The assessee-company allotted shares to four companies. The allottee companies were active as per the records of the ROC and were allotted PAN and assessed to income-tax. Though the assessee filed a return, no assessment u/s 143(3) was made. The AO s
The Income Tax department is probing the source of investments in the real estate firm Ireo for alleged violations of FDI norms and evasion of taxes in bringing a whopping Rs8,000 cr through tax havens.The Income Tax department is probing the country
In a move aimed at giving more teeth to the probe, the Centre has conferred the status of a Supreme Court judge on V.K. Shunglu, head of the high-level committee to go into the alleged financial irregularities in the run up to the Commonwealth Games.
The Reserve Bank’s decision to tighten the monetary policy will have a negative impact on the growth rate, finance minister Pranab Mukherjee said after the central bank raised the repo and reverse repo rates by 25 basis points (100 bps = 1%) each in
Employee stock option plans, or Esops, are touted as one of the best tools to create long-term wealth. These are the shares an employee gets of his/her employer at a discounted rate to the current market price. With the stock market nearing
Income Tax officials on Monday conducted raids at around 60 places in Karnataka, targeting seven ruling BJP MLAs, including ministers G Janardhana Reddy and G Karunakara Reddy. IT raids were conducted at 60 to 65 places, mainly concentrating in Bang
Comptroller and auditor general (CAG) Vinod Rai has, for the first time, gone on record saying his Commonwealth Games audit will be an independent exercise and that there will be no coordination with any other agency, including the prime minister-appointed Shunglu committee.
The government has rejected Institute of Chartered Accountants of India (ICAI) move to insulate its members from non-compliance and corporate frauds. Ministry of corporate affairs (MCA) has decided to empower National Advisory Committee on Accounting
Irked by delay in response to queries raised by it, the Central Vigilance Commissioner may summon officials of Union and State governments in connection with alleged financial irregularities in different Commonwealth Games related projects.
Global firms KPMG and Ernst & Young could be headed for trouble in India as auditing regulator Institute of Chartered Accountants of India (ICAI) has found them doing business through surrogate means, without being registered in the country.
