J. K. Lakshmi Cement Ltd. (Taxpayer) Vs ACIT (ITAT Kolkata)- In computing the book profit for the assessment years 2006-07 and 2007-08, the assessee was entitled to deduction in terms of clause (iii) of the Explanation to section 115JB(2) of the Act the adjustment of debit balance in the Profit and Loss Account with share Premium Account and Revaluation Reserve made on September 30, 2000, which is required to be excluded from consideration and accordingly, AO is required to determine amount of loss brought forward or unabsorbed depreciation for each of years without taking said adjustment into consideration and allow deduction in respect of lesser of two amounts.
Bharati Shipyard Ltd. Vs DCIT (ITAT Mumbai Special Bench) – The Finance Act, 2010 has extended the time limit for depositing tax deducted at source by the due date u/s 139(1) of the Act from the earlier lesser time available for compliance.
Following the announcement by the Union Finance Minister Shri Pranab Mukherjee in his budget 2011-12, the Government in consultation with the regulators had raised the limit for FII investment in long-term corporate bonds issued by the companies in the infrastructure sector from USD 5 billion to USD 25 billion. This scheme was operationalised vide SEBI circular CIR/IMD/FIIC/5/2011 dated 31st March 2011.
Notification No. 44/2011 – Service Tax – Section 65(105)(zzb) Of The Finance Act, 1994 – Business Auxiliary Service – Exemption To Service Provided By A Sub-Broker To A Stock-Broker In Relation To Sale Or Purchase Of Securities Listed On A Registered Stock Exchange – Amendment In Notification No. 31/2009-St, Dated 1-9-2011
Union Corporate Affairs Minister Dr. M. Veerappa Moily has said that the announcement of the national competition policy will be the second biggest reform initiative after the 1991 economic reforms. Dr. Moily was chairing the first Consultation Meeting organized by the Indian Merchants’ Chamber and the Indian Institute of Corporate Affairs in Mumbai today. He hoped that the Cabinet’s nod will be obtained by the end of this year to pave way for the New Competition Policy next year.
I am directed to invite your attention to the instructions contained in the Board’s letter F.No. 282/10/93-CX.9, dated 21.12.93, wherein, in supersession of earlier instructions, guidelines were issued for constitution of Regional Advisory Committee (RAC) for organized sector in each of the Central Excise Collectorate (since re-christened as Commissionerate). Attention is also invited to the Board’s instructions on the constitution of a separate RAC for small scale industries, issued vide letter F.No.282/34/73-CX-9, dated 22.12.75.
The Companies (Amendment) Act, 2000 has inducted good corporate governance [CG] leading to more transparent, ethical and fair business practice to be adopted by corporates at large. The following are the provisions which have brought good CG: Section 217(2AA) dealing with Directors’ Responsibility Statement [DRS] to be included in the Directors’ Report
Notification No.89/ 2011-Customs – Government has amended Notification No. 39/96-Cus dated July 23, 1996 to allow import of certain important goods and equipment (in addition to personal effects of persons on duty in Central Para Military Forces), without payment of BCD, CVD and SAD for the purpose of internal security operations and coastal security operations.
Notification No. 74 (RE-2010)/2009-14, – Export of cotton [ITC(HS) Codes 5201 & 5203] will continue to be free subject to registration of contracts with DGFT. Performance guarantee (as was given in Notification No. 63 of 04.08.2011) will no longer be required.
The Reserve Bank of India today placed on its website the Report of Expert Committee on Licensing of New Urban Co-operative Banks (Chairman:Shri Y.H. Malegam). Suggestions and comments on the Report may please be forwarded by October 31, 2011 to the Chief General Manager-in-Charge, Urban Banks Department, Reserve Bank of India, Central Office, Garment House, First Floor, Dr. Annie Besant Road, Worli, Mumbai – 400 018 (Fax No. 022-24974030) or emailed.
