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Online income tax return filing company TaxSpanner today announced launch of mobile version of its solution that would enable users to file income tax returns (ITR) from their handset. After introducing the eFile by eMail option where customers need to just send us an email with a few details, e-filing of taxes through mobile is the next obvious step for the company, Ankur Sharma, CEO, TaxSpanner said in a statement.
Shantaben Karshanbhai Patel v Dy. CIT (ITAT Ahemdabad) – Merely because the AO passed the order u/s 154 of the IT Act would not make it appealable before the learned CIT(A) u/s 246A of the IT Act. The claim of interest simpliciter is not appeallable order before the learned CIT(A) as per section 246A of the IT Act. The crux of the matter shall have be seen in entirety and quoting wrong provisions of law would make it appeallable order before the learned CIT(A). The provisions of section 244A (2) are specific and on such a matter on issue the point shall have to be decided by the CCIT or CIT whose decision thereof shall be final. Accordingly, we are of the view that appeal of the assessee is not maintainable in the present form. The same is dismissed. However, the assessee is at liberty to agitate the issue before the concerned CCIT/CIT in accordance with law. The learned CCIT or CIT concerned shall decide the issue on such agitation by the assessee in accordance with law.
Recently, SEBI in an informal guidance to Vulcan Engineers Limited vide Informal Guidance Letter No. CFD/DCR/16403/11, DATED 23-5-2011, opined that a pre agreed purchase of shares of a listed company through call / put option is not valid under the Securities Contract (Regulation) Act, 1956 (SCRA).
Assessee company in the present case is a fully owned subsidiary of Yahoo Inc, USA, which is engaged in the business of providing consumer services such as search engine, content and information on wide spectrum of topics, e-mail, chat, etc. It filed the return of income for the year under consideration on 30.10.2004 declaring total income of Nil after adjusting the brought forward losses to the extent of 3,91,47,123/-. During the course of assessment proceedings, it was noticed by the A.O. that the assessee has made a payment of 34,86,947/- to Yahoo Holdings (Hong Kong) Ltd. being cost of services/research material/advertisement media.
Applicants for new domestic LPG cooking gas connections can now produce the letters of allotment of Aadhaar numbers issued by Unique Identification Authority of India (UIDAI) as proof of identity and proof of address. State-owned fuel retailers have advised their ‘LPG distributors to include the letter of issue of Aadhaar numbers with photograph and address issued by UIDAI as proof of identify and address for release of new LPG connections,’ Bharat Petroleum and Hindustan Petroleum said in identical press statements here.
The Ministry of Corporate Affairs has clarified that its Circular No.33/2011 issued on June 01, 2011 shall be applicable to those defaulting companies and their Directors which have not filed their Balance Sheet and Annual Return for any of the financial year’s 2006-07, 2007-08, 2008-09 and 2009-10 with the Registrar of Companies as required under sections 220 and / or 159 of the Companies Act, 1956.
Recently, ITAT Mumbai (the Tribunal) in case of ACIT v. ACM Shipping India Ltd (2011) ITA No. 5085/MUM/2009 held that the commission received by the UK company for assisting the taxpayer in arranging cargo transportation was taxable as business income by virtue of their business connection in India. The Tribunal observed that reliance cannot be placed on Circular No. 23 dated 23 July 1969 since it has been withdrawn. The circular was issued in the context of sale of goods and may not apply to the current case since it relates to rendering of services.
The Ministry of Corporate Affairs (MCA) has issued a draft of Companies Dematerialisation of Certificates) Rules, 2011 (Draft Rules) on 6 June 2011 for public comments. Comments are to be sent to MCA latest by 30 June 2011. The Draft Rules are proposed to be made effective from 1 October 2011. The Draft Rules will be applicable to 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 instruments from public, other than from directors of the company.
The Empowered Group of Ministers on fuel headed by Finance Minister Pranab Mukherjee has decided to up diesel prices by Rs 3 per litre, confirmed oil minister Jaipal Reddy. While addressing the press post the EGoM meet, he said kerosene prices have been hiked by Rs 2 per litre while LPG rates have been raised by Rs. 50 per cylinder. The price hike is excluding value added tax (VAT). The oil ministry had earlier said there wouldn’t be any hike in prices.
Notification No.52/2011-Customs, New Delhi, the 25th June, 2011 -G. S. R. (E). – In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of India, Extraordinary, vide G.S.R.118 (E) 1st March, 2002, namely
