"10 June 2011" Archive

12 Cases of Wrong E-Filing Detected -MCA Directs Inquiry against professionals

The Ministry of Corporate Affairs has directed its Regional Directors to initiate inquiry against those practicing professionals who had certified 12 cases of wrong e-filing by certain listed companies in their e-forms. During the examination it was found that the data furnished in the e-forms were totally different as compared to the rec...

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Posted Under: Company Law |

Share transactions declared by assessee cannot be doubted merely on ground that shares were of lesser known companies and their value cannot appreciate to the level claimed by the assessee

CIT Vs Atma Ram Tulsyan and Others (Allahabad High Court)

CIT v Atma Ram Tulsyan and Others (Allahabad High Court) - AO was of the view that the possibility of appreciation in the price of shares of lesser known companies in such short period appears to be remote. On this premise, the benefit of capital gains was denied. Evidently, in the absence of any contrary material, it is but obvious that ...

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ITAT imposes costs for ‘recovery harassment’ on Assessing Officer

Shramjivi Nagari Sahakari Pat Sanstha Vs. ACIT (ITAT Pune)

Shramjivi Nagari Sahakari Pat Sanstha vs. ACIT (ITAT Pune)- The Hon’ble Bombay High Court in the case of KEC Interntional Ltd v/s. B.R. Balakrishnan (Supra) has been pleased to hold that generally coercive measures may not be adopted during the period provided by the Statute to go in appeal. In the present case, it remained the allegati...

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Export Grows 56.9 per cent at US Dollar 25.9 Billion in May 2011- Commerce Secretary

India’s exports have registered a growth of 56.9% during May 2011, at US $ 25.9 billion. Interacting with the media persons here today, Shri Rahul Khullar, Commerce Secretary, informed that during the period April-May 2011, exports have reached a level of US $ 49.8 billion at a growth of 45.3% while the imports were US $ 73.7 billion wi...

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Posted Under: Company Law |

Income Tax Law does not mandate the AO to suo moto supply the reasons for reopening / reassessment to the assessee

CIT Vs Safetag International India Pvt Ltd (Delhi High Court)

CIT vs. Safetag International India Pvt Ltd (Delhi High Court)- In the present case, the assessee did not ask for these 'reasons to believe'. The assessee rather participated in the reassessment proceedings. When the reassessment orders were passed and the assessee felt aggrieved there against, the assessee filed appeal before the CIT (A)...

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Whether AO can deny exemption u/s 80IB(10) without commenting on assessee’s claim

M/s Varun Developers Vs CIT(Karnataka High Court)

M/s Varun Developers Vs CIT, Bangalore (Karnataka High Court)- In view of the submission made to consider whether the calculations have to be made on completion of the project after registering the plots in favour of the intended purchasers or customers, who had invested the amount from time to time, or as and when the amount is paid and ...

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Section 4A of Companies Act, 1956 – Public financial institutions – Notified Institutions

Notification No. S.O. 1355(E) 10/06/2011

55. Gujarat Industrial Investment Corporation Limited. 56. Andhra Pradesh Industrial Development Corporation Limited. 57. Karnataka Urban Infrastructure Development and Finance Corporation Limited. 58. L&T Infrastructure Finance Company Limited....

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Unsafe to convict on doubtful statements – SC

The Supreme Court has ruled that omissions in the statements of witnesses creating serious doubts about truthfulness of the testimony should be discarded as it is unsafe to convict a person based on that. Where the omissions amount to a contradiction, creating a serious doubt about the truthfulness of the witness and other witnesses also ...

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Posted Under: Company Law |

Govt notifies Collection of Statistics Rules, 2011

The Collection of Statistics Act, 2008 was enacted by the Parliament on 7th January 2009. It was brought into force on 11th June 2010. The Act repealed the Collection of Statistics Act, 1953. Rules under the Act, namely, the Collection of Statistics Rules, 2011 were notified on 16th May 2011....

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Posted Under: Company Law |

CoS gives nod for revision of Base Year of All India Index of Industrial Production

The Committee of Secretaries (COS) in its meeting held on 10th May, 2011 approved the release of the new series of Index of Industrial Production (IIP) with 2004-05 as its base and directed that the new series of IIP may be released for the month of April, 2011onwards. Accordingly IIP new series is released today i.e 10th June, 2011, whic...

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Posted Under: Company Law |

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