The Income Tax department has struck an estimated Rs 50 crore deal with state-owned telecom company BSNL to provide 51,000 mobile connections and one thousand high-end Blackberry phones for secure and fast communication amongst its officers and staff
The assessee, a broker in the BSE, disclosed short-term capital gains and long-term capital gains on sale of shares. The AO accepted the LTCG as such though he held that the STCG was assessable as “business profits” on the ground that the assessee was a stock broker & there was large volume and frequency (more than 300) transactions. On appeal, the CIT (A) reversed the AO. On appeal by the department to the Tribunal, HELD dismissing the appeal:
It is well settled in law that once a charge of misappropriation is proved against a bank officer or employee in any department or organisation, who is dealing with money, the employer will lose trust and confidence in him. In such cases the
The Ministry of Corporate Affairs has undertaken a large number of initiatives in the area of corporate reforms. These initiatives have the twin objectives of providing an enabling environment for the sustainable corporate growth and to integrate it
In the month of October 2010, the monthly average exchange rate of rupee was Rs. 44.5 per US dollar, indicating 3.6 per cent appreciation over the exchange rate of Rs.46.1 in September 2010. The rupee however, has depreciated by 2.4 per cent against
Since no Reserve Fund has been opened in the Public Account of India for the purpose of crediting the 1% Secondary & Higher Education Cess for expenditure towards related schemes/prgorammes, the expenditure provision for Department of School Educatio
Section 65(105)(zzzo) of the Finance Act, 1994 – Air Transport of Passengers – Exemption above Rs. 100 on domestic travel and Rs. 500 on international travel in economy class – Corrigendum to Notification No. 26/2010-ST, dated 22-6-2010 CORRIGENDUM NOTIFICATION NO. G.S.R. 921(E), DATED 23-11-2010 In the notification of the Government of India in the Ministry […]
Market watchdog Sebi has initiated a probe into possible front-running and insider trading in shares of over two dozen companies, including some blue chips, by entities and persons involved in the housing-finance scam unearthed by CBI. The initial f
Direct tax arrears touched a staggering Rs 2.49 lakh crore last fiscal, and of this, an amount of Rs 1.43 lakh crore is seen to be difficult to recover. The tax arrears are tax demand raised by the revenue department but not realised along with the a
The Enforcement Directorate is working in close coordination with the Income Tax Department for their probe into the overlays contracts award ED during the Commonwealth Games and may soon summon the firms concerned. According to official sources, the
