"06 February 2010" Archive

Income tax department recovered Rs. 3 crore in raid at IAS couple

Over Rs 3 crore in cash have been recovered from an IAS couple in Bhopal following raids by the Income Tax Department officials at their residence on Thursday night. Officials also seized details of bank deposits worth Rs 2.25 crore from the house of Arvind Joshi, a senior IAS officer and his wife Tinu Joshi, who is the secretary of Woma...

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Posted Under: Income Tax |

ICAI will start disciplinary proceedings against the Satyam auditor—Srinivas Talluri as he is out on bail

Accounting regulator Institute of Chartered Accountants of India (ICAI) has said that it will start disciplinary proceedings against the Satyam auditor—Srinivas Talluri who has been granted bail on Thursday by the Supreme Court....

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Posted Under: Income Tax |

MCX signed MOU with ICAI to share knowledge and expertise

MCX Stock Exchange (MCX-SX), India's new stock exchange, has signed a memorandum of understanding with The Institute of Chartered Accountants of India (ICAI) Set up by an Act of Parliament for leveraging each-others' expertise and domain knowledge in launching several programmes and initiatives on financial markets....

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Posted Under: Income Tax |

SEBI appointed former CIT Vijay Ranjan, as administrator for reallocation of unjust gains in IPO scam

SEBI has appointed a former chief commissioner of income-tax, Mr Vijay Ranjan, as administrator for reallocation of unjust gains in the IPO scam (2003-05) to the unsuccessful retail applicants. Mr Ranjan was also associated with SEBI as an Executive Director....

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Posted Under: Income Tax |

CBI registered corruption case against JNU Professor

THE Central Bureau of Investigation has registered a case against Professor, School of Computer & System Sciences, Jawaharlal Nehru University, New Delhi; Professor, Electronics & Communication Engineering Department, National Institute of Technology,...

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Posted Under: Income Tax |

Even employees’ contribution to PF paid before due date of filing ROI is allowable u/s 43B

CIT Vs AIMIL Limited (Delhi High Court)

S. 2 (24) (x) provides that amounts received by an assessee from employees towards PF contributions etc shall be “income”. S. 36 (1) (va) provides that if such sums are contributed to the employees account in the relevant fund on or before the due date specified in the PF etc legislation, the assessee shall be entitled to a deduction...

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Provisions related to declared goods under CST Act, 1956

Declared goods are the goods of special importance on which there are certain restrictions placed under CST Act 1956 on imposition of sales tax or VAT by the states. Article286(3)(a) of the Constitution of India authorises parliament to declare some goods as of special importance and to impose restrictions and conditions in regard to powe...

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Posted Under: Income Tax |

In absence of stay from SC, department can’t collect service tax on renting of immovable properties by resorting to other means

SSIPL Retail Ltd. Vs Union of India (Delhi High Court)

In absence of Supreme Court’s order staying operations of High Court’s judgment relating to levy of service on renting of immovable property, Revenue Department could not instruct its officers to pursue the matter with tax payers calling upon them to pay service tax on same or to resort to other means under the law to protect the Reve...

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Legal Woes not over for Price Waterhouse

Price Waterhouse may have heaved a sigh of relief with its auditor Srinivas Talluri getting bail on Thursday, but its legal woes are far from over. On Wednesday, the Institute of Chartered Accountants of India (ICAI) banned two chartered accountants associated with Lovelock & Lewes (network firm of Price Waterhouse) for professional misco...

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Posted Under: Income Tax |

ICAI employees call off strike after 20% pay hike

Employees of accounting regulator, the Institute of Chartered Accountants (ICAI), late night on Thurday called off their two-day old strike, after the management agreed to their demand for a salary hike. "The management has given us a 20 per cent hike in January's gross salary, which has been credited to our salary accounts," ICAI Employ...

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Posted Under: Income Tax |

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