"03 January 2013" Archive

LIC introduces ‘New Jeevan Nidhi’ – Deferred Pension Plan

LIC’s New Jeevan Nidhi Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting. Salient Features: Risk Cover and Regular Annuity payments in a Single Plan. Guaranteed Additions @ Rs.50 per thousand for first 5 years. Reversionar...

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Income from chit fund to be recognized on ‘contract completion’ method

Shriram Chits & Investments (P.) Ltd. Vs The Assistant Commissioner of Income Tax (Madras High Court)

Looked at from the angle of the subscriber, while there may be a certainty as to the dividend received every month for considering the same for assessment on accrual basis, as far as a company running the chit business is concerned, the dividend and the discount can properly be ascertained only at the completion of the transaction and not...

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Deduction u/s. 80P available on Interest earned on deposits of non-statutory liquid ratio funds

The Commissioner of Income Tax And Another Vs M/s. Gulshan Mercantile Urban Co-Operative Bank Ltd. (Allahabad High Court)

Cooperative bank carrying on business of banking is statutorily required to place a part of its funds in approved securities. The income as interest from such deposits of SLR Funds in the approved security, is an income, which is attributable to the business of bank and is deductible under Section 80P(2)(a)(i) of the Act. ...

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Extended period of limitation must be specifically invoked in SCN specifying grounds for such invocation

Commissioner of Central Excise, Mangalore Vs Ansal Granicom (P.) Ltd. (CESTAT Bangalore)

The relevant show-cause notices were issued far beyond the normal period of limitation prescribed under Section 11A(i) of the Central Excise Act, without invoking the extended period of limitation. The operative part of one of these show-cause notices has been reproduced hereinbefore. The other show-cause notice is no different....

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Disallowance U/s.14A cannot be made if assessee has not incurred & claimed any expenditure against exempt income

Modern Info Technology P. Ltd. Vs. ITO (ITAT Delhi)

In our considered opinion. for making any disallowance u/s. 14A is to firstly examine the assessee's claim of having incurred some expenditure or no expenditure in relation to exempt income. If the AO gets satisfied with the same then there is no need to compute disallowance as per Rule 8D. ...

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CBEC Gift- If Stay Application is Pending, Pay up Confirmed Amounts

CBEC has issued its first Central Excise Circular No. 967/01/2013 - CX, dated January 01, 2013 on eve of New Year 2013, for recovery of confirmed demands during pendency of Stay applications. The Circular has rescinded seven previous circulars on the subject matter. The said Circular has brought about a significant shift in the timing of ...

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Posted Under: Finance |

SEBI – Information which have a bearing on performance of listed Co. needs to be first disclosed to stock exchange

Circular No. CFD/DIL/2/2013 (03/01/2013)

It has been brought to our notice that certain listed companies have been giving monthly disclosure of their sales/turnover/production figures to their respective trade bodies/industry associations and the same is not disclosed to the stock exchanges....

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DGFT Clarification regarding export of cotton through Wagah border

Policy Circular No. 12 (RE-2012)/2009-14 (03/01/2013)

In respect of export of cotton, RC holders have been given 30 days time to export. In view of the congestion at Wagah such exporters of cotton to Pakistan are permitted to (a) seek one time extension in the validity period of the RC for a maximum period of 30 days, or (b) surrender of un-utilized or partially utilized RC to the concer...

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Withdrawal of provision for drawing of export samples of basmati rice for variety identification purposes

Policy Circular No. 11 (RE-2012)/2009-14 (03/01/2013)

Since, export of non-basmati rice has been made free with effect from 09.09.2011 it has been decided to withdraw with immediate effect both the policy circulars mentioned in Para 1 above namely Policy Circular No. 33 (RE-2008) 2004-09 dated 30.09. 2008 and Policy Circular No. 28/2009-14 dated 31.03.2010....

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Income Tax officials seize Rs 28,000 cr worth ‘US bonds’

Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district. The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on 31 December night, official sources said today....

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Posted Under: Finance |