Supreme Court on 14.10.2011 modified it’s earlier stay order of 28.9.2011 in the SLP filed by petitioners Retailers Association of India v. UOI against the Bombay High Court order that had upheld renting as a service with retrospective effect.Petitioners are now required to pay half of their liabilities in the next six months in three […]
Even if two views are possible, the Revisional Authority had no jurisdiction to initiate proceedings under Section 263 of the Act. It was held that the order passed by the High Court is incorrect, which decision cannot be accepted. The Tribunal has followed the judgment of this Court as the decision of the High Court is binding on the subordinate Courts. If the judgment passed by this Court is erroneous, the revenue should have challenged the said order. At any rate that cannot be a ground for invoking Section 263 of the Act in the facts of this case.
CIT Vs. Mahanagar Telephone Nigam Ltd (Delhi High Court) A.O. having failed to record a finding that the assessee had furnished inaccurate particulars, the imposition of penalty under Section 271(1)(c) of the I.T. Act was a complete non- starter. This finding of fact has been affirmed by the Tribunal and we find no reason to disagree with the same. A mere erroneous claim made by an assessee, though under a bonafide belief that, it was a claim which was maintainable in law, cannot with more, lead to an imposition of penalty.
State Of West Bengal & Ors. Vs. Nazrul Islam (Supreme Court of India)- A person facing criminal cases cannot be considered suitable for appointment in government service unless acquitted of the charges, the Supreme Court has held. Quashing the appointment of constable SK Nazrul Islam, the apex court said, ‘Surely, the authorities entrusted with the responsibility of appointing constables were under duty to verify the antecedents of a candidate to find out whether he is suitable for the post of constable.’
Section 145 of the Income-tax Act, 1961 provides that the method of accounting for computation of income under the head ‘Profits and gains of business or profession’ and ‘Income from other sources’ can either be the cash or mercantile system of accounting. The Finance Act, 1995 empowered the Central Government to notify Accounting Standards for any class of assessees or for any class of income.
Union Finance Minister Shri Pranab Mukherjee said that there is a need for transparent arrangement with a legal framework for exchange of information between India and Philippines relating to banking and tax related matters. The Finance Minister Shri Mukherjee raised this issue during his bilateral meeting with his Philippines’ counterpart Mr. Cesar V. Purisima when the later called on him, here today.
The contention of the assessee that warrant of authorization was not issued individually in the name of the assessee, thus, the case is distinguishable and the assessee was not prohibited from making any declaration of undisclosed income as the search itself conducted under section 132 was bad, does not merit acceptance.
Commissioner of Customs Vs. Aggarwal Industries Ltd. (Supreme Court) – A mere suspicion upon the correctness of the invoice produced by an importer is not sufficient to reject it as evidence of the value of imported goods. The doubt held by the officer concerned has to be based on some material evidence and is not to be formed on a mere suspicion or speculation. We may hasten to add that although strict rules of evidence do not apply to adjudication proceedings under the Act, yet the Adjudicating Authority has to examine the probative value of the documents on which reliance is sought to be placed by the revenue.
The Ministry of Corporate Affairs (MCA) today said it was in favour of introducing a corporate governance index that would offer rankings to companies adopting governance standards.
Notification No. 80 (RE-2010)/2009-2014 In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the following amendments in the Schedule 1 (Imports) of the ITC (HS) Classifications of Export and Import Items.
