Global uncertainties have made investors look East, as they have poured $2 billion into emerging market equity funds last week, more than what they have committed to developed nations, says a report. For the first time this year, emerging markets equity funds post bigger inflows than their developed market counterparts, according to data compiled by international fund tracking firm EPFR.
Diversified business house Tata Group will invest up to Rs 1.2 lakh crore across sectors in the domestic market in the next five years as it looks to more than double its revenues to $150 billion (about Rs 6.64 lakh crore) by then. The Tata Group, which has over 90 operating companies, will put in half of the planned investment in power sector, while the other significant portions will be in steel and automobile sectors.
Billionaire industrialist Mukesh Ambani-led Reliance Industries group is planning a big splash in financial services sector, but may take a path different than those adopted traditionally in the business of money. RIL signed a joint venture with global private equity fund house DE Shaw late last month for its financial sector foray and is now considering businesses where it can utilise its expertise and presence in sectors like energy and retail, as also its proposed telecom and power ventures.
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.
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 closed only on resolution of the problem and confirmation by the complainant. If the user gives the required details, the issue is analyzed for resolving at Service desk itself (L-1) and if not possible, the issues are escalated to the L2/L3 team for resolution. Once the resolution is received the same is communicated to the persons concerned, via e-mail and on receipt of confirmation the calls are closed. Since the existing Nos. of telephones are not sufficient to handle pressure during peak filing periods as sometimes the phone lines may be busy, the taxpayers are hereby advised to send e-mails to Service desk.
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.
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 reopened beyond the period of four years and there is no material on record to suggest that there was failure on the part of the assessee to disclose fully and truly all material facts. From the reasons recorded for reopening of the assessment, it cannot even remotely be said that there is failure to disclose fully and truly all material facts. Presumption on the part of the AO that the assessee has failed to achieve 82% value addition is not even case of the licensing authority who has imposed the condition regarding value addition. The notice impugned in the petition for reopening of the assessment cannot be sustained.
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 interest on borrowed funds. The CIT(A) was justified in making ad-hoc disallowance on account of foreign travelling expenses since the complete details of expenses were not provided by the assessee.
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 Bank said in its weekly data released this evening.
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 Architectural Design Competition.
