As per the extant guidelines, developers of Special Economic Zones (SEZ) are allowed to avail of External Commercial Borrowings (ECBs) under the approval route for providing infrastructure facilities, as defined under the extant ECB policy within the SEZ. Keeping in view the infrastructural needs of the proposed National Manufacturing Investment Zones (NMIZs), it has now been decided to allow developers of NMIZ also to avail of ECB under the “approval route” for providing infrastructure facilities, as defined under the extant ECB policy within the NMIZ. The details are given vide the A.P. (DIR Series) Circular No. 85 dated February 29, 2012.
A former woman sales tax officer and a chartered accountant, who gave her Rs 1,500 in bribe to settle a case, were sentenced to upto three years in jail by a Delhi court which said professionals like doctors and CAs are held in high esteem and should not indulge in corruption.
The Reserve Bank of India had issued guidelines to all AD Category-I banks for compilation of R-Returns and reporting under the Foreign Exchange Transactions – Electronic Reporting System (FETERS). On further review, the Reserve Bank has advised the AD Category-I banks about the following changes in reporting of R-Returns under FETERS from the next financial year (i.e., transactions taking place from April 1, 2012) :
There could be some supportive documents which an applicant would like to submit. These can be scanned and uploaded. The system has provision to upload up to 5 documents of 300 KB each in gif, html and pdf formats. Further, if required, additional documents may also be submitted by post to ‘The Foreign Trade Development Officer (PRC Section)’, 5th Floor, Udyog Bhawan, New Delhi-110011 or can be scanned and e-mailed to prc@nic.in., quoting the reference number as at (iv) above.
Policy Circular No. 9 dated 30.6.2003 and Policy Circular No 15 dated 17.9.2003 prescribe exemption from the registration procedure for imports of approved and unapproved drugs under Advance Authorisation. The issue whether Erythromycin Thiocyanate falls under the purview of these Circulars or not, has been examined in consultation with the Drugs Controller General of India (DCGI).
Amendment in Appendix 37D, Handbook of Procedure, Vol.I -In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade hereby make the following amendment in Public Notice No.77 (RE-2010)/2009-14 dated 05.09.2011.
CIT v. G.R. Developers Insofar as balconies are concerned, prior to 01.04.2005, the area covered by them has to be excluded in calculating the built-up area. As the housing project was approved on 14.06.2002 and in the said plan, all these balconies are shown and excluding those balconies, the construction put up is admittedly less than 1,500 sq. ft. After 01.04.2005, the authorities cannot add the balcony area to the built up area and deny the benefit to the assessee. Therefore, as the material on record discloses that all the 84 or 83 flats constructed are less than the 1,500 sq. ft., the assessee cannot be denied the benefit and taxed on the ground that it exceeds 1,500 sq. ft. Hence this question of law is answered in favour of the assessee and against the revenue.
We can now have the ownership details of a vehicle using the Vehicle registration number instantly through SMS.
Send a SMS to 092123 57123 typing vahan
Dakshin Shelters Pvt. Ltd. Vs. Geeta S. Johari (Supreme Court)- The SC ruled, that if a disputing party asks its rival to appoint an arbitrator according to their agreement and if it is not complied with, the former can approach a court for appointment of an arbitrator under the Arbitration and Conciliation Act. After that, the arbitrator appointed by the court will proceed with the arbitration.
The Income Tax Department today said that tax returns filed by senior citizens above 60 years and small taxpayers with gross total income of less than Rs 10 lakh will not be scrutinised in a routine manner. “It has been decided that during the financial year 2011-12, cases of senior citizens and small taxpayers, filing income-tax returns in ITR-1 and ITR-2 will be subjected to scrutiny only where the Income Tax department is in possession of credible information,”Central Board of Direct Taxes said in a statement.
