TAX & LEGAL UPDATES FROM TAX GURU 15.05.2009

UPDATES FROM TAX GURU 150 investors rally against Income - Tax dept Posted: 14 May 2009 10:14 AM PDT Harried investors of Pramod Agrawal's Mahadeo Developers Private Limited and Kalamna Market Urban Credit Cooperative Society gathered in front of the income tax office at Saraf Chambers, Sadar,... ITAT Mumbai benches not functioning from 18.05.2009 to 22.05.2009 Posted: 14 May 2009 10:11 AM PDT NOTICE The following benches will not function during the period 18.05.09 to 22.05.09:- "B-1, G, J, K, L, WT & SMC " Sd/- ( M. A. Bakshi) Vice-President( M) Dated :- 14.05.2009,... Supreme Court explains Dharmendra Textiles penalty judgement in the case of UOI vs. Rajasthan Spinning Posted: 14 May 2009 09:56 AM PDT Held in the context of s. 11AC of the Excise Act (which provides that where any duty of excise has not been .. paid .. by reasons of fraud, collusion or any wilful mis-statement or suppression of... Estimated expenditure towards warranty is allowable u/s 37 (1): SC Posted: 14 May 2009 09:53 AM PDT Rotork Controls vs. CIT (Supreme Court)  The assessee sold valve actuators. At the time of sale, the assessee provided standard warranty that if the product was defective within the stated period,... Highvalue Cheque Limit increased to 5 Lakh Posted: 14 May 2009 09:47 AM PDT One lakh rupees is no longer considered 'high value' in banking parlance. Until recently, a cheque amounting to over a lakh was considered high value and would be swiftly cleared on the... Central Excise circular on manner of scrutiny of ER1, ER2 and ER3 returns and returns submitted by dealers Posted: 13 May 2009 11:56 PM PDT Manner of Scrutiny of ER1, ER2 and ER3 returns and returns submitted by Dealers by the proper officer  (Circular No. 887/07/2009- CX, dated 11-5-2009) These guidelines supersede the earlier ... DOT will appoint special auditors to audit revenue figure of top 4 telecom companies Posted: 13 May 2009 10:04 PM PDT The Department of Telecom will appoint special auditors this week to verify the revenue figures of Bharti Airtel, Vodafone Essar, Idea Cellular and Tata's telecom companies, which operate in... SEBI Circular on Allocation methodology of debt investment limits to FIIs Posted: 13 May 2009 09:57 PM PDT General Manager, Division of Foreign Institutional Investors & Custodians, INVESTMENT MANAGEMENT DEPARTMENT Cir No. IMD/FII & C/ /2009 Dated :May 12, 2009 To All Foreign Institutional... SEBI circular on Simplified Listing Agreement for Debt Securities Posted: 13 May 2009 09:53 PM PDT The Managing Director / Administrator Stock Exchanges Dear Sirs, Sub: Simplified Listing Agreement for Debt Securities I. In order to develop the primary market for corporate bonds in India, SEBI... SEBI circular on Compliance with Regulation 16(8) of SEBI (Portfolio Managers) Regulations, 1993 Posted: 13 May 2009 09:43 PM PDT GENERAL MANAGER, INVESTMENT MANAGEMENT DEPARTMENT IMD/PMS/2/2009/11/05, May 11, 2009 All Registered Portfolio Managers Dear Sirs, Sub: Compliance with Regulation 16(8) of SEBI (Portfolio Managers)... With Regards,  Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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