Mumbai: A late-night adventure by two senior income-tax (IT) officers, who sneaked into the room of one of their colleagues and broke open a cupboard to gather information on a leading city builder, went awry recently, leaving the investigation wing of IT red in the face. The duo was caught on the closed-circuit television at Aaykar Bhavan, and the issue has now snowballed into a nasty fight, with the IT top brass in Mumbai trying to pacify the warring officers.
Accounting regulator ICAI on Wednesday said it will issue fresh notices to PriceWaterhouse, Delhi, in relation to the Satyam scam after the Delhi High Court objected to its action against the firm without any evidence that it was related to PW, Bangalore, the statutory auditors of scam-hit company.
Government would make all efforts to meet the aspirations and expectations of the taxpayers and the corporate sector before finalisation of the Direct Tax Code. The next steps in this direction would be taken only after a comprehensive review of the draft Direct Tax Code by taking on board the suggestions received. This was stated by the Finance Minister, Shri Pranab Mukherjee while addressing the first newly constituted Parliamentary Consultative Committee attached to his ministry here yesterday.
The MoU provides for Recognition and Examination arrangements for the members of the two largest Institutes. This agreement would facilitate mobility of members across the borders and further strengthen the ties between India and Great Britain. The MoU entitles Institute membership without license to practice. General practice rights excluding auditing rights would be available.
he assessee, a civil contractor, claimed deduction u/s 80-IA (4) in respect of the profits from infrastructure projects executed by it. The lower authorities rejected the claim on the ground that the assessee was a mere contractor and not a developer. On appeal, the Judicial Member upheld the claim on the ground that the assessee was a developer. The Accountant Member dissented and after taking note of the Explanation to s. 80-IA then proposed to be inserted by the Finance Bill 2007 w.r.e.f 1.4.2000, rejected the claim.
The assessee transferred a capital asset which was received by her by way of gift on 1.2.2003. The previous owner had acquired the capital asset on 29.1.1993. In computing capital gains, the assessee claimed that the indexed cost of acquisition had to be worked out by taking the date of acquisition by the previous owner.
