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May 5, 2011

Instruction on Manual filing and processing of bills of entry / shipping bills – stringent checks required to prevent misuse

Transfer of shares of Indian company without consideration in the course of group reorganization not liable to tax in India – AAR

Posted: 04 May 2011 07:06 PM PDT

AAR in the case Goodyear Tire and Rubber Company held that capital gains provisions are not attracted in case of transfer of shares without consideration. Further, the AAR held that the transfer pricing provisions in an international transaction can...

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Circular on amendments made in Cenvat Credit Rules 2004 vide Union Budget 2011

Posted: 04 May 2011 07:04 PM PDT

Circular No. 943/04/20 1 1-CX dated 29 April 2011 - Various amendments have been made in Cenvat Credit Rules, 2004 vide Union Budget 2011. Definitions of the terms like 'inputs', 'input services', 'exempt services', etc. have been amended. Also,...

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Increase in Authorised Capital is not liable to stamp duty under Indian Stamp Act, 1899 as applicable in Delhi

Posted: 04 May 2011 06:56 PM PDT

S.E. Investment Limited (the Petitioner) was incorporated with an authorized share capital of INR 2 million which was gradually increased to INR 85 million.The Petitioner had paid stamp duty on the increase in the authorized share capital from INR 2...

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ICSI – Compulsory Attendance of Professional Development Programmes by the Members

Posted: 04 May 2011 06:52 PM PDT

The Council of the Institute at its 200th Meeting held on March 18, 2011 at New Delhi amended the Guidelines for Compulsory Attendance of Professional Development Programmes by the Members to provide as under

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Order No. 78 of 2011 related to Posting as OSD in the CCIT(CCA) Region

Posted: 04 May 2011 11:22 AM PDT

ORDER NO. 78 OF 2011 -The following officer who have come back from deputation and awaiting posting are hereby posted as OSD in the CCIT(CCA) Region as against their names with effect from the date of their reporting back to the Board and until...

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Income Tax department finds tax evasion in 2G; status report in SC tomorrow

Posted: 04 May 2011 11:16 AM PDT

The Income Tax department has found instances of alleged tax evasion and multiple routing of undeclared wealth in the 2G spectrum allocation scam and will file its first status report on the probe in the case in the Supreme Court tomorrow. The...

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Kalmadi, two others sent to 14 days judicial custody

Posted: 04 May 2011 10:51 AM PDT

A Delhi court today remanded sacked CWG Organising Committee Chairman Suresh Kalmadi and two others, arrested on charges of cheating, conspiracy and corruption in the award of Games related contracts, in 14 days judicial custody. Special Judge...

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Instruction on Manual filing and processing of bills of entry / shipping bills – stringent checks required to prevent misuse

Posted: 04 May 2011 10:39 AM PDT

Recent past DRI has detected several cases in which bills of entry/shipping bills were processed manually or manual clearance was allowed on EDI documents. Such cases have indicated the possibility of illegal import / export of restricted /...

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When does the 'overriding effect' operate

Posted: 04 May 2011 10:08 AM PDT

Section 34 of the DRT Act, 1993 (short for 'Recovery Of Debts Due To Banks and Financial Institutions Act, 1993') provides that "the Act to have overriding effect". Similarly, Section 35 of the Securitisation Act, 2002 (short for 'The Securitisation...

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Clarification Regarding Effective Date of Companies (Particulars of Employees) Amendment Rules, 2011

Posted: 04 May 2011 07:21 AM PDT

The Ministry of Corporate Affairs has clarified that its notification of 31st March, 2011 regarding Companies (Particulars of Employees) Amendment Rules, 2011 raising the limit of employee's salary to be disclosed in the Directors Reports shall be...

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Amendment in Paragraph 2.31 of FTP, 2009-14 to allow export of samples as part of passenger baggage

Posted: 04 May 2011 07:05 AM PDT

NOTIFICATION No. 45 (RE-2010)/2009-2014 Para 1.3 and Para 2.1 of the Foreign Trade Policy, 2009-2014, (as amended from time to time), the Central Government hereby makes the following amendment in the Foreign Trade Policy, 2009-2014.

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Over 50 Percent US green card holders plan to return home – Survey

Posted: 04 May 2011 06:55 AM PDT

The United States may experience reverse brain drain as thousands of Indian IT professionals contemplate returning to India, according to a survey conducted by Corp-Corp.com , a US-based technology job portal.

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Set off of indexed long term capital loss permissible against non-indexed long term capital gains

Posted: 04 May 2011 06:30 AM PDT

The taxpayer was engaged in share trading. During the assessment year 2004-05, the taxpayer had set off the indexed long term capital loss against non-indexed long term capital gains. The Assessing Officer did not allow the set off of indexed long...

