The Indian Premier League organisers could now face a public interest litigation (PIL) over payment of entertainment tax in Maharashtra. Senior Shiv Sena leader and MLA, Mr Subhash Desai, has filed a PIL in the Bombay High Court, seeking such a levy on the cricketing event. The Board of Control for Cricket in India; the Commissioner of the IPL, Mr Lalit Modi, and the Maharashtra Government are the respondents in his petition.
The episode on Unit linked Insurance Plans (Ulips) started on 9th April, 2010 when SEBI issued notice u/s 11 of the SEBI Act, 1992 to the 14 life insurance companies namely, Aegon – Religare, Aviva, Bajaj Allianz Life Insurance, Bharti AXA, Birla Sun Life, HDFC Standard Life, ICICI Prudential, ING Vysa Life, Kotak Mahindra Old Mutual Life, Max New Life, Metlife India, Reliance Life, SBI Life and Tata AIG Life, banning them from selling Ulips. This surprised all particularly when the insurance regulator had approved the scheme.
Presently, it takes on an average around 22 days to list the securities after an issue closes. This exposes investors as well as issuers to market risk as well as leading to infrastructural stress and costs. One of the reasons identified for this delay is data entry at multiple level and reconciliation thereof. Needless to say, any reduction in the period taken to list an issue after closure is in general interest of investors.
In the facts of the present case the record indicates that the Director of the respondent has admitted shortage of Grey fabrics as well as illicit clearance thereof without issuance of central excise invoices or any other duty paying documents, without payment of central excise duty and without entering in the Daily Stock Account Register and Lot Register during the months May-2002 and June 2002.
Notification No. 28/2010-Income Tax It is hereby notified for general information that the organization Institute of Bioinformatics, Bangalores has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year 2009-2010 onwards in the category of ‘other
Notification No. 27/2010-Income Tax It is hereby notified for general information that the organization Punjab State Council for Science and Technology, Chandigarh has been approved by the Central Government for the purpose of clause (ii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year 2009-2010 onwards
In the said notification, against serial No. (2), for the entry “Shri Uttam Prakash Agarwal, President of the Institute of Chartered Accountants of India”, the entry “Shri Amarj it Chopra, President of the Institute of Chartered Accountants of India” shall be substituted.
The Income Tax department has activated control rooms in Delhi and Mumbai to streamline the flow of information between its various investigation directorates probing the IPL. The control rooms are equipped with dedicated telephone lines, fax machines and internet enabled computer systems and are being manned by officials of the rank of Income Tax Officer (ITO).
Mumbai: A special court on Tuesday remanded Income Tax assistant commissioner Anjali Bambole in the custody of the Central Bureau of Investigation (CBI) until April 27. Bambole was arrested on Monday night, two days after the arrest of I-T additional commissioner Sumitra Banerjee and her husband Subratho. The trio is accused of accepting a bribe of Rs 1.50 crore from a builder to reduce his tax liability.
A nominee has the right to the shares after the original shareholder’ s death and not the deceased’s heirs, Bombay High Court has ruled. Dismissing the application of a widow who sought permission to sell the shares belonging to her late husband, Justice Roshan Dalvi held that she had no right to do so since she was not the nominee. The nominee was her late husband’s nephew.
