egally corruption is defined as use of public power for private advantage in ways which transgresses some formal rule or law. It takes various forms like Bribe for work according to rule, Bribe to work against the rule, Trading in influence, Patronage, Nepotism, Cronyism, Electoral fraud, Embezzlement, Kickback, An unholy political alliance, Involvement in organized crime.
1. What is meant by adjudication? 1.1 When show cause notices are issued under provisions of the Finance Act, 1994 charging any person for contravention of any provisions of the said Act and rules and/or notifications issued thereunder and penal action is proposed, the competent officers of the Department adjudge the case and issue orders. This process is called adjudication.
The assessee had paid a sum of Rs.2 crores to M/s. Procter & Gamble India Ltd (PGI) towards technical know how fees in assessment year 1994-95. The assessee had amortized the expenditure over a period of six years and claimed deduction of Rs.33,33,333/- being 1/6th of the payment during the year.
Recently ITAT , Mumbai held that application for stay before the Tribunal arising out of assessment order passed by the Assessing Officer (AO) in pursuance to direction given by the Dispute Resolution Panel (DRP) is maintainable even though no stay application was filed before the lower authorities (tax department).
Gujarat High Court rejected a Scheme of Arrangement (Scheme) filed by Vodafone Essar Gujarat Limited (Petitioner or Company) for demerger of its passive infrastructure assets (PIA) into Vodafone Essar Infrastructure Limited (VEIL) on various grounds including evasion of tax being primary motive behind the Scheme and also non conformity with essential elements of Section 391/394 of the Companies Act, 1956 (Companies Act).
Results of Final (Old & New) Course Examinations held in November, 2010 and Information Systems Audit – Assessment Test and CPT Examination held in December, 2010 are likely to be declared on 21st January, 2011 at around 2.00 PM.-(18-12-2010).
The Board of Directors of Bhubaneswar Stock Exchange (BhSE) has decided to seek legal opinion on moving the Orissa High Court against the decision of the Institute of Chartered Accountants of India (ICAI) to exonerate the former auditor of the bourse
Applications are invited for the post of Director General & Chief Executive Officer (DG & CEO) in Indian Institute of Corporate Affairs (IICA), established by the Ministry of Corporate Affairs for training, research and service delivery in the field
Tax Evasions lead to deceleration in VAT revenues-study
The Securities and Exchange Board of India (Sebi) chairman CB Bhave on Friday said regulating bigger entities is a greater challenge for regulators worldwide. While addressing a function in Mumbai, Sebi chief said bigger entities have more ‘persuasiv
