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Archive: 06 May 2011

Posts in 06 May 2011

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

May 6, 2011 970 Views 0 comment Print

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 the country through video-conferencing from his North block office here today.

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

May 6, 2011 850 Views 0 comment Print

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 for such supplies is received either in Indian currency or in foreign exchange.

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

May 6, 2011 312 Views 0 comment Print

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 uptrend in international commodity prices, the fact that these were quickly passing through into the entire range of domestic manufactured goods indicated that pricing power is significant. In other words, demand has been strong enough to allow significant pass-through of input price increases.

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

May 6, 2011 564 Views 0 comment Print

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 Verma, M Jaychandran, Surjit Lal, Ram Mohan, Gp Capt K U K Reddy and Sangita Welingkar carried out searches at 10 places in Delhi, Mumbai, Chandigarh and Panchkula, official sources said.

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

May 6, 2011 1274 Views 0 comment Print

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 threatening and blackmailing Enforcement Directorate’s Investigating Officer Rajeshwar Singh, who is probing the case.

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

May 6, 2011 2206 Views 0 comment Print

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 before further use.

Withdrawal of Withdrawal Application Permissible – SC

May 6, 2011 888 Views 0 comment Print

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 permitted. There is no express bar in filing an application for withdrawal of the withdrawal application. In Narsingh Das v. Mangal Dubey, ILR 5 All 163 (FB) (1882), Mr. Justice Mahmood, the celebrated Judge of the Allahabad High Court, observed.

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

May 6, 2011 618 Views 0 comment Print

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.

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

May 6, 2011 258 Views 0 comment Print

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.

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

May 6, 2011 694 Views 0 comment Print

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 firms at Bhopal, Indore and Kurukshetra, a CBI release said today.

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May 2011