There is no dispute that the case of the assessee does not fall within any of the exception provided in rule 6DD of the IT Rules,1962 nor the ld. AR on behalf of the assessee made any such claim before us. Only plea of the ld. AR is that affidavits furnished by the assessee of six persons placed at page 7 to 12 of the paper book and certain documents were not considered by the ld. CIT(A). Indisputably, in this case a survey was conducted in the premises of the assessee on 27.2.2007,when certain impounded documents revealed cash payments exceeding Rs. 20,000/- each.
REQUEST FOR PROPOSAL FOR Appointment Of External Auditor For Conducting Audit Of Risk Management Systems. Punjab National Bank has a long and glorious history. Over the years, the bank has maintained a consistent business performance. As per the latest figures (31st December), The Bank’s total business crossed over Rs 6,19,000 crore and the CAR of 11.48% as per Basel II norms.
If there is a foreign travel in connection with the business, merely because in the said foreign travel, no business could be transacted or the foreign travel did not result in bagging any contract is not the determinative factor. The relevant factor was as to whether he was sent by the assessee abroad in connection with the business of the assessee.
Indore’s Assistant Income tax Commissioner Arun Diwan was on Sunday found murdered at his residence in Ujjain, police said. It appears that Diwan (45) was strangulated to death by his assailants and robbery could have been the motive behind the killing, they said.
Telecom Infrastructure Service Providers – Entitled to procure goods against ‘C’ Forms at concessional rate of CST @2% – Goods purchased are used in the telecommunication network and therefore covered by Section (1) and 8(3)(b) of the CST Act – Petitions allowed – Penalties levied on the appellants set aside.
Banks have not been pro-active in tracing customers linked with unclaimed deposits/inoperative accounts. Also, the need to identify the owners of these unclaimed deposits/inoperative accounts is closely linked to KYC due diligence. Therefore, in terms of our circular RPCD.No.RRB. RCB.BC.58/03.05.033/2011-12 dated February 8, 2012 State and Central Co-operative Banks / Regional Rural Banks were advised that they should display the list of unclaimed deposits/inoperative accounts which are inactive/ inoperative for ten years or more on their respective websites by June 30, 2012. The list so displayed on the websites must contain only the names of the account holder(s) and his/her address in respect of unclaimed deposits/inoperative accounts, etc.
(a) As per new rule 3 of Investor Education and Protection Fund (Uploading of information regarding unpaid and unclaimed amounts lying with companies) Rules, 2012, return is to be filed in form 5 INV. However, it is not clear what is the cut-off date for it? – Ans. The cut-off date refers to the date of AGM upto which the information relating to a particular year is to be updated and then filed. For example, for the financial year ended 31-3-2012, where date of AGM is 30-9-2012, the complete information regarding unpaid and unclaimed amounts has to be updated till the date of AGM i.e. upto 30-9-2012 and then this information is to be filed through e-form 5 INV within 90 days of the date of AGM i.e. by 29-12-2012.
The Ministry of Overseas Indian Affairs vide notification dated 6th January, 2009 announced certain benefits for registered Overseas Citizens of India (OCIs), including in the profession of Chartered Accountants. Subsequently, the Institute of Chartered Accountants of India (ICAI) has proposed a Qualification Bridging Mechanism for licensing OCI Chartered Accountants to practice in India.
Notification No. 39/2012-Customs following 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, vide G.S.R. 185(E) dated the 17th March, 2012, namely: –
The Union Finance Minister Shri Pranab Mukherjee will review the annual performance of Public Sector Insurance Companies during his meeting with the Chief Executive Officers of Public sector insurance companies, here tomorrow. The focus of review by the Finance Minister will be to have a business strategy for 2012-13 onwards in a manner that there is healthy balance between the growth and long-term business sustainability as well as providing accessibility of insurance coverage in unserved areas. Besides it, the review will also focus on business process re-engineering so as to ensure that service delivery, including policy renewals and claim settlement as well as grievance redressal becomes more customer/ policyholder-friendly. Emphasis will also be to widen the coverage under agriculture insurance by bringing in all loanee farmers as well as non-loanee farmers under the ambit of agriculture insurance.
