Tribunal deems Excise Department action of confiscation of good and imposition of penalties as unjustified
CLR Editorial Notes: This case refers to an appeal made by a marble products manufacturer against the Commissioner of Central Excise Jaipur, based on an order on confiscation of excess goods and payment of penalties imposed on non-registration and for redemption of confiscated excess material. It was appealed, that as per the various circulars of CBEC, the… Read More
Delhi High Court quashes reassessment notice claiming wrong deduction under Sec 80-IA
CLR Editorial Note: This case was petitioned to the Hon'ble High Court of Delhi by NTPC (petitioner), against the Deputy Commissioner (IT) (respondent), on account of a reassessment proceeding order initiated by the respondent with the view that the petitioner's income chargeable to tax for the assessment year 2000-01 had escaped assessment within the meaning of… Read More
High Court Order in a case of company personnel seconded overseas on projects
CLR Editorial Note: The object of section 91(1) of the Income Tax Act is to provide relief from taxation in India to the extent of taxes which have been paid overseas for the relevant previous year term, and this relief does not depend on the payments which have also been made in the previous year.… Read More
Reserve Bank of India Central Board Nomination
Shri Rajiv Takru nominated on RBI Central Board The Central Government has nominated Shri Rajiv Takru, Secretary, Department of Financial Services, Ministry of Finance, New Delhi as a director on the Central Board of Directors of the Reserve Bank of India vice Shri D. K. Mittal. Shri Takru's nomination is with effect from February 4,… Read More
High Court Order for a Company Appeal related to allegations of betrayal of trust and faith and illegal control of BoD
COMPANY APPEAL (SB) No. 100 of 2012 Page 1 of 21 IN THE HIGH COURT OF DELHI AT NEW DELHI COMPANY APPEAL (SB) No. 100 of 2012 Reserved on: January 24, 2013 Decision on: February 5, 2013 SANJAY GAMBHIR & ORS. ..... Appellants Through: Mr. K. Datta with Mr. Manish Srivastava and Mr. Diggaj Pathak,… Read More
Advance Estimates of National Income, 2012-13
The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the advance estimates of national income at constant (2004-05) and current prices, for the financial year 2012-13. 2. These advance estimates are based on anticipated level of agricultural and industrial production, analysis of budget estimates of government expenditure and performance of key sectors… Read More
RBI releases Final Report of the Working Group on Issues Related to Gold Imports and Gold Loan NBFCs in India
The Reserve Bank of India has today placed on its website the final Report (Attached) of the Working Group to Study the Issues Related to Gold Imports and Gold Loan NBFCs (non-banking finance companies) in India. Key Recommendations of the Working Group: a. Macro Issues There is a need to moderate the demand for gold imports considering its… Read More
RBI Reference Rate for US $ and Euro
The Reserve Bank of India™s Reference Rate for the US dollar is `53.1445 and the Reference Rate for Euro is `71.9355 on February 7, 2013. The corresponding rates for the previous day (February 6, 2013) were `53.0855 and `72.0165 respectively. Based on the Reference Rate for the US dollar and middle rates of the cross-currency quotes, the exchange rates… Read More
RBI Central Board meets today at Guwahati
The Central Board of Directors of the Reserve Bank of India met today at Guwahati. Dr. D. Subbarao, Governor, Reserve Bank of India chaired the meeting. Directors, Dr. Anil Kakodkar, Shri Kiran Karnik, Prof. M.V. Rajeev Gowda, Shri Y. H. Malegam, Prof. Dipankar Gupta, Dr. Najeeb Jung, Ms. Ela Bhatt, Dr. Indira Rajaraman and Shri… Read More
Bombay High Court stay order related to coercive recovery of excise
The Bombay High Court ordered an ad-interim stay against coercive recovery pursuant to Circular No. 967/01/ 2013 CX dated 01.01.2013 issued by the Central Board of Excise and Customs. The orders were passed on 17.01.2013 in the case of Uhde India Pvt. Ltd vs. UOI WP 380 of 2013, Exide Industries Ltd vs. UOI WP No.… Read More
High Court censures Department for cavalier approach
Larsen & Toubro Ltd vs. ACIT (Bombay High Court) The assessee, a consortium, was awarded a contract by MMRDA for the monorail project. The assessee filed an application u/s 197 for a certificate that MMRDA be directed to deduct tax at 0.11% on the ground that the percentage of total tax liability to revenue was estimated to be 0.11%. The AO rejected the application on the… Read More
Rate of exchange of conversion of each of the foreign currency with effect from 8th February, 2013
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS Notification No.20/2013-Customs (N.T.) DATED THE 7th February, 2013 18 Magha, 1934(SAKA) S.O. (E). In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of… Read More
Customs Appellate Tribunal ruling on CENVAT credit towards input services
CLR Editorial Notes: This case is related to the CENVAT credit claimed by Dhampur Sugar Mills Ltd towards construction work of guest house in the mill complex, which has been claimed as input services. The CESTAT has ruled based on the case in which the Hon' ble High Court of Andhra Pradesh in the case… Read More
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