Supreme Court restricts cultivation of cash crops like areca nut, coconut, cashew, and black pepper in Karnataka’s reserved forests. Lease cancellations justified.
AAR in the case Goodyear Tire and Rubber Company held that capital gains provisions are not attracted in case of transfer of shares without consideration. Further, the AAR held that the transfer pricing provisions in an international transaction can be applied only when income is chargeable to tax in India and since in the present case no income was chargeable to tax in India the question of applicability of Transfer Pricing provisions and withholding tax under Section 195 of the Income-tax Act, 1961 (the Act) does not arise.
Circular No. 943/04/20 1 1-CX dated 29 April 2011 – Various amendments have been made in Cenvat Credit Rules, 2004 vide Union Budget 2011. Definitions of the terms like ‘inputs’, ‘input services’, ‘exempt services’, etc. have been amended. Also, amendments have been made in the methodology prescribed for credit reversal in case an assessee is engaged in both taxable and non taxable activities. Many of these amendments appear to be in respect of issues which have been a subject matter of judicial scrutiny in the last few years. Thus, it seems that through these amendments, Government intends to settle the long standing disputes and move ahead.
S.E. Investment Limited (the Petitioner) was incorporated with an authorized share capital of INR 2 million which was gradually increased to INR 85 million.The Petitioner had paid stamp duty on the increase in the authorized share capital from INR 2 million to INR 85 million.The Petitioner further increased its authorized shares capital from INR 85 million to INR 1250 million and filed Form No. 5 with Registrar of Companies (RoC). The ROC insisted on payment of Stamp duty.The Petitioner sought clarification from the Collector of Stamps, Government of National Capital Territory of Delhi (Stamp duty authority) as to whether any additional stamp duty on increase in authorized share capital was payable in accordance with Article 10 of the Schedule IA of the Indian Stamp (Delhi Amendment) Act, 2007 (Delhi Stamp Act). In response to the application the Petitioner was directed by the Stamp duty authority to pay the stamp duty of INR 1.87 million on increased authorized shares capital of INR 1165 million.The Petitioner filed a writ petition before the Delhi High Court.
The Council of the Institute at its 200th Meeting held on March 18, 2011 at New Delhi amended the Guidelines for Compulsory Attendance of Professional Development Programmes by the Members to provide as under
DCIT v. AIG Home Finance India Ltd. The taxpayer was a housing finance company. The taxpayer had claimed deduction under section 36(1)(viii) of the Income-tax Act (ITA) in respect of securitization income earned from the business of long term housing finance. The Assessing Officer (AO) denied the deduction to the taxpayer on the basis that the taxpayer had received the proceeds on loan securitization and not the interest income. The Commissioner of Income-tax (Appeals) allowed the claim of the taxpayer. Aggrieved by the decision of the Commissioner of Income-tax (Appeals), the AO preferred an appeal before the Tribunal.
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
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 Telecom firms that have been named by the CBI and the ED in their charge sheets.
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 Director General (Procurement) Surjit Lal to judicial custody till May 18 after the CBI said that some important witnesses are yet to be examined.
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 the high propensity to commit fraud and duty evasion that is associated with the manual processing of documents at any stage in the clearance process. It also needs to be noted that neither Directorate of Systems nor Directorate of Valuation are capturing the data relating to exports in respect of non-EDI locations. Most Customs locations have devised their own list of cases for which manual processing is allowed on a regular basis according to public notices and standing orders issued in this regard.
