"11 January 2013" Archive

No disallowance for Interest on Loan given out of surplus interest free funds to Sister Companies

S P Jaiswal Estates Pvt Ltd Vs Assistant Commissioner of Income-tax (ITAT Kolkata)

The Ld. Counsel for the assessee Shri Siddharth Salarpuria, first of all took us to the accounts of the company from where he stated that the share capital of the company as on 31.03.2007 was at Rs. 5,56,43,400/- and reserve and surplus at Rs. 21,61,28,161/- and this year's profit i.e. net profit as per P&L Account before making provision...

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SEBI :Notification under regulation 3 of the Securities and Exchange Board of India (Certification of Associated Persons in the Securities markets) Regulations, 2007.

Notification No. LAD-NRO/GN/2012-13/30/5474 (11/01/2013)

The trading members shall ensure that all such associated persons who are approved users or sales personnel as on the date of this notification obtain certification by passing EDCE within two years from the date of this notification...

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Penalty procedding must be kept in abeyance till disposal of quantum appeal by first appellate authority

GE India Industrial Private Limited Vs. Dy. CIT (ITAT Ahmedabad)

In this case penalty proceedings have been initiated by ld. CIT(A) pursuant to enhancement of income made by him vide his order dated 17.07.2012. The appeal against this order has been filed before the Tribunal on 4th October, 2012 which is in fact the first appeal of the assessee against the enhancement of income by ld. CIT(A). As the ap...

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A cheque, unless dishonoured, is payment & relates to dates of receipt -SC

Director of Income Tax Vs. Raunaq Education Foundation (Supreme Court of India)

In one view of the matter there was, in the circumstances of this case, an implied agreement under which the cheques were accepted unconditionally as payment and on another view, even if the cheques were taken conditionally, the cheques not having been dishonoured but having been cashed, the payment related back to the dates of the receip...

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CBI Arrests Deputy Director Of DRI, Customs Superintendent In Alleged Bribery Case

The Central Bureau of Investigation has arrested a Deputy Director of Directorate of Revenue Intelligence; a Superintendent of Customs and a representative of a Kolkata-based private firm in an alleged bribery case....

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Posted Under: Income Tax |

Export of Pharmaceutical Grade / Specialty Sugar not required to registered with DGFT

Notification No. 29 (RE-2012)/2009-2014 (11/01/2013)

Export of Pharmaceutical Grade Sugar [(i) Sucrose IP/BP/EP/USP/JP and (ii) Sucrose AR & LR] and Specialty Sugar [(i) Sugar cubes (ii) Sugar sachets (white & brown) (iii) Castor sugar (iv) Demerara sugar (v) Light brown sugar (vi) Icing sugar (vii) Fondant icing sugar (viii) Kathali sugar (ix) Candy sugar (x) Rainbow sugar (xi) Pearl sug...

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Indian Banking will Revolutionize In 2013

With our Government's focus on financial inclusion, introduction of cash for subsidy scheme (CDS) and issuance of unique identify cards based on 'Aadhaar', the banking in India is going to witness a sea change this year. The changes will not only be by way of explosion of number of beneficiaries or customers but also in areas of products...

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Posted Under: Income Tax |