Archive for July, 2009

The Reserve Bank of India might change its bias towards softening interest rates into a more cautious outlook but is expected to keep key policy rates unchanged in the monetary policy review on Tuesday. At the same time, banking sources close to the development said the central bank could raise its growth target from 5-6 per cent [...] Full Article

Madam Speaker, at the outset, I would like to thank all the honourable Members who have participated in the discussion on the Finance (No.2) Bill, 2009. I would also like to thank all other stakeholders who have participated in the debate outside the House. I have immensely benefited from the valuable suggestions made both inside [...] Full Article

Circular No: 20/IRDA/Actl/ULIP/09-10 Sub: Unit linked products – Cap on charges The Insurance Industry has introduced ULIPs which have found favour with insurance customers in India. These products prescribe certain charges which are deducted either from contributions or from the fund. In 2005, the IRDA had in its Circular No.032/IRDA/Actuary/DEC-2005 dated 21/12/2005 defined various charges [...] Full Article

A.P. (DIR Series) Circular No. 05, dated 22-7-2009 Attention of Authorised Dealer Category-I (AD Category-I) banks is invited to Companies (Issue of Indian Depository Receipts) Rules, 2004 (IDR Rules) notified by the Ministry of Corporate Affairs and subsequent amendments made thereto and Circular No. SEBI / CFD / DIL / DIP / 20 /2006 / [...] Full Article

SUMMARY OF CASE LAW The service of notice on the wife of the assessee in his absence is entirely in accordance with the law as laid down in Order V Rule 15 of the CPC and section 282(1) of the Act. CASE LAW DETAILS Decided by: ITAT, AMRITSAR BENCH, AMRITSAR, In The case of: ITO  v. [...] Full Article

SUMMARY OF CASE LAW An assessment made in violation of the provisions of section 144 is liable to be set aside. CASE LAW DETAILS Decided by: ITAT, AMRITSAR BENCH, AMRITSAR, In The case of: Harjinder Singh v. ITO, Appeal No.: ITA Nos. 46 & 47 (ASR)/ 2008, Decided on: September 12, 2008 RELEVENT PARAGRAPH 12. The phraseology, syntax [...] Full Article

SUMMARY OF CASE LAW Where the assessee had not been able to show, much less, prove, any reasonable cause(s) for not furnishing the return of income within the prescribed time i.e., by the end of the relevant assessment year, the levy of penalty for such default was not saved by section 273B; as such, the [...] Full Article

SUMMARY OF CASE LAW Merely for the reason that the non-resident assessee sent some letters and made some offer from Dubai to ONGC does not amount to doing business in India; though `lull in business’ does not mean that the assessee has ceased its business; but, when the assessee has neither permanent office, nor any [...] Full Article