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Archive: 14 April 2011

Posts in 14 April 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7038 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Allotment of Statutory audits of Urban Co-Operative Banks (UCBs) for F.Y. 2010-11 in Maharashtra

April 14, 2011 2714 Views 0 comment Print

Allotment of Statutory audits of UCBs for the F.Y. 2010-11. Division wise list of allotment. Circular Dated 11th April 2011 for panel U/R 69 of MCS Rules, 1961 . Auditors on the panel U/R 69 of M.C.S. Rules, 1961 . Division wise list of Auditors. Association of auditors with UCBs. Auditors disqualified from empanelment. Circular Dated 11th April 2011 Regarding empanelment & allotment procedure.

Reliance Industries defies oil ministry order

April 14, 2011 465 Views 0 comment Print

Defing an oil ministry directive, Reliance Industries has refused to sell natural gas to power and fertiliser plants by cutting supplies to non priority sectors like steel and refineries saying the move has financial and legal implications. With output from Reliance’s eastern offshore KG-D6 fields dropping by over 20 per cent, a worried oil ministry had asked Reliance to first meet all the contracted demand of fertiliser units, plants extracting LPG from natural gas, power firms and city gas distributing companies selling CNG to automobiles.

RBI launches Apr-Jun 2011 industrial outlook survey

April 14, 2011 444 Views 0 comment Print

RBI launched its Industrial Outlook Survey for the April-June, 2011 period today. The survey gives an insight into the perception of non-financial public and private limited companies engaged in manufacturing activities about their performance and future prospects, a press release issued here stated. The assessment of business sentiments for the present quarter and expectations for the ensuing quarter are based on qualitative responses to 20 major parameters.

Transfer of Technical Knowhow prima facie covered under Intellectual Property Service with effect from 10.9.2004 and Not taxable under Consulting Engineer service prior to 10.9.2004

April 14, 2011 2409 Views 0 comment Print

2. The issue involved in this case is the payment received by M/s Indian Oil Corporation Ltd for transfer of technical specifications and knowhow for manufacture of product called “ZSM-5 Additive” which when added to the Fluid Catalytic Cracking Catalyst enhances LPG yield. This knowhow is provided to Sud-Chemie India Ltd,90, Nehru Place, New Delhi (SCIL).

2G scam – Corporate honchos appear in court, seek bail on the ground of no arrest

April 14, 2011 483 Views 0 comment Print

Top corporate executives – Swan Telecom director Vinod Goenka, Unitech Wireless (Tamil Nadu) Ltd managing director Sanjay Chandra, and three top officials of Reliance ADA Group Gautam Doshi, Surrendra Pipara and Hari Nair – appeared before the special court for the first time and sought bail on the ground that they were not arrested during the investigation.

Corp Bank launches a mobile wallet payment system

April 14, 2011 486 Views 0 comment Print

State-run Corporation Bank today launched a mobile wallet which makes it possible to make purchases using a mobile handset. Under the scheme, christened ‘ypaycash’, an account-holder can pay for purchases through the mobile handset, provided the merchant has the system installed. The service, which comes free for Corporation Bank customers, can be availed by asking the Bank to transfer up to Rs 5,000 from a savings or current account to the mobile wallet.

Indians work 8.1 hours a day, more than many Westerners

April 14, 2011 1187 Views 0 comment Print

Indians work for 8.1 hours every day, more than the average figure for the entire developed world and individual countries like the UK, Australia, France, Italy and Germany. However, the average work-hour for Indians is less than the same for people in countries like the US, China and Japan, while those in Mexico are the busiest in the world, a new global survey has found.

IDBI Home Finance gets MCA nod for merger with parent IDBI Bank

April 14, 2011 915 Views 0 comment Print

IDBI Home Finance today said it has got approval from the Corporate Affairs ministry for merging with its parent IDBI Bank. The Ministry of Corporate Affairs has sanctioned the scheme of amalgamation vide its order dated April 8, 2011, IDBI Home Finance said in a filing to the Bombay Stock Exchange.

Penalty U/s. 271C for non deduction of TDS not leviable if no “mala fide intention” or “deliberate defiance” of law

April 14, 2011 15129 Views 0 comment Print

CIT vs. Cadbury India Ltd (Delhi High Court) – Levy of penalty under section 271C is not automatic. Before levying penalty, the concerned officer is required to find out that even if there was any failure referred to in the concerned provision the same was without a reasonable cause. The initial burden is on the assessed to show that there existed reasonable cause which was the reason for the failure referred to in the concerned provision. Thereafter the officer dealing with the matter has to consider whether the Explanationn offered by the assessee or the person, as the case may be, as regards the reason for failure, was on account of reasonable cause. “Reasonable cause” as applied to human action is that which would constrain a person of average intelligence and ordinary prudence. It can be described as a probable cause. It means an honest belief founded upon reasonable grounds, of the existence of a state of circumstances, which assuming them to be true, would reasonably lead any ordinary prudent and cautious man, placed in the position of the person concerned, to come to the conclusion that same was the right thing to do. The cause shown has to be considered and only if it is found to be frivolous, without substance or foundation, the prescribed consequences will follow.

A notice issued on a non-existent person is void. The fact that the assessee has filed a return in response to the notice makes no difference

April 14, 2011 1153 Views 0 comment Print

I. K. Agencies Pvt Ltd vs. WTO (Calcutta High Court) – The authorities below totally overlooked the fact that initiation of the proceedings for reassessment was vitiated for not giving notice under Section 17 of the Wealth Tax Act to the Appellant and the notice issued upon M/s. Abhudey Properties Pvt. Ltd. which was not in existence at that time was insufficient to initiate proceedings against the Appellant who had taken over the liability of M/s. Abhudey Properties Pvt. earlier to the issue of such notice and such fact was also made known to the Revenue.

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