"06 June 2011" Archive

Allowability of Interest on refundable tax after giving effect to the order of Settlement Commission and order under Section 132(5) of the Income Tax Act

Vishwanath Khanna Vs. UOI & Others (Delhi High Court)

Vishwanath Khanna Vs. UOI & Others (Delhi High Court) - The Assistant Commissioner of Income Tax, Investigation Circle (20)(1), New Delhi passed order under Section 132(5) of the Income Tax Act dated 02.06.1995 declaring that cash found during search as unexplained and hence, cash seized of Rs. 49,86,500/- was retained and not released. ...

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Allowability of Commisssion paid to Direct Selling Agents (DSA)

Citi Financial Consumer Finance India Ltd. Vs. CIT (Delhi High Court)

Citi Financial Consumer Finance India Ltd. Vs. CIT (Delhi High Court) - The Tribunal in the instant case has referred the matter back to the AO categorically recording that there was no sufficient material placed before it to demonstrate as to what were the services rendered by the DSAs from which it could be ascertained as to how allowab...

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Year of commencement of operation relevant to find out as to whether the entitled to deduction under Section 80IB or not

Commissioner of Income Tax Vs. Eastern Medikit Ltd (Delhi High Court)

Commissioner of Income Tax Vs. Eastern Medikit Ltd (Delhi High Court) - Where the CIT while exercising powers under Section 263 of the Act, sets aside the order of the AO on merits as well and gives his categorical finding on the issue involved, naturally the Tribunal will be within its right to examine as to whether the decision on the...

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HC referred the matter back to the Tribunal in respect of addition to the income of the Assessee of income earned through dummy company

Commissioner of Income Tax Vs. Shri Mukesh Luthra (Delhi High Court)

Commissioner of Income Tax Vs. Shri Mukesh Luthra (Delhi High Court) - Since the Tribunal has not gone into the merits of the additions made by the AO, the Honourable High Court has remitted back the matter to the Tribunal to decide as to whether M/s Globe Meditech was a dummy concern of the assessee herein and the order of the CIT (A) ...

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MCA invites comments on Companies (Dematerialization of Certificates) Rules, 2011 by 30th June, 2011

Notification No. G.S.R. (E) 06/06/2011

No 17/143/2011-CL.V, Dated: 06.06.2011 The Ministry of Corporate Affairs is considering to issue Companies (Dematerialization of Certificates) Rules, 2011 so that all public Companies and their subsidiaries which have raised money by issue of shares, debentures, by accepting public deposits, stock, bond or any other financial instrument...

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Clarification regarding participation by shareholders or Directors in meetings under the Companies Act,1956 through Electronic mode

General Circular No. 35/2011 06/06/2011

The Ministry has issued General Circulars No. 27/2011 and 28/2011 dated 20.05.2011 whereby it was clarified that a shareholder or a director of the company may participate in meetings under the provisions of the Companies Act, 1956 through electronic mode. In order to have better understanding of the circular, it is further clarified as u...

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Net direct tax collections during April-May, 2011

Press Release No.402/92/2006-MC (13 of 2011) 06/06/2011

Net direct tax collections during the first two months of the current fiscal (April & May 2011) stood at Rs.12,954 crore, down from Rs.24,878 crore in the same period last fiscal, a decline of 47.93 percent. Gross direct tax collections were, however, up by 37.34 percent at Rs.50,405 crore as against Rs.36,702 crore....

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HC can decline to exercise jurisdiction if previously on similar matters he approached some other HC

Indore Mahavidyalaya Vs National Council for Teachers Education (Delhi High Court)

Indore Mahavidyalaya versus National Council for Teachers Education(Delhi HC)- While the learned Single Judge noticed that the office of the respondent falls within the territorial jurisdiction of this Court, yet he declined to exercise jurisdiction on the ground that on three previous occasions – including when the grievance arose vi...

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Mumbai, Delhi may produce next Microsoft or Google

Despite regulatory hurdles, India continues to be among the preferred destinations for FDI due to the country's high economic growth, with both Mumbai and Delhi being touted as among the cities likely to produce the next Microsoft or Google, a survey said. According to the '9th Annual European Attractiveness Survey' by Ernst & Young, Indi...

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Posted Under: Income Tax |

Ashok Chawla to be next CCI Chairman

Ministry of Corporate Affairs has proposed the name of former Finance Secretary Ashok Chawla as the next Chairman of the anti-trust watchdog Competition Commission of India (CCI). The Ministry of Corporate Affairs has sent Chawla's name for ACC (Appointments Committee of Cabinet) approval, a top source in the ministry told PTI. ...

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Posted Under: Income Tax |

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