"March, 2011" Archive - Page 10

Hasan Ali case-Apex court loses cool at ED report

The Supreme Court Monday was angry at the Enforcement Directorate's (ED) which submitted its second status report on money laundering by India's top tax evader Hasan Ali. A bench of Justice B. Sudarshan Reddy and Justice S.S. Nijjar said: 'When we look at the (status) report, it is very difficult to remain calm and poised as to what was h...

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Posted Under: Income Tax |

Hasan Ali's wife to be present in Supreme Court tomorrow

Rheema Khan, the wife of Pune-based stud farm owner Hasan Ali, would be present in the Supreme Court tomorrow when the Enforcement Directorate submits a status report of the probe into his alleged money-laundering activities. "Hasan Ali's wife would appear before the Supreme Court tomorrow," said his lawyer, advocate I A Bagadia here. ...

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Posted Under: Income Tax |

The Budget Attains Finality

Perhaps, for the first time in Indian history, we have a situation that the Union Budget is presented and passed by both the houses of the Parliament in less than a month. Not only this, that too in the current financial year itself. Thanks to virtually no debate in the house even on crucial proposals impacting economy and growth of nati...

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Posted Under: Income Tax |

Maharashtra Budget 2011- Changes in MVAT, Stamp Duty & State Excise Duty

Maharashtra Deputy Chief Minister presented the State budget for the year 2011-12 on 23 March 2011. The changes effected in various regulations shall be effective from a date to be notified unless otherwise specified. Considering a satisfactory rise in the sales tax revenue by 26% over earlier year, it is proposed to retain VAT rate on g...

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Posted Under: Income Tax |

Introduction of Annual Return on Foreign Liabilities and Assets – Reporting by Indian Companies

In terms of Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000, Indian companies are required to report the details of Foreign Direct Investment (FDI) in Form FC-GPR to the Regional Office of RBI within whose jurisdiction the Registered Office of the Company operates, within 30...

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Posted Under: Income Tax |

Delhi HC grants Permanent injunction against firm for violation of copyright

Castrol Limited & Others Vs Mr. Rajinder Kumar Gupta & Others (Delhi High Court)

Permanent injunction against firm for violating copyright - The Delhi high court last week passed permanent injunction against a firm which violated the copyright and trade mark of Castrol Ltd in the field of oils and lubricants. The court further asked the guilty firm to pay “punitive damages” of Rs 10 lakh. This, explained the judgm...

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SC remit back the Judgement passed without reasoning to HC and asked to pass reasoned judgement

Tikaula Sugar Mills Ltd. Vs State Of U.P.& Ors. (Supreme Court of India)

Problem of judgements without giving reasons continues :- Though the SC has criticised some high courts for writing judgements without giving reasons, the problem seems to continue. In the case of Tikaula Sugar Mills vs State of Uttar Pradesh, the Allahabad high court was asked to pass a reasoned judgement in the dispute. The high court h...

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Clarifications can not be treated as Validating Act

Sangam Spinners Ltd. Vs Union Of India & Ors. (Supreme Court of India)

SC rejects claim of firms using HSD in captive units- The Supreme Court (SC) has dismissed a batch of appeals by various companies claiming credit of duty paid on high speed diesel oil used in their captive electricity generating plants. The Rajasthan high court had earlier rejected their contention in the case, Sangam Spinners Ltd vs Uni...

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Report transactions every month- I-T Dept to stock exchanges

In view of huge discrepancies found in transactions at stock exchanges, the Income Tax Department has asked NSE, BSE and other bourses to submit monthly statement of all transactions from April. According to sources, the I-T department has analysed data and found huge mismatch in the information provided by certain brokers to the stock ex...

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Posted Under: Income Tax |

75 Percent of VAT Refund under PVAT Act to be allowed on furnishing of Indemnity bond

Section 39 of Punjab VAT Act 2005 deals with refund of tax. Some welcome changes have been made in said section by adding a new sub section 1-A to the said section which provides for provisional allowing of 75% of amount of refund claimed under PVAT Act subject to furnishing of indemnity bond in prescribed format and subject to such terms...

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Posted Under: Income Tax | ,
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