"16 April 2011" Archive

India among world's top 7 economies under G-20 scanner

The G-20 on Friday announced that International Monetary Fund (IMF) would review policies of the world's seven largest economies, including India and China , with the objective of rectifying flaws before they imperil growth. The US, Japan, Germany, France and Britain are the other five countries that influence the global economy. ...

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Posted Under: Finance |

Remedial measures to mitigate difficulties faced in e-filing of Service Tax returns

TRADE NOTICE (17/02/2011)

A Service Desk has been set up with a national toll-free number 1800 425 4251 which can be accessed by taxpayer between 9AM to 5PM on all working days (Monday to Friday). Besides they can send e-mails (24×7) at e-mail ID (aces.servicedesk@icegate.gov.in). ACES Service Desk generates a unique number called the ticket number and ticket is ...

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Victim of reinterpretation of established tax laws – Vodafone

Facing tax liability and penalty of around Rs 9,000 crore, Vodafone today accused the Indian tax authorities of interpreting the law in a new way and said there was no example of such taxes being imposed on overseas share transfer like the way it is done in its case....

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Posted Under: Finance |

Reassessment — Full and true disclosure of all material facts by the assessee renders the reopening of assessment after expiry of four years not sustainable

Jayant Agro Chemicals Ltd Vs ITO and Others (Bombay High Court)

Jayant Agro Chemicals Ltd v ITO and Others - As per the proviso to s 147 of the Act, the assessment can be reopened beyond four years from the end of the relevant assessment year, only if there is failure on the part of the assessee to disclose fully and truly all material facts. In the present case, the assessment is sought to be reopene...

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Business expenditure — Entitlement provided to assessee for deduction of lease rentals on windmills used for purpose of business

Addl. CIT Vs Weizmann Ltd. (ITAT Mumbai)

Addl. CIT v Weizmann Ltd. ITAT, Mumbai * As long as the assessee has sufficient interest free funds, the presumption to be taken is that the investments are made out of such interest free funds. Mere fact of allowing interest free advance at a rate lower than the rate on which borrowings are made, cannot justify the disallowance of in...

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FBI charges three internet poker firms with fraud

Founders of the US' three largest internet poker companies are among 11 people charged by FBI with bank fraud, money laundering and gambling offences that resulted in billions of dollars in illegal profits. The FBI has indicted founders of PokerStars, Full Tilt Poker and Absolute Poker, who face up to 20 years in prison if convicted....

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Posted Under: Finance |

India's forex reserves increase by $2.71 bn to $308.2 bn

India's foreign exchange reserves rose by $2.71 billion to $308.2 billion on the back of an increase in foreign currency assets. The reserves had stood at $305.5-billion the week before. Foreign currency assets, the biggest component of the foreign reserves, went up by $2.7 billion to $277 billion for the week-ended April 8, the Reserve B...

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Posted Under: Finance |

'Tax headquarter building to be ready in 24-30 months'

Rajaswa Bhawan, the proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg here, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today. "I hope we will stick to the schedule," Mukherjee said while giving aways prizes to the successful architects in the National Arch...

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Posted Under: Finance |

Promotions of Additional Commissioner / Additional Director of Income-tax

Vide Order No. 67 of 2011 dated 16.04.2011 issued by the CBDT, officers in the grade of Additional Commissioner / Additional Director of Income-tax have been promoted to the grade of Commissioner of Income-tax. Promotion from Addl.Commissioner Of Income Tax(Addl.CIT) to Commissioner Of Income Tax (CIT), ORDER NO. 67 OF 2011 Ad.VI...

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Posted Under: Finance |

CBDT – Status of Income tax Refund issued from April 1 to 14 2011

From the desk of Chairman,CBDT S.N. 35/April 15 ,2011. CBDT compliments one & all for their profound sincerity & deep commitment in issuing record number of refunds in the first 14 days of April 2011 & is confident that the remaining refunds would be issued by 20th April 2011. Status of refunds issued from April 1 to 14 2011...

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Posted Under: Finance |