"January, 2008" Archive

SEBI : F!! investments in Debt Securities

Circular No. IMD/FII&/27/2008 31/01/2008

All FII transactions in debt-oriented mutual fund units which were previously reported as Equity transactions should be reported as debt on February 15, 2008, through the existing reporting system....

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SEBI : Removal of Initial issue expenses

SEBI/IMD/CIR No. 11/115723/08 31/01/2008

All mutual fund schemes shall now meet the sales, marketing and other such expenses connected with sales and distribution of schemes from the entry load....

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Increase in turnover cannot be the sole criteria for steep increase in remuneration payable to director

Shree Laxmi Marketing Pvt. Ltd. Vs ACIT (ITAT Pune)

15. In so far as the assessee's contention that as the remuneration paid to the directors were increased in a properly called meeting of the Board of Directors, such payment is to be considered as reasonable and not excessive, we are of the view that this contention of the assessee would be of no much assistance to the assessee as discuss...

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Union of India Versus Anil Chanana and Another (Supreme Court)

Union of India Vs Anil Chanana & Another (Supreme Court of India)

Applications for compounding ought to be disallowed if there are such contradictions, inconsistencies or incompleteness. The reason is obvious. If the applicant is trying to hoodwink the Authority such applications would not be maintainable. That aspect is required to be kept in mind by the Compounding Authority. The test is as follow...

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Income Tax – damages paid for non-fulfillment of contractual obligations – allowable expenditure – But, any sum paid for infraction of law, not allowab

M/s. Jamna Auto Industries Yamunanagar Vs The Comissioner of Income Tax, Haryana,Rohtak (Punjab & Haryana High Court)

ANY business is a tricky 'business' for its doers ! It is tricky because of the presence of many parameters beyond the control of the doers. Under such circumstances, what is to be treated as normal expenditure of business is the sum of compensation which a business-doer has to incur as expenditure for paying damages in case of non-fulfil...

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Presumptive tax net may expand to Include Taxi and bus fleet owners and contractors providing raw materials, electrical work and furniture in civil

Taxi and bus fleet owners and contractors providing raw materials, electrical work and furniture in civil construction are likely to come under the presumptive income tax net from 2008-09.An announcement in this regard is likely in the coming Budget.Presumptive tax is a procedure for computing profits of contractors that supply labour for...

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Posted Under: SEBI |

IT Dept. lists refund details on website

The Income Tax Department here has put on its website the list of income tax refunds of all salary tax payers which could not be sent to the concerned persons for want of correct address. Salary taxpayers who have not received refunds for assessment years 20034 to 20067 can long on to the website (www.incometaxindia.gov.in (mumbai region...

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Posted Under: SEBI |

Exchange rate notification for Import of / exported goods w.e.f 1st February, 2008

Notification No. 5/2008-Customs (N.T.) 28/01/2008

In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) No.123/2007(NT)-CUSTOMS, dated the 26th December, 2007 vide number S.O. 2184(E), dated the 26th December, 2007, except as respects th...

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Expenditure made for use of domestic customer base and transfer of human skills – revenue in nature – allowable deduction : ITAT

THE assessee company was incorporated during the financial year 1997-98. Originally, there was a company jointly promoted by Tatas and IBM , which were known as Tata IBM. During the financial year 1997-98, it was mutually agreed between the two promoters to bifurcate the business activities into separate entities viz. IBM Global Services ...

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Posted Under: SEBI |

Jayalalitha wins – Agricultural income & cash expenditure, not bogus- ITAT

The assessee is a partnership firm constituted by the Deed of Partnership dated 22.1.1980 and consisted of two partners, viz., Ms. J. Jayalalitha and Ms. V Sasikala . In terms of the Deed of Partnership, the Assessee carries on the business of all types of printing and publishing of newspapers, magazines, periodicals etc. and such other b...

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Posted Under: SEBI | ,

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