No penalty on voluntary payment of duty prior to show cause notice; Expl. to sec. 11(2AB) is retrospective

Excise & Custom : Explanation 3 inserted in section 11A(2B) of Central Excise Act, 1944 by Finance Act, 2010 with effect from 8-5-2010, is a clarificatory provision having retrospective effect and, therefore, assessee making payment of duty voluntarily prior to issuance of show-cause notice may claim benefit thereof for prior periods as well.

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MCA clarification on applicability of Section 372A of of Companies Act, 1956

::: Ministry of Corporate Affairs:::

General Circular No. 18/2013 | Date - 19.11.2013

MCA clarification on applicability of Section 372A of the Companies Act 1956 (dealing with inter-corporate loans) continues to remain in force till Sec 186 of Companies Act 2013 is notified.

Author Bio: Kishor Kumar is a freelance writer. He writes on Online TDS Software, MCA xbrl software. He like to share lot of information, tips and idea related to finance.