eMinds Legal - Corporate Law Reporter

RBI Clarification of Implementation of Section 51-A of UAPA, 1967 – updation of UNSC list on Al Qaeda

RBI/2012-13/477 DBOD.AML.No.14982/14.06.001/2012-13 April 17, 2013 The Chairmen / CEOs of all Scheduled Commercial Banks (Excluding RRBs)/ Local Area Banks / All India Financial Institutions Dear Sir, Implementation of Section 51-A of UAPA, 1967- Updates of the UNSCR 1267(1999) / 1989(2011) Committee's Al Qaida Sanctions List and Consolidated List Please refer to our circular DBOD. AML… Read More

Advances guaranteed by Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) Risk Weights and Provisioning

RBI 2012-13/ 476 DBOD.No.BP.BC-90/21.04.048/2012-13 April 16, 2013 The Chairman and Managing Director/ Chief Executive Officer of All Scheduled Commercial Banks (excluding RRBs & LABs) Dear Sir, Advances guaranteed by Credit Risk Guarantee Fund Trust for Low Income Housing (CRGFTLIH) Risk Weights and Provisioning The Ministry of Housing & Urban Poverty Alleviation, Government of India has… Read More

Controversies In Assessment: Income-tax Dept Publication

The Income-tax department has released a publication titled A Step Ahead A compilation on contentious issues in assessments. The publication is authored by top-notch senior IRS officers who have a good grasp on the theoretical and practical aspects of making an assessment. It identifies 19 important provisions in the Act which are the subject matter… Read More

Closure of CRC Branch – Registration of dealers to be done online or through concerned wards

DEPARTMENT OF TRADE AND TAXES POLICY BRANCH VYAPAR BHAWAN, I.P.ESTATE. NEW DELHI-110002 No .F.(20)/2008-2009/CTT/EDP/Vol-III/Pt. file/13 Dated :04.04.2013 CIRCULAR Consequent upon closure of Centralized Registration Cell, the registration of dealers will be done either through online mechanism or manually through the concerned wards. The list of documents required for filing application for registration is as under:… Read More

Payment by post-dated cheque relates back to date of handing over of cheque

CLR Editorial Note: In the Financial year end of 2002, the assessee, a charitable trust eligible for exemption Under/Section 11, received a post-dated cheque dated from Apollo Tyres Ltd for which it issued a receipt. The Assessing Officer held that the post-dated cheque had been accepted by the assessee to do undue favour to Apollo… Read More

A debatable issue cannot be corrected using Section 154 of the IT Act

CLR Editorial Note: The assessee had credited an amount of Rs. 1,24,312/- as Duty Entitlement Pass Book (DEPB in short) in its Profit & Loss Account (P&L A/c) and had also claimed deduction u/s 80IB on this amount. Initially, the Assessing Officer allowed this claim u/s 80IB qua DEPB amount while completing assessment u/s 143 (3) of… Read More

Annual Transfer of IT Officers under the charge of CCIT/ DGIT (Inv.) Pune, Thane and Nashik

Given Below is the list of Income Tax Officers transferred by virtue of Annual Transfer of Income Tax Officers from Pune, Thane, Satara, Nashik, Dhule, Kalyan, Palghar, Ahmednagar, Kolhapur, Sangli, Satara, Ratnagiri, Ichalkaranji,Aurangabad, Jalgaon, Nanded, Parbhani, Beed, Panvel Under the Charge of CCIT/ DGIT (Inv.) Pune, Thane and Nashik. SR NO NAME OF THE… Read More

Advertisement charges paid to Google & Yahoo is not chargeable to tax in India

CLR Editorial Note: The assessee, a florist, paid a sum of Rs. 30.44 lakhs to Google Ireland Ltd and Yahoo USA for online advertising. The AO held that the assessee ought to have deducted TDS and that as there was a failure, the expenditure was not allowable u/s 40(a)(i). This was deleted by the CIT(A)… Read More

Export Rebates cannot be denied if the Condition is impossible to meet

CLR Editorial Note: This is an appeal by Wipro Ltd., which was formerly known as Wipro BPO Solutions. It was at the material time engaged in the rendering of IT-enabled services such astechnical support services, back-office services, customer-care services etc. to its various clients all of whom were situated outside India, i.e., in UK, USA… Read More

Absorbed losses incurred before initial assessment year as per Sec. 80 IA(5), need not be set off

CLR Editorial Note: The assessee, in this case, set up a Wind Mill unit and had commenced operations on in the Assessment Year 2007-08. In the said year, the assessee suffered a loss of Rs. 3.5 crores on account of depreciation and the interest which was set-off against the other income. In Assessment Year (AY) 2008-09, the… Read More

Official Journal Of The Patent Office 14th April 2013

In view of the recent amendment made in the Patents Act, 1970 by the Patents (Amendment) Act, 2005 effective from 01st January 2005, the Official Journal of The Patent Office is required to be published under the Statute. This Journal is being published on weekly basis on every Friday covering the various proceedings on Patents… Read More

Official Journal Of The Patent Office 05th April 2013

In view of the recent amendment made in the Patents Act, 1970 by the Patents (Amendment) Act, 2005 effective from 01st January 2005, the Official Journal of The Patent Office is required to be published under the Statute. This Journal is being published on weekly basis on every Friday covering the various proceedings on Patents… Read More

The Trade Marks Journal No 1584 Dated 15th April 2013

The Journal is available for download. ****** Read More

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