Finance minister Pranab Mukherjee on Sunday said the Empowered Group of Ministers headed by him would decide on the price hike of diesel, LPG and kerosene when it meets next week. A decision will be taken on raising prices of these items when the EGoM meets next week, Mukherjee told reporters here after meeting Congress MLAs elected in the West Bengal Assembly elections.
The Karnataka High Court, in its recent ruling, in the case of CIT v. Expert Outsource Pvt. Ltd. held that deduction under section 10A of the Income-tax Act, 1961 is available to the assessee on conversion of existing Domestic Tariff Area (DTA) unit into a Software Technology Park (STP) unit.
CIR/CFD/DIL/2/2011, Dated – May 16, 2011 it has been decided to allow investors eligible for differential pricing in public issues to make payment at a price net of discount, if any, at the time of bidding itself, and in this context, it is clarified that – Merchant Bankers shall ensure that appropriate disclosures are given in the offer document / application forms to the effect that investors eligible for discount can make payment after adjusting the discount, if any. It shall be disclosed that such investors shall in the relevant column indicate the bid price before adjusting for discount, if any. Further, it shall be clearly disclosed under what circumstances application would be liable for rejection in case of errors, if any, in this regard.
Recently CBDT instructed vide Instruction No. 5/2011 dated 30 March, 2011 to Assessing Officers (AO) and the Transfer Pricing Officers (TPO) to look into technical evidence involved in a tax or transfer pricing case by seeking assistance in the form of opinion from technical experts in the relevant subject matter for expeditious disposition of such cases especially where there are substantial amounts of taxes at stake. This instruction follows from the directions provided by the Supreme Court in its ruling in the case of CIT v.Bharati Cellular Ltd. [2010-TI1-05-SC-INTL] wherein the Supreme Court emphasised on the need to rely upon the opinion from technical experts in cases involving complex technical matters so that Appellate forums are able to “decide the legal issues based on the factual foundation” of a case. The CBDT Instruction seeks to set out a broad framework on how technical experts can be consulted to provide their opinion on technical matters involved in a tax or transfer pricing case.
Off-spinner Harbhajan Singh has been sent a notice by the central excise and taxation department for not the paying service tax on his income. According to the officials of central excise and taxation department here, Harbhajan has not paid the service tax on his income in the first and second seasons of IPL.
Mohan Meakin Limited vs. CIT (Delhi High Court) – Merely because the claim was not made out under one particular provision of the Act, but was so made out under another provision of law, the assessee could not be debarred to raise such legal question. It is legally permissible to raise question of deduction under Section 37 of the Act even if it was not raised before the authorities below.
CIRCULAR NO. 141/10/2011-TRU, DATED 13-5-2011 – Circular No.111/05/2009-ST was issued on 24th February, 2009 on the applicability of the provisions of the Export of Services Rules, 2005 in certain situations. It had clarified on the expression “used outside India” in Rule 3(2)(a) of the Export of Services Rules, 2005 as prevalent at that time. The condition specified in Rule 3(2)(a) has since been omitted vide Notification 06/2010-ST, dated 27-2-2010. In the context of the stated Circular an issue has been raised, whether for the period prior to 28-2-2010 the requirement that the service should be “used outside India” invariably means the location of the recipient?
Capital market regulator Securities and Exchange Board of India (SEBI) has proposed to put in place a business intelligence gathering mechanism with an aim to enhance its surveillance and protect investors’ interest.
With the Left losing power in West Bengal, the Empowered Group of State Finance Ministers, which is currently engaged in building a consensus on the GST, will have to find a replacement for Asim Dasgupta who has been heading the body since its inception. As West Bengal Finance Minister, Mr. Dasgupta was involved with the Empowered Group for more than a decade. Earlier, he was the convenor of the VAT panel and played a key role in implementing the new tax regime.
Former Fifa referee and present Deputy Chairman of the referees Committee of Goa Football Association, Benjamin Incacio Conceicao Silva has submitted to the GFA and AIFF forged documents (which are actually documents of GFA executive committee member and referees Committee chairman of GFA, Benjamin Silva) to lower his age by nearly five years,” Former GFA Secretary Savio Messias wrote in a complaint to GFA President Shrinivas Dempo.
