THE Delhi high court has ruled that the tax authorities cannot initiate assessment proceedings simply on belief of escapement of tax, or belief that some income has escaped tax, effectively curbing powers of the revenue department to open past cases.
The Reserve Bank of India has sent to the finance ministry a draft of its discussion paper on conversion of foreign bank branches into wholly-owned subsidiaries. The draft is understood to recommend compulsory local incorporation, coupled with increa
Settling or putting an end to the disputes among shareholders by the Company Law Board under section 397/398 of the Companies Act, 1956 is a complicated job. When where exist serious difference of opinion among the minority and majority shareholders in a Private Limited Company, it would really be difficult for the Company Law Board to put an end to the matters complained of or to regularize the affairs of the Company.
The CIT is primarily responsible to submit the proposal in time. He cannot merely point out delay by the AO or Counsel. He has to explain action taken by him against officers responsible for delay and steps taken by him to prevent recurrence of such delay in future.
The Enforcement Directorate has registered a case for violation of Foreign Exchange Management Act as part of its probe into the alleged corruption in the run-up to the Commonwealth Games. Official sources said Central Bureau of Investigation has a
The Income Tax department is preparing a family tree of all senior officials, individuals and their relatives who have bagged Commonwealth Games contracts and also of consortiums which entered into joint ventures with foreign entities to float firm
Satyam founder B Ramalinga Raju on Wednesday said he never admitted to fraudulently appropriating money from the IT company. Defending the bail granted to him in the Supreme Court, Raju, interestingly, thanked the government for its efforts of putti
The Comptroller and Auditor General (CAG) on Wednesday seized files about various constructions works carried out by the CPWD and DDA for the Commonwealth Games even as the audit watchdog roped in more officers to finish the probe in the stipulated
The Union Cabinet today approved the proposal of Ministry of Home Affairs to introduce the Enemy Property (Amendment and Validation) Second Bill, 2010 to make amendments to the Enemy Property Act, 1968. The amendments, among other things, provide for
Indian Judiciary is being criticized by all in the recent past. The media can criticize the judiciary and make it a news item using the general anger of the people on the Justice Delivery Mechanism in this country. But, in my opinion, many legal professionals, respected citizens and the respected judges too criticize the judiciary as it will cause a serious damage to the society if the judiciary and especially Higher Judiciary are not functioning as expected or as functioned in the past.
