September 29, 2011 Due to paucity of accommodation in some Zones opted by the candidates in the cities of Bangalore, Chennai, Delhi, Indore and Kolkata, some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available. In view of this, it is not possible to […]
The Special Judge for CBI cases, Madurai has convicted Sh. P. Suyambu, the then Inspector of Central Excise Mumbai-III Collectorate, Mumbai in a Disproportionate Assets Case and sentenced him to undergo 11/2 years Rigorous Imprisonment with a fine of Rs.9,000/-.
Reserve Bank of India vide its circular DBS.ARS.BC. No. 4/ 08.91.020/ 2010-11 dated November 10, 2010 has issued instructions to Indian public and private sector banks regarding a comprehensive calendar of reviews to be placed before the Audit Committee of their Board. While all the reviews prescribed vide our above circular are not applicable to foreign banks operating in India, we request you to be guided by the instructions contained therein. In order to do so you may
There is no provision in the Delhi Stamp Act for payment of stamp duty on “increased authorised capital”. Payment of stamp duty for increase of authorised capital being paid with filing of eForm No.5 with respect to State of National Capital Territory of Delhi is made optional.
CIT Vs M/s National Travel Services (Delhi High Court)- When Section 2 (22) (e) of the Act enacts a deeming provision, it has to be strictly construed. At the same time, it is also trite that such a deeming provision has to be taken to its logical conclusion. If the partnership firm which has purchased the shares is not treated as shareholder merely because the shares were purchased in the name of the partners, that too because of the legal compulsion that shares could not be allotted to the said partnership firm which is a non legal entity, it would be impossible for such a condition to be fulfilled.
Accounting regulator ICAI has accused state and central governments, and PSUs, of deliberately favouring chartered accountant companies having affiliations with multinational audit firms. ICAi accused that In certain cases, public sector undertakings, the government departments, central and state governments advertise for various professional services, wherein the basic eligibility requirement tends to favour multinational network accounting firms or other corporate entities.
Read the Punjab and Haryana High Court’s decision in CIT vs. Ms. Jagriti Aggarwal on Section 54 claim under the Income Tax Act. Legal insights provided.
Om Prakash Vs Union of India (Supreme Court of India), Dated: September 30, 2011)- Central Excise Act – Sub-section (2) of Section 9A makes provision for compounding of all offences under Chapter II.
Notification No. 54/2011 – Income Tax Whereas, an Agreement between the Government of the Republic of India and Government of the British Virgin Islands for the exchange of information relating to taxes was signed at London. UK on the 9th day of February, 2011; And whereas, the date of entry into force of the said Agreement is the 22nd day of August, 2011, being the date of later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement, in accordance with Article 14 of the said Agreement;
NC Notification No.104/2011 – Income Tax [F.No.V.27015/4/2011-SO(NAT.COM)]/S.O. 2302(E), dated 3-10-2011 -In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National Committee for Promotion of Social and Economic Welfare, hereby notifies the institutions approved by the said “National Committee, mentioned in column (2) of the Table below, and approves the eligible projects or schemes specified to be carried on by the said institutions and the estimated cost thereof as mentioned in column (3) of the said Table, and also specifies in the column (4) of the Table the maximum amount of such cost which may be allowed as deduction under the said section 35AC for the period of approval, namely:—
