The Supreme Court has ruled that law should prevail over equity and that judges should not legislate as it would be violative of the basic democratic principles. A bench of justices Markandeya Katju and Gyan Sudha Mishra in a recent judgement said courts should not interpret rules on the basis of equity. “In other words, once we depart from the literal rule, then any number of interpretations can be put to a statutory provision, each judge having a free play to put his own interpretation as he likes.
The Income Tax Department has issued a notice to Mahindra Satyam, the new brand identity of Satyam Computer Services Ltd, to pay Rs 616.53 crore in taxes, the company said in a stock exchange filing today.
Breaking News Budget 2011 Related to Service tax on Healthcare and Excise Duty on Readymade Garments. 1) Abatement on readymade garments increased from 40% to 55%. 2) Service tax on Health care services withdrawn
A reference is invited to your letter, dated 19 January, 2011 addressed to Prime Minister of India regarding disclosure of names of Indians having illegal accounts in Liechtenstein, which were obtained from German Government. In your letter you have stated that a plea has been taken by the Government before the Supreme Court in the Public Interest Litigation that the names of Indians having bank accounts in LGT bank of Lichtenstein received from Germany cannot be made public in view of the confidentiality provision of the DTAA between India and Germany. You have also mentioned that there is no bilateral agreement between India and Germany which contain confidentiality provision and that Law Officers of Government have misled the Supreme Court. In view of the above, a plea was made to make the names public and prosecute t
All authorized ATM Networks provider/operator are advised to submit the quarterly data pertaining to resolution of complaints between ATM network operator and banks in the following excel format. The quarterly data should reach us within a month on completion of each quarter through email. It may also be ensured that the format and timelimit prescribed is strictly adhered to.
When a partnership firm is dissolved and the erstwhile partner receives stock, it is a capital asset in his hands. When that asset is introduced into a business as stock, it gets converted into stock-in-trade. The value of this stock will have to be the market value on the date of introduction. The Tribunal’s reasoning that the assessee cannot value the stock introduced in the business at market value because that was not the price she paid for it is flawed because if the assessee on having received her distributed share of stock of jewellery from the dissolved firm had sold it, and thereafter commenced her proprietorship business of jewellery again; within short span; by buying the jewellery from the market from the proceeds of stock sold on dissolution of the erstwhile firms, the stock of the proprietorship concern would without doubt be valued at market value. The same principle would apply if the assessee used her share of the stock obtained from the dissolved firm in the new business.
Please refer to our circular DPSS/No.101/02.10.02/2009-2010 dated July 17, 2009 on the captioned subject, wherein banks were advised to submit the quarterly review of ATM transactions. 2. In continuation of the above circular banks are advised to submit the quarterly review of ATM transactions duly approved by their Board in the following Excel based formats: ATM failed transactions for complaints received/resolved – Table 1 ; Complaint resolution between issuing bank and acquiring bank for ATM failed transactions – Table 2 ; and
In order to boost manufacturing of indigenous equipment, the Centre may extend preferential status to ‘Made in India’ products in the New Telecom Policy, 2011 (NTP’11). “Broader telecom policy will include measures appropriate to encourage domestic telecom manufacturing. Some aspects have been considered by committee of secretaries, and preferential status for domestic manufacturers is one of them,” Department of Telecom (DoT) secretary R Chandrashekhar told PTI.
The government today cleared the Bureau of Indian Standards (Amendment) Bill, 2011 paving the way for introduction of mandatory hallmarking of more products including gold. At present, about 77 items including cement, mineral water and milk products are certified with mandatory hallmarking under the BIS Act to conform to the quality level of goods and […]
Sponsorship Service means any service provided or to be provided to any person, by any other person receiving sponsorship, in relation to such sponsorship, in any manner; Sponsorship includes naming an event after the sponsor, displaying the sponsor’s company logo or trading name, giving the sponsor exclusive or priority booking rights, sponsoring prizes or trophies for competition; but does not include any financial or other support in the form of donations or gifts, given by the donors subject to the condition that the service provider is under no obligation to provide anything in return to such donors.
