The assessee incurred expenditure on replacement of machinery in a textile mill and claimed the same as revenue expenditure on the ground that it was merely for replacement of spare parts in the spinning mill system and did not give rise to a new asset. In the books, the expenditure was capitalized. The CIT (A), ITAT and High Court decided in favour of the assessee
A reference is invited to our Master Circular RBI/2009-10/56 IDMD.PDRS. 01/03.64.00/2009-10 dated July 1, 2009 on Operational Guidelines to the Primary Dealers (PDs) prescribing, inter alia, the minimum Net Owned Funds (NOF) of Rs.50 crore for non-bank stand-alone PD and Rs.100 crore in case the PD intends to diversify into other permissible activities.
Please refer to our Master Circular RBI/2009-10/56 IDMD.PDRS. 01/03.64.00/2009-10 dated July 1, 2009 on Operational Guidelines to Primary Dealers, in terms of which, Primary Dealers (PDs) are allowed to borrow from call/notice money market, on an average in a reporting fortnight, up to 200 percent of their Net Owned Funds (NOF) as at the end March of the preceding financial year.
In a case which came up before the High Court of Delhi, the Honorable Court has directed that all banks should ensure that their branches display in a conspicuous place (i) essential details about the facilities under the enactment (Mental Disabilities Act); (ii) the fact that the parties can approach the Local Level Committees, for the purposes of issuance of the certificate and that the certificate issued under the Mental Disabilities Act is acceptable; and (iii) the details of the Local Level Committees in that area.
In the instant case, the assessee had claimed the value of property as per the registered valuer’s report. Therefore, under clause (a) of section 55A, the Assessing Officer was required to form an opinion that the value claimed by the assessee as per the registered valuer’s report was less than the fair market value. The estimated value proposed by the DVO
Surchage, Education Cess and applicability on TDS related to A.Y. 2010-11 (F.Y. 2009-10)? Undermentioned provisions are applicable for Financial Year 2009-10 (A.Y. 2010-11) and w.e.f. 01.04.2009. 1. Surcharge: No Surcharge on TDS in case of payment is made to Resident or Domestic Company No Surcharge on TDS in case of payment is made to Non Resident other than Foreign Company 2.5% Surcharge on TDS if the recipient is a foreign company and amount exceeds Rs. 1 Crore.
Upholding the Central Information Commission (CIC) order that office of the Chief Justice of India (CJI) is well within the ambit of the Right to Information (RTI) Act, the Delhi High Court Wednesday ruled that judges should declare their assets. In a historical judgement, Justice S. Ravindra Bhat said judges are accountable but they are also subject to some constraints.
SEBI, vide Master Circular No. ISD/AML/CIR-1/2008 dated December 19, 2008, issued consolidated requirements/obligations to be fulfilled by all registered intermediaries with regard to AML/CFT. In addition to the obligations contained in the Master Circular, following are the additional requirements to be fulfilled or the clarifications with regard to existing requirements:
Ministry of Health & Family Welfare has notified the Cigarettes and Other Tobacco Products (Packaging and Labelling) Rules, 2008 prescribing the manner in which the specified health warning shall be displayed on the tobacco product packs covering all types of tobacco products, produced, supplied or distributed in India. The Rules have come into effect from 31.05.2009.
In the context of the Interest Rate Futures (Reserve Bank) Directions, 2009 dated August 28, 2009 issued by the Reserve Bank of India, it is clarified that stand-alone Primary Dealers (PDs) are allowed to deal in Interest Rate Futures (IRFs) for both hedging and trading on own account and not on client’s account, subject to adherence to the prudential norms contained in the aforesaid circulars.
