"03 February 2011" Archive

Easy Exit Scheme, 2011

General Circular No. 1/2011 03/02/2011

In continuation to this Ministry’s earlier circular no. 6/2010 dated 03.12.2010 on the subject cited above, it has been decided to extend the Scheme for another three months i.e. upto 30 th April, 2011....

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Penalty imposed U/s. 76 cannot be reduced by invoking the provisions of S. 80 of the Finance Act, 1994

Commissioner Of Central Excise Vs M/s Bhawani Enterprises (CESTAT Ahemdabad)

9. This Court in the Tax Appeal No.1367 of 2009 has taken the view that on a conjoint reading of sections 76 and 80 of the Act, it is not possible to envisage a discretion as being vested in the authority to levy a penalty below the minimum prescribed limit. If the authority imposing the penalty is not entitled to levy below the minimum p...

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Where proceeding resulting in refund is not delayed for reasons attributable to assessee, interest u/s. 244A cannot be denied

CIT Vs. Larsen & Toubro Ltd. (Bombay High Court)

The assessee had filed a return of income on 28 November 2000 for assessment year 2001-01 and declared an income of Rs.89.75 crores. On 14 March 2002, the assessee filed a revised return of Rs.80.75 crores. The assessment proceedings commenced on 18 November 2002 with a notice under Section 143(2). The assessment order was passed on 31 Ma...

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Easy Exit scheme extended upto 30th April, 2011

General Circular No. 1/2011 03/02/2011

General Circular No. 1/2011- Dated the 3rd Feb, 2011  Government of India, Ministry of Corporate Affairs, 5 th Floor, ‘A’ Wing, Shastri Bhavan, Dr. R.P. Road , New Delhi, To, All Regional Director and All Registrars of Companies. Subject: Easy Exit Scheme, 2011 Sir, In continuation to this Ministry’s earlier circular no. 6/2010 da...

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Concealment penalty cannot be imposed merely on ground that Tribunal disallowed the expenditure

CIT Vs. Krishna Maruti Ltd. (Delhi High Court)

Penalty under section 271(1)(c) - Leviability-Expenditure claimed by assessee disallowed by Tribunal-Concealment penalty cannot be imposed merely on the ground that Tribunal disallowed the expenditure claimed by the assessee....

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Income limits for assigning cases for Deputy Commissioners / Assistant Commissioners / ITOs enhanced

INSTRUCTION NO. 1/2011 31/01/2011

References have been received by the Board from a large number of taxpayers, especially from mofussil areas, that the existing monetary limits for assigning cases to ITOs and DCs/ACs is causing hardship to the taxpayers, as it results in transfer of their cases to a DC/AC who is located in a different station, which increases their cost o...

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Govt may hike Income Tax Exemption limit in Budget

Tax payers can expect some relief from high inflation in Budget 2011-12 as the government may raise the income tax exemption limit for individuals. Finance Minister Pranab Mukherjee is alive to the price situation and its impact on the common man," s...

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Posted Under: Company Law |

Budget may have roadmap for new private banks

India is considering allowing new private sector banks, including those by industrial houses, and a roadmap for the same could be announced in the Union Budget to be presented later this month.While the formal and final guidelines regarding who should be allowed to set up new banks and what should be the terms and conditions would be anno...

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Posted Under: Company Law |

ICAI clarifies- No preponment of May 2011 Exams

It has been brought to our knowledge that certain SMSs/e-mail chains have been generated claiming that the Institute has preponed the May 2011 Chartered Accountants Examinations scheduled to be held from 2nd May 2011 to 16th May 2011 as contained, in...

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Posted Under: Company Law |

Empanelment of Chartered Accountants/firms for Audit of Credit and Other Co-operative Societies

Empanelment of Chartered Accountants/firms for Audit of Credit and Other Co-operative Societies. I am happy to inform you that the joint efforts of the PDC & WIRC have yielded results and the Maharashtra Government has entrusted the task of preparing the Panel of Chartered Accountants/firms for undertaking Statutory Audits of Credit and O...

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Posted Under: Company Law |

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