Shanker Raju Vs UoI (Supreme Court) – CAT – Appointment of Member – A person who has completed ten years as a Member of Tribunal is ineligible to be re-appointed as Member even if he has not attained 65 years of age – Plain reading of proviso to sec. 10A makes it clear that the Chairman and Members appointed prior to Amending Act of 2006, on completion of either their term of service or on attainment of 65 years in the case of Chairman or 62 years in the case of Members of the Tribunal, whichever is earlier, may be considered for fresh appointment – Proviso to sec. 10A provides that such fresh appointment could be made only when the criteria prescribed under amended sec. 8 is satisfied and it is further subject to the condition that the total term of office of the Chairman shall not exceed 5 years and that of a Member, ten years.
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Delhi High Court in the case of CIT v. Oracle India Pvt. Ltd. (ITA No. 383 of 2009, 987 of 2010, 1242 of 2010 and 1247 of 2010) held that once the Transfer Pricing Officer (TPO) has accepted a royalty payment to be at arm’s length, the Assessing Officer (AO) could not disallow the expenditure by applying Section 37 of the Income–tax Act, 1961 (the Act). The High Court further observed under Section 37 of the Act the AO had powers only to examine whether the expenditure claimed has been actually expended and was incurred wholly and exclusively for the purpose of business, and not its reasonableness, which lies solely in the domain of the businessman.
Delhi High Court in the case of CIT v. M/s Mediworld Publications Pvt. Ltd ( ITA no 549 of 2011) held that transfer of intangible assets with right to carry on business was taxable as capital gains and not as business income.
ITAT Mumbai has in the case of ITO v. Mahavirchand Mehta [2011] 11 taxmann.com 194 (Mum) held that the expression ‘liable to tax’ as used in Article 4(l) of India-UAE tax treaty (the tax treaty) does not mean that the person should actually be liable to tax in that contracting state by virtue of an existing legal provision. It will also cover cases where the other contracting state has the right to tax such person, whether or not such a right is exercised.
Taking a strong note of State Bank of India’s huge profit erosion for March quarter due to higher provisions, accounting regulator ICAI on Friday said it would send a letter asking the country’s largest lender to explain the reasons for higher provisions for bad loans.
Financial stability is the toughest task for autonomy-less central banker who gets torn between governmental priorities and regulatory overlap, making them look like the mythological Greek character Sisyphus who endlessly rolls up a boulder uphill, only to see it slide back. India had set up the Financial Stability and Development Council after recognising the need for stability, but it needs to establish conventions and practices to prevent its ‘spillover’ into monetary policies, said the Reserve Bank of India Governor Duvvuri Subbarao.
Associated Chambers of Commerce (ASSOCHAM) today said innovative mobile payment system which has mass appeal is required for non-cash payment modes. ,The need of the hour is to develop an innovative mobile payment system which is customised to the Indian ecosystem requirements and has a mass appeal,’ ASSOCHAM Communications Convergence Committee Chairman T V Ramachandran said.
Section Description of the matter 2(14A) Dividend includes interim dividend. *2(29A) Net worth means total of paid up capital and free reserves after deducting provisions or expenses as may be prescribed. Free reserves includes reserves out of the profits and share premium account but does not include revaluation and amalgamation reserves. *2(46AA) Sick industrial company […]
Concerned over the impact of high interest rate on consumer demand, Chief Economic Advisor ( CEA) Kaushik Basu on Friday said the RBI will need to have a re-look at the monetary tightening policy. ‘RBI will have to balance its monetary policy tightening in view of growing concerns, particularly in consumer goods front, where higher interest rates are impacting demand,’ Basu told reporters here.
