Refrence No. RBI/2009-10/ 155 ,Circular No. RPCD.CO.RRB. BC.No. 21 /03.05.33/2009- 10,  Dated: September 14, 2009, Issued to : Chairman, All Regional Rural Banks Dear Sir, Finance for Housing Projects – Incorporating clause in the terms and conditions to disclose in Pamphlets/Brochures /advertisements information regarding mortgage of property to Regional Rural Banks (RRBs)

I recently heard that MTN will ask for Dual listing if Merger or takeover deal between Bharti and MTN happens. I wondered what this is all about as we haven’t witnessed such listing in India in past and neither I found  any provisions of dual listing in our country’s law although government official some times [...]

Income Tax department today recovered documents of tax evasion worth crores of rupees during a survey at a software company in Sitapura industrial area here. Teams of Mumbai, Kanpur and Pune directorate of IT department in coordination with the Jaipur office raided three places in Jaipur and conducted survey of three companies in Jaipur, Kota and [...]

CASE LAW DETAILS Decided by: Income Tax Appellate Tribunal, Delhi Bench “B” New Delhi (Special Bench).  In the case of: M/s Concept Creations vs. ACIT, Appeal No.: ITA No. 3370/Del/08 (Asstt. Yr: 2005-06), Order dated: – 15-09-2009. SUMMARY OF CASE LAW Vide Notification dated 3rd June 2009, Rule 13E was inserted in the Income Tax [...]

Dear Member, Sub: Companies Bill, 2009 As you are aware, the Companies Bill, 2009 has been introduced in Lok Sabha on 3rd August, 2009. The new Bill proposes to open up new avenues for the professionals especially Chartered Accountants and at the same time casts a lot of responsibility on them for conduct of affairs [...]

SUMMARY OF CASE LAW Intention of the landlord is a material factor in deciding the issue as to whether charging of services to be provided in terms of the agreements with the tenants is business income or not; if it is found that main intention is for letting out the property or any portion thereof, [...]

SUMMARY OF CASE LAW F&O transactions are not speculative transactions and thus, the income from such transactions cannot be set off against the speculation loss.

SUMMARY OF CASE LAW Merely on the basis of statement having been recorded, no addition can be made unless the same can be corroborated by any material either found during the course of survey or subsequently brought on record by the department while framing the assessment.

CASE LAW DETAILS Decided by: HIGH COURT OF DELHI,  In The case of: VIPIN MALIK (HUF) v. CIT,  Appeal No.:,  ITA NO. 1241/2007, Decided on: AUGUST 7, 2009 RELEVENT PARAGRAPH The appellant/assessee, which is a HUF, sold its agricultural land for Rs.14,28,400/ – in September, 1995 giving rise to a long term capital gain of Rs.9,67,412/ [...]

SUMMARY OF CASE LAW The expression “used for the purpose of the business” as found in section 32 of IT Act, 1961 when used with respect to discarded machinery would mean that the user in the business is not in the relevant financial year /previous year but in the earlier financial years; thus, the discarded [...]