The Asst. Commissioner of Income Tax Vs M/s A F Ferguson & Co. (ITAT Mumbai)- The learned Counsel for the assessee contended that the instant penalty be also not sustained in view of the order passed by the Tribunal in assessment year 2001-2002. Copy of the said order was placed on record.
We need to be concerned about inflation as it has adverse impact on the real economy. First, high and persistent inflation imposes significant socio-economic costs. Given that the burden of inflation is disproportionately large on the poor, high inflation by itself can lead to distributional inequality. Therefore, for a welfare-oriented public policy, low inflation becomes a critical element for ensuring balanced progress. Second, high inflation distorts economic incentives by diverting resources away from productive investment to speculative activities.
The IFRS Foundation, the oversight body of the International Accounting Standards Boards (IASB), today completed the first part of its project to address requests by regulators and preparers for extensions to the full International Financial Reporting Standards (IFRS) XBRL Taxonomy.
The concept of Public-Private partnership in infrastructural development has given rise to the concepts of BOT contracts. BOT contract means Build-Operatre-Transfer, i.e the contractor is given a contract to build some infrastructure out of his own funds and thereafter he is given right to operate such infrastructure and recover his cost of funds and profits therefrom for a certain period and thereafter the infrastructure is transferred to the Government.
Salient feature, Interest Payable, Rates, Periodicity, Minimum Amount for opening of account and maximum balance that can be retained, tax rebate available etc in respect of Post Office Savings Account , Post Office Savings Account , Post Office Time Deposit Account, Monthly Income Account (MIS), Senior Citizens Savings Scheme Account, 15 year Public Provident Fund Account (PPF), Kisan Vikas Patra, National Savings Certificate (NSS) (VIII issue) is been discussed below.
The Reserve Bank of India (RBI) Act, 1934 provides adequate protection to small depositors in financial institutions. The interest of Depositors in financial establishments can be broadly divided into two segments (a) companies registered as Non-Banking Financial Companies (NBFCs) which are under the regulatory purview of RBI, (b) Un-incorporated Bodies (UIBs) accepting public deposits unauthorisedly.
The uncertainty in the global markets due to recent developments in United States of America (USA) and Euorzone have had some impact on capital markets in India. The economy, however, is basically domestic demand driven, as about 85 per cent of its GDP is from domestic sources. The calibrated approach to capital account convertibility has prevented surge and reversal of debt creating capital flows.
Government takes Various Steps to Curb Circulation of Fake Currency The steps taken by the Government to curb circulation of Fake Indian Currency Notes (FICN) in the country include stepping up of vigilance by the Border Security Force and Custom authorities to prevent smuggling of fake notes; dissemination of information on security features through print and electronic media and formation of Forged Note Vigilance Cells in all the Head Offices of the banks.
FEMA Violations – The Foreign Exchange Management Act, 1999 is a civil act in nature as such there is no provision for launching the prosecutions. During the last three years i.e. 2009-10,2010-11 and 2011-12 (upto July 2011) , the Directorate of Enforcement has issued 990 Show Cause Notices to various persons/firms under Foreign Exchange Management Act,1999 (FEMA), for initiating the adjudication proceedings.
Central and State Governments take various measures from time to time to promote and popularize small saving schemes through print and electronic media as well as holding seminars, meetings and providing training to the various agencies involved in mobilising deposits under these schemes.
