The Custodian (Trial of Offences Relating to Transactions in Securities), Ministry of Finance, appointed by the Central Government to deal with the Securities Scam of 1992 has secured another order from the Special Court, Mumbai, allowing him to release a total amount of Rs.650 crores to the Income Tax Department, banks and financial institutions from the liquidated assets of the Harshad Mehta Group of entities, against pending claims.
Union Finance Minister Shri Pranab Mukherjee has said that one of the central objectives of the G-20 has been to address the root causes of the global financial crisis, prevent a recurrence and, going forward, to take measures to achieve strong sustainable and balanced growth. Dealing effectively with the interrelated issues of global imbalances, financial regulation, and the international monetary system are central to this agenda, he said. The Finance Minister was speaking at the international conference on ‘Global Cooperation on Sustainable Growth and Development, here today.
ITAT Collegium transfers 12 Members at All India level (Sept 2011) – In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, (except Serial Nos. 1 & 8 )* in the same capacity, to the Bench/es of the Income Tax Appellate Tribunal as shown against their names with effect from 12.09.2011
Vide Notification No. 16/2011 Central Excise dated 18.07.2011, CBEC had notified new ER-1 and ER-3 Forms. In which it forgotten to mention, Secondary and Higher Education Cess. Now this is made good and Secondary and Higher Education Cess is included in the forms. In ER-1, in the previous form, in Sl. No. 3, in Details of manufacture, clearance and duty payable, there were no columns for ‘opening balance’ or ‘closing balance’. Notification No. 20/2011 -Central Excise (N.T.)
Govt has exempted service by an arbitral tribunal, in respect of arbitration, falling under item (iii) of sub-clause (zzzzm) of clause (105) of section 65 of Finance Act, 1994. This exemption comes into force with effect from 12 th September 2011.
The Reserve Bank of India today released the September 2011 issue of its monthly RBI Bulletin. The September issue carries six articles: India’s Foreign Trade: 2011-12 (April-June), Monthly Seasonal Factors of Selected Economic Time Series, Corporate Investment: Growth in 2010-11 and Prospects for 2011-12,
The President, in terms of the authority given to him by the Council at its 303rd meeting held on 10th, 11th and 12th February, 2011, has appointed Shri Manoj Kumar, Joint Secretary, Ministry of Corporate Affairs, the newly nominated member on the 21st Council in place of Dr. T.V. Somanathan, on the following Committees/Boards of the Institute, for the remaining period of the year 2011-2012.
Emersons Process Management India Pvt Ltd. Vs. Add. CIT (ITAT Mumbai)- The fact that this company was selected as one of the comparables, by assessee himself, in the preceding assessment year cannot be put against the assessee, as whether or not a comparable is to be included must depend on its merits rather than be solely guided by events of an earlier year – particularly when assessee is successfully able to demonstrate that the entity sought to be used as comparable is not engaged in same or materially similar business at least in the present year.
J. K. Lakshmi Cement Ltd. (Taxpayer) Vs ACIT (ITAT Kolkata)- In computing the book profit for the assessment years 2006-07 and 2007-08, the assessee was entitled to deduction in terms of clause (iii) of the Explanation to section 115JB(2) of the Act the adjustment of debit balance in the Profit and Loss Account with share Premium Account and Revaluation Reserve made on September 30, 2000, which is required to be excluded from consideration and accordingly, AO is required to determine amount of loss brought forward or unabsorbed depreciation for each of years without taking said adjustment into consideration and allow deduction in respect of lesser of two amounts.
Bharati Shipyard Ltd. Vs DCIT (ITAT Mumbai Special Bench) – The Finance Act, 2010 has extended the time limit for depositing tax deducted at source by the due date u/s 139(1) of the Act from the earlier lesser time available for compliance.
