"06 May 2011" Archive

Income Tax department issues Rs 25,000 crore refunds; to issue more

The Income Tax department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra gave the figures while addressing the top brass and officials of the I-T department across ...

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Posted Under: Income Tax |

Govt tightens Deemed Export benefit scheme, to save Rs 1800 cr

After detecting several cases of misuse of incentives, the Commerce Ministry has tightened the norms governing the Deemed Export benefit scheme, a move expected to save about Rs 1,800 crore to the exchequer annually. The Deemed exports refer to those transactions in which goods supplied to the users do not leave the country and payment fo...

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Posted Under: Income Tax |

No Conflict Between Objectives of High Growth and Low Inflation in Long Run-RBI Governor

he Reserve Bank has given its assessment of inflation in the May 3 Monetary Policy Statement. There are three important issues. First, inflation was the primary macroeconomic concern throughout 2010-11, especially the resurgence in the last quarter of 2010-11. Although the trigger for the jump during January-March 2011 was the sharp uptre...

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Posted Under: Income Tax |

CWG Scam – CBI carries out searches at 10 places ; Registers fresh case against 6 OC members

The CBI on Friday registered a fresh case against six Commonwealth Games Organising Committee officials and two firms for alleged irregularities in sportswear retailing and merchandising during the sports event and carried out countrywide searches at 10 places. The agency after registering case against Organising Committee members V K Ver...

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Posted Under: Income Tax |

Supreme Court issues contempt notice to Sahara chief and to two journalists

Holding that there was prima facie case, the Supreme Court on Friday issued notice to Sahara group chief Subrata Roy for initiating contempt proceedings against him for allegedly interfering with the investigation in the 2G spectrum case. The apex court also issued notices to two journalists, Upendra Rai and Subodh Jain, for allegedly thr...

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Posted Under: Income Tax |

Whether de-shelling and re-shelling of old and worn out sugar mill rollers is liable for service tax under Maintenance or Repair service?

M/s R C Engg Works Pvt. Ltd. Vs CCE (CESTAT Delhi)

The Appellants are engaged in the manufacture of sugar mills machinery, heavy gears and steel casting, paper mill machinery, Diesel Engines etc. They also do de-shelling and re-shelling of old and worn out sugar mill rollers which are sent to them by various sugar mills when such rollers become old and worn out and requires reconditioning...

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Withdrawal of Withdrawal Application Permissible – SC

Rules of procedure are handmaids of justice. Section 151 of the Code of Civil Procedure gives inherent powers to the court to do justice. That provision has to be interpreted to mean that every procedure is permitted to the court for doing justice unless expressly prohibited, and not that every procedure is prohibited unless expressly per...

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Posted Under: Income Tax |

CBI registers case in connection with Merchandising and On-Line Retails Concessionaire for CWG Games-2010

CBI registered a case against six Senior Officers of Organizing Committee, CWG-2010 and two private companies for extending undue favour to a private company appointed as official Master Licensee for Merchandising and On-line & Retail Concessionaire for Commonwealth Games, 2010 against a minimum royalty amount of Rs. 7.05 crore....

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Posted Under: Income Tax |

2G scam – SC slams Income Tax dept for slow probe

The Supreme Court on Thursday said no person, irrespective of their chair or wealth, would be spared in the 2G telecom spectrum scam investigations and slammed the Income Tax (I-T) Department for the slow probe against corporate lobbyist Niira Radia and others for alleged tax evasion in the case....

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Posted Under: Income Tax |

CBI raids premises of bank, pvt firm officials in MP in connection with alleged scam of Rs 6-crore

CBI sleuths have conducted raids at several places in Madhya Pradesh in connection with an alleged scam of Rs 6-crore involving a bank official and seven private firms. The raids were conducted yesterday at the premises of a former Chief Manager of Oriental Bank of Commerce (OBC), Sneh Nagar Branch, Indore, and the directors of seven firm...

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Posted Under: Income Tax |
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