Views expressed by smaller bench of a Supreme Court in the case of Azadi Bachao Andolan on tax avoidance are binding on the High Courts because it has interpreted the decision of the larger bench in the case of Mcdowell & Company. Accordingly, the transactions was not a colourable transaction.
The use of internet is growing rapidly in India. Buyers of Insurance products increasingly access / visit websites to know the features and to compare prices of the products offered by different insurers. This has led to the emergence of dedicated websites known as ‘web aggregators’ offering information on insurance products. The concept of web aggregator is of online enquiry or shopping where a client could get information and premium quotes on all types of policies across Insurance companies at one point.
The Income Tax department today conducted searches at the business premises of steel giant Jindal Steel works here for alleged charges of tax evasion. A team of I-T officials from the investigation and tax collection wings of the department reached the premises of the company and began scrutinising documents related to purchase orders and other financial dealings, sources said.
Financial service provider SMC Global Securities today said the Reserve Bank may hike key rates by 25 basis points in its policy review tomorrow. “With series of RBI actions and rise in commodity prices, India Inc witnessed pressures on margins …,” SMC Group Chairman and Managing Director Subhash Chand Aggarwal said in a statement here.
The Supreme Court today asked the Centre as to why the tax payers’ money should be used for subidising foodgrains under the public distribution system (PDS) for those who are above the poverty line. “We don’t understand the logic as to why a person, let us say earning an annual income of Rs 10 crore, should be (given) subsidy (by using) the tax payers’ money for distribution of the grains.
Finance Ministry has received draft guidelines on the new banking licence from the Reserve Bank, which is expected to make it public by the end of this month. The Finance Ministry has got draft guidelines on new banking license, official sources said. The guidelines are at a draft stage and no firm view on the paid-up capital and other issues has been taken, sources said. The Reserve Bank of India (RBI) is likely to issue guidelines for new banking licences by the end of the current fiscal.
The government today said over Rs 1.60 lakh crore has been locked up in disputes between the income tax department and taxpayers as on January, 2011. “Out of the total arrears, the amount locked up in disputes between the income tax department and taxpayers as on January, 2011 is Rs 1,60,499 crore,” Minister of State for Finance S S Palanimanickam said in a written reply to Rajya Sabha.
The Supreme Court on Tuesday said there seems to be a violation of several laws and the forging of documents in the 2G spectrum scam. The apex court bench of Justice GS Singhvi and Justice AK Ganguly made the observation after it was given a status report by the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) on their investigation into the scam.
Following the recent earthquake in Japan and concerns of possible radiation leakage from the affected nuclear plants, there is a need to increase surveillance of food imports from Japan to ensure that they are safe for consumption. Accordingly, it has been decided that Food Safety and Standards Authority of India (FSSAI) would test samples of food articles, particularly fresh produce exported from Japan after March 11, 2011, such as sea food, fruits, vegetables and meat for radioactive contamination. FSSAI has directed their Authorised Officers to have the food articles tested for radioactive contamination from BRIT (Board of Radiation and Isotope Technology), Navi Mumbai before issuing ‘No Objection Certificate’ to Customs.
As announced today in the Mid-Quarter Monetary Policy Review, it has been decided to increase the repo rate under the Liquidity Adjustment Facility (LAF) by 25 basis points from 6.50 per cent to 6.75 per cent and the reverse repo rate by 25 basis points from 5.50 per cent to 5.75 per cent with immediate effect.
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