"23 August 2010" Archive

Penalty cannot be imposed if there is a genuine reason for delay in filing Income Tax Return

In an order that will help companies and individuals who face penalty proceedings on account of the delay in filing returns, a Delhi bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that penalty cannot be levied if there is a genuine reason for the delay....

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Posted Under: Income Tax |

DLF questions CCI powers initiate proceedings against it before Competition Appellate Tribunal

DLF, the country’s largest real estate developer, has approached the Competition Appellate Tribunal, questioning the Competition Commission of India’s (CCI’s) powers to initiate proceedings on an issue dating to 2006, much before CCI got its authority to act on such cases. It has also questioned the procedure followed by CCI, citing...

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Posted Under: Income Tax |

Now, depositors can opt for floating rate on fixed deposits

How about your fixed deposits being flexible? Soon this could be possible, as the country's biggest bank SBI is all set to offer floating interest rates on term deposits. The floating rate term deposit product will offer no guarantee on returns, as the interest will change with the revision of base rates....

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Posted Under: Income Tax | ,

Bankers worried over RBI proposal to cap foreign shareholding in banks at 50 per cent with a lock-in of 10 years

A suggestion by the Reserve Bank of India (RBI) that foreign shareholding in new private sector banks be capped at 50 per cent with a lock-in of 10 years has led to some consternation among banks in which a majority share is held by overseas investors. The discussion paper has also triggered a debate if the proposal will make it tougher f...

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Posted Under: Income Tax |

Oil Min wants courts to decide on gas-tax holiday

Stung by rejection of its demand for restoration of tax breaks on production of natural gas, the Oil Ministry has asked the Finance Ministry to let courts decide if 7-year tax holiday should apply only to oil and not on gas produced from the same well....

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Posted Under: Income Tax |

Swiss banks list out four conditions for sharing info

Facing flak from India and others for acting as a safe haven to foreigners stowing away wealth, Swiss banks have said they will share account details of suspected money launderers if the request is supported by four specific details. The specific details that someone requesting information should provide are the identity of the suspected ...

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Posted Under: Income Tax |

Black money trail: CBDT signs pact with Financial Intelligence Unit (India) FIU

Black money stashed abroad by Indians will now be traced more efficiently as Central Board of Direct Taxes (CBDT) and the Financial Intelligence Unit (India) have signed a pact to exchange information on tracking unaccounted funds, say official sources....

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Posted Under: Income Tax |

Brief on Report of Takeover Regulations Advisory Committee on proposed Takeover Regulations

SEBI has, on 19 July 2010, released the report of Takeover Regulations Advisory Committee (TRAC) constituted under the Chairmanship of Mr. C. Achuthan on the proposed changes to the existing SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997. TRAC has given their recommendations and also issued a draft of proposed ta...

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Posted Under: Income Tax | ,

Overview of Regulatory framework of Core Investment Companies

A case was made for giving relaxation to companies, which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and companies which do not carry on any other financial activity i.e. Core Investment Companies (CICs), from the regulatory provisions applicable to Non-Banking Financ...

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Posted Under: Income Tax |

FUTP- Regulation 3(b) does not import any concept of fraud at all

Pyramid Saimira Theatre Ltd. Vs SEBI

Any act, omission or concealment to be a fraud within the meaning of the Regulations need not be committed in a deceitful manner; intention to deceive is not an essential requirement of the definition of fraud as given in the Regulations; even making a false statement without believing it to be true is by itself an act of fraud....

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Posted Under: Income Tax |

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