"December, 2010" Archive - Page 10

Public Provident Fund Scheme, 1968 Amendment to Section 9(3) of Scheme

RBI/2010-11/344 DGBA. CDD. No. H-4311/15.02.001/2010-11 (27/12/2010)

Provided further that an account opened on behalf of a Hindu Undivided Family prior to the 13th day of May, 2005, shall be closed after expiry of fifteen years from the end of the year in which the initial subscription was made and the entire amount standing at the credit of the subscriber shall be refunded, after making adjustments, if a...

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Banks Can Give up to 90 Percent on Home Loans not exceeding Rs. Rs 20 Lakh

Banks can give up to 90 per cent of the value of the property in case of small value home loans up to Rs 20 lakh. But in case of loans above Rs 20 lakh, the loan to value ratio (LTV) should not exceed 80 per cent, said the Reserve Bank of India, in a...

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Posted Under: Income Tax |

Financial Position of Appellant cannot be the sole criteria for grant of stay

M/s. KEC International Limited Vs Addl. Commissioner of Income Tax (ITAT Mumbai)

The Court has made it clear that though there are no hard and fast rules regarding grant of stay, prudence, discretion and circumspection are called for and stay should not be granted as a matter of course. Considerations about balance of convenience, question of irreparable injury and implications to public interest have to be borne in m...

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RBI cuts SLR for RRBs to 24 per cent

RBI/ 2010-11/332, RPCD.CO.RRB. BC. No. 43 / 03.05.28(B)/ 2010-11 (27/12/2010)

The Reserve Bank today announced reduction of Statutory Liquidity Ratio (SLR), requirement for lenders to keep a portion of deposits in government securities, cash and gold, by one percentage point to 24 per cent for regional rural banks (RRBs).This ...

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Kerala HC-No coercive recovery if first appeal ready for hearing

M/s. Hotel Leela Venture Ltd Vs Agricultural Income Tax & Commercial (Kerala High Court)

The assessee filed appeals before the Commissioner (Appeals) against the assessment orders for AYs 2004-05 to 2008-09. Though the appeals were ripe for hearing and the appellate authority had already posted the appeals for hearing on different dates, the AO without considering the pendency of the appeals issued demand notices...

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Service Tax- FAQ on CENVAT Credit Scheme

The CENVAT Credit Rules, 2004, introduced with effect from 10.9.2004, provides for availment of the credit of the Service Tax paid on the input services/Central Excise duties paid on inputs/capital goods/Additional Customs duty leviable under section...

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Posted Under: Income Tax |

Dispute Resolution Panel should pass a reasoned order/ directions assigning cogent and germane reasons

Delhi High Court held that the directions passed by the Dispute Resolution Panel (DRY), which is a quasi judicial body, should be well reasoned containing cogent and germane reasons and remanded back the non-speaking direction of the DRY for fresh adjudication....

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Posted Under: Income Tax |

Case remanded back to Dispute Resolution Panel (DRP) by ITAT Delhi as DRP directions found to be very laconic and non-speaking

GAP International Sourcing India Private Limited Vs Deputy Commissioner of Income Tax (Delhi High Court)

Recently, the Delhi bench of the Income-tax Appellate Tribunal remitted back the matter to the Disputes Resolution Panel (DRP) for reassessment since the directions of the DRP were found to be very laconic and non-speaking. The Tribunal, while setting aside such directions commented that the DRP has not considered the voluminous submissio...

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Taxability of packaged or canned software

Excise Duty :- Notification No. 30/2010- Central Excise (N. T) dated December 21, 2010 has been issued for levy of excise duty on packaged or canned software on Retail Sale Price basis. • Entry 93A has been inserted in Notification No. 49...

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Posted Under: Income Tax |

Levy of service tax on sale of residential complex not unconstitutional – Punjab and Haryana HC

M/s G.S. Promoters (hereinafter referred to as the Petitioner) is engaged in development and sale of residential flats. The petitioner enter into agreement for construction of flats with the contractors. The flats are ultimately sold to the customers. The petitioner filed the subject petition to seek declaration that the Explanation to Se...

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Posted Under: Income Tax |

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