"21 November 2009" Archive

ICAI Announced – e-Learning course on Transfer Pricing

The Finance Act, 2001 has introduced Sections 92 to 92F in the Income-Tax Act, 1961 with effect from Assessment Year 2002-2003 and these provisions are commonly referred to as transfer pricing regulations. These provisions deal with the methods of computation of income from international transactions, the document to be maintained by the ...

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Posted Under: CA, CS, CMA |

Special Economic Zone Authority Rules, 2009 Notified

In exercise of the powers conferred by clauses (zb), (zc), (zd), (ze), (zf), (zg), (zh), (zi) and (zj) of sub-section (2) of Section 55 of the Special Economic Zones Act, 2005 (28 of 2005) read with Section 31, the Central Government hereby makes the following rules, namely :—...

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Posted Under: CA, CS, CMA |

IT officer released on bail , joined back office

This is perhaps the first time an officer arrested for corruption went to office on release from custody—an act considered as violation of rules. On October 25, income tax commissioner Ajoy Kumar Singh was arrested on corruption charges and on October 30, a day after his release on bail, he reported to work at his Nagpur office....

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Posted Under: CA, CS, CMA |

IT department conducted Searches and Seizure in various states

The Minister of State for Finance, Shri S. S. Palanimanickam, gave the below information in written reply to a question raised in Lok Sabha.The Income Tax Department, assisted by the Enforcement Directorate, has conducted searches and seizure operation recently in various States of the country. Various lockers, bank accounts and premises ...

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Posted Under: CA, CS, CMA |

Lenovo removed wrong maps from laptops of Income tax department

Two days after TOI reported about the distorted Indian maps in wallpapers on laptops supplied to the income-tax department, the supplier (Lenovo) has started removing it. The systems department of the income-tax department has informed its officials about the time and day of the company's visit. "In some laptops, they have already remove...

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Posted Under: CA, CS, CMA |

Joint committees at states level will be formed for inputs on the proposed GST

The Empowered Committee of State Finance Ministers will form joint committees at the level of the states for inputs on the proposed goods and services tax before its planned introduction next year.“A joint committee at the level of the states will be made and that will be a part of the exercise for preparation to implement GST. The comm...

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Posted Under: CA, CS, CMA |

CBEC slapped Rs. 1200 crore penalty notice on EPFO for evading service tax

It's not clear if dipping tax collections have anything to do with it, but the country's largest retirement fund just got a shocker from the revenue authorities. The Central Board of Excise & Customs has slapped a penalty notice on the Employees' Provident Fund Organisation (EPFO) for evading service tax, arguing that it provides employe...

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Posted Under: CA, CS, CMA |

RBI asked bank and financial institutions to report suspicious deals within 7 days

The Reserve Bank of India has asked all banks and financial institutions to furnish a suspicious transaction report to the Financial Intelligence Unit-India within seven days of such a transaction, said a notification from the central bank on Thursday. "The report must be furnished within seven days of arriving at a conclusion that a tran...

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Posted Under: CA, CS, CMA | ,

Securities Appellate Tribunal set aside charges of insider trading against former MD of Tata Finance

The Securities Appellate Tribunal (SAT) has set aside charges of insider trading against Dilip Pendse, former managing director of Tata Finance, and his wife Anuradha Pendse and Nalini Properties. “The charges of insider trading against Dilip Pendse, his wife Anuradha Pendse and Nalini Properties, a company controlled by Anuradha’s fa...

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Posted Under: CA, CS, CMA |

Mumbai ITAT rules on taxability of waiver of loan

Cipla Investments Ltd. Vs. ITO (ITAT Mumbai)

This article summarizes a recent ruling of the Mumbai Income Tax Appellate Tribunal (ITAT) [2009-TIOL-707-ITAT-MUM] in the case of Cipla Investments Ltd. (Taxpayer) on taxability of waiver of loan. The ITAT held that since the loan received was on capital account, its subsequent waiver too was on capital account. Hence, the loan waived wa...

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