Finance Minister Pranab Mukherjee today made a slew of announcements, including to bring investments in education and health segments under the infrastructure sector and special grants for women self-help groups and fishermen.
Finance Minister Pranab Mukherjee today appeared to hint at a review of some tax proposals including those on hospitals while he announced extension of interest subsidy to fishermen and fish farmers and concessions for education and healthcare sectors.
Under fire for the proposal to tax ‘high-end’ medical services, Finance Minister Pranab Mukherjee today told Lok Sabha he is examining various suggestions and would respond later. “Since the presentation of the Budget 2011-12, I have received several suggestions and representations, including valuable feedback from Members (MPs) on taxation proposals.
The Lok Sabha today approved the first stage of Budget for 2011-12 and supplementary spending for the the current fiscal. The House approved the supplementary demand for the current financial year after Finance Minister Pranab Mukherjee replied to general discussion on the budget in the Lower House.
The government today said the provision of collateral security for getting loans from banks has been waived for SC/ST as part of measures to grant them easier access to credit. “There is no need for collateral security for these sections for getting bank loans,” Finance Minister Pranab Mukherjee told the Lok Sabha while replying to supplementaries during the Question Hour.
Allaying apprehensions that global events like high oil prices may impact growth, Finance Minister Pranab Mukherjee today exuded confidence that the economy would return to nine per cent growth in 2011-12.
Coinciding with International Women’s Day , the Corporate Affairs Ministry on Tuesday said it would make it mandatory for companies having five or more independent directors to have at least one female independent director.
The Securities Appellate Tribunal today adjourned the hearing in the PriceWaterhouseCoopers-Sebi case to March 15, a company official said. The matter came before SAT yesterday. The case relates to the multi-crore rupee Satyam accounting scam wherein its Founder B Ramalinga Raju admitted to cooking up the company books. PwC was the auditor to the IT major at that time.
The tax effect involved in the present appeal is Rs. 4,65,860/-. As per the recent guidelines of the CBDT, appeal in those cases where the tax effect is less than Rs. 10 lacs, are not to be entertained. In this case court has taken the view that such circular would also apply to pending cases. A contrary view has been taken in CIT vs. M/s Varindera Construction Co (P&H High Court – Full Bench)
M/s Jai Ganesh Processors Vs. CCE, C, Chandigarh (High Court of Punjab and Haryana at Chandigarh) – Even though the Hon’ble Supreme Court held that the assessee would not get benefit of exemption if duty had not been paid on inputs, the assessee held a bonafide view about interpretation of the notification. Thus, it may not be a case of deliberate evasion of duty. While the Tribunal rightly rejected the claim of the assessee that exemption was applicable, the setting aside of penalty cannot be held to be illegal. Levy of penalty is not automatic merely because an exemption was wrongly availed, even when plea of the assessee is found to be erroneous.
