Order No.2/FT&TR/2012 [F. No. 500/15/2011 -FTD-I], dated 21-3-2012 In partial modification of Order No. 1/FT&TR/2012 and in exercise of powers conferred under section 144C of the Income Tax Act, 1961, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income Tax/Directors of Income Tax as Members of DRPs at Mumbai-I, Chennai and Bangalore, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
The Authority has in terms of its Order IRDA/NL/ORD/MPL/277/12/2011, dated 23-12-2011 and IRDA/NL/ORD/MPL/003/01/2012, dated 3rd January, 2012 directed dismantling of the existing IMTPIP with effect from March 31, 2012 and has specified inter alia matters relating to pool reserves and account reserves. The Authority has since received representation from the General Insurance Council (Council) as to the unprecedented difficulty in giving effect to significant and exceptionally large liabilities arising following the dismantling of the IMTPIP in terms of aforesaid orders.
The Authority under Para (13 ‘e’): Manner of Calculating the Obligations, of its order No. IRDA/NL/ORD/MPL/277/12/2011, dated 23rd December, 2011 constituted a committee headed by Chairman, General Insurance Council, representatives of GIC, 2 public sector companies and 2 private sector to work out the methodology for transfer of risks amongst general insurers. The Committee submitted its report which has been accepted by the Authority. In light of those recommendations the Authority hereby orders that the methodology for transfer of risks amongst members of Indian Motor Third Party Declined Risk Insurance Pool (DR POOL) shall be as under:
ORDER NO. 1/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I], dated 31-1-2012 -In exercise of powers conferred under section 144C of the Income-tax Act, 1961, and in supersession of earlier orders, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of Income-tax as Members of DRP at the places given below, who shall perform such duties in addition to their regular duties with immediate effect and until further order:
The health insurance segment of the insurance industry has been growing significantly. The IRDA has underpinned the growth of this market by registration of standalone health insurance companies, by nurturing the development of Third Party Administrators (TPAs) to enable a cashless system of claim settlement. It has also constituted Working Groups with major representatives such as FICCI and CII for suggesting measures to further improve the efficiency of the health insurance system in India. In the background of these developments,
ORDER [F.No. 52/26/CAB-2010], dated 24-1-2012 In exercise of the powers conferred by sub-section (1) of section 233B of the Companies Act, 1956 (1 of 1956), the Central Government, being of the opinion that it is necessary to do so, hereby directs that all companies to which the Companies (Cost Accounting Records) Rules, 2011 apply, and which are engaged in the production, processing, manufacturing or mining of the following products/activities, including intermediate products and articles or allied products thereof, and wherein the aggregate value of the turnover made by the company from sale or supply of all its products/activities during the immediately preceding financial year exceeds hundred crore of rupees;
Vide Order No. 17 of 2012 dated 19.01.2012 the CBDT has stated that three IRS officers have been selected as Accountant Members of the Tribunal and that their services are placed at the disposal of the Department of Legal Affairs, Ministry of Law & Justice, with effect from the date of assumption of charge or until further orders.
The Company Law Board has revised the fees payable in terms of Regulations 29 and 30 of the Company Law Board Regulations, 1991 vide Notification No. GSR 32(E), dated 18th January, 2012. The fee for inspection of documents of a case has been revised from ten rupees to fifty rupees per day. The fee for supply of certified copies of order or any other document has been revised from five rupees to ten rupees per page.
ORDER NO. 14 OF 2012 -In continuation of this Department’s order No. 175/2011 dated 27.10.2011, on promotion to the grade of Joint Commissioner of Income Tax on ad hoc basis, following transfer/posting of officers are ordered with immediate effect and until further orders:
ORDER NO. 13 of 2012 – The following officers in the grade of Additional/Joint/Deputy/Assistant Commissioner of Income Tax are hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and Transfer Pricing with immediate effect and until further orders:
