Rain Commodities Ltd. Vs. Dy. CIT (ITAT Hyderabad)- Prejudicial to the interest of revenue appearing in section 263 is conjunction with the expression ‘erroneous’ and that every loss of revenue as a consequence of an order of the assessing officer cannot prejudice to the interest of Revenue. In case, where the assessing officer adopts one of the courses permissible in law where two views are plausible the CIT cannot exercise his power u/s 263 to defer with the AO even if there has been a loss of revenue.
The Union Finance Minister Shri Pranab Mukherjee has said that the Central Government firmly believes that financial inclusion is a necessary condition for inclusive growth. He said that the Public Sector Banks (PSBs) have to play an important role in financial inclusion in our country given the distribution platform they enjoy and experience they have in serving the rural hinterland for the past five decades.
As a measure of simplification of the existing procedures, it has been decided to delegate powers to the designated AD Category-I banks to approve the request from the ECB borrowers with respect to change in the recognized lender when the original lender is an international bank or a multilateral financial institution (such as IFC, ADB, CDC, etc.) or a regional financial institution or a Government owned development financial institution or an export credit agency or supplier of equipment and the new lender also belongs to any one of the above mentioned categories, subject to the Authorised Dealer ensuring the following conditions:
Deferred Payment Protocols dated April 30, 1981 and December 23, 1985Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to A.P. (DIR Series) Circular No.41 dated February 11, 2011, wherein the Rupee value of the special currency basket was indicated as Rs. 64.7004 effective from January 31, 2011..
Minimum Export Price (MEP) of all varieties of onions including Bangalore Rose Onions and Krishnapuram Onions will be US$ 475 per Metric Ton F.O.B. It was US$ 300 per Metric Ton for general category onion as notified on 24.08.2011 and US$ 400 per MT F.O.B. for Bangalore Rose Onions and Krishnapuram onions as notified on 12.08.2011. Notification No 70 (RE – 2010)/2009-2014, Dated: 7th September, 2011
Issued by the Ministry of Small Scale Industries and S.O.563 (E) dated February 27, 2009 issued by Ministry of Commerce and Industry regarding substitution of term ‘Micro and Small Enterprises’ in place of the term ‘Small Scale Industries’ are enclosed. Kindly ensure that your internal guidelines / instructions are compliant with these notifications.
n this Quick referencer Author has has made an effort to summaries all the Circulars issued by SEBI from 01st January 2011 to 10th August 2011.Link to Download the Quick Referencer is given at the bottom of the post. Author has covered circulars on following topics in this compilation. 1. Modifications to Client Code Post Trade Execution 2. Introduction of Derivative Contracts on Foreign Stock Indices
Division Bench of the Karnataka High Court held that tower sharing by Telecom Infrastructure companies with telecom service providers is not liable for levy of VAT, as there is no transfer of right to use. M/s. Indus Tower Limited V/s. The Deputy Commissioner of Commercial taxes
Aluva Sugar Agency Vs. State of Kerala (Supreme Court of India)-Upon perusal of the Circular dated 19th February, 1996, explaining the term “edible oil”, we find that intention of the government was to give relief in tax to edible oils. So as to clarify the doubt, it has been specifically stated in the said circular that edible oils would also include hydrogenated oils such as ground nut oil, gingerly oil, refined oil and vanaspathi oil.
The due date for submission of ITR-V for A.Y. 2010-11 has been extended upto 31.10.2011 or 120 days from the date of upload whichever is later.
