Archive for February, 2009

The income-tax department is expected to fall short of its targeted collections from tax deduction at source (TDS) by 10% in 2008-09. Against a target of Rs 47,000 crore, TDS collections are expected to be around Rs 42,000 crore. To make good the shortfall, the department has carried out surveys to identify corporates that have [...] Full Article

March-April, 2009 The Institute of Chartered Accountants of India (ICAI) is pleased to welcome all leading companies to the forthcoming Campus Placement Programme for newly qualified Chartered Accountants. It is now been more than a decade that the placement programme for newly qualified Chartered Accountants (CAs) has proved to be a beneficial service to the [...] Full Article

CASE LAW DETAILS Decided by: Mumbai High Court In The case of: CIT v Polycott Corporation Appeal No. : ITA No. 1241 of 2008 Decided on: January 23, 2009 SUMMARY OF CASE LAW: The instructions of CBDT cannot be interpreted as a statute though it is pursuant to the power conferred under section 268A of [...] Full Article

Motwane Manufacturing Co. Pvt. Ltd., Vs. The Commissioner of Wealth-tax (Mumbai HC) - The Tribunal was right in law in holding that land used for internal roads of the factory and play ground for workers of the factory is taxable as wealth of the company, when the factory building has not been charged for wealth-tax . Full Article

CASE LAW DETAILS Decided by: ITAT, Nagpur Bench, Nagpur (Third Member) In The case of: Jagdamba Rollers Flour Mills Ltd. v. ACIT Appeal No. : ITA No. 93/Nag/2007 Decided on: October 27, 2008 SUMMARY OF CASE LAW The scope of enquiry under the provision of section 40A(2)(a) is with reference to the fair market value [...] Full Article

CASE LAW DETAILS Decided by: HIGH COURT OF MADRAS In The case of: The Committee Representing RBF Nidhi Ltd. v. Vipanchi Investments Pvt. Ltd. Appeal No. : OSA Nos. 343 to 345, 390 to 392 of 2007 & 130 to 132 of 2008 Decided on: February 3, 2009 SUMMARY OF CASE LAW The company in [...] Full Article

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC Section) Press Note No 2 (2009 Series) Subject: Guidelines for calculation of total foreign investment i.e. direct and indirect foreign investment in Indian companies. Investment in Indian companies can be made both by non-resident as well as resident Indian entities. [...] Full Article

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC Section) Press Note No. 4 (2009 Series) Subject: Clarificatory guidelines on downstream investment by Indian Companies. The Policy for downstream investment by Indian companies seeks to lay down and clarify about compliance with the Foreign investment norms on entry route, [...] Full Article