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Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
M/s Hans Steel Rolling Mill Versus Commnr. of Central Excise, Chandigarh – (SUPREME COURT OF INDIA ) – Recovery of amount due under compounded levy scheme – application of period of limitation – Section 11A of the Central Excise Act, 1944 – Held that: – In the case of Collector of Central Excise, Jaipur V. Raghuvar (India) Ltd as reported in (2000 -TMI – 45411 – SUPREME COURT OF INDIA), this court has categorically stated that Section 11A of the Act is not an omnibus provision which stipulates limitation for every kind of action to be taken under the Act or Rules. An example can be drawn with the Modvat Scheme, because even in that particular scheme, Section 11A of the Act had no application with regard to time limit in the administration of that scheme.
The International Monetary Fund’s selection process for a new managing director will kick off with nominations on Monday,and the final decision expected by June 30, the institution has said. I am very pleased to announce that the Fund’s Executive Board has adopted a procedure that allows the selection of the next managing director to take place in an open, merit-based, and transparent manner, A Shakour Shaalan, dean of the IMF executive board, said in a statement late yesterday.
The Income-Tax Department has started scrutinising over 6.5 lakh demat accounts, which were frozen following 2006 IPO scam, to see if blackmoney was used to purchase equities by persons through multiple accounts. Investigation and intelligence wings have started looking into the frozen accounts with substantial amounts lying in them to see if they are linked, a revenue official said.
Ministry of Corporate Affairs has asked corporate fraud investigating agency SFIO to outsource part of its work to private sleuths to overcome the problem of staff shortage that was causing delay in completing probes timely. The Ministry, in an internal note to the Serious Fraud Investigating Office (SFIO), has directed the body to hire private detective agencies to share the work load for significant cases.
The Finance Ministry is likely to set up Directorate of Criminal Investigation, a specialised wing to probe cases of black money, money laundering and terror funding, by the end of this month. A dedicated unit called Directorate of Criminal Investigation will look into the nexus between black money (which is illegally acquired), money laundering, and in extreme cases, terror funding. The Directorate would be notified within this month, a Finance Ministry official told PTI.
The government may consider bringing in a legislation to make anti-glare technology in automobiles mandatory in an effort to reduce night accidents caused due to blinding by lights of oncoming vehicles. The government has been supporting the development of an automotive anti-glare technology by the International Centre for Automotive Technology (ICAT), which is has reached demonstration stage.
There are more foreigners than Indians receiving patents in India, prompting the government to say much needs to be done to encourage more domestic innovations. The number of patents granted to Indian applicants has steadily decreased from a high of 41 per cent in 2002-03 to a low of 17 per cent in 2009-10, according to an Industry Ministry document.
Over Rs 2,000 crore was lost by the country”s banking sector in frauds during 2009-10 with more than 200 of these incidents involving deception of above one crore each, CBI Director A P Singh has said. The CBI chief has warned the banks of latest trends emerging in banking frauds in areas like electronic payments, technology-related payments like RTGS, credit cards, ATM, cell banking, internet banking among others.
Retirement fund body EPFO will not take into account the past performance of previously engaged ICICI Pru, HSBC AMC, SBI and Reliance Capital while finalising the new asset management companies (AMCs) for managing its Rs 3 lakh crore corpus. Since the returns on investment provided by four fund managers was above the bench mark level of 8.52 per cent, past performance as EPFO’s fund manager would not be given any weightage while making fresh appointments, a source privy to the development told PTI.
Annual Confidential Reports of government officials are not personal information and they should be provided to the public under the Right to Information Act, the Central Information Commission has held.The case relates to RTI applicant V R Sharma who had sought detail of ACRs of about 17 officials including his own, but the Labour Ministry allowed him access to only his ACR.
