Facts, in brief, as per relevant orders are that on the basis of information received from the office of Addl.DIT (Investigation), Ghaziabad that the assessee deposited cash in his bank account No.785 in Punjab National Bank, BB Nagar, Ghaziabad during the period April, 1998 to March, 2000 while he did not file his returns for the relevant assessment years, a notice u/s 148 of the Income-tax Act, 1961 (hereinafter referred to as the Act) was issued to the assessee on 24th August, 2005 for the AYs 1999-2000 to 2000-2001, after recording reasons in writing.
It is observed that NBFCs that are predominantly engaged in lending against the collateral of gold jewellery have recorded significant growth in recent years both in terms of size of their balance sheet and physical presence. This in turn, has led to their increased dependence on public funds including bank finance and non-convertible debentures issued to retail investors.
It has been decided that AD Category-I banks may allow repayment of such loans to NRE / Foreign Currency Non-Resident (Bank) [FCNR(B)] account of the lender concerned subject to the condition that the loan to the resident individual was extended by way of inward remittance in foreign exchange through normal banking channels or by debit to the NRE / FCNR(B) account of the lender and the lender is eligible to open NRE / FCNR(B) account within meaning of the Foreign Exchange Management (Deposit) Regulations, 2000 notified vide Notification No. FEMA 5/2000-RB dated May 3, 2000, as amended from time to time. Such credit shall be treated as an eligible credit to the NRE / FCNR(B) account in terms of Para 3(j) of Schedule-1 read with Para 5 of Scheule-2 of Notification No. FEMA 5/2000-RB, ibid.
Supplies to non mega power projects were entitled to benefits for Deemed Exports only under Para 8.3(a) of FTP, viz., Advance Authorisation / Advance Authorisation for annual requirement / DFIA. It has now been decided that supply to non mega power projects shall not be entitled to any deemed export benefit. When the annual supplement to FTP is brought out, the consequential changes of this decision will be reflected in various provisions of chapter 8 of FTP & also HBP vol. 1.
we find that the appellant’s claim that they have produced some records and the documents, indicating that the income mentioned in the balance sheet may not be totally out of the income as a recovery agent is borne out from the Chartered Accountant’s certificate and adjudicating authority has recorded the same in the submissions made by assessee. It is also seen that the adjudicating authority has recorded that the appellant has produced a Chartered Accountant’s certificate. Suffice to say that the adjudicating authority should have given a finding on this issue, we are of the view that the entire issue needs to be re-considered by lower authority. We also find that the issue involved in this case also needs to be appreciated from the factual matrix, as regards the receipts indicated in the balance sheet of the appellant and the certificate issued by Chartered Accountant to that extent. It our opinion, this exercise is better left to the adjudicating authority to appreciate all the evidences available and that may be produced by the appellant.
In continuation of this office O.M. of even number dated 7.03.2012 the undersigned is directed to say that Shri Sudhir Additional Secretary in this Ministry shall be the nominee of the Ministry of Corporate Affairs in the Committee to formulate a policy document on Corporate Governance.
Notification No. 23/2012 – Customs (N. T.) Silver, in any form in respect of which the benefit of entry at Sr. No. 322 of the Notification No. 12/2012-Customs dated 17.03.2012 is availed 1036 per kilogram
In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 3/2012-Service Tax, dated the 17th March, 2012 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 201(E), dated the 17th March, 2012, at page 527, in line 22,
UOI vs. Vodafone International Holding (Supreme Court) (Review Petition) -Union of India filed a review petition in the Supreme Court seeking a review of its judgement in the case of Vodafone International Holdings B.V. vs. UOI in which it held that Vodafone was not liable to pay capital gains on the transfer of shares. HELD by the Supreme Court dismissing the review petition: We have carefully gone through the review petition filed by the Union of India on 17th February, 2012. We find no merit in the review petition. The review petition is, accordingly, dismissed.
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