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Penalty under s 271FA – Failure to file annual information return — The penalty under s 271FA is leviable if the assessee fails to respond to the notice for failure of filing annual information return — as held by Gujrat High Court in Patan Nagrik Sahakari Bank Ltd v DIT(CIB); Special Civil Application No. 14675 of 2010, 22 April 2011
Shree Bhagawathy Textiles Ltd. v. Asstt. CIT – If the assessee has made a claim of deduction from this profit not enumerated in the clauses (i) to (ix) covered by Explanation to section 115JA, the assessment so completed based on the profit taken from the profit and loss account appropriation account submitted by the assesseee happens to be an apparent mistake which could having satisfied on the factual mistake committed by the assessing officer in the original assesment, rightly upheld the revised assessment issued under section 154 by reversing their earlier order.
The Supreme Court has stated that a Lok Adalat cannot pass an order to pay the insurance money when there was no compromise between the parties, in the case, Life Insurance Corporation vs Suresh Kumar. Lok Adalat cannot take over the function of the regular courts. In this case, the Lok Adalat tried to arrive at a compromise between the parties, but failed.
The direct tax collections in Gujarat for FY-2010-11 stood at Rs 17,782.50 crore against the Rs 15,239.70 crore in a year ago period, showing a year-on-year growth of 16.69 per cent. The tax mop up was lower by little less than two per cent of the revised budgetary target allocation for the fiscal.
The Reserve Bank of India (RBI) relaxed the provisioning norms for banks with retrospective effect from September 30, 2010, which in turn could help banks post higher profits. The RBI said, banks will have to maintain a provision coverage ratio of 70 percent of their gross bad loans only till September 30, 2010 after which they will have to follow just the standard capital provisioning requirement as per by the Basu committee.
The government is mulling hiking penalty for improper use of names and emblems conveying state patronage or ownership for the purpose of professional and commercial gains to Rs 5 Lakh. At present, the penalty for violating the provisions of the Emblems and Names (Prevention of Improper Use) of 1950 is only Rs 500.
The government should introduce financial support through legislation for preventing corrosion of machines, pipelines and industrial structures as companies lose a whopping Rs 2 lakh crore annually due to such damages, CII today said.
To resolve investors’ grievances and spread financial literacy, market regulator SEBI will set up a toll free helpline to respond to queries of investors and help track the status of their complaints. The investors, according a strategic action plan approved by the SEBI Board earlier, will be able to communicate in their own languages.
The Delhi High Court has held that a company is not required to pay the stamp duty on the increased amount of its authorised share capital. A bench headed by Justice S Muralidhar said this while allowing the plea of S E Investments Ltd, which challenged the direction of the Registrar of Companies (ROC) seeking stamp duty on increased amount in authorised share capital.
SEBI has modified the norms for appointment of its internal auditor, a move that enabled the capital market regulator to retain chartered accountants firm Chokshi & Chokshi for two more years. The decision to give a two-year extension to the firm was taken at the last Board meeting of the Securities and Exchange Board of India (SEBI).
