Notification No.01/2012-Customs (N.T.) In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby appoints the Joint Commissioner or Additional Commissioner of Customs (Imports), Air Cargo Complex, Sahar, Mumbai, to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on-
This may be an appropriate point to talk about leadership at the Reserve Bank of India. All of you, residents of Kolkata, are possibly aware that RBI was born here, in this historic city of Kolkata, in 1935. The building where RBI took birth 76 years ago, 8 Council House Street, is today a heritage building. Over the last 76 years, the Reserve Bank has played a leadership role in financial sector development in India. Not only has RBI established itself as a knowledge institution engaged in the macroeconomic management of the country, but also many of today’s leading national financial institutions – IDBI, NABARD, UTI, EXIM Bank, DFHI and DICGC – owe their origins to RBI. RBI has steered the financial sector to support real sector growth and development. The schemes it pioneered such as the Lead Bank Scheme and priority sector lending – have been aimed at ensuring that growth and development are equitable and inclusive. That several other countries emulated these programmes is a testimony to their value and resilience. Driven by an abiding belief that financial inclusion is a necessary condition for equality of opportunity, the Reserve Bank has, in recent years, been aggressively promoting financial inclusion.
P.V. Ramana Reddy vs. ITO (ITAT Hyderabad) – Assessing Officer is vested with a discretionary power to levy or not to levy any penalty in a deserving case. In the case of Hindustan Steel Ltd Vs. State of Orissa (83 ITR 26) (SC), held that penalty should not be imposed merely because it is lawful to do so. The Assessing Officer has to exercise his discretion judiciously. If an assessee files the revised return though at a later stage or disclosed true income, penalty need not be levied. No doubt, merely offering additional income will not automatically protect the assessee from levy of penalty but in a given case where the assessee’s case, came forward with additional income though after deduction on account of that the assessee was not in a position to explain properly,
Risk Management is not about eliminating , or which is the same thing as completely hedging out, risk but about first determining , like one’s pain threshold, risk tolerance threshold and then aligning an entity’s existing risk, be it currency, interest rate or commodity price risk, with its risk tolerance threshold. Having said that, it would also be in order to have a sense of how risk itself is defined and measured. Risk is uncertainty of future outcomes such as cash flows. In finance theory and practice, it is typically measured by annualized standard deviation of a time-series of percentage changes in asset prices. While courting financial risks in pursuit of financial return is the staple and dharma of banking and finance industry, it is not so for industrial and manufacturing businesses ! The staple and dharma of business and industry is courting their normal core business risks in pursuit of delivering a market-competitive return on equity to shareholders.
Public Notice No. 90 (RE-2010)/2009-2014 8,300 MTs of white sugar is permitted to be exported to USA under TRQ by M/s. Indian Sugar Exim Corporation Ltd.
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, as amended from time to time, the Director General of Foreign Trade hereby allocates a total quantity of 10,000 MTs (Ten thousand metric tonnes) of white Sugar for export of CXL Concessions Sugar to European Union (EU) for the period October, 2011 to September, 2012.
As per the extant policy provisions enshrined in FTP and SEZ Act, 2005, export permission is required for supply of SOMET items from DTA to SEZ. With this notification, no such permission will be required. However, export permission will continue to be required for export of SCOMET items outside the country both from SEZ and DTA (including EOUs).
Proposals are invited from interested CA firms for migration audit of Neelachal Gramya Bank CBS system. The details of the scope, terms and conditions of this migration audit is as under.
Please refer to our circular RPCD.CO.RCB.AML.BC.No.52/07.02.12/2011-12 dated January 4, 2012. We have since received from Government of India, Ministry of External Affairs, UNP Division copies of notes forwarded by the Chairman of UN Security Council’s 1267/1989 Committee (copy enclosed) regarding changes made in the “Al-Qaida Sanctions List”, i.e. list of Individuals and entities linked to Al-Qaida, as detailed below:
The short question to be considered in this appeal filed by the department is whether the view taken by the lower appellate authority that the respondent is eligible for CENVAT credit on outdoor catering service used for serving food to their employees during the period of dispute (July to December 2007) is correct or not. After hearing both sides, the learned Deputy Commissioner (AR) representing the appellant submits that the benefit is not admissible to the respondent unless they prove that no part of the cost of providing the service was recovered from their employees.
