Daily Archives: November 3, 2015

Designated Post offices to issue Sovereign Gold Bond 2015-16

By | November 3, 2015

Ministry of Finance03-November, 2015 19:17 IST In continuation of the Press Communiqué dated 30th October, 2015 on Sovereign Gold Bond 2015-16, the Government of India, in consultation with Department of Post, has decided to issue the list of designated Post Offices to issue Sovereign Gold Bond Scheme, 2015. The designated Post Offices are authorized to… Read More »

Finance Minister reviews prices of essential commodities

By | November 3, 2015

Ministry of Consumer Affairs, Food & Public Distribution03-November, 2015 Finance Minister, Shri Arun Jaitely chaired a high level meeting here today to review the prices of essential commodities ahead of the festive season. The meeting was attended by the Urban Development Minister Shri Venkaiah Naidu, Minister of State for Agriculture Shri Sanjeev Balyan, Principal Secretary… Read More »

SIT told MCA to take action against persons holding Directorship in more than 20 Companies

By | November 3, 2015

Press Information Bureau Government of India Ministry of Finance 03-November-2015 14:13 IST Among others Special Investigation Team (SIT) calls for greater vigilance by law enforcement and intelligence agencies while examining the cases of persons holding Directorship in more than 20 Companies and where more than 20 companies are operating from the same address The Special… Read More »

FAQ’s on Overseas Direct Investments

By | November 3, 2015

(Updated upto October 13, 2015) Q.1. What is the significance of overseas direct investments for the country and for the investor? A. Joint Ventures/Wholly Owned Subsidiaries abroad promote economic co-operation between India and the host countries. They result in transfer of technology and skills, sharing the results of Research & Development, access to the global… Read More »

FAQ on BUYBACK OF SECURITIES

By | November 3, 2015

FREQUENTLY ASKED QUESTIONS ON SEBI (BUYBACK OF SECURITIES) REGULATIONS, 1998 These FAQs offer only a simplistic explanation/clarification of terms/concepts related to the SEBI (Buyback of Securities) Regulations, 1998 [“Buyback Regulations”]. Any such explanation/clarification that is provided herein should not be regarded as an interpretation of law nor be treated as a binding opinion/guidance from the… Read More »

No settlement application under section 245 if taxes and interest not paid

By | November 3, 2015

Assessee had not paid requisite amount of taxes and interest on revised undisclosed income on or before specified date, settlement application filed by assessee under section 245D stood abated HIGH COURT OF GUJARAT Grahshilpa Construction (P.) Ltd. v. Income-tax Officer MS. HARSHA DEVANI AND MS. SONIA GOKANI, JJ. SPECIAL CIVIL APPLICATION NO. 9037 OF 2014… Read More »

Deduction of Section 43B not allowed for contingent liability

By | November 3, 2015

Where import contract stated that after purchase liability in respect of customs duty, excise duty, penalty, sales tax, etc., would be paid by assessee, since liability, was contingent upon uncertain fact, deduction under section 43B was not permissible HIGH COURT OF DELHI Oswal Agro Mills Ltd. v. Commissioner of Income-tax S. RAVINDRA BHAT AND R.K. GAUBA,… Read More »

Arranging celebrities/cricketers for promotion and publicity of goods manufactured by client is Advertising agency Services

By | November 3, 2015

Issue  Whether services provided by the appellant to M/s. Hero Honda Motors Ltd. through Cricket Celebrities namely Shri. Saurav Ganguly, Shri. Virender Sehwag, Shri. Yuvraj Singh, Shri. Harbhajan Singh and Shri Zaheer Khan is advertising services or otherwise ? Facts of the Case In the instant case the Appellant, had a tripartite agreement with M/s… Read More »

Exception to Passing the Resolution by Postal ballot only

By | November 3, 2015

Rule regarding postal ballot specifically provides for passing of resolution under section 180(1)(a) by way of postal ballot only, still many listed companies are passing the same in the annual general meetings, is there any exception available to that? Answer: According to companies act 2013 section 180(1)(a) that relates to selling, leasing or otherwise disposing off the… Read More »

Resale Price Method is the most appropriate method for benchmarking is in earlier years same has been accepted

By | November 3, 2015

Where selection of TNMM by department had been found to be inappropriate by Tribunal in earlier years and assessee’s Resale Price Method had been accepted on identical facts, Resale Price Method is the most appropriate method for benchmarking assessee’s transaction of import of seeds to its AE in relevant year Seminis Vegetable Seeds (I) (P.)… Read More »

Overdue charges on EMI default taxable on receipt basis: HC

By | November 3, 2015

Facts of the Case Assessee was a non-banking company entered into a lease agreement with its customers. One of clauses in agreement provided for if monthly instalments(EMI) were not paid, it would carry additional finance charges(AFC) or overdue charges in prescribed rate .Assessee maintained its accounts with respect to AFC charges under cash/receipt system for… Read More »

FAQ on Takeovers issued by SBI

By | November 3, 2015

FREQUENTLY ASKED QUESTIONS ON SEBI (SUBSTANTIAL ACQUISITION OF SHARES AND TAKEOVERS) REGULATIONS, 2011 These FAQs offer only a simplistic explanation/clarification of terms/concepts related to the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 [“SAST Regulations, 2011”]. Any such explanation/clarification that is provided herein should not be regarded as an interpretation of law nor be… Read More »

Central Sales Tax Delhi Amendment Rules 2015

By | November 3, 2015

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI FINANCE (REVENUE-I) DEPARTMENT DELHI SECRETARIAT, I.P. ESTATE, NEW DELHI 100 02 No. F.3(18)/Fin(Rev-I)/2015-2016/DS-VI/886 Dated the 30-10-2015 NOTIFICATION In exercise of the powers conferred by sub-section (3) and( 4) of section 13 of the Central Sales Tax Act, 1956 (Act No. 74 of 1956), and all other powers enabling… Read More »

Anti dumping duty on narrow woven fabric Extended for one year

By | November 3, 2015

The Finance Ministry has extended by one year the validity of anti-dumping duty on ‘’narrow woven fabric’ imports from China and Chinese Taipei. In market parlance, “narrow woven fabric” are popularly known as “Velcro tapes” or “fastening tapes”.or “hook and loop tape fasteners”. It finds application in industries such as garment industries, surgical and orthopaedic… Read More »

Assessee not required to comply supplementary instruction if the main exemption notification does not contain it :CESTA

By | November 3, 2015

Facts of the case ;- Appellant is registered with the department for production/clearance of excisable goods to domestic electrical appliances namely, juicer mixer grinder (JMG), food processor, mixer grinder and electric motors. The appellants are exporting excisable a goods without payment of duty against exemption under Notification No. 42/01 ibid. Supplementary instructions were issued to… Read More »

Shri Deepak Singhal takes charge as New Executive Director at RBI

By | November 3, 2015

Date : Nov 02, 2015 Shri Deepak Singhal has taken over as the new Executive Director at the Reserve Bank of India today, November 2, 2015. He will look after Central Security Cell, Corporate Strategy and Budget Department, Department of Corporate Services, Human Resource Management Department (including HR Operations Unit), Rajbhasha Department and Right to… Read More »

Category: RBI