"02 August 2011" Archive

Whether the Tribunal was justified in deleting the unexplained investment on the fact that there was no difference in the cost of construction declared by the Assessee and that worked out by the DVO

CIT and Anr Vs R Hanumaiah Associates (Karnataka High Court)

CIT and Anr Vs R Hanumaiah Associates (Karnataka High Court) - No addition can be made on account of the unexplained investment on the basis of the DVO findings when the assessee satisfactorily explains that the difference was on account of the construction expenditure incurred, which was not considered by the DVO....

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Reopening of the assessment is unsustainable if no reason exists to believe that the income chargeable to tax has escaped assessment

Amar R Shanbhag Vs ITO (Bombay High Court)

Amar R Shanbhag Vs ITO (Mumbai High Court)- There was inordinate delay in obtaining commencement certificate and, therefore, the petitioner once again terminated the Development Agreement dated 17th September 2004. ...

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Sebi clears single-window clearance for prior approvals

Circular No. MIRSD/14/2011 02/08/2011

CIRCULAR NO. MIRSD/14/2011, DATED 2-8-2011 Market regulator the Securities and Exchange Board of India (Sebi) today approved a single-window clearance system for market entities, including stock brokers, merchant bankers and credit ratings agencies, for grant of prior approval for change in control of their management structures....

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Cases Pending in High Courts and Supreme Court on 30.06.2011

57100 cases pending in SC; 42 lakh in HCs- Law Minister. As per latest available information, 57,179 cases were pending in the Supreme Court of India as on 30.6.11. The number of cases pending in the High Courts were 42,17,903 as on 30.9.2010. Giving his information in written reply to a question in Rajya Sabha, Shri Salman Khurshid, Min...

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Posted Under: Income Tax |

Circular No. 4/2011, relating to section 281, which deals with certain transfers to be void

It may be stated that section 281 of the Act deals with ‘Certain transfers to be void’. In order to answer the purport of the aforesaid Circular, it will be necessary to correctly understand the scope of the provisions of section 281 of the Act. In this connection, it may be stated at the outset that the previous permission of the As...

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Posted Under: Income Tax |

SEBI – Processing of Investor Complaints in SEBI Complaints Redress System (SCORES)

Circular No. CIR/MIRSD/13/2011 02/08/2011

SEBI Circular No. CIR/MIRSD/13/2011 , - SEBI has commenced processing of investor complaints in a centralized web based complaints redress system ‘SCORES’. The salient features of this system are: Centralized database of all complaints., Online movement of complaints to the concerned intermediaries, Online upload of Action Tak...

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CBI registers a case against the then Chief Postmaster General, Maharashtra and Goa for possession of Disproportionate Assests

It is alleged that the accused while working as Chief PostMaster General, Maharashtra and Goa, Mumbai had accumulated disproportionate assets by mis-using his official position which was disproportionate to his known sources of income. He is found in possession of number of flats / plots at Bhopal, Gwalior and Faridabad. He is holding a n...

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Posted Under: Income Tax |

Custom Duty – Amends Notification No.16/2011-Customs(N.T) dated the 1st March, 2011

Notification No. 56/2011-Customs (N.T.) 02/08/2011

Notification No. 56 /2011 - Customs (N.T.) In exercise of the powers conferred by section 11 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 amendment in the notification of the Government of India in the Ministry of F...

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PF contributions need to be deducted for training period of Junior Employees

BSNL Vs Union of India & others (Madras High Court)

Please find enclosed herewith a copy of judgement dated 16/6/2011 delivered by Hon'ble High Court,Madras in the W.P.No. 21520,21782 and 21783/2010 filed in the matter of BSNL Vs. Union of India & others. The Hon'ble High Court has upheld the decision of RPFC that PF contributions need to be deducted for training period of Junior Telecom ...

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Export of Cotton [ITC (HS) Code 5201 & 5203], amendment in nature of restriction

Notification No. 62 (RE-2010)/2009-2014 02/08/2011

The cap on export of cotton [ITC (HS) Code 5201 & 5203] has been removed. However, condition regarding registration of contracts with DGFT would continue to apply. A new procedure of registration is being separately notified for export of Cotton [ITC (HS) Code 5201 & 5203]. In respect of cotton waste including yarn waste and garneted sto...

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