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Notification No.29/2011 – Customs (N.T.) – Central Government hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 61/94-Customs (NT), dated the 21st November, 1994, namely: – (i) In the said notification, in the Table for serial number 6 relating to the state of Gujarat specified in column (1) and the entries relating thereto in columns (2) , (3) and (4), the following shall, respectively, be substituted, namely:-
The government has decided to issue biometric PAN cards to taxpayers across the country to weed out the problem of duplicate and fake ones. The decision was taken recently by the Finance Ministry and it comes in the wake of a Comptroller and Auditor General (CAG) report that asked the Income Tax department to ensure that a single tax payer is not issued multiple cards.
The Department of Industrial Policy and Promotion (DIPP) issued a Discussion Paper on Compulsory Licencing of Patents in August 2010. The Department received 38 responses. Ten of these responses were received from stakeholders based in countries outside India including Thailand, South Africa, USA , UK and Japan. Eleven responses were received from pharma manufacturers associations, and business promotions councils/chambers. Fourteen were received from other stakeholders including academics and NGOs.
M/s Durga Dass Devki Nandan vs. ITO (HP High Court) – The CBDT circular can only be held to be valid if it is in terms of the main section. As held above, the Section 40(b)(v) only lays down that either the working partner should be paid an amount specified in the partnership deed or it should not exceed the amount laid down in the Section. In the present case the partners have been paid their remuneration/salary strictly in accordance with the terms of the partnership deed and this amount paid to the partners does not exceed the maximum permissible amount and therefore, the assessee is entitled to the deduction.
The refunds against bank guarantee shall be granted any time for any period even after the due date of filing of audit form 704 is over. The condition of refund audit of previous period and major discrepancy will not be applicable in the bank guarantee cases. It may be noted that after granting the refund against bank guarantee, if the refund audit officer notices that the deafer Is avoiding/ delaying the process of refund audit then the concerned Joint Commissioner shall encash the bank guarantee submitted by the dealer Immediately.
CIT vs. Gujarat Power Corporation Ltd (Gujarat High Court) – Assessee is fully justified in arranging its affairs in such a manner where his tax liability is reduced provided the assessee does not resort to any illegal means or enter into a sham transaction for the said purpose. It is the prerogative of the assessee to use its own fund in the manner in which it considers proper. The Revenue cannot dictate the assessee that how the assessee should use its own fund. Thus in our considered opinion the A.O.’s approach in the instant case was not justified. The nexus between the interest bearing fund and interest free investment as claimed by the A.O. was not correct when it is not in dispute that the own funds were utilized for making tax free investment.
The income tax department Monday raided the prestigious Lilavati Hospital here that is frequented by VVIPs, officials said. The raids began at around 9 a.m. in the hospital and the office of the trust which manages it, both located in the same premises in Bandra west. The hospital, worth an estimated Rs.7 billion, is at the centre of a bitter family feud.
The US Securities and Exchange Commission (SEC) on Tuesday sanctioned five India-based affiliates of PricewaterhouseCoopers (PwC) that formerly served as independent auditors of Satyam Computer Services Ltd. These Indian PwC affiliates have been accused of repeatedly conducting deficient audits of Satyam’s financial statements and enabling a massive accounting fraud to go undetected for several years.
CBI arrests an Inspector of Central Bureau of Narcotics and a Private Person in a bribery case of Rs.Three Lakh- The Central Bureau of Investigation has registered a case U/s 120-B of IPC r/w Section 7, 8 and 10 of Prevention of Corruption Act, 1988 on the basis of written complaint against an Inspector of Central Bureau of Narcotics, Garoth, Distt. Mandsore and a private person R/o Village Shyam Garh, Mandsore. It was alleged that they had demanded a bribe of Rs.Ten lakhs from the complainant as a motive for not implicating the complainant in NDPS case of Central Bureau of Narcotics and removing his name from the case. After negotiations, the amount was first reduced to Rs.8 lakh and it then further reduced to Rs.Seven lakh.
Glass bottles used by a soft drink company are “fixed capital investment” and are exempted from trade tax, the Supreme Court ruled in the case, Commissioner of Trade Tax, Uttar Pradesh vs Varun Beverages Ltd. However, crates used to carry the bottles are not fixed capital investment, the court added. The argument of the soft drink company was that it was entitled to exemption for all fixed capital investment including land, building, apparatus, components and equipment which are necessary for the establishment and running of the factory. The Allahabad high court agreed with the contention, stating that for the manufacture of soft drinks, bottles and crates are essential equipment, especially in a captive industry where the liquid is prepared and collected by way of a continuous process in bottles and thereafter kept in crates. But the revenue authorities appealed to the Supreme Court. It held that bottles were exempted, but not the crates.
