Kar Vivad Samadhan not applicable to cases where Notice issued after 31.03.1998 – SC

CBEC Chairman's Message to officers and staff Posted: 09 Nov 2011 07:07 PM PST The challenges that lie before indirect tax administration and the work that is required to be done in this department are so enormous that it requires the united efforts of all members of the department of all ranks and at all places. There is no... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Special Court – Transactions in Securities – Sale of Shares – Ashiwin S. Mehta & ANR. Vs. Union of India & Others- Supreme Court Posted: 09 Nov 2011 07:00 PM PST The material facts giving rise to the appeal are as follows: The appellants, one late Harshad S. Mehta, their other family members and the corporate entities belonging to the family members had purchased more than 90 lakh shares in Apollo. Except... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Kar Vivad Samadhan not applicable to cases where Notice issued after 31.03.1998 – SC Posted: 09 Nov 2011 06:34 PM PST UOI Vs M/s Nitdip Textile Processors Pvt Ltd. (Supreme Court) The classification made by the legislature appears to be reasonable for the reason that the legislature has grouped two categories of assessees namely, the assessees whose dues are... [[ This is a content summary only. Visit www.taxguru.in for full article ]] LLP to file the Statement of Account and Solvency in Form 8 within a period of sixty days from the end of six months of the financial year Posted: 09 Nov 2011 06:03 PM PST Provided that if a limited liability partnership has closed the financial year on the 31st March, 2011, it shall file the Statement of Account and Solvency in Form 8 with the Registrar, within a period of sixty days from the end of six months of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh extended up to March 31, 2012 Posted: 09 Nov 2011 05:53 PM PST Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh – Guidelines a) The Scheme is extended up to March 31, 2012. b) Loans sanctioned and disbursed between October 01, 2009 and March 31, 2011 are outside the ambit of the new... [[ This is a content summary only. Visit www.taxguru.in for full article ]] UCBs – KYC Norms – While opening accounts based on Aadhaar also, banks must obtain current address proof Posted: 09 Nov 2011 05:49 PM PST RBI/2011-12/253 UBD. BPD. (PCB) No. 8/12.05.001/2011-12 November 9, 2011 The Chief Executive Officer All Primary (Urban) Co-operative Banks Dear Sir, Know Your Customer Norms – Letter issued by Unique Identification Authority of India (UIDAI)... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBI arrests Provident Fund Commissioner in Bribery Case Posted: 09 Nov 2011 05:45 PM PST The Central Bureau of Investigation has arrested a Provident Fund Inspector of Guntur for demanding and accepting a bribe of Rs.7000/- from the complainant. The complainant, a Manager in Guntur based private firm has alleged that the Provident Fund... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Competition Appellate Tribuna stays Rs. 630 crore penalty on DLF by CCI Posted: 09 Nov 2011 05:41 PM PST The Competition Appellate Tribunal (Compat) today stayed the 630 crore penalty imposed by fair trade watchdog Competition Commission of India (CCI) on realty major DLF over alleged abuse of dominant market position. However, the tribunal clarified... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Regarding Clearance of goods from Custom Bonded warehouses utilizing duty credit scrips of SFIS, VKGUY, FMS, FPS, SHIS Posted: 09 Nov 2011 05:29 PM PST I am directed to invite your kind attention to an issue which has been raised before the Board as to whether duty credit scrips issued under the Chapter 3 schemes of the Foreign Trade Policy (FTP) viz Served from India Scheme (SFIS), Vishesh Krishi... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Non pecuniary damages also to be calculated in case of petition filed u/s. 166 of Motor Vehicles Act 1988 and compensation amount can exceed the claimed amount – SC Posted: 08 Nov 2011 09:49 PM PST Under the MV Act, there is no restriction that the Tribunal/court cannot award compensation amount exceeding the claimed amount. The function of the Tribunal/court is to award just compensation which is reasonable on the basis of evidence produced... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Prevention of Money Laundering Act, 2002 (PMLA) and Rules thereunder -Reporting of CTR,STR etc to FIU-India– Reporting Format under Project FINnet Posted: 08 Nov 2011 08:53 PM PST FIU-IND has developed a Report Generation Utility and Report Validation Utility to assist reporting entities in the preparation of the prescribed reports. Reporting entities, which have necessary technical capabilities, may generate XML reports... [[ This is a content summary only. Visit www.taxguru.in for full article ]]