"24 April 2011" Archive

Penalty under s 271FA is leviable if the assessee fails to respond to the notice for failure of filing annual information return

Patan Nagrik Sahakari Bank Ltd Vs DIT(CIB) (Gujarat High Court)

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 20...

Read More

Prior period expenses not to be deducted while computing book profit for the purposes of section 115JA

Shree Bhagawathy Textiles Ltd. Vs. Asst. CIT (Kerala High Court)

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 ...

Read More

Lok Adalat cannot pass order to pay insurance money – SC

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 p...

Read More
Posted Under: Income Tax |

Direct tax collection in Gujarat up 16.69 per cent in FY-2010-11

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....

Read More
Posted Under: Income Tax |

RBI relaxes provisioning norms for banks with retrospective effect from September 30, 2010

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...

Read More
Posted Under: Income Tax |

Govt may hike penalty for improper use of names to 1000 times

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....

Read More
Posted Under: Income Tax |

CII asks government to introduce Corrosion Act

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....

Read More
Posted Under: Income Tax |

SEBI to set up toll free helpline to respond to queries of investors

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....

Read More
Posted Under: Income Tax |

In the absence of specific provisions Companies not to pay stamp duty on increased capital – HC

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 amou...

Read More
Posted Under: Income Tax |

SEBI modifies norms for appointment of its internal auditor

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)....

Read More
Posted Under: Income Tax |