Archive for February, 2009

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC Section) Press Note No 3 (2009 Series) Subject: Guidelines for transfer of ownership or control of Indian companies in sectors with caps from resident Indian citizens to non-resident entities. At present, the transfer of shares from residents to non-residents, including [...] Full Article

Government of India Ministry of Commerce & Industry Department of Industrial Policy & Promotion (FC Section) Press Note No. 1 (2009) Subject: Foreign investment in Print Media dealing with news and current affairs. On a review of the extant policy on Foreign Direct Investment, Government of India has decided to allow foreign investment in publication [...] Full Article

In the present case, the only ground on which it was proposed to deny Cenvat Credit on Service Tax is the non-installation of mobile phones in the appellant’s premises. Neither is there any ground in the notice nor any finding that the calls made from the mobile were not relatable to the business of the assessee. In this view of the matter, the judgment of the Hon’ble Gujarat High Court squarely covers the issue in favour of the appellant. Following the same, I se.. Full Article

The Central Bureau of Investigation has stumbled upon propertiesworth crores of rupees, which is suspected to have been illegitimately amassed by a senior Income Tax officer. Additional IT Commissioner, S M Keshkamat was held on Friday for accepting a bribe of Rs 4.5 lakh from an assessee. Keshkamat had purchased the properties in the names [...] Full Article

The CBI and the income tax department are at loggerheads. The reason is the effect of a trap laid by the CBI to catch an income tax officer, T V Mohan who was allegedly accepting a bribe of Rs 4.5 lakh from the chartered accountant of a real estate agent. Mohan was detained on Thursday [...] Full Article

Amendments in Schedule-I (Imports) to the ITC (HS) Classifications of Export and Import Items, 2004-09 TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY PART-II, SECTION-3, SUB SECTION (ii) GOVERNMENT OF INDIA MINISTRY OF COMMERCE & INDUSTRY DEPARTMENT OF COMMERCE NOTIFICATION No. 89(RE-2008)/2004-09 Dated: 26th February, 2009 S.O. (E).- In exercise of powers conferred under [...] Full Article

THE SALES TAX OFFICE HAS OPENED A SEPARATE DESK FOR ACCEPTING THE MVAT AUDIT REPORT (FORM 704). 1.THE MVAT AUDIT REPORT CAN ALSO BE SUBMITTED ON 28TH FEBRUARY & 1ST MARCH 2009. 2.ON ABOVE DATES THE SALES TAX OFFICE IN THE STATE OF MAHARASHTRA WILL BE REMAIN OPEN DURING REGULAR OFFICE HOURS FOR ACCEPTING MVAT [...] Full Article

TAX evasion and tax fraud through the abuse of charities is a serious and increasing risk in many countries, and some estimate that the abuse of charities costs their treasury many hundreds of millions of dollars. The vast majority of charities are legitimate but some may be targeted by criminals to launder the proceeds of [...] Full Article