VIP Industries Ltd. Vs. CCE (Bombay High Court) -High Court has [de hors of the provisions of the Central Excise Act, 1944] power to review its own decision rendered in appeal filed under the Act. Ordinary Courts which have been seized of a dispute in respect of a legal right or liability under a special enactment, should be regarded as having power to adjudicate such dispute according to the ordinary rules of practice and procedure which would include the power to review judgements and orders.
ACIT Vs Hotel Blue Moon (Supreme Court of India)- However, if an assessment is to be completed under Section 143(3) read with Section 158-BC, notice under Section 143(2) should be issued within one year from the date of filing of block return. Omission on the part of the assessing authority to issue notice under Section 143(2) cannot be a procedural irregularity and the same is not curable and, therefore, the requirement of notice under Section 143(2) cannot be dispensed with. The other important feature that requires to be noticed is that the Section 158 BC(b) specifically refers to some of the provisions of the Act which requires to be followed by the assessing officer while completing the block assessments under Chapter XIV-B of the Act.
Global Geophysical Services Limited (A.A.R. No. 873 of 2010)–Would the special provisions for computing profits under section 44BB be applicable to a non-resident carrying on business of seismic data acquisition and processing under contract with Indian concerns?On an application made to the Authority of Advance Ruling by the non-resident on the above issue, the Authority observed that in an identical issue in Geofizyka Torun SP. Z.O.O. (2010) 320 ITR 0268 (AAR), it was observed that without seismic data acquisition and interpretation, it is impractical to carry out the activity of prospecting of mineral oil and gas which is a step in aid to its exploration. The seismic data (in processed form) is used to create highly accurate images of the earth’s sub-surface which in turn are used by the exploration and production companies for locating potential oil and gas reserves based upon the geology observed.
In consultation with stakeholders it has since been decided to levy service charges for all outward transactions of RTGS members. The rationale behind the levy of service charges for outward transactions of members in the RTGS System is to (a) recover operational costs; and (b) to bring in further efficiency in the operations and the liquidity flows in the RTGS system. Inward transactions of the members will not attract any service charges and will continue to be free as hitherto. DPSS (CO) RTGS No.388/04.04.002/2011-2012
Attention is invited to the Board’s instruction of even number dated 30.8.2011 on the subject mentioned above. 2. In Paragraph 3 of the said instruction the date 02.07.2007, wherever it occurs, should be read as 02.07.2011. 3. The other contents of the said instruction shall remain unchanged.
Submission of Credit Information to Credit Information Companies – Defaulters of Rs. 1 Crore and above and Wilful Defaulters of Rs. 25 lakh and above – Dissemination of Credit Information of suit-filed accounts
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 the Handbook of Procedures Vol I (2009-14).
The Delhi High Court on Monday said the DTH service was like a cinema ticket providing continuous entertainment to viewers and hence, liable to be taxed by the state government. Four prime DTH service providers — Tata Sky, Dish TV, Bharti Telemedia (Airtel) and Bharat Business Channel (Videocon) — had challenged this state legislative provision.
As we all know This year MCA has issued around 60 General Circulars, 38 Notifications, One Master Circular and three New Rules. Which relates to Easy Exit Scheme, Prosecution of Directors, DIN issue Simplification, Company Law Settlement Scheme, new name Availability Rules, Online Payment of MCA Fees, Filing of Balance Sheet and Profit and Loss Account in eXtensible Business Reporting Language (XBRL) mode, Green Initiative in the Corporate Governance , Guidelines for Fast Track Exit mode, Online Incorporation of Companies Within 24 Hours and various other issues. Author has made an effort to summaries all the Circulars issued by MCA from 01st January 2011 to 31st August 2011.
Writ Petition preferred under Article 226 of the Constitution of India praying for the issue of a writ of Certiorarified mandamus, calling for the records from the second respondent Tribunal relating to its order in ATA No. 380 (13) of 2006 dated 12.4.2010, quash the same that approves the order of the third respondent dated 29.3.2004 bearing Ref. No. CC.1(7)/TN/CBE/56709/ENF/2004 and consequently forbear EPF organisation form applying the notification of Government of India in Ministry of Labour and Employment No.GSR 346 dated 7.3.62 with effect from 23.12.2002 under the Schedule “trading and commercial” as the same is contrary to EPF Act 1952, run counter to Section 1(3) (a) and (b) of EPF Act,1952.
