Boston – An Indian investment banker has been convicted by a US federal jury on charges of extortion and threatening a New York state comptroller official to reveal an extramarital affair if a multi-million dollar pension contract was not awarded in his favour – in short, blackmail.
Income Tax Department today said it has until now detected tax evasion to the tune of Rs 85 crore and seized Rs 28 crore unaccounted cash from individuals in the poll bound states. “The maximum cash — Rs 17.5 crore was seized from Tamil Nadu and (Union Territory of) Puducherry,” a CBDT official said.
The Finance Ministry today withdrew the 10 per cent excise duty levied on jute products in March this year. “The ministry in a corrigendum to the March 24, 2011 notification maintained the exemption of excise duty on the jute products except laminated jute bags,” an official source said here today.
The new Companies Bill, which seeks to replace a 50-year-old Act, will come up for consideration and passage in the Monsoon Session of Parliament. “The Companies Bill will come in for discussion in Parliament in the Monsoon Session,” the Corporate Affairs Minister, Mr Murli Deora, told reporters on the sidelines of a FICCI event here today.
The Supreme Court on Thursday cancelled the bails granted to Price Waterhouse partner Subramani Gopalakrishnan and Satyam’s internal auditor V S Prabhakar Gupta, directing them to surrender by April 30. A bench comprising Justice P Sathasivam and Justice B S Chauhan cancelled their bail and directed them to surrender within this period, failing which the central investigative agency will take steps to arrest them.
Government is committed to bringing in a fair merger and acquisition regime in the country, so that these regulations become an instrument of economic growth of the country. He said there is no denying the fact that effective and fair competition is a must for an orderly development of economy and compliance with the provisions of the competition law absolutely essential to attain this goal. However, this should not stifle the pace of M & A activity in India which is absolutely necessary for India’s economic growth at this juncture.
DBOD.No.BP.BC. 87/21.04.048/2010-11 Majority of the banks have since achieved the PCR of 70 percent and have been representing to RBI whether the prescribed PCR is required to be maintained on an ongoing basis. The matter has been examined by us and till such time RBI introduces a more comprehensive methodology of countercyclical provisioning taking into account the international standards as are being currently developed by Basel Committee on Banking Supervision (BCBS) and other provisioning norms, banks are advised that :
A Delhi court on Wednesday dismissed the bail pleas of five corporate executives, who were named as accused by the CBI in the 2G spectrum allocation scam but were not arrested. “All the bail applications have been rejected,” Special CBI Judge O P Saini said. With the rejection of their bail pleas, they were likely to be remanded in judicial custody.
As per the clarification issued by the Commissioner of Commercial Taxes, in exercise of the power conferred on him under Section 28A of the TNGST Act, the benefit of sales tax deferral scheme would be available to a dealer from the date of reaching of BPV or BSV, whichever is earlier. It is trite law that circulars issued by the revenue are binding on the departmental authorities and they cannot be permitted to repudiate the same on the plea that it is inconsistent with the statutory provisions or it mitigates the rigour of the law.
S E Investments Limited Vs Union of India and Others- The Delhi High Court held that there is no provision for charging stamp duty on the increase in authorized stamp duty in Stamp Act. A statute authorizing the levy of stamp duty is in the nature of a fiscal statute, hence stamp duty cannot be levied except by the authority of law. The High Court placed reliance on the Supreme Court of India judgment in the case of AV Fernandez vs. State of Kerala (AIR 1957 SC 657) and
