"November, 2009" Archive - Page 19

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: Corporate Law |

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: Corporate Law |

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: Corporate Law |

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: Corporate Law |

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: Corporate Law |

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: Corporate Law |

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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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: Corporate Law |

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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Increase in Registration Fees is unconstitutional and without any reasons

As per section 17 of the Indian Registration Act, 1908 any documents related to immovable property exceeding worth Rs.100/- needs to be compulsorily registered. This being a central Act and is being implemented by the state government as per the special power given to the state government. Further, the state government is also empowered t...

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Posted Under: Corporate Law |

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