Corporate Law Reporter - The Daily Journal

Exim Bank’s Line of Credit to Banco Exterior De Cuba

RBI/2012-13/463 A.P. (DIR Series) Circular No. 92 April 1, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 5 million to Banco Exterior De Cuba Export-Import Bank of India (Exim Bank) has concluded an Agreement dated October 10, 2012 with Banco Exterior De Cuba, for making… Read More

Judges Appointed to The High Court of Chhattisgarh

In exercise of the powers conferred by clause (1) of article 224 of the Constitution of India, the President has appointed Shri Pritinker Diwaker as an Additional Judge of the High Court of Chhattisgarh for a period of 2 years with effect from 31st March 2013. Shri Rangnath Chandrakar has also been appointed as an… Read More

Judge Appointed to The Guwahati High Court

In exercise of the powers conferred by clause (1) of article 217 of the Constitution of India, the President has appointed Shri Justice Ujjal Bhuyan, Additional Judge of the Gauhati High Court, as Judge of that High Court with effect from the date he assumes charge of his office. ****** Read More

Exim Bank’s Line of Credit to the Government of the Republic of Cameroon

RBI/2012-13/462 A.P. (DIR Series) Circular No. 91 April 1, 2013 To All Category - I Authorised Dealer Banks Madam / Sir, Exim Bank's Line of Credit of USD 42 million to the Government of the Republic of Cameroon Export-Import Bank of India (Exim Bank) has concluded an Agreement dated September 14, 2012 with the Government of… Read More

Judges Appointed to the High Court of Judicature at Patna

In exercise of the powers conferred by clause (1) of article 217 of the Constitution of India, the President has appointed (i) Shri Justice Vijayendra Nath, (ii) Shri Justice Shivaji Pandey and (iii) Shri Justice Ashwani Kumar Singh, Additional Judges of the High Court of Judicature at Patna, as Judges of that High Court with… Read More

Foreign investment in Government Securities and Corporate Bonds Rationalised

The Central Government in consultation with Reserve Bank of India (RBI) and SEBI has been progressively liberalizing/rationalizing the scheme for foreign investment in G-Secs and Corporate bonds keeping in view the evolving macroeconomic scenario and financing needs of the economy. Till now FIIs were permitted to invest USD 25 billion in G-Secs (Comprising of two… Read More

Special Bench verdicts on Sale & Lease Back & lease finance are not good law

CLR Editorial Notes: In this case, the assessee, a Bank, had bought assets from a customers and had then leased it back to them under a sale and lease back agreement. It had also purchased assets which were identified by its customers and leased it to back to them under a finance lease agreement. The… Read More

Delay in filing TDS return through NSDL is a technical breach

CLR Editorial Notes: The Assessing Officer, in this case, had imposed a penalty u/s 272A(2)(k) for delay in filing the TDS return u/s 200(3) by the assessee. In the appeal argument given by the assessee, the delay was due to a shortage of staff. This was rejected on the ground of being an reasonable cause.… Read More

MVAT appends entries under Textile articles suitable for industrial use

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Rajguru Chowk, Mantralaya, Mumbai 400 032, Dated the 30th March 2013. NOTIFICATION Maharashtra Value Added Tax Act, 2002. No. VAT 1513/ CR 46 (3)/ Taxation 1.” In exercise of the powers conferred by sub-entry (a) of entry 101 of SCHEDULE 'C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX… Read More

KVAT issues guidelines for Refund of wrong e-payments made by dealers

GOVERNMENT OF KARNATAKA Department of Commercial Taxes No.CCW/CR.03 / 2012-13 Office of the Commissioner of Commercial Taxes in Karnataka Vanijya Therige Karyalaya, Gandhinagara, Bangalore-9 Dated 26.3.2013 To, All the Joint Commissioners of Commercial Taxes (Admn), VAT divisions in the State. Sir, Sub: Refund of wrong e-payments made by dealers-issue of guidelines-reg. This office is receiving… Read More

APVAT instructions regarding Tottenham System for acknowledging submissions

GOVERNMENT OF ANDHRA PRADESH COMMERCIAL TAXES DEPARTMENT Office of the Commissioner of Commercial Taxes Andhra Pradesh : Hyderabad. CC No.7 CCT™s Ref. No. A II(2 )/73/2013 Dated : 28 -03-2012 CIRCULAR Sri Suresh Chanda, I.A.S., Commissioner of Commercial Taxes Sub:- Commercial Taxes Department Office Management District Office Manual Tottenham System of office procedure Not acknowledging the… Read More

MVAT amends earlier VAT notification to append new items w.e.f. 1st April’13

FINANCE DEPARTMENT Madam Cama Marg, Hutatma Raj guru Chowk, Mantralaya, Mumbai 400 032, Dated the 30th March 2013. NOTIFICATION Maharashtra Value Added Tax Act, 2002. No. VAT 1513/ C.R. 46 (2)/Taxation- l.” In exercise of the powers conferred by entry 2 of SCHEDULE A' appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the… Read More

Special Bench verdict on TDS deduction u/s 40(a)(ia) binding despite suspension by High Court

CLR Editorial Note: This case refers to the non-acceptance of a TDS deduction claim U/s 40(a)(ia) made by an assessee on hiring charges paid to a dumper and subsequent appeal made by the assessee to the Kolkata Bench of the ITAT. The assessing had officer disallowed the claim on the ground that the assessee had not… Read More