If a search under section 132 of the Income Tax Act, 1961 is challenged on the ground that information leading to reasons to believe for authorising search was irrelevant then how should this question be resolved? Should the court, Look into the records and decide it alone; or Disclose the information to the aggrieved person and then adjudicate upon it, after hearing the parties (a)The Director of Income-tax (Investigation) Kanpur had jurisdiction to authorise the search;
Over Rs 3 lakh crore in direct taxes, which is more than the annual corporate tax collection, is locked up in litigation at various levels. While Rs 2.2 lakh crore of revenue was locked up in appeal cases with Commissioner of Income Tax (Appeals) in 2009-10, the amount involved in litigation at the higher levels was Rs 91,087 crore, said the latest CAG report.
As and when Customs (CBEC) have conveyed their readiness to implement on-line message exchange between Customs and DGFT, Policy Circulars have been issued from time to time by DGFT indicating the names and Port Codes of such Customs Ports where EDI facility would be available. Such Policy Circulars are listed below:
The ICAI is proud to acknowledge various professional achievements which its members in Entrepreneurship or Public Service have achieved during the course of their professional career or otherwise. In order to encourage and enhance their participation in the institute’s activities and to enhance the efficacy of ICAI work program by factoring their perspective and vision with the institute, the ICAI has constituted a new Committee for Members in Entrepreneurship & Public Services.
Bigger corporate you are, the lesser tax you pay as more exemptions are available to you, the Comptroller and Auditor General (CAG) has found. As against the statutory 33.9%, 179 top companies with profit before tax (PBT) of Rs 500 crore and above paid an effective tax rate of 22.1% in 2008-09.
Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of ITO v. TCFC Finance Limited (ITA No.1299/Mum/2009) (Judgement date- 9 March 2011 Assessment Year 2004-05) held that the provisions of Minimum Alternate Tax (MAT) deals with amount of provision for diminution in the value of any asset and not with the value of asset which remains after diminution. Once provision is made for diminution in the value of any asset, the same has to be added for computing book profit, regardless of the fact whether or not any balance value of the asset remains after diminution.
Mailing List Compilation and Mailing Services means any service provided or to be provided to any person, by any other person, in relation to mailing list compilation and mailing; “Mailing List Compilation and Mailing” means any service in relation to — (i) compiling and providing list of name, address and any other information from any source; or (ii) sending document, information, goods or any other material in a packet, by whatever name called, by addressing, stuffing, sealing, metering or mailing, for or on behalf of, the client; [Section 65(63a) of Finance Act, 1994 as amended]
Real Estate Agent’s Services means any service provided or to be provided to any person, by a real estate agent in relation to real estate. “Real estate agent” means a person who is engaged in rendering any service in relation to sale, purchase, leasing or renting, of real estate and includes a real estate consultant. “Real estate consultant” means a person who renders in any manner, either directly or indirectly, advice consultancy or technical assistants, in relation to evaluation, conception, design, development, construction, implementation, supervision, maintenance, marketing, acquisition or management of real estate.
Security Agency Services means any service provided or to be provided to any person, by a security agency in relation to the security of any property or person, by providing security personnel or otherwise and includes the provision of services of investigation, detection or verification of any fact or activity. “Security agency” means any person engaged in the business of rendering services relating to the security of any property, whether movable or immovable, or of any person, in any manner and includes the services of investigation, detection or verification, of any fact or activity, whether of a personal nature or otherwise, including the services of providing security personnel.
Management or Business Consultant’s Services means any service provided or to be provided to any person, by a management or business consultant in connection with the management of any organization or business in any manner; “Management or business Consultant” means any person who is engaged in providing any service, either directly or indirectly, in connection with the management of any organisation or business in any manner and includes any person who renders any advice, consultancy or technical assistance, in relation to financial management, human resources management, marketing management, production management, logistics management, procurement and management of information technology resources or other similar areas of management;
