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Archive: 03 February 2009

Posts in 03 February 2009

Amends No. 21/2002-Customs, Dated: 01.03.2002

February 3, 2009 271 Views 0 comment Print

The principal notification was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 118(E), dated the 1st March, 2002 and was last amended by notification no. 2/2009-Customs, dated the 2nd January, 2009 which was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R.5(E), dated the 2nd January, 2009.

I-T dept may seek details on accounts held by taxpayers in banks abroad

February 3, 2009 159 Views 0 comment Print

The Central Board of Direct Taxes (CBDT), the apex body for tax matters in India, is actively considering a proposal that will allow income-tax department to ask for information on accounts held by taxpayers in banks abroad. According to a person directly involved in the development, CBDT is considering adding a column in I-T returns […]

Satyam case may be moved to a special session court for expediate trial

February 3, 2009 318 Views 0 comment Print

The high-profile Rs 7,000- crore Satyam fraud case is likely to be transferred to a special sessions court to expedite trial,according to a senior police officer. The Criminal Investigation Department (CID), which is probing into the fraud after the software firm’s disgraced founder B Ramalinga Raju confessed to fudging the books, will shortly recommend the […]

Validity of an assessment framed under section 153A of IT Act in case of a person not searched

February 3, 2009 2147 Views 0 comment Print

44. We have carefully considered the rival submissions in the light of material placed before us. The assessments in the present case have been made u/s 153A of the Act. Section 13A provides that in case a person against whom search is initiated u/s 132A of the Act then notwithstanding anything contained in sections 39, 147,148,149 151 and 153 of the Income Tax Act, the AO shall issue a notice to such person

Task force for demands of govt auditors in Co-Operative Establishments

February 3, 2009 252 Views 0 comment Print

State co-operation minister Harshavardhan Patil on Sunday said that a task force will be set-up to look into the matters of government auditors who are working with the co-operatives commissionerate.

ICAI's move will end monopoly of Big Four

February 3, 2009 378 Views 0 comment Print

The ICAI’s proposal to restrain foreign firms from joining hands with Indian auditing companies has brought some relief to local chartered accountants. They observe that this proposal will put an  end to the monopoly of the big four (Ernst and Young, Pricewaterhouse, KPMG and Deloitte) which has been a matter of concern to them for […]

India judiciary allows regulator to quiz Satyam founder

February 3, 2009 222 Views 0 comment Print

India’s Supreme Court has given the country’s financial markets regulator permission to question Ramalinga Raju, the founder of Satyam Computer Services (SATY.BO), which is at the centre of the country’s biggest corporate scandal, court officials said on Tuesday.  The court said officials from the Securities and Exchange Board of India (SEBI) could interrogate Raju and […]

Modifications in section 220, 303 and 594 of Companies Act, 1956

February 3, 2009 694 Views 0 comment Print

In exercise of the powers conferred by clauses (a) and (b) of sub­section (1) of section 610C of the Companies Act, 1956 (1 of 1956), the Central Government hereby directs that.

CA J. Mohala in hijack drama – His insecurities may have led to hijack'

February 3, 2009 330 Views 0 comment Print

Jitendra Kumar Mohala could be suffering from what  psychiatrists call a frustration aggression syndrome. Mohala was arrested on Sunday night and sent to jail for 14 days for creating a hijack scare on an Indigo flight, leading to a security crisis at IGI airport. Mohala, a 42-year-old CA from Dwarka and son of a retired […]

I’m a terrorist, ‘hijacker’ told airline crew – CA J Mohala

February 3, 2009 306 Views 0 comment Print

Why did Jitendra Kumar Mohala, a 42-year-old chartered accountant and the son of a retired air commodore, go berserk while travelling on IndiGo’s Goa-Delhi flight on Sunday afternoon? Mohala had claimed to be an armed hijacker from a terror outfit and had subjected the flight crew to a torrent of terror talk. While investigators are […]

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