Against the backdrop of agitations demanding more openness and accountability in government functioning, defence minister AK Antony on Wednesday said the country is going through a ‘transparency revolution’ which can’t be stopped ‘midway’. ‘Country is passing through a new era revolution — the transparency revolution. The walls of secrecy are crumbling in every field gradually including politics, business, administration and judiciary. Once the trend has started, you can’t stop it midway,’ he said.
The only issue in this appeal of the revenue is against the order of CIT(A) deleting the addition made by the AO on account of employees’ contribution to ESI & PF by invoking the provisions of section 36(1)(va) r.w.s. 2(24)(x) of the Act. For this revenue has raised the following two grounds:
The Convocation for the newly enrolled Members admitted during the period September, 2010 to February, 2011 will be held as per schedule given below with a view to inculcate a sense of belongingness and attachment with the Institute.
A government committee has suggested raising interest rates on Post Office savings bank deposits to four per cent, a suggestion that could benefit lakhs of small depositors. The Committee on Small Savings also recommended linking returns on other small savings schemes with interest rates on government securities. It has also suggested that Kisan Vikas Patra (KVP) be withdrawn and annual investment limit for the popular Public Provident Fund (PPF) be raised to Rs 1 lakh from Rs 70,000 at present.
Laxmi Civil Engineering Pvt Ltd vs. ACIT (ITAT Pune) – After Section 80 IA was amended by the Finance Act, 2001, the section applies to an enterprise carrying on the business of (i) developing; or (ii) operating and maintaining; or (iii) developing, operating and maintaining any infrastructure facility which fulfills certain conditions. Those conditions are (1) ownership of the enterprises by a company registered in India or by a consortiums; (II) an agreement with the central or State Government, local authority or statutory body; and (iii) The Start of operation and maintenance of the infrastructure facility should commence after 1st April, 1995. The requirement that operation and maintenance of the infrastructure facility should commence after 1st April, 1995 has to be harmoniously construed with the main provision under which deduction is available to an assessee who develops or operates and maintains, or develops, operates and maintains an infrastructure facility.
Rupa & Co. Ltd. Versus CIT (Calcutta HC) Honorable High Court has held that in the absence of any finding that any portion of the books of account maintained by the assessee was fictitious or contained wrong entry, the Assessing Officer was not entitled to make an average of discount without discarding the actual discount given by the assessee for the relevant year as appearing from the books of account. An assessee has a right to give different rates of discount to his different customer depending upon his relation with such customer or on the basis of business policy depending upon the time of sale, particular item of sale or the region or the place of sale and unless, any of the entries relating to such discounts is found to be wrong, the Assessing Officer is bound to accept the actual discount given by the assessee.
Acting on a court order, the CBI has withdrawn cases against 18 accused in the Rs 6.58 crore Provident Fund scam case, officials said on Tuesday. The report of withdrawal was filed in a special CBI court here yesterday after which judge Shyam Lal directed the agency to withdraw the cases against all accused. Cases were withdrawn after no charges could be proved against the accused, who were charged in the case on grounds of suspicion, CBI’s counsel advocate Bal Karan said.
