Prime Minister Manmohan Singh said there is ‘no instant solution’ to bring back black money stashed in foreign banks and that information with government cannot be made public due to treaty obligations. ‘There is no instant solution to bring back what is called black money. We have got some information and that has been provided to us for use in the collection of due taxes’, he said.
The British government is hopeful that the three-year old dispute of Vodafone’s joint venture in India involving a tax claim of over Rs.11,000 crore ($2.5 billion) will be settled amicably, a British official said Wednesday. ‘Vodafone is one of th
In exercise of powers conferred under section 144C of the Income-tax Act, 1961, and in supersession of Order No. 1/FT&TR-II/2010, dated 10-2-2010, Order No. 2/FT&TR-II/2010, dated 17-2-2010 and Order No. 4/FT&TR-II/2010, dated 26-8-2010, the Board hereby constitutes the Dispute Resolution Panel (DRP) comprising of three Comissioners of Income-tax/Directors of Income-tax as Members of DRP
Whereas M/s. Omnibus Industrial Development Corporation of Daman and Diu and Dadra and Nagar Haveli Limited, had proposed under section 3 of the Special Economic Zones Act, 2005 (28 of 2005), (hereinafter referred to as the said Act) to set up a sector specific Special Economic Zone for information technology and information technology enabled services at Kharadpada, Naroli in the Union Territory of Dadra and Nagar Haveli;
NOTIFICATION NO. S.O.3043(E), DATED 24-12-2010- the Central Government is satisfied that requirements under sub-section (8) of section 3 of the said Act, and other related requirements are fulfilled and it has granted letter of approval under sub-section (10) of section 3 of the said Act for development operation and maintenance of the sector specific Special Economic Zone for at District – Gurgaon in the State of Haryana on 26th July, 2007 and 27th February, 2009;
NOTIFICATION NO. S.O.3043(E), DATED 24-12-2010- Central Government is satisfied that requirements under sub-section (8) of section 3 of the said Act, and other related requirements are fulfilled and it has granted letter of approval under sub-section (10) of section 3 of the said Act for development operation and maintenance of the sector specific Special Economic Zone for at District – Gurgaon in the State of Haryana on 26th July, 2007 and 27th February, 2009;
In a big relief for the Special Economic Zone (SEZ) developers in the state, the Haryana government today said it would exempt them from local taxes and cess, as given to SEZ units. “We will extend exemption (from taxes, duty) to SEZ developers als
Commissioner of Customs (Import) vs Stoneman Marble Industries and others [SUPREME COURT OF INDIA) – Apex Court do find some substance in the submission of learned counsel for the Revenue that a standard formula cannot be laid down for imposition of redemption fine and penalty under the aforenoted provisions of the Act and each case has to be examined on its own facts but when a final fact finding body returns a finding that the facts obtaining in each of the cases before it are similar, and such finding is not questioned, levy of redemption fine or penalty uniformly in all such cases cannot be construed as laying down an absolute formula, which is the case here. We are convinced that the Revenue did not discharge its burden under Section 130A of the Act in as much as it did not specifically challenge the Revenue’s aforestated finding as being perverse. In this view of the matter, the High Court was justified in declining to issue direction to the Tribunal to make a reference under Section 130A of the Act.
Though a judgement of a non-jurisdictional High Court prevails over a judgement of the Special Bench, the former cannot be followed, even though it is the only High Court judgement on the point, if “rendered without having been informed about certain statutory provisions that are directly relevant“.
Prime Minister Manmohan Singh on Wednesday said there is “no instant solution” to bring back black money stashed in foreign banks and that information with government cannot be made public due to treaty obligations. “There is no instant solution to
