Many argue that the provisions of SARFAESI Act, 2002 are draconian in nature. Borrowers do often refer to their good relations with the Bank for a considerable time and they express angst at the Bank’s action under the provisions of the SARFAESI Act, 2002. The borrowers do often question as to why the Bank should not consider the reputation of the customer, understand the temporary difficulties and grant time rather proceeding against the ‘Secured Asset’ using the provisions of the SARFAESI Act, 2002 mechanically.
State of U.P. & Ors. Vs. M/s. Mohan Meakin Breweries Ltd. & ANR. (Supreme Court of India)- The Supreme Court has set aside the ruling of the Allahabad high court and held that manufacturers of beer in the state are liable to pay excise duty from the stage of fermentation and not when beer was fit for human consumption. Mohan Meakin Breweries and other distilleries had challenged the imposition of duty from the stage of fermentation.
With a view to ensuring that premiums are paid out of clearly identifiable sources of funds, it has been decided to permit premium/proposal deposits remittances in cash beyond Rs. 50000/- per transaction subject to the customer quoting PAN. Insurers shall verify the authenticity of the details of PAN so obtained.In case of customers not required to have PAN orwith only agricultural income, Form 60/61 prescribed under the provisions of Income Tax Rules shall be obtained. From the perspective of AML/CFT guidelines, it becomes imperative to obtain the details of PAN of the person/entity funding the premium/proposal deposit on an insurance policy.
India and Switzerland will start exchanging information on tax-related matters from the next fiscal after the new tax information exchange treaty is ratified by the Swiss Parliament on Thursday, paving the way for obtaining data on black money stashed in Switzerland.
The SME Implementation Group (SMEIG) has today published five draft Questions & Answers (Q&As) on the IFRS for SMEs. These draft Q&As are open for comment until 30 November 2011 and cover the following topics: Application of the IFRS for SMEs for financial periods ending before the IFRS for SMEs was issued
Sood Bhandari & Co. Vs. CBDT (P & H HC)- Section 40(b)(ii ) contemplates the authorization of remuneration or interest. The authorization does not mean an agreement to pay, but to quantify the amount of salary or the rate of interest payable to the partners. If the said aspects are not determined prior to the financial year, the same are capable of adjustment at the end of the financial year keeping in view the profits earned with a view to increase expenditure and reduce income.
These rules may be called the Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2011. (2) They shall come into force with effect from 6th October, 2011. 2. In the Companies (Central Government’s) General Rules and Forms, 1956, after Form 23ACA, the following Forms shall be inserted, namely:-
The following class of companies have to file their Balance Sheet, Profit and Loss Account and other documents as required under section 220 of the Companies Act, 1956 with the Registrar using the Extensible Business Reporting Language (XBRL) taxonomy given in Annexure enclosed to the rules for the financial year ending on or after 315t March, 2011 with e-Form no. 23AC-XBRL and 23ACA-XBRL specified under the Companies (Central Government) General Rules and Forms, 1956, namely:-
(a) Amendments to Clause 41 – Disclosure of quarterly financial results- i) In order to give a better comparative picture of the quarterly financial results, listed entities shall disclose figures in respect of immediately preceding quarter as well in addition to the existing requirements. ii) Listed entities shall also submit the last quarter results along with the audited annual results. (b) Amendments to Clause 41 – Submission of financial results- It is being observed that certain listed entities, while submitting their interim financial results, submit unaudited financials first and subsequently submit the limited review report after a lag. It is hereby clarified that submission of unaudited results shall be accompanied by the limited review report of the auditors.
Capital market regulator Sebi vide CIRCULAR MIRSD/SE/Cir-21/2011 , Dated- October 5, 2011 announces introduction of uniform forms and documents for the purpose of customer identification by different market intermediaries like stock exchanges and mutual funds, a step intended to bring uniformity to the process. The new rule will be effective from January 1 next year.
