companies to pass certain additional businesses through postal ballot.
2nd Batch of Advanced Mid Career Training Programme of IRS officers of the rank of CCIT-reg – Vide letter dated 11.07.2012, the CBDT has released a list of Chief Commissioners of Income-tax who have been selected for “Advanced Mid-Career Training Programme” which entails a 3 weeks in Bangalore and 2 weeks in the USA.
Notification No. 45/2012-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/2012- Customs, dated the 17th March, 2012, which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 185(E), dated the 17th March, 2012, namely:-
Notification No. 58/2012-CUSTOMS (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide number S. O. 748 (E), dated the 3rd August, 2001, namely:-
In the notification of the Government of India, Ministry of Corporate Affairs published in the Gazette of India vide G.S.R.(E) 1/242… Dated 5th June, 2012 relating to Limited Liability Partnership (Amendment) Rules, 2012, in page number 2, in point number 5. for “In the said rules, for Forms 1 to 31, the following forms shall be substituted, namely:-” , read “In the said rules, Form 32 has been inserted and for Forms 1, 2, 3, 4, 5, 8, 11, 12, 15, 17, 18, 22, 23, 24, 25, 27, 28, 29, 31, the following forms shall be substituted, namely:-“
The other factor which governs the happening of transfer is the handing over of possession. This section says “and the transferee has, in part performance of the contract, taken possession of the property or any part thereof, or the transferee, being already in possession continues in possession in part performance of the contract and has done some act in furtherance of the contract”. Retention of possession is open of the facet of part performance of contract. The agreement in question can be said to be a distinct transaction that has given rise to the event of allowing the contractor to enter into the property.
Provisions of section 12AA, which were inserted w.e.f. 01.04.1997 provides for procedure to be followed for registration under section 12AA. The provisions of section 12AA provides that the CIT shall pass an order in writing either granting or refusing to grant registration under section 12AA, whereas no such specific requirement of passing an order in writing is provided under the provisions of section 12A. Provisions of sub-section 3 of section 12AA provides that registration granted to the trust/institution either under section 12AA after 01.04.1997 or registration granted under section 12A prior to 01.04.1997 shall be cancelled by the CIT by passing an order in writing if the Commissioner is satisfied that the activities of such trust or institutions are not genuine or are not being carried out in accordance with the objects of the trust or institution.
ITO V. Shakti Insulated Wires (P.) Ltd. We are of the opinion that the Assessing Officer has wrongly considered the facts available on record and without understanding the details of purchases and its availability in closing stock, made the disallowance on flimsy grounds. Therefore, we uphold the order of the Ld CIT (A).
