On 17th August, 2010, news on acquisition of the shareholding of Cairn Energy (`CEL’) in Carin India Limited (`CIL’) (BSE and NSE listed) by Vedanta Resources Plc (`VEDANTA’) at Rs. 405/-($8.66) per share became public. Closing price of each shares of CIL on the NSE on 14th August, 2010 was Rs.355/-. Vedanta will have to incur $ 9.6 billion (Rs 44,928 Crore) for acquiring CIL. Deal between the parties was concluded in London.
How can the sale prices to wholesale agents in two different countries be comparable, when the sale price to the final user in the one country is less than the sale price to the whole sale agent in another country, unless adjustment for the same has been considered; thus, the adjustments merely for volume offtake, credit period and credit risk, though material are not sufficient to make the sale price to AE in Thailand comparable with the sale to unrelated party in Vietnam
Please refer to our circular RBI /2007 -08/225 (DGBA.GAD.No H-7633/ 41.07.006/2007-08) dated January 15, 2008 on the captioned subject. From January 22, 2008 onwards it was mandatory for all assesses to quote their assessee code in the GAR- 7 challan at the time of payment of excise duty or excise duty in the authorized bank branches.
SEBI had taken up with Press Council of India its concerns on practice of many media groups entering into agreements, such as ‘Private Treaties’, with companies. Typically, such arrangements are with companies which are listed or which proposes to come out with public offerings.
(i) Who is the digital signatory in case of the return of income of a company. (ii) Can the Financial Controller of a company also be a digital signatory in case of a company. In order to answer the aforesaid queries, it will be necessary to refer to the relevant provisions of the Income-Tax Act, 1961 (the Act),
Notification No.77/2010 – Customs (N.T.), Dated the 27th August, 2010- Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st September, 2010 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
n exercise of the powers conferred by Section 5 read with Section 3(2) of the Foreign Trade (Development & Regulation) Act, 1992 (No.22 of 1992) and also read with Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby grants the exemption from DGFT import authorization, required in terms of para 2.7 of FTP, for import of following goods,
No appeal lies to SC u/s 10 of Special Courts (Trial of Offences Relating to Transactions in Securities) Act, 1992 against interlocutory orders passed by Special Court
Income Tax Order No. 4/FT&TR-II/2010 In exercise of powers conferred under section 144C of the Income-tax Act, 1961 and in supersession of Order No. 3/FT&TR-II/2010 dated 1st July, 2010, the Board hereby constitutes the Dispute Resolution Penal (DRP-II, Mumbai) comprising of there Commissioners of Income-tax/Directors of Income-tax as members of DRP at the place given below with immediate effect and until further orders.
Notification No. 84/2010-Customs -amendments in the notification No. 13/2010-Customs, dated 19th February 2010 , In the said notification, in the TABLE, – (A) against S.No.1, – (i) In column (2), after item (b), the following shall be inserted, namely:- (c) Aerostat – with all standard equipment and frames and- tools, including skirtings with essential and standard accessories; Geo Textiles Ground Cloth or Carpet with cutting and laying Machines withstandard and essential accessories.
