Income-tax officials on Thursday claimed to have detected documents revealing unaccounted wealth of around Rs 11 crore during their searches at the properties of actress Priyanka Chopra and photographer Atul Kasbekar. Documents seized during searches at the office and homes of the two celebrities have reportedly revealed a total unaccounted income of around Rs 11 crore.
Expressing concern that black money stashed in banks abroad might have originated from arms deals, drug trafficking and smuggling, the Supreme Court today asked the government as to what action it had taken against individuals and firms having foreign accounts.
RPCD.CO.Plan.BC. 49/04.09.01/2010-11 It has been decided that henceforth the amount of loans wrongly classified under priority sector identified and reported by Principal Inspecting Officers (PIOs) during Annual Financial Inspection of banks will be taken into account for arriving at the shortfall under priority sector lending targets.
Market regulator Securities and Exchange Board of India (Sebi) will impart financial education and investments skills to executives, home-makers and even school children, to spread awareness about sound investment practices and promote financial incl
Corporate funding to political parties should be treated as expenditure in order to increase transparency in financial statements and curb black money flow, Accounting regulator ICAI has said. It also added that Companies Bill should incorporate this
Empanelment of Schools/ Educational Institutions for holding May-2011 Chartered Accountants Examinations and Common Proficiency Test June-2011 The ICAI conducts Chartered Accountants Examinations in most of the cities in the Country as under :
The Central Vigilance Commission has imposed major penalty on 226 officials of different government organisations for their alleged involvement in corrupt practices. Out of the total 226, a highest of 50 are from Department of Communications, 36 from
Income tax department is upgrading its system to ensure an assesse, scrutinised for a particular financial transaction, does not land in trouble the year after. The income tax department has undertaken intensive upgrade of its software and systems responsible for picking up cases for intensive scrutiny.
Sinhgad Technical Education Society vs. ACIT (ITAT Pune) -Though section 153C of the Income Tax Act confers jurisdiction if the Assessing Officer is ‘satisfied’ that ‘documents’ seized belong to a person other than the person referred to in section 153A so as to be able to assess that other person, the document must have prima facie incriminating information. The document seized must not only be a ‘speaking one’ but also be prima facie ‘incriminating one’ for attracting section 153C. If the impugned documents merely contain the notings of entries which are already recorded in the books of account or subjected to scrutiny of the AO in the past in regular assessment u/s 143(3) of the Act, such document cannot be said to be containing the incriminating information so as to confer jurisdiction u/s 153C.
India’s central bank said on Thursday open market operations in the bond market were a monetary policy tool for the Reserve Bank of India (RBI), and not a debt management instrument.
