Following is the Exposure Draft of the Indian Valuation Standard 202 Valuation Report and Documentation issued by the Valuation Standards Board of the Institute of Chartered Accountants of India, for comments.
In terms of AP (DIR Series) Circular No. 22 dated April 6, 2018, the revised framework for Foreign Portfolio Investors (FPI) in debt was announced. It was further stated that a separate notification would be issued announcing other changes affecting operational aspects of FPI investments in debt, in consultation with SEBI.
Rationalisation of all-in-cost for ECB under all tracks and Rupee denominated bonds (RDBs) : With a view to harmonising the extant provisions of Foreign Currency and Rupee ECBs and RDBs, it has been decided to stipulate a uniform all-in-cost ceiling of 450 basis points over the benchmark rate.
Hon’ble Court may kindly be pleased to direct the respondents to reopen the portal immediately enabling the Petitioner Company to revises the filed FORM TRAN-1, so that the Electronic Credit Ledger is updated with the revised input credit.
As closing date of Condonation of Delay Scheme viz. 30.04.2018 is falling under gazetted holiday on account of ‘Budh Purnima’, therefore, Ministry of Corporate Affairs has decided to give one day extension of the said scheme i.e. upto 01.05.2018.
These appeals are directed against Order-in-original passed by the Commissioner of Customs, New Custom House, whereby Ld. Commissioner imposed penalty of Rs. 2 lacs under Section 114(i) of Customs Act, 1962 on CHA, M/s. Daroowala Brothers and Company and also imposed penalty of Rs. 1.5 lacs on Shri. Pervez Irani.
As there was no incriminating material found during search, no addition could be made because on the date of search no regular assessment was pending.
Brief facts are that the appellants are manufacturers of Refined Palm Oil and are registered with the Central Excise Department. Show cause notice was issued alleging that they have cleared fatty acid or soap stock without payment of duty.
The appellant is registered with Service Tax Department for rendering Business Auxiliary Services. They filed a refund claim of service tax paid on various services provided by their service providers for export of Indian milling wheat during the months of October, 2012 to December, 2012 in terms of Notification No. 41/2012- ST dated 29.6.2012. Service tax is governed by Chapter V of the Finance Act, 1994, as amended.
This Standard prescribes the basis for: (a) determining and documenting the scope/terms of a valuation engagement, responsibilities of the valuer and the client; (b) the extent of analyses and evaluations to be carried out by the valuer; and (c) responsibilities of the valuer while relying on the work of other experts.
