"04 May 2011" Archive

Order No. 78 of 2011 related to Posting as OSD in the CCIT(CCA) Region

ORDER NO. 78 OF 2011 (04/05/2011)

ORDER NO. 78 OF 2011 -The following officer who have come back from deputation and awaiting posting are hereby posted as OSD in the CCIT(CCA) Region as against their names with effect from the date of their reporting back to the Board and until further orders...

Read More

Income Tax department finds tax evasion in 2G; status report in SC tomorrow

The Income Tax department has found instances of alleged tax evasion and multiple routing of undeclared wealth in the 2G spectrum allocation scam and will file its first status report on the probe in the case in the Supreme Court tomorrow. The department, according to officials, has reportedly traced instances of tax evasion by various Te...

Read More
Posted Under: Income Tax |

Kalmadi, two others sent to 14 days judicial custody

A Delhi court today remanded sacked CWG Organising Committee Chairman Suresh Kalmadi and two others, arrested on charges of cheating, conspiracy and corruption in the award of Games related contracts, in 14 days judicial custody. Special Judge Dharmesh Sharma sent Kalmadi, OC Joint Director General (Sport) A S V Prasad and OC Deputy Direc...

Read More
Posted Under: Income Tax |

Instruction on Manual filing and processing of bills of entry / shipping bills – stringent checks required to prevent misuse

F.No.401/81/2011-Cus.III (04/05/2011)

Recent past DRI has detected several cases in which bills of entry/shipping bills were processed manually or manual clearance was allowed on EDI documents. Such cases have indicated the possibility of illegal import / export of restricted / prohibited goods and substantial loss of revenue to the Government exchequer. These cases highlight...

Read More

When does the 'overriding effect' operate

Section 34 of the DRT Act, 1993 (short for ‘Recovery Of Debts Due To Banks and Financial Institutions Act, 1993’) provides that “the Act to have overriding effect”. Similarly, Section 35 of the Securitisation Act, 2002 (short for ‘The Securitisation and Reconstruction Of Financial Assets and Enforcement Of Security Interest Act,...

Read More
Posted Under: Income Tax |

Clarification Regarding Effective Date of Companies (Particulars of Employees) Amendment Rules, 2011

The Ministry of Corporate Affairs has clarified that its notification of 31st March, 2011 regarding Companies (Particulars of Employees) Amendment Rules, 2011 raising the limit of employee’s salary to be disclosed in the Directors Reports shall be applicable to all Director’s Reports under Section 217 of the Companies Act, 1956 approv...

Read More
Posted Under: Income Tax |

Over 50 Percent US green card holders plan to return home – Survey

The United States may experience reverse brain drain as thousands of Indian IT professionals contemplate returning to India, according to a survey conducted by Corp-Corp.com , a US-based technology job portal. ...

Read More
Posted Under: Income Tax |

Set off of indexed long term capital loss permissible against non-indexed long term capital gains

Vipul A. Shah Vs. ACIT (ITAT Mumbai)

The taxpayer was engaged in share trading. During the assessment year 2004-05, the taxpayer had set off the indexed long term capital loss against non-indexed long term capital gains. The Assessing Officer did not allow the set off of indexed long term capital loss against non-indexed long term capital gains. Vipul A. Shah v. ACIT (ITA ...

Read More

DRT can not decide tenancy and ownership issues

Kindly give opinion whether the jurisdiction of civil court is not excluded and the DRT does not have power to decide tenancy and ownership issues? (This has become necessary to convince the Civil Court, before whom a suit is to be filed by the Owner of a Property, whose assets have been attached and auctioned, treating that tenant (borro...

Read More
Posted Under: Income Tax |

NSDL, CDSL authorised to facilitate electronic voting for cos

The government has authorised the National Securities Depository Ltd (NSDL) and Central Securities Depository Ltd (CDSL) to facilitate electronic voting by shareholders of companies. Keeping with its 'Green Initiative for Corporate Governance campaign, the Ministry of Corporate Affairs (MCA) has appointed the two agencies for capturing ac...

Read More
Posted Under: Income Tax |
Page 1 of 512345