Gajendra Kumar T Agarwal vs. ITO (ITAT Mumbai) -Assessee was eligible for setting of losses of business of dealing in derivatives, incurred in the assessment years prior to the assessment year 2006-07, against the profits of the same business in assessment year 2006-07.
The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan’s Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to provide a copy of the statements given to it by Khan, accused of siphoning off $8 billion to an unreported Swiss bank account. Along with the statement of Khan, the I-T department has also asked ED to part with a copy of the statement of Kashinath Tapuria, brother of Priyamvada Birla and a business associate of Khan.
Amid rising instances of debit and credit card frauds, an RBI panel has recommended that banks should put in place secure systems to check such cases within a year’s time. All acquirers and issuers may put in place adequate fraud risk management systems and processes [within] 12 months, said the panel in its recommendations for an action plan to implement additional authentication for all card transactions.
The Income Tax Department has been ordered by a road mishap tribunal to pay over Rs six lakhs as compensation to a photographer who suffered permanent disability after being hit by a department’s vehicle. Motor Accident Claims Tribunal ( MACT )) judge Rajiv Mehra ordered the IT department to pay damages to photographer Vijay Singh , saying ‘driver of the offending vehicle is the main tortfeasor (wrongdoer). A careless driving of the vehicle on his part has made the petitioner crippled for whole life.’
Notification No.14/ 2011 – Central Excise (N.T.) In exercise of the powers conferred by sub-rule (2) of rule 9 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby exempts from the operation of said rule, every manufacturing unit engaged in the manufacture of recorded smart cards falling under sub-heading 8523 where manufacturer of such goods has a centralized billing or accounting system in respect of such goods manufactured by different manufacturing units and opts for registering only the premises or office from where such centralized billing or accounting is done.
Shri Dhanendra Kumar said the Competition Commission of India (CCI), under its mandate to make markets function for the consumer and to ensure fair and healthy competition in the Indian Economy, is initiating series of market studies to analyse and monitor the competitive dynamics in the various industries of the Indian Economy. As part of this series, the sectors of Agriculture, steel and paper has been taken up by the commission in its initial phase.
Union Finance Minister Shri Pranab Mukherjee said that the success of fiscal policy is closely tied with optimal utilization of public resources. He stated that numerous factors make expenditure reforms an extremely challenging and uphill task. There is significant scope to reform the expenditure policy of the Government for rationalization of public spending, the Minister added.
1. Cost Accounting Records (Cycles) Rules, 1967 published vide G.S.R. 311 dated 2nd March, 1967. 2. Cost Accounting Records (Tyres & Tubes) Rules, 1967 published vide G.S.R. 1260 dated 10th August, 1967. 3. Cost Accounting Records (Air-Conditioners) Rules, 1967 published vide G.S.R. 1447 dated 16th September, 1967 and subsequently amended vide G.S.R. 668(E) dated 28th September, 1999.
While reviewing prosecution cases it was decided to review pending prosecution cases. Ministry of Corporate Affairs has decided following actions to be taken by RDs and ROCs immediately. Lok Adalats should be organized on 9th, 16th, 23rd & 30th June by RDs in the offices of concerned ROCs within your jurisdiction between 10.00 AM to 1.00 P.M by giving an advance advertisement in the local Newspapers to this effect through DAVP. The chapters of ICSI, ICWAI, ICAI and Bar Council may be used for wide publicity and efforts should be made to dispose off compoundable offences there itself. In next month, two Lok Adalats will be held by each RD per month. These would be held on Saturdays. F.No.3/57/2011-CL.II New Delhi-110001.Dated 03.06.2011
Capital market regulator SEBI today said the equity market should not be considered as a market of speculators.’Don’t treat the capital market as a market of speculators, Securities and Exchange Board of India (SEBI) Chairman U K Sinha said at a conference.
