"21 December 2010" Archive

SARFAESI Act, 2002 – order of District Magistrate under section 14 – taking physical possession of Secured Asset – compl

What normally happens is that when the borrower fails to get an order of stay of proceedings by the Bank under the provisions of SARFAESI Act, 2002 under section 17 or where there is no restraint from the competent forum, the Bank will proceed with taking physical possession of the property and then proceed with auctioning the same in acc...

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Posted Under: Finance |

SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2010 – Amendment in First Schedule

Notification No. LAD-NRO/GN/2010-11/22/30364 21/12/2014

In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to further amend the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000, namely...

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service tax – If payment is made before adjudication, the quantum of penalty has to be restricted to 25%

Commissioner of Central Excise Vs M/s Bajaj Travels Limited. (Punjab and Haryana High Court)

his appeal has been preferred by the revenue under Section 35G of the Cental Excise Act, 1944 (for short, the Act) against the order of the Customs, Central Excise & Service Tax Appellate Tribunal, New Delhi dated 19.6.2009 (Annexure A-3) proposing to raise following substantial question of law...

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Railways decides to replace 4-digit numbering system with 5-digit

To make the transitions smooth and simple, the Railways have decided to replace the existing four-digit numbering system for trains with five-digit. Ministry has decided to use five digit for numbering trains, in place of the existing four digit ...

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Posted Under: Finance |

Parliament's Standing Committee criticises government for not doing a review of tax exemptions given to SEZ

Parliament's Standing Committee on Finance has criticised the government for not doing a review of the tax exemptions given to Special Economic Zones (SEZs) and an evalutation of the losses due to these. In April, the committee had asked the government for a study group on the issue.The finance ministry, in its response, said it had initi...

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Posted Under: Finance |

NRI can remit upto 1 Million dollar from sale of inherited property

01/01/1970

In the recent past, the Reserve Bank of India (RBI) has revised the maximum amount that can be sent abroad without special permissions. However, these properties should not be agricultural land, a farm house or a plantation. An NRI/PIO is allowed to ...

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Posted Under: Finance |

EPF – Better investment Option for Future and for Good Return on Investment

Don't you hate it when you look at your salary slip and find that sundry deductions have pared it down. But believe us, you should actually feel happy about one of these deductions-the monthly contribution to the Employees' Provident Fund (EPF). The ...

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Posted Under: Finance |

An order executed in parts by exchange can not be considered as multiple transactions

Mr. Nehal V. Shah Vs ACIT (ITAT Mumbai)

The AO held the assessee to be a trader in shares & assessed the gains as business profits on the ground that (a) there was high frequency & sale transactions, (b) there were instances where delivery was not taken and shares were sold within a short period,...

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MAT credit to be set off before computing advance-tax shortfall and liability for Section 234B/ 234C interest

CIT Vs Tulsyan NEC Ltd. (Supreme Court of India)

Full Bench: whether MAT credit admissible in terms of Section 115JAA has to be set off against the tax payable (assessed tax) before calculating interest under Sections 234A, B and C of the Income Tax Act, 1961. There is no provision under Section 115JAA which postpones the right of the assessee to claim set off to the determination of...

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S. 158BD proceedings without recording written satisfaction void. Statement recorded in search cannot form sole basis for s. 158BD addition

Commissioner of Income Tax Vs Late Sh. Raj Pal Bhatia (Delhi High Court)

Income Tax - Section 158BD - Whether recording of satisfaction is mandatory before notice u/s 158BD is issued - Whether statement of one of searched parties can have the sactity of 'books of accounts'. - Revenue's appeals dismissed...

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