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Section 263 of the Act empowers the Commissioner of Income Tax to call for and examine the record of any proceeding, if he finds that any order passed therein by the Income Tax Officer is erroneous in so far as it is prejudicial to the interests of the revenue. But such order can be passed after giving an opportunity of being heard to the assessee. The show cause notice was issued in respect of matters under Sections 32 AB and 80 HHC of the Act and not in respect of other matters, therefore the show cause notice to be quashed only in respect of matters which were not subject matter of the show cause notice.
All residual non-CTS-2010 cheques with customers will continue to be valid and accepted in all clearing houses [including the Cheque Truncation System (CTS) centers] for another four months up to July 31, 2013, subject to a review in June 2013.
In exercise of the powers conferred by sub-section (15) of section 6 of the Prevention of Money-Laundering Act, 2002 (15 of 2003), the Adjudicating Authority, in suppression of the Adjudicating Authority Regulations, 2006, except as respects things done or omitted to be done before such supersession, hereby makes the following regulations regulating its procedure, namely.
In order to address the issue of mis-selling, a Committee was set up to examine the system of Product Labeling that would provide investors an easy understanding of the kind of product/scheme they are investing in and its suitability to them.
RBI initiates Scrutiny of Three Banks for Alleged KYC/AML Guidelines The Reserve Bank of India has initiated the process of carrying out comprehensive scrutinies covering both, Head Office and branches of three private sector banks, namely, ICICI Bank, HDFC Bank and Axis Bank. Apart from this, the Reserve Bank has also undertaken a thematic study […]
It has been decided that in case of PPP projects, the debts due to the lenders may be considered as secured to the extent assured by the project authority in terms of the Concession Agreement, subject to the following conditions:
Patent Filing Services The Section 5 of the Patents Act, 1970, through which the patent was restricted only to the methods or processes of manufacturing of medicines, has been omitted by the Patents (Amendment) Act, 2005. Consequently, the amended provisions of the Act allowed the product patent for medicines also. The said amendment was intended […]
The Copyright Rules, 2013 has been notified by the Copyright Division, Department of Higher Education, Ministry of Human Resource Development on 14th March, 2013. The amendments to the existing provisions of the Copyright Act, 1957 and introduction of new provisions under the Copyright(Amendment) Act, 2012, which came into the force on 21st June, 2012, necessitated […]
SEBI has received inputs from investors regarding functioning of the arbitration mechanism at the Stock Exchanges. In light of which, you are advised to carry out the following changes in the arbitration mechanism.
