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Archive: 2013

Posts in 2013

S. 80(IB)(10) Deduction not allowable on failure to furnish completion certificate of housing project

February 8, 2013 2747 Views 0 comment Print

A reading of the aforesaid provision makes it clear that an assessee will be entitled to claim deduction under the said provision if he fulfills all the conditions mentioned therein. Clause (a)(ii) of the aforesaid provision, which is relevant for our purpose, provides that in a case where housing project has been approved by the local authority on or after the 1st day of April, 2004 and has been completed within 4 years

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

February 8, 2013 859 Views 0 comment Print

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 applicable to all types of cessation

Liquidity Enhancement Schemes for Illiquid Securities in Equity Cash market

February 8, 2013 847 Views 0 comment Print

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.

Increase in FII debt limit for Government and Corporate Debt category

February 8, 2013 502 Views 0 comment Print

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.

Regarding Export of Stone Aggregate to Maldive

February 8, 2013 745 Views 0 comment Print

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

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

February 8, 2013 823 Views 0 comment Print

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.

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

February 8, 2013 2113 Views 0 comment Print

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 CENVAT credit.

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

February 8, 2013 937 Views 0 comment Print

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).

Those who are aggrieved by NSE decision can file an appeal not the one who benefited -SAT

February 8, 2013 2844 Views 0 comment Print

The case of the appellants is that they are aggrieved by the decision of NSE to grant listing and trading approval to the equity shares issued by respondent no. 4 under the rights issue. Surprisingly, the appellants have not made any prayer for setting aside or cancellation of the permission granted by NSE for listing of the said rights issue. How can the appellants be said to be aggrieved when the appellants have participated and have been benefited from the said rights issue and no prayer is made for setting aside or cancellation of the said rights issue.

MCA relaxes additional fees & extension of last date in filing of various forms

February 8, 2013 3567 Views 0 comment Print

I am directed to inform you that the Ministry of Corporate Affairs has decided to extend the last date of filing and to relax the additional fees applicable on forms as per the provisions of Companies Act read with rules made there-under, which have been ought to be filed post transition of MCA 21 w.e.f. 17.01.2013, but could not be filed due to technical issues in MCA-21 system.

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