RBI has been increasing policy rates to contain inflation and inflationary expectation to prevent the economy from getting overheated. The Reserve Bank of India (RBI) has raised the policy rate (the repo rate) eleven times by a cumulative 325 basis points (bps) since October 2009.
Ministry of Overseas Indian Affairs had brought out a guidance booklet on ‘Marriages to Overseas Indians’ in 2007 which contains information on safeguards available to women deserted by their NRI spouses, legal remedies available, authorities that can be approached for redressal of grievances etc. A pamphlet entitled ‘Thinking of the marriage of your daughter with an NRI?’ had also been brought out by the Ministry in 2007 highlighting the precautions to be taken before entering into marriage alliance.
Bombay High Court has extended the Stay until 30th September 2011, in the famous renting case – Retailers Association of India and others v Union of India .
DCIT Vs M/s Sri Shanmugavel Mills Ltd (Madras High Court)- The facts of the case, thus show that the provisions made was not tax payment of bonus but payment, as part of the wages and as an incentive for the performance of the workers.
Shyam Enteprises Vs CIT (Allahabad High Court)-Amendment in S. 43 (3) w.e.f. 1.4.2004 does not make any change in the definition of the word ‘plant’, which remains an inclusive definition. It includes buildings or furniture and fittings, which are other than, and are not integrally connected with the plant. The building, which does not have separate existence, and is integral part of the plant, used for the purposes of business or profession, is not to be treated separately for depreciation.
CIT Vs Saurashtra Kutch Stock Exchange Ltd. (High Court of Gujarat at Ahmedabad ) -Section 11 of the Act envisages exemption of certain income of the trust registered under Section 12A of the Act. This itself may require certain scrutiny and applicability of the exemption at the hands of the Assessing Officer. Despite registration under Section 12A of the Act, it is not even the case of the assessee that without any application of mind, the Assessing Officer must grant exemption of whatever claim put forth by the assessee.
CIT Vs Manoj B Mansukhani (Gujarat High Court)- Whether where the assessee submits all the details to prove the expenses correctly, no dis-allowance can be made merely on the basis that stamp duty authority stating that the vouchers were stamped subsequently?
CIT Vs Gujarat State Petroleum Corporation Ltd. (Ahmedabad High Court)- In the instant case, the assessee-company has let out only a very small portion (i.e. less than 10%) of its office premises to the Directorate of Petroleum. Department of Energy and Petrochemicals and that too under directions from the Government.
Rain Commodities Ltd. Vs. Dy. CIT (ITAT Hyderabad)- Prejudicial to the interest of revenue appearing in section 263 is conjunction with the expression ‘erroneous’ and that every loss of revenue as a consequence of an order of the assessing officer cannot prejudice to the interest of Revenue. In case, where the assessing officer adopts one of the courses permissible in law where two views are plausible the CIT cannot exercise his power u/s 263 to defer with the AO even if there has been a loss of revenue.
The Union Finance Minister Shri Pranab Mukherjee has said that the Central Government firmly believes that financial inclusion is a necessary condition for inclusive growth. He said that the Public Sector Banks (PSBs) have to play an important role in financial inclusion in our country given the distribution platform they enjoy and experience they have in serving the rural hinterland for the past five decades.
