"15 December 2011" Archive

RBI swung into action to check slide in rupee value against dollar

The Reserve Bank today swung into action to check slide in rupee value against dollar and speculations. It has imposed restrictions with immediate effect on forward trading in the local currency by Foreign Institutional Investors and traders and capped banks exposure to the forex market. The Reserve Bank has also decided to withdraw the f...

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Posted Under: Fema / RBI |

No deduction of TDS u/s. 194-I on ‘Rent’ Without Control’ Over Asset

Chattisgarh State Electricity Board Vs. Income Tax Officer (TDS) (ITAT Mumbai)

Chattisgarh State Electricity Board Vs. ITO (TDS) - in a situation in which the payment in made for the use of an asset simpliciter, whether with control and possession in its legal sense or not, the payment could be said to be for the use of an asset. However, in a situation in which the payment is made only for the purpose a specific ...

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Whether assessment can be re-opened beyond four years when all primary facts for making the claim were disclosed to the AO

Kimplas Trenton Fittings Ltd. Vs Asstt. Commissioner of Income Tax, Mumbai (Bombay High Court)

Kimplas Trenton Fittings Ltd Vs ACIT (Bombay HC) - In the present case, admittedly, the reopening of the assessment is beyond a period of four years of the end of the relevant Assessment Year. The jurisdictional condition under Section 147 in such a case is that there must be a failure on the part of the assessee to disclose fully and tru...

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CIT (Appeals) have inherent and implied powers to grant stay – HC

Maheshwari Agro Industries Vs Union of India (Rajasthan High Court)

Maheshwari Agro Industries Vs. UOI (Rajasthan HC) - the income assessed by the Assessing Officer is almost 47 times of the income declared by the assessee viz. Rs. 1,44,42,320/- against the declared income of Rs.3,48,140/-. The disputed demand of tax also would be almost the same multiples of the declared and admitted tax liability or may...

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Draft Bank Branch Auditors' Panel for 2011-12

We would like to inform that the draft Bank Branch Auditors' Panel for the year 2011-12 has been hosted at www.meficai.org and will be available till 20th December, 2011. In case of query, pl log a complaint at http://www.meficai.org/complaints/complaint_enrty_enter.jsp ...

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Posted Under: Fema / RBI |

Companies Bill 2011- Major Highlights

The Ministry of Corporate Affairs has today introduced the much awaited Companies Bill 2011in the Lok Sabha. The new bill is all set to replace the 55 year old Act. The promulgation of the new Act is a step towards globalization and is a successful attempt to meet the changing environment and is progressive and futuristic duly envisaging ...

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Posted Under: Fema / RBI | ,

MCA extends PAN updation date for DIN holders to 29th February, 2012

General Circular No. 70/2011 15/12/2011

last date for filing form DIN-4 by DIN holders for furnishing their Income tax PAN and to update Income- tax PAN details has been extended up to 29th February, 2012. For details kindly see General Circular No: 70/2011 given below:- ...

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Rupee hits all time low; trading at 54.23

The rupee breached the 54 mark to open at 54.20 against a dollar. The rupee had closed at 53.71 yesterday. Currently it is trading at 54.23. The general sense in the market is that the RBI does not want to throw good money after bad. The RBI data suggests that on two days in November, the Reserve Bank of India had intervened, but that ha...

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Posted Under: Fema / RBI |

Company Law Settlement Scheme (CLSS) extended up to 15th January, 2012

General Circular No. 71/2011 15/12/2011

Last date for availing benefit under Company Law Settlement Scheme (CLSS), 2011 has been extended up to 15th January, 2012. It is further stated that this Scheme will not be extended beyond 15th January, 2012. For details kindly see General Circular No: 71/2011 available on MCA portal under News & Events and under heading Act, Bills and R...

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HC upheld 25% addition for receipt of goods from the parties other than the persons who had issued the bills of such goods

Commissioner of Income Tax- III Vs Sanjay Kumar Mansukhlal Dhabba (Gujarat High Court)

CIT Vs. Sanjaykumar Mansukhlal Dhabba (Gujrat HC)- In the said case of Sanjay Oilcake Industries [Supra], the Division Bench of this Court upheld the view of the Tribunal limiting the additions to 25%, where it was found that the goods were received from the parties other than the persons who had issued the bills of such goods. Though th...

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