Assistant Commissioner of Income tax v. Srj Peety Steels (P) Ltd. (ITAT Pune) – When noting incriminating was found in the course of search relating to any of the assessment years, the assessments for such years could not be disturbed; further, consumption of the electricity for the manufacture of mild steel ingots / billets depends on various factors and the AO did not attempt to establish a direct nexus between production and electricity consumed and therefore no addition was called for.
The government is examining a separate draft Act for CBI submitted by the premier investigation agency. The Parliamentary Standing Committee on Personnel, Public Grievances, Law and Justice had supported the view of CBI Director and impressed upon th
Union Finance Minister, Shri Pranab Mukherjee will inaugurate a two-day International Conference on “Economic Policies for Inclusive Development” tomorrow. The Conference is being jointly organized by the Department of Economic Affairs, Ministry of F
Stung by market regulator SEBI’s ban on its firms and supremo Subrata Roy from raising money from the public, the Sahara Group Sunday dubbed the order as “irresponsible” and said it will soon challenge the order that reflected “malice and bias” on th
The Comptroller and Auditor General on Friday hinted at a scam in the environment ministry, saying non-government organisations swindled 96% of the money meant for planting trees, the ministry has no record of how Rs 600 crore was spent in the last 2
The Economic Affairs Committee of the House of Lords questioned representatives of the four largest audit firms on the issue of “going concern” opinions during the financial crisis. In particular, why were there none for the banks that failed, were b
S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, namely: – In the said notification, for the Ta
As stated in the Press Release issued by the Reserve Bank of India on November 29, 2010, in order to provide further liquidity comfort, it has been decided to allow Scheduled Commercial Banks to avail of the additional liquidity support under the LAF to the extent of up to 2.0 per cent of their NDTL as on the reporting Friday of the second preceding fortnight with immediate effect up to January 28, 2011. For any shortfall in SLR maintenance arising out of availment of this facility, banks may seek waiver of penal interest on a fortnightly basis purely as an ad hoc, temporary measure. The liquidity support availed under this facility would, however, need to be reported on a daily basis.
In continuation of the series of previous two articles, elaborating the difficulties in getting the refund claim due to conditions relating to Invoice and CHA service, we in this article are attempting to present the problems existing in the Service
When money speaks, nobody bothers for grammar. This is what has been proved by recent surfacing of bank loans as a cross breed of bribe-corruption. Bribe, unethical behavior and corruption- its all in India’s blood and system now – be it using office stationery, personal use of office car, jumping a red right and getting scot-free for few hundred rupees to income tax refunds, transfer postings or land allotments, telecom scam, sanction of loans or getting monetary benefits by use of discretionary powers (like the one recently unearthed). Not long ago, there was a case for a stock broker entering the corridors of power with brief cases. The corruption at IPL, Common wealth games, Adarsh housing society , sugar scam, fodder scam, are just few which come to mind.
