a. The Bill has 470 clauses and 7 schedules as against 658 Sections and 15 schedules in the existing Companies Act, 1956. b. The entire bill has been divided into 29 chapters. c. Following chapters have been introduced, viz. * Registered Valuers (ch.17); * Government companies (ch. 23); * Companies to furnish information or statistics (ch. 25); * Nidhis (ch. 26); * National Company Law Tribunal & Appellate Tribunal (ch. 2
ITAT held that the payment received for supplying the ‘Repair Technical Documents’ are treated as ‘Fees for Technical Services’ (FTS) under the Income-tax Act,1961 (the Act). The Tribunal further observed that the technical materials supplied by the taxpayer would not lose the characteristics of ‘Service’, simply because they were supplied in the form of bound manuals, more particularly when it is tailor made for the specific requirements of a person.
The Standing Committee constituted by the Authority by its order dated 25.08.2010 will receive the applications for the grant of ATI licenses and screening shall be done according to the eligibility criteria prescribed by the Authority. The Committee shall make necessary recommendations to Sr. JD (Intermediaries) who shall according to the recommendations of the Committee grant license or renew the licenses of ATI. The verification regarding the suitability, carrying out due diligence shall be the responsibility of the Committee and there shall not be any further examination after the Committee makes it recommendations.
It is contended by learned counsel for the Revenue that the Tribunal is a fact finding authority and should have adjudicated the matter on merits. We are of the view that the issue raised by the Revenue is not at all substantial and the amount in dispute is quite insignificant, considering that the case is one of a block assessment. There is no justification for the Income Tax Department to go on burdening the Tribunal, the Court with every case right up to the end. Apart from burdening the Tribunal and Courts, it also causes avoidable expenses to the Assessee. It is common knowledge that the Assessee has to pay for legal fees and merely because the Income Tax Department has got unlimited resources, there is no justification that every case should be dragged on. Under the circumstances, we are of the view that the Tribunal was justified in refusing to entertain the appeal because of the insignificant amount involved in the matter. No substantial question of law arises. We, therefore, dismiss this appeal. Held by Bombay High Court in the case of CIT v. Manish Bhambri
Central Board of Excise and Customs hereby specifies the following documents that are required to be submitted by the person who has made an application for registration under Rule 4(1) of the Rules ibid: (a) Copy of Permanent Account Number (PAN) (b) Proof of Residence (c) Constitution of the Applicant. (d) Power of Attorney in respect of authorised person (s).
Sanjay Enterprises (P.) Ltd. Vs. ITO (ITAT Delhi)- In the instant case, surrender made by the assessee during the remand proceedings, when the assessee was confronted with the statement of Shri Sanjay Rastogi recorded on oath on 27.9.2005, has never been retracted either during the reassessment proceedings or during the penalty proceedings at any stage. The assessee has not even attempted to establish its bona fide nor submitted any explanation before the AO during the penalty proceedings. Thus, in the light of view taken in the aforesaid two decisions relied upon by the ld. DR, we are of the opinion that the ld. CIT(A) rightly upheld the levy of penalty.
The Reserve Bank of India (RBI), has kept policy rates unchanged in its Mid Quarter Review of Monetary Policy announced today. The repo rate (the rate at which RBI lends money to banks) remains unchanged at 8.5%. The Reverse Repo Rate (rate at which RBI borrows money from banks) also will remain unchanged at 7.5% and the Marginal Standing Facility (MSF) rate at 9.5%.
On the basis of the current macroeconomic assessment, it has been decided to: * keep the cash reserve ratio (CRR) unchanged at 6 per cent; and * keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 8.5 per cent.
The development of the accounting profession owes its origin to the emergence of the joint stock company and the consequent separation of ownership from management. This arrangement triggered the need for an independent and informed opinion on the accounting of the owners’ funds entrusted to the management for their stewardship. The “raison d’etre” of the profession is consequently based on the confidence which the profession enjoys with the
The Protocol amending India-Australia Double Taxation Avoidance Agreement (DTAA) was signed, here today by Shri. S. S. Palanimanickam, Minister of State for Finance and Mr. Bill Shorten, Minister for Employment and Workplace Relations & Minister for Financial Services and Superannuation, Government of Australia. The original India-Australia DTAA was signed way back in 1991.