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DRT can not decide tenancy and ownership issues

Posted: 04 May 2011 06:08 AM PDT

Kindly give opinion whether the jurisdiction of civil court is not excluded and the DRT does not have power to decide tenancy and ownership issues? (This has become necessary to convince the Civil Court, before whom a suit is to be filed by the...

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NSDL, CDSL authorised to facilitate electronic voting for cos

Posted: 04 May 2011 05:18 AM PDT

The government has authorised the National Securities Depository Ltd (NSDL) and Central Securities Depository Ltd (CDSL) to facilitate electronic voting by shareholders of companies. Keeping with its 'Green Initiative for Corporate Governance...

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Project Imports Regulations, 1986 (PIR) – Instructions – regarding.

Posted: 04 May 2011 05:16 AM PDT

Circular No.22/2011-Customs The Comptroller & Auditor General of India (C&AG) had conducted a review of the working of 'Project Imports' scheme with a view to ascertaining the level of compliance, effectiveness of internal control and...

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Key considerations and action points for Indian corporate entities

Posted: 04 May 2011 04:51 AM PDT

On 1 April 2011, the Ministry of Corporate Affairs (MCA) in India posted a circular on its website mandating a certain class of companies (Phase 1) to file balance sheets and profit and loss accounts for the year 2010-11 onwards by using eXtensible...

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Accounting for exchange differences arising on long-term foreign currency monetary items

Posted: 04 May 2011 04:45 AM PDT

The immediate recognition of exchange differences in P&L is technically superior accounting. If a company does not defer exchange differences for amortization to later periods, the investor community will have greater confidence in the ...

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Not Considering Law Laid Down By Supreme Court – An Error Apparent On Face of Record

Posted: 04 May 2011 03:34 AM PDT

Not considering the Law laid down by Supreme Court will amount to an error apparent on face of record [2004(2) MPLJ 492 (498 para 10)] and is a ground for Review. The term 'Sufficient reason' is wide enough to include a misconception of fact or law...

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Matters Involving Moral Questions Are Not Resolved By Arbitration

Posted: 04 May 2011 03:31 AM PDT

It is settled law that, matters involving moral questions or questions of public law are not resolved by arbitration. For instance, the following matters are not referred to arbitration: * Matrimonial matters, like divorce or maintenance; *...

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VAT Trade Cir – 7T of 2011 – Amendment to the Maharashtra Value Added Tax Act, 2002

Posted: 04 May 2011 02:23 AM PDT

Trade Cir. No. 7T of 2011 , Date: 04/05/2011 To give effect to the Budget proposals, a Bill (Legislative Assembly Bill No. XVII of 2011) to amend the Maharashtra Value Added Tax Act, 2002 was introduced in the Legislature. The said Bill has been...

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Taxation of Liquor – MVAT Notification No. VAT-1511/C.R.-57/Taxation-1 dated 30th April 2011

Posted: 04 May 2011 01:43 AM PDT

No.VAT-1511/CR-57/Taxation-l - In exercise of the powers conferred by sub-section (5) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah IX of 2005), the Government of Maharashtra hereby subject to the conditions specified in column (5)...

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RBI Policy Guidelines for issuance and operation of Prepaid Instruments in India

Posted: 03 May 2011 11:26 PM PDT

it was decided to permit Other Persons to issue mobile phone based semi-closed system pre-paid payment instruments (semi-closed m-wallets) complying with the above guidelines with the following conditions: The maximum value of such instruments shall...

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Income Tax – Procedure for TDS refund

Posted: 03 May 2011 10:36 PM PDT

The Central Board of Direct Taxes has issued circular prescribing the procedure regulating refund of amount paid in excess of tax deducted and/or deductible in respect of payments to residents as covered under sections 192 to 194LA of the Income-tax...

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Mobile Banking Transactions in India – Operative Guidelines for Banks

Posted: 03 May 2011 10:30 PM PDT

DPSS.CO.No.2502 /02.23.02/ 2010-11 - The users of mobile banking services and also the volume of such transactions have been steadily increasing since the introduction of this facility. As per the current instructions mobile banking transactions up...

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IRDA- Insurance Repositories – Calling for Application Forms

Posted: 03 May 2011 10:29 PM PDT

Attention is invited to Guidelines on Insurance Repositories and Electronic Issuance of Insurance policies issued by IRDA vide Ref No.IRDA/ADMN/GDL/GLD/080/04/2011 on 29th April, 2011. In accordance to Clause 5 (2) of the guidelines, Applications...

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Professional Consulting Service Firms liable under ESI

Posted: 03 May 2011 07:30 PM PDT

CONSULTING ENGINEERING SERVICES (INDIA) PVT. LTD.Vs.THE CHAIRMAN, ESI CORPORATION & ORS (DELHI HIGH COURT) -The present appeal filed under Section 82 of the Employees‟ State Insurance Act, 1948 is directed against the judgment and order FAO...

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