2 Archive - 26 July 2009

"26 July 2009" Archive

Even Best Judgment assessment cannot be made without giving opportunity of being heard has to be given to assessee

Harjinder Singh Vs ITO (ITAT Amritsar)

12. The phraseology, syntax and language used/employed by the legislature in section 144, as quoted hereinabove, are amply clear. As per this section, inter alia, if a person fails to comply with the terms of a notice under section 143(2), the A.O., after taking into account all relevant material gathered by him shall, after giving the as...

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Validity of levy of penalty for not furnishing the return of income within the prescribed time

Sanjay Agarwal @ Sanjay S. Agarwal Vs. ACIT (ITAT Agra)

6.2 In the present case there has been admittedly a default in terms of s. 271F of the Act; the assessee's legal ground, i.e., in respect of validity of its return, being of no consequence, in view of me. Clear mandate of the provision (s. 271F), as well as the decision by the Hon'ble Apex Court in the case of Prakash Nath Khanna (supra)....

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Tribunal is not competent to recall its previous order and re-write the same again and reverse the earlier decision taken on merit

Adarshveer P. Jain Vs ACIT (ITAT Mumbai)

8. A bare perusal of the ground raised by the assessee, in impugned M. A. reveals that the same pertain to the issues adjudicated by the Bench, on merit, after evaluating the rival submissions, including case laws relied upon by the parties, and the relevant records. The issues considered and decided on merit after due application of mind...

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Stamp Duty and Fees Payable for Registration of Companies Limited by Shares

STAMP DUTY AND FEES PAYABLE FOR REGISTRATION OF COMPANIES LIMITED BY SHARES Nominal Capital Filing fee to be deposited with Stamp Duty payable in Maharashtra Memorandum Articles & Forms* the ROC (each) Memorandum Articles Rs. Rs. Rs. Rs. Rs. 50,000 4,000 100 200 1,000 100,000 4,000 200 200 1,000 200,000 7,000 200 200 1,000 500,000 [&h...

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Posted Under: Income Tax |

Stamp Duty Rates as Per Bombay Stamp Act, 1958

The Explanation to the definition provides that any instrument by which one co-owner transfers his property to another co-owner would be deemed to be a conveyance provided that it is not an instrument of partition....

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Posted Under: Income Tax |

Central Vigilance Commission disposes of 485 cases, recovers over Rs 13 crore

New Delhi (PTI): The Central Vigilance Commission has disposed of 485 cases and effected recoveries to the tune of Rs 13.55 crore in the last one month alone. The Commission has launched prosecution against 10 officers including six from Central Board of Direct Taxes (CBDT), two from Department of Telecommunication and one each from Centr...

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Posted Under: Income Tax |

RBI penalised PSU & Private banks for violating its guidelines

The Reserve bank of India (RBI) has penalised a number of banks—both government-run and private—in the last three years for violating its guidelines. The alleged violations include “non-adherence of know-your-customer (KYC) norms, failure of internal controls in initial public offerings, violation of foreign exchange management guid...

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Posted Under: Income Tax | ,

Operational of the IDR Rules with immediate Effect and Applicability of FEMA Regulations

As you aware the Ministry of Corporate Affairs has notified Companies (Issue of Indian Depository Receipts) Rules, 2004 and subsequently there were amendments on the subject matter and SEBI vide its Circular No. SEBI / CFD / DIL / DIP / 20 /2006 / 3 / 4 dated April 3, 2006 issued by the Securities […]...

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Posted Under: Income Tax |

New direct tax code expected to release for public discussion 20th August 2009

The Lok Sabha was informed, on Friday that the new direct tax code will be released for public discussion by August 20. The new code will be released along with a discussion paper, the Minister of State for Finance, Mr S. S. Palanimanickam, said in a written reply in the Lok Sabha. On July 6, […]...

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Posted Under: Income Tax |

LLPs clarification required on capital gain & stamp duty on coversion

Limited liability partnerships (LLPs) have been the flavour of corporate jurists all over the world in the past 15 years. The concept looked attractive. India passed the Limited Liability Partnership Act in 2008, providing the legal framework for the formation of LLPs. The Act came into force on April 1, 2009. The tax aspect has been sort...

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Posted Under: Income Tax |