IDBI Home Finance today said it has got approval from the Corporate Affairs ministry for merging with its parent IDBI Bank. The Ministry of Corporate Affairs has sanctioned the scheme of amalgamation vide its order dated April 8, 2011, IDBI Home Finance said in a filing to the Bombay Stock Exchange.
CIT vs. Cadbury India Ltd (Delhi High Court) – Levy of penalty under section 271C is not automatic. Before levying penalty, the concerned officer is required to find out that even if there was any failure referred to in the concerned provision the same was without a reasonable cause. The initial burden is on the assessed to show that there existed reasonable cause which was the reason for the failure referred to in the concerned provision. Thereafter the officer dealing with the matter has to consider whether the Explanationn offered by the assessee or the person, as the case may be, as regards the reason for failure, was on account of reasonable cause. “Reasonable cause” as applied to human action is that which would constrain a person of average intelligence and ordinary prudence. It can be described as a probable cause. It means an honest belief founded upon reasonable grounds, of the existence of a state of circumstances, which assuming them to be true, would reasonably lead any ordinary prudent and cautious man, placed in the position of the person concerned, to come to the conclusion that same was the right thing to do. The cause shown has to be considered and only if it is found to be frivolous, without substance or foundation, the prescribed consequences will follow.
I. K. Agencies Pvt Ltd vs. WTO (Calcutta High Court) – The authorities below totally overlooked the fact that initiation of the proceedings for reassessment was vitiated for not giving notice under Section 17 of the Wealth Tax Act to the Appellant and the notice issued upon M/s. Abhudey Properties Pvt. Ltd. which was not in existence at that time was insufficient to initiate proceedings against the Appellant who had taken over the liability of M/s. Abhudey Properties Pvt. earlier to the issue of such notice and such fact was also made known to the Revenue.
The Aayakar Seva Kendra (ASK) at the Income-tax Office at Cochin has obtained quality certification under IS : 15700 : 2005 for sustained quality of work and procedure in the area of tax payer services. The certification for quality was the culmination of efforts spread over a year and a half. The Income-tax Office thus becomes one of the few departments of the Govt. of India, and the second office in the Income-tax Department to acquire quality certification for top-notch quality performances.
1. What is Director Identification Number (DIN)? It is an unique Identification Number allotted to an individual who is an existing director of a company or intends to be appointed as director of a company pursuant to section 266A & 266B of the Companies Act, 1956 (as amended vide Act No 23 of 2006). 2. Who can file an application for allotment of DIN ? Any individual, who is an existing director of a company or intends to be appointed as a director of the company, can file an application for allotment of DIN.
Kalpesh Ratilal Kalathia v CIT- Following the course of action adopted by the Supreme Court in the aforesaid decision, having held that the petitioner is not entitled to the benefit of the Scheme since the payment was not made in terms of the Scheme, the respondent authority is directed to either refund or adjust the amount of Rs.4,74,584/- already deposited by the assessee in purported compliance of the provisions of the Scheme, in accordance with law.
Highlights of e-filing in F.Y.10-11 – 80% Growth in e-filing from last year. 91.56 lac e-returns received in current year as against 50.73 lacs last year. 77.8 % i.e 71.24 lac returns are from category i.e non-compulsory assessees. 31% returns have been filed after office hours. More than 3.08 lac e-returns filed on 31st March alone. More than 1 cr taxpayers are registered with e-filing portal. Returns received from all parts of the country.
Making a strong plea to entrust the audit of Indian corporate with Indian Accounting firms, the Indian Institute of Chartered Accountants of India (ICAI) President G Ramaswamy, said this would help prevent massive frauds. It is time to entrust the audit of Indian corporates with the Indian Accountants firms, Ramaswamy told reporters here last night.
The Reserve Bank of India has released the April 2011 issue of its monthly RBI Bulletin. The April issue carries two special articles: (i) Inflation Expectations Survey of Households: December 2010 (Round 22) and (ii) International Banking Statistics for June and September 2010.
Union Minister of Corporate Affairs Shri Murli Deora has convened a special meeting on 25th April, 2011 at Mumbai to listen the views of Corporate India on issues relating to competition. The meeting has been called after a discussion with Secretary, Shri D.K. Mittal Ministry of Corporate Affairs Shri D.K. Mittal and Chairman, Competition Commission of India, Shri Dhanendra Kumar on concerns raised by Corporate India on regulations of merger and acquisition by the Competition Commission of India w.ef. 1st June, 2011.
