"07 June 2016" Archive

Notification No. 82/2016 -Customs (N.T.) dated 07.06.2016

Notification No. 82/2016 -Customs (N.T.) (07/06/2016)

Government of India Ministry of Finance Department of Revenue Notification No. 82/2016 -Customs (N.T.) New Delhi, dated the 7th June, 2016 S.O. (E). -In exercise of powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of Customs Act, 1962 (52 of 1962) and in supersession of order/notification as stated in [&he...

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Empanelment with State Bank of Mysore for concurrent audit

Empanelment of Concurrent Auditors for Concurrent Audit of the Bank’s Branches/Offices. Application are invited from Eligible Chartered Accountant (CA) Firms for Empanelment as Concurrent Auditors for the year 2016-2017. Note : This is not an express or implied offer of engagement for concurrent audit work in the Bank. This is only to c...

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Posted Under: Custom Duty |

Consolidated FDI Policy Circular of 2016 wef June 07, 2016

Circular No. D/o IPP F. No. 5(1)/2016-FC-1 (07/06/2016)

Press Information Officer, Press Information Bureau- for giving wide publicity to the above circular. 2. NIC, DIPP for uploading the Circular on DIPP's website. 3. Department of Economic Affairs, Ministry of Finance, New Delhi....

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Investor Protection Fund (IPF) of Depositories

Circular No.SEBI/HO/MRD/DP/CIR/P/2016/58 (07/06/2016)

The Depository System Review Committee (DSRC) had examined various aspects of the depository IPF including utilization and investment policy of IPF and quantum of funds to be transferred to IPF. The Expert Committee on Clearing Corporations also deliberated the issue with regard to quantum of funds to be transferred by the Depositories to...

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Imprisonment with fine to Income Tax Inspector in Bribe Case

The Special Judge, CBI Cases, Patiala House Courts, New Delhi has convicted Sh. Jai Prakash, then Inspector, Income Tax Department, Delhi and sentenced him to undergo four years rigorous imprisonment with fine of Rs. 1.50 lakh....

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Posted Under: Custom Duty |

Second Bi-monthly Monetary Policy 2016-17- No Change in Rates

Press Release : 2015-2016/2837 (07/06/2016)

In our monetary policy statement of April 2016, we stated that we would watch macroeconomic and financial developments in the months ahead with a view to responding as space opens up. Incoming data since then show a sharper-than-anticipated upsurge in inflationary pressures emanating from a number of food items (beyond seasonal effects)...

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No Service Tax on Under Construction Flats if price includes land value

Suresh Kumar Bansal Vs UOI (Delhi High Court)

Reliance in this connection can be placed on the decision of Hon’ble Delhi High Court in case of Suresh Kumar Bansal vs UOI [W.P.(C) 2235/2011] wherein levy of Service Tax on the value of flats sold during construction stage has been held unconstitutional, if such value includes the value of Land....

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Adds new ports in EP notifications to allow import/export under EP schemes

Notification No. 25/2016-Customs (ADD) (07/06/2016)

In exercise of the powers conferred by sub-section (1) and sub- section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rules 18, 20 and 22 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995, the Central Government...

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Notification No. 24/2016-Customs (ADD), Dated: June 7, 2016

Notification No. 24/2016-Customs (ADD) (07/06/2016)

Seeks to finalize provisional assessments of all imports of Vitrified/Porcelain tiles, originating in or exported from China PR which have been subjected to provisional assessment pursuant to the notification No. 35/2012-Customs (ADD), dated the 10th July, 2012....

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Doctrine of Ultra-Vires likely to lose its Sanctity

The word ‘ultra’ means beyond and the word ‘vires’ means powers. In the case of a company whatever is not stated in the memorandum as the objects or powers is prohibited by the doctrine of ultra vires. As a result, an act which is ultra vires is void, and does not bind the company. Neither the company nor the contracting party can...

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Posted Under: Custom Duty |