Post independence, India lost a staggering $462 billion in illicit financial flows due to tax evasion, crime and corruption, a research and advocacy group said in a report today. The report, The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008′, released by Washington-based Global Financial Integrity (GFI) found that the faster rates of economic growth since economic reform started in 1991 led to a deterioration of income distribution which led to more illicit flows from the country.
The Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of Kishori Sharad Gaitonde v ITO (ITA No. 1561/M/09) held that for attracting the provisions of Section 50C of the Income-tax Act, 1961 (the Act) a capital gains should arise from the sale of land or building or both. However, since in the present case the taxpayer earned capital gains from the transfer of tenancy right which is not a capital asset, being land or building or both, the Tribunal held that Section 50C of the Act was not applicable to the instant case.
The Bombay High Courthas, in a recent ruling’ in the case of McKinsey and Company Inc, United States v. Union of India , held that there must be a valid and acceptable basis for making a departure from the order passed by a superior official and that the hierarchical discipline should be observed while implementing the fiscal legislation. In the absence of that, the exercise of the powers by the Assessing Officer would be arbitrary and open to challenge.
Explore the judgment on whether the tower with antenna qualifies as capital goods. Adjudicating pre-deposit directives under Cenvat Credit Rules.
G.S.R. 916 (E).- Whereas, in the matter of import of bias tyres, tubes and flaps (hereinafter referred to as the subject goods), falling under tariff items 4011 20 90, 4013 10 20 and 4012 90 49 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, People’s Republic of China (China PR) and Thailand (hereinafter referred to as the subject countries), the designated authority in its preliminary findings vide notification No. 14/9/2005-DGAD dated the 31st July, 2006, published in the Gazette of India, Extraordinary, Part I, Se
Ministry of Corporate Affairs, Government of India (MCA) has announced revision in the schedule for payment of additional filing fees while filing any documents beyond the due date specified under the Companies Act, 1956 (the Act). The revision would
Government of India has amended the Companies Regulations, 1956 vide the Companies (Amendment) Regulations, 2010 with effect from 29 October 2010 and has changed the jurisdiction of Regional Director (RD) by increasing the number of RDs from 4 (four)
The tax-free bonds of Indian Railway Finance Corporation (IRFC) received bids of over Rs 300 crore on the very first day after it opened for subscription on Monday, according to distributors of the bonds. IRFC plans to raise Rs 1,000 crore through
The government on Tuesday said it was looking into at least four more cross-border mergers like Vodafone for a possible tax loss that may have taken place. The deals under scanner include GE Capital International Services, Intelnet Global Services,
The Commerce Ministry today said it will set up a committee to recast the export-oriented unit scheme so that the scheme remain attractive even after the end of tax sops in 2011. “EOUs should be re-modeled because challenges and environment have cha
