"08 February 2013" Archive

Depreciation not claimed cannot be allowed in rectification U/s. 154

Commissioner of Income-tax, UdaipurVs Historic Resort Hotels (Rasthan High Court)

In the instant case, the questions as to whether the assessee was entitled to get the current year depreciation even if it had not been claimed; or as to whether amendment to section 32 in year 2002-03 had a prospective effect or a retrospective effect on the application of current year's depreciation and unabsorbed business losses and de...

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Appeal to HC not maintainable if Tax effect less than monetary limit prescribed

Commissioner of Income-tax Vs S. Akbar Shah (Madras High Court)

Considering the low tax effect in the case on hand and the substantial questions of law of general importance are not established, the appeal is liable to be dismissed and accordingly dismissed....

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Budget 2013-14 – Serious approach to fiscal discipline is a must

With India’s GDP growth rate having regressed to its 10 year low, the upcoming Union budget would be excessively important in salvaging the situation. The 25 bps Repo rate cut in Jan-13 has set the tone for encouraging capital formation and investments. However, the moderation in the government borrowing is necessary for the commercial ...

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Posted Under: Income Tax |

President, VP or any other Member of Cestat, On Ceasing to Hold Office for any Reason, Not Entitled to Appear, Act or Plead before Cestat

INSTRUCTION NO. A.12026/1/2011-AD.IC(CESTAT) (12/11/2012)

I am directed to refer to your letter dated 25-10-2012 on the above subject and to inform you that as per section 129(6) of the Customs Act, 1962, on ceasing to hold office, the President, Vice-President or other Member shall not be entitled to appear, act or plead before the Appellate Tribunal. The word 'on ceasing to hold office' is app...

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Liquidity Enhancement Schemes for Illiquid Securities in Equity Cash market

Circular No. MRD/DP/05/2013 (08/02/2013)

The Exchange must have systems and defined procedures in place to monitor collusion between trading members indulging in trades solely for seeking incentives and prevent payment of incentives in such cases....

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Increase in FII debt limit for Government and Corporate Debt category

Ciruclar No. MD/FIIC/3/2013 (08/02/2013)

This circular shall come into effect immediately. This circular is issued in exercise of powers conferred under SEBI section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market....

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Regarding Export of Stone Aggregate to Maldive

Notification No. 34 (RE-2012)/2009-2014. (08/02/2013)

Export of Stone Aggregates to the Republic of Maldives permitted vide notification dated 07.06.2011 is stopped till further notice. ...

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FTP – Duty credit scrips issued under Post Export EPCG Scheme will be issued only in respect of basic customs duty

Notification No. 33 (RE-2012) /2009-2014 (08/02/2013)

It is clarified that duty credit scrips issued under Post Export EPCG Scheme will be issued only in respect of basic customs duty and will have the same features as Chapter 3 scrips. ...

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Amendment in Provisions of Para 5.23 of HBP v1 (EPCG Scheme)

Public Notice No.48 /2009-2014 (RE-2012) (08/02/2013)

Where the exporter has obtained EPCG authorisation under Para 5.23 (c) of HBP v1, declaring that he shall not avail CENVAT Credit, the Export Obligation shall be fixed with reference to the basic customs duty paid. In such cases Duty Credit Scrip will be issued based on the certificate from Central Excise regarding non-availment of CENVA...

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Description of export product has been expanded to include Linen dyed fabric

Public Notice No. 47(RE:2012)/2009-2014 (08/02/2013)

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendment/ modifications in the Handbook of Procedures, Vol.II (SION Book)....

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