CBDT
CBDT has clarifies that officer below the rank of Joint Commissioner of Income Tax (JCIT) can’t initiate the penalty proceedings under Section 271D, that is, contravention in taking or accepting any loan or deposit otherwise than by modes specified therein) or
Section 271E, that is, Contravention in repayment of any loan or
deposit otherwise than by modes specified therein. The Assessing
Officers (below the rank of JCIT are advised to make a reference to the
Range Head, that is, an officer of the rank of Joint Commissioner/ Addl.
Commissioner of Income Tax., regarding such contraventions. The Range
Head then may issue the penalty notice and shall dispose/complete the
proceedings within the limitation prescribed under section 275(1)(c) of
the Act, that is, after the expiry of the financial year in which the
proceedings, in the course of which action for the imposition of penalty
has been initiated are completed, or six months from the end of the
month in which action for imposition of penalty is initiated, whichever
period expires later.
RBI
RBI has issued Master Direction for Issue and Pricing of shares by Private Sector Banks and directed that the allotment of shares to the investors will be subject to compliance of RBI Master Directions dated November 19, 2015, that is, Reserve Bank of India (Prior approval for acquisition of shares or voting rights in private sector banks) Directions, 2015 which
requires investors to obtain specific prior approval of RBI if the
proposed acquisition results in aggregate holding of 5 per cent or more
of the paid-up capital of the bank.
Thanks & Regards,
Meetesh Shiroya
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