"January, 2013" Archive - Page 4

Department appeal not valid if review committee not records its satisfaction for filing of appeal

Commissioner of Central Excise, Delhi-I Vs Kundalia Industries (Delhi High Court)

We are of the view that there should be a meaningful consideration which should be reflected on the note sheets in order to comply with the requirement of Section 35(2) of the Act. In this case, the file does not show any such satisfaction or opinion having been recorded by the Committee of Commissioners. On this ground itself this appeal...

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Financial Inclusion of Urban Poor in India

Though the Indian economy has witnessed tremendous growth lately, vast sections of our society have remained excluded from the India growth story due to various socio-economic factors. It is ironic that despite our cities seeing widespread affluence, large pockets of financial exclusion should exist right at the very heart of these cities...

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Posted Under: Excise Duty |

Statement of RBI Governor on 3rd Quarter Review of Monetary Policy 2012-13

Based on an assessment of the current macroeconomic situation, we have decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent....

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Posted Under: Excise Duty |

RBI reduces Repo & Reverse Repo rate by 25 basis points

RBI/2012-2013/398 FMD.MOAG. No.74/01.01.001/2012-13 (29/01/2013)

As announced today by the Governor in the Third Quarter Review of the Monetary Policy 2012-13, it has been decided to reduce the Repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 8.00 per cent to 7.75 per cent with immediate effect....

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RBI reduces CRR by 25 basis point to 4 per cent

RBI/2012-13/401 Ref: DBOD.No.Ret. BC.76/12.01.001/2012-13 (29/01/2013)

As set out in the Reserve Bank's Press Release 2012-2013/1267 dated January 29, 2013, it has been decided to reduce the Cash Reserve Ratio (CRR) of Scheduled Commercial Banks by 25 basis points from 4.25 per cent to 4.00 per cent of their Net Demand and Time Liabilities (NDTL...

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KYC – Transfer of Bank Accounts – Rent agreement

RBI/2012-13/399 DBOD.AML.BC. No. 78 /14.01.001/2012-13 (29/01/2013)

Banks may transfer existing accounts at the transferor branch to the transferee branch without insisting on fresh proof of address and on the basis of a self-declaration from the account holder about his/her current address, subject to submitting proof of address within a period of six months....

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S. 271(1)(c) No cannot be imposed if despite addition tax effect not changes

Software Element India P. Ltd, Vs Department Of Income Tax (ITAT Mumbai)

This was an appeal filed by the department against the penalty deleted by the Ld. CIT(A). The assessee is a software company claiming deduction u/s 10B of the Act. During the quantum proceedings, the then assessing officer disallowed the deduction claimed u/s 10B of the Act of Rs. 31,52,432/- on the ground that the approval granted to the...

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No direct Nexus required of Input Services vs. Output Services for Refund on Export

M/s Kijiji (India) (P.) Ltd. Vs Commissioner of Central Excise, Mumbai-I

In the present case, M/s Kijiji (India) (P.) Ltd. (hereinafter referred to as appellants) was engaged in providing Business auxiliary services to their customers located abroad. The appellant filed a refund claim for the service tax paid on input services such as legal services, market data, payroll processing, customers support activitie...

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Taxability of a revocable transfer as deemed gift u/s 4(1)(c) of the Gift-tax Act

Satya Nand Munjal Vs commissioner of Gift Tax (Supreme Court of India)

It is possible, on an interpretation of Section 4(1)(c) of the Act to answer this question either way, but unfortunately the High Court did not even notice this provision of the Act. Of course, the submission of learned counsel for the assessee is that on an interpretation of Section 4(1)(c) of the Act, it cannot be said by any stretch of...

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All Bank branches to provide Facility for Exchange of cut/mutilated Notes & Coins

RBI/2012-13/428 DCM (NE) No. 3498 /08.07.18/2012-13 (28/01/2013)

The facility of exchange of cut/mutilated banknotes, in addition to soiled notes and issue of good quality clean banknotes/coins, should be made available at all bank branches (including those of co-operative banks and RRBs). In case a branch, for any reason, is not able to immediately adjudicate the cut/mutilated notes across the counter...

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