"20 May 2013" Archive

Export of Goods and Software – Realisation and Repatriation of export proceeds – Liberalisation

RBI/2012-13/503 A.P. (DIR Series) Circular No. 105 (20/05/2013)

Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No. 52 dated November 20, 2012 extending the enhanced period for realization and repatriation to India, of the amount representing the full value of goods or software exported, from six months to twelve months from the date of export....

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DGFT constitutes 2nd Task Force on Transaction Cost

Trade Notice No. 02/2013 (20/05/2013)

In pursuance of the announcement made by Commerce and Industry Minister on 18.4.2013, the Second Task Force on Transaction Cost has been constituted under the Chairmanship of Director General of Foreign Trade under following terms and reference:...

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Some thoughts on LBT Agitation in Maharashtra

Traders in cities from Maharashtra are rightfully agitating over proposed introduction of LBT because of their concerns about multiplicity of indirect taxes and related compliances....

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Posted Under: Fema / RBI |

Rape is morally and physically most reprehensible crime in society – SC

NA (20/05/2013)

Being the most hated crime, rape tantamounts to a serious blow to the supreme honour of a woman, and offends both, her esteem and dignity. It causes psychological and physical harm to the victim, leaving upon her indelible marks....

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S. 80IB Ginning and pressing of cotton amounts to manufacturing activity

Commissioner of Income Tax- II Vs Jaydeep Cotton Fibers Pvt Ltd (Gujarat High Court at Ahmedabad)

The nature of processing of loose cotton into cotton bales after sprinkling water and mechanically pressing the same is similar to processing camphor powder into camphor cubes. Loose cotton in bulk quantity with lighter density is as a result of pressing converted intocotton bales and to that limited extent it certainly undergoes a change...

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Commission paid to related parties for services rendered by them is allowable expenditure

Commissioner of Income Tax- III Vs Naval Technoplash Industries Ltd (Gujarat High Court at Ahmedabad)

Such conclusions of the Commissioner (Appeals) were confirmed by the Tribunal in the impugned judgment. Here also we notice that the observations of the Commissioner (Appeals), as confirmed by the Tribunal, are based on appreciation of evidence and material on record. When two authorities found on facts that no interest bearing funds were...

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Stridhan of a lady seized from her ex-husband’s premises during search must be handed over to her

Renuka R Modi Vs Assistant Commissioner of Income Tax & 2 (Gujarat High Court at Ahmdabad)

The Income Tax Department shall handover the gold jewellery seized by them from the respondent No.2 during the search operation on 25th November, 1988, to the petitioner. This shall be done upon the petitioner approaching the respondent No.1 on 15th October, 2012, between 11.00 to 12.00 hours noon. Such authority shall after verifying the...

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