Madam, it has been mentioned to me that Shri Anna Hazare and his colleagues are very keen that their Bill should be discussed in the Parliament. I have not thought over this matter in great depth, but a thought comes to me that perhaps we could have a debate in this House on all the Bills that are in the public domain and have a discussion what are the weak points of various Bills and what are the strong points of various Bills and at the end of that debate, send the whole record for consideration of the Standing Committee of the Parliament. I have a feeling that this will meet the point that Shri Anna Hazare and his colleagues have been making that Parliament must have a chance to give its views on their Bill before sending it to the Standing Committee and therefore, I submit to this august House that this is one via media which will respect the parliamentary supremacy and, at the same time, enable Parliament to take on board ideas contained in the Lokpal Bill drafted by Shri Anna Hazare and his colleagues.
Surajmall Lalchand & Sons Vs ACIT- XI (Calcutta High Court)- In the case of CIT vs. H. P. State Forest Corporation Ltd (supra), a Division Bench of Himachal Pradesh High Court was considering a case where the accounts of the assessee, a State Government Corporation, not having been audited by the office of the Comptroller and Auditor General, the Assessing Officer treated the assessee’s return as a non est and passed order of assessment under Section 144 of the Act.
Dr. Sanjiv Agarwal While India celebrated it 64th independence day early this month, independent India still struggles for freedom in more than many ways. It is indeed time for one and all to introspect in retrospect and prospect as to what we have achieved and what we ought to be, as an individual , as […]
CIT Vs Text Hundred India Pvt. Ltd. (Delhi High Court)- Rule 29 of the ITAT Rules – Additional evidence should be allowed to be submitted at the Tribunal to prove benefit received by receipt of management services by the Assessee. AO denied deduction of management services charges alleging that the same didn’t provide benefits to the recipient of services.
All the com parables have to be compared on similar standards and the assessee cannot be put in a dis-advantageous position, when in the case of other companies adjustments for under utilisation of manpower is given. The assessee should also be given adjustment for under utilisation of its infrastructure. The AO shall consider this fact also while determining the ALP and make the TP adjustments.
Triumph International Finance I Ltd Vs ACIT (ITAT Mumbai)- the undisclosed income determined in the case of the assessee is not as a result of disallowing any claim of the assesse because the same is not allowable as per the provisions of law but undisclosed income has been determined on the basis of the evidences found during the course of search, which has established the fact that the true nature of transactions have not been recorded by the assessee in the books of account and the same has resulted the undisclosed income.
CIT Vs M/s Mono flex India Pvt Ltd (Delhi High Court)- Whether when the property, which was auctioned by the TRO for recovery of tax, is a leased property to the defaulter under a perpetual lease agreement, the right in the said property can only be transferred after payment of the unearned increase payable to the lessor of the property as was payable under the lease agreement
The names of the member s who will not remit their annual member s hip fee for the year 2011-12 by the la s t extended date i.e. 31st August, 2011 will stand removed from the Register of members w.e.f. 1st September, 2011. They shall be required to pay the entrance fee of Rs. 1500/- and Rs. 1000/- respectively for ACS & FCS for restoration of membership in addition to restoration fee of Rs. 250/- and annual membership fee.
It’s a big day for Federal Reserve Chairman Ben S. Bernanke. In a much-anticipated speech in Jackson Hole, Wyoming the world expects that the US FED will come up with another round of QE3. The main hope of the world is that quantitative easing 3 Fed would either buy more government bonds or shift existing holdings toward longer-term securities.
Loans are sanctioned by the Scheduled Commercial Banks (SCBs) as per financial viability, feasibility of the project and keeping in view their Bank approved policies. However, the Government has decided that the share of Microenterprises in Micro and Small Enterprise (MSE) lending needs to be increased to 60% in a phased manner viz. 50% in the year 2010-11, 55% in the year 2011-12 and 60% in the year 2012-13. It would be mandatory for the Public Sector Banks to achieve this target. Further, banks have been advised by Reserve Bank of India (RBI) to extend liberal moratorium on their term loans and working capital to MSE entrepreneurs by including interest during first 6-12 months of operation as part of the long term funding of the projects.
