In a major push to market development in Latin America, Government has removed the upper ceiling of with regard to eligibility for Market Development Assistance (MDA) for participation in Buyer-seller Mission BSMs/fairs/exhibitions abroad to explore new markets in focus countries of Latin America for export of their specific product(s) and commodities from India in the… Read More
CLR Editorial Notes: In the Assessement Year 2005-06, the Assessing Officer passed an intimation u/s 143(1) accepting the return from an assessee as filed. Subsequently, there was a search u/s 132. The Assessing Officer noticed that an amount of Rs. 93 lakhs was received by the assessee as a loan in earlier years had been… Read More
CLR Editorial Notes: In the Assessment Year 2009-10, the assessee in this case, had earned a tax-free dividend of Rs. 32 lakhs on an investment that had been made in earlier years. The assessee claimed that as he had not incurred any expenditure to earn the dividend income, no disallowance u/s 14A was permissible. The… Read More
The CBDT has issued a publication titled Advance Pricing Agreement Guidance With FAQs. The publication seeks to increase the awareness of the taxpayers about the Advance Pricing Agreement Scheme which was notified on 30.08.2012 and its implementation. The publication explains the procedure to be followed by a taxpayer and the tax authorities before a taxpayer… Read More
The Income-tax department has released a publication titled Appeals And Procedures For Filing Appeals. The publication seeks to educate taxpayers about the legal provisions and procedures relating to filing appeals before the Commissioner of Income-tax (Appeals) and the Tribunal. The publication lists out the Forms in which the appeal has to be filed, the manner… Read More
SUPREME COURT OF INDIA RECORD OF PROCEEDINGS CIVIL APPEAL NO(s). 7208-7209 OF 2005 INST.OF CHARTERED ACCOUNTANTSOF INDIA VERSUS K. BHAGAVATHEESWARAN & ANR. (With office report) Date: 01/04/2013 These Appeals were called on for hearing today. CORAM : HON™BLE DR. JUSTICE B.S. CHAUHAN HON™BLE MR. JUSTICE FAKKIR MOHAMED IBRAHIM KALIFULLA For Appellant(s) Mr. N.K. Poddar,Sr.Adv. Mr. Pramod Dayal, Adv. Mr. Nikunj Dayal,Adv.… Read More
Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi Trade Notice No. 02/2013 dated 20th May, 2013 Subject: Constitution of 2nd Task Force on Transaction Cost 1. In pursuance of the announcement made by Commerce and Industry Minister on 18.4.2013, the Second Task Force on Transaction… Read More
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (i)] GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 30/2013-Customs New Delhi, the 21st May, 2013 G.S.R. (E). - In exercise of the powers conferred by sub-section (1) of section 25 of theCustoms Act, 1962 (52 of 1962), the Central… Read More
[TO BE PUBLISHED IN PART-II, SECTION-3, SUB-SECTION (ii) OF THE GAZETTE OF INDIA, EXTRAORDINARY] Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 55/2013-CUSTOMS (N. T.) New Delhi, the 21st of May, 2013 31 Vaisakh, 1935 (SAKA) S. O. (E). In exercise of the powers conferred by sub-section (2) of… Read More
INSTRUCTION F. No. 528/69/2012-STO (TU) Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs Tariff Unit New Delhi the 21st May, 2013. To All Chief Commissioners of Customs / Customs (Prev.) All Chief Commissioners of Customs & Central Excise All Commissioners of Customs / Customs (Prev.) All Commissioners of Customs… Read More
The Union Finance Minister P. Chidambaram has said that multiplicity of Institutions and multiplicity of Regulators which have come up from time to time to meet newly perceived requirements, has potentially created regulatory overlaps, gaps and ambiguity on account of lack of role clarity. This creates inefficiencies in addressing critical emerging issues in a increasingly dynamic, complex and interconnected financial world.… Read More
Union Finance Minister, Shri P. Chidambaram, here today inaugurated a National Seminar on the Indian Financial Code as recommended by the Financial Sector Legislative Reforms Commission. The Seminar was organized by the Institute of Company Secretaries of India (ICSI) which functions under the aegis of the Ministry of Corporate Affairs. Addressing the august gathering, Shri… Read More
The Annual Plan for the year 2013-14 for the state of Madhya Pradesh was finalised here on 22nd May 2013 at a meeting between Deputy Chairman, Planning Commission, Mr. Montek Singh Ahluwalia and Chief Minister of Madhya Pradesh, Shri Shivraj Singh Chouhan. The plan size has been agreed at Rs. 35,500crore. In his comments on… Read More