shortfall

Prakash Sharma, a contestant from Jaipur, had approached the court against an order on postal ballots by T. Karthikeyan, secretary, ICAI. The Rajasthan high court has stayed the Institute of Chartered Accountants of India (ICAI) from declaring the results of the election to its apex council held on 4-5 December. The results were to be declared on 6th of January’10. Full Article

The government’s tax collections could take a Rs 10,000-crore hit this year due to the setting up of the income-tax dispute resolution panel (DRP) for settling transfer pricing disputes. Such a dispute arises when there is a disagreement between the government and the taxpayer, especially a foreign company, in determining the tax liability of its subsidiary. Full Article