"08 May 2010" Archive

MCA sent notices to all IPL franchisees

The Ministry of Company Affairs (MCA) has sent notices to all IPL franchisees, both old and new, asking them to furnish detailed company-related information. "We have sent notices to all the IPL franchisees to gather all corporate details and we are waiting for them to reply," MCA secretary R Bandyopadhyay said here today on the sidelines...

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Posted Under: Company Law |

AAR Ruling is binding despite contrary Ruling: Bombay High Court

The Prudential Assurance Company Vs DIT (Bombay High Court)

The assessee, a FII based in UK, applied for an advance ruling on whether the profits arising to it from purchase and sale of Indian securities was “business profits” and whether in the absence of a ‘permanent establishment’ in India, the said profits were chargeable to tax under the India-UK DTAA....

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SC laid down Guidelines as how judgements should be written

JCIT Vs Saheli Leasing & Industries (Supreme Court of India)

The assessee filed a Nil return after claiming depreciation. The AO disallowed depreciation but still assessed the total income at Rs. Nil. Penalty u/s 271(1)(c) was levied on the disallowance which was deleted by the Tribunal on the ground that as the returned income and the assessed income was Nil, penalty could not be levied. The depar...

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SCN issued beyond six month period from knowledge date is barred by limitation

Commissioner of Central Excise Surat- I Vs Neminath Fabrics Pvt. Ltd. (Gujarat High Court)

In the facts of the present case the record indicates that the Director of the respondent has admitted shortage of Grey fabrics as well as illicit clearance thereof without issuance of central excise invoices or any other duty paying documents, without payment of central excise duty and without entering in the Daily Stock Account Register...

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Bombay High Court pulled up Income-Tax department for its “cavalier” approach

In an order highly critical of the Income-Tax department, the Bombay High Court has pulled up the department for its “cavalier” approach and on the way tax issues are decided by the department “without application of mind”. The order was pronounced last week by Justice DY Chandrachud and Justice JP Devadhar....

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Posted Under: Company Law |

CAG refused to take responsibility for the Union finance accounts of 2008-2009

For the second year in a row, the Comptroller and Auditor General (CAG) has refused to take responsibility for the Union finance accounts as it has stated in its latest audit findings that government expenditure during 2008-09 is overstated and lacks transparency....

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Posted Under: Company Law |

PIL seeks CBI probe into tax evasion to the tune of Rs 5,000 by lottery firms

A PIL has been filed in the Bombay high court seeking a CBI probe into alleged tax evasion to the tune of Rs 5,000 crore by companies conducting online lotteries. Maharashtra has enacted the Lottery Tax, which seeks to tax online gambling. As per the law, lottery companies have to pay the tax in advance. ...

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Posted Under: Company Law |

S. 194J applies to payments made to non-professionals such as hospitals. CBDT Circular on TPA liability is valid except for view on penalty

Dedicated Health Care Services TPA Vs ACIT (Bombay High Court)

The assessee, a Third Party Administrator (TPA), provided services such as hospitalization services, cashless access services and services in connection with the processing and settlement of claims and making payment to hospitals to holders of health insurance policies issued by insurance companies....

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SARFAESI Act may be amended for faster seizure of Assets of Loan defaulters

The government plans to tweak laws to facilitate seizure of assets from defaulting borrowers to help banks reduce non-performing assets, which are on the rise after the recent economic downturn.The finance ministry is expected to move a proposal before the cabinet suggesting changes in the Securitisation and Reconstruction Of Financial As...

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Posted Under: Company Law |

Special Placement Programme – June, 2010 for experienced and fresh Chartered Accountants from 22nd to 26th June, 2010

As a measure to develop employment opportunities for Chartered Accountants, Committee for Members in Industry (CMII) of ICAI has been successfully organizing placement programmes twice a year for Newly Qualified Chartered Accountants, wherein prospective employers and new members interact and explore the possibility of taking up employmen...

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Posted Under: Company Law |