DCIT Vs M/s Mcleod Russel India Ltd (ITAT Kolkata) – Whether FBT is payable even in the absence of any taxable income – Whether provision of section 115-O & 115WA are pari-materia and hence FBT is leviable only to the extent of those expenses which are directly relatable to the Income taxable under the Income Tax Act – Whether when only 40% income of a tea company is chargeable to tax, even FBT liability arises on only 40% of expenses. – Revenue’s appeal allowed.
ITO Vs M/s Kailashpati Overseas Pvt Ltd (ITAT Delhi) – Whether when assessee submits the relevant details in respect of share application money such as PAN Number, confirmation and the bank particulars it can be said that the assessee has discharged its burden and no addition can be made on the basis of investigation averments, and it is incumbent on the AO to prove that averments of investigation wing applies in the case of the assessee-Held-Yes.
J L Morison (India) Ltd Vs ACIT (Kolkata ITAT) – It is now settled law that if, while making the assessment, the AO examines the accounts and other details, makes enquiries, applies his mind to the facts and circumstances of the case and determines the income, the ld. C.I.T., while exercising his power under sec. 263 of the Act, is not permitted to substitute his own view about the computation of income in place of the income assessed by the A.O., unless the order of the A.O. is patently unsustainable in law.
DCIT Vs. Akshay Eminence Developers Pvt. Ltd. (ITAT Bangalore) – The provisions of s. 80IB(10) of the Act have not subscribed that the assessee was required to begin the construction work after obtaining the approval from the local authorities and that before getting such approval if the assessee begins the construction work, such construction was not recognized. What really matter here is the date of approval of the plan, but, not the date on which it was communicated?
Income Tax Department invites response to the RFP floated for selection of MSP for setting up, operating and maintenance of CPC (TDS) for processing of TDS statements. Overview of scope of work for Managed Service Provider (MSP). The following outlines the broad areas of scope of work for MSP and the later sections highlight the detailed scope of work in each of the following areas – i. Detailed IT Strategy for the CPC (TDS) Project
In order to moderate sharp and destabilizing price movements in shares of companies, to encourage better price discovery and to increase transparency in securities market SEBI had issued a circular on “trading rules and shareholding in dematerialized mode” vide Cir. No. SEBI/Cir/ISD/1/2010, dated September 2, 2010. The said circular inter alia mandated securities of companies to be traded in normal segment, if and only if, the company has achieved at least 50% non-promoter shareholding in dematerialized form and maintained the same on a continuous basis.
As part of its inclusive approach to the formulation of various policies, this Department has been engaging in prior public consultations on important issues on which policy reform is contemplated. These structured discussions are triggered by the publication of Discussion Papers (DPs) outlining such issues. The Department has, so far, published eight discussion papers, of which five have a direct nexus with FDI policy. Of these five, policy action has been completed in respect of three DPs and is ongoing in respect of two DPs.
IRDA had earlier required that portability of health insurance policies across non-life insurance companies including stand alone health insurance companies would be introduced with effect from 1st July, 2011. The modalities of such portability to be effective and consumer friendly have been discussed with the non-life insurers in the country.
DHL Lemur Logistics (P) Ltd. v DCIT (ITAT Mumbai) – A well reasoned and well discussed order also facilitates appreciation when the same is called in question before the superior forum. Keeping in view the decision of the Hon’ble Delhi High Court in the case of Vodafone Essar Ltd. (supra) as well as that of the coordinate bench of this Tribunal in the case of Gap International Sourcing India (P.) Ltd. (supra) and having regard to the fact that the DRP has passed the order giving directions to the AO under section 144C without giving proper consideration to the elaborate submissions made on behalf of the assessee on the main preliminary issue, we set aside the said order and remit the matter to the file of the DRP with a direction to consider the objections of the assessee on this issue as well as the other issues once again and pass a proper and speaking order giving direction under section 144C.
Central Information Commission (CIC) has drawn the attention of the CMD of the State Bank of Bikaner & Jaipur to the issue of sanctioning of applications under Pradhan Mantri Rozgar Yojana (PMRY) and to revisit the matter and direct branch managers of all branches of the bank in the state of Rajasthan and outside the State to review the reasons for turning down applications made under PMRY. Information Commissioner Smt. Deepak Sandhu gave this instruction to the Bank in its decision dated 27 June, 2011on an appeal filed against the State Bank of Bikaner & Jaipur regarding the refusal by the Kishangarh Rainwal branch to give reasons for the rejection of 38 applications (out of 80) made under PMRY. These applications were made during the period of 5 years prior to 10 October 2007. During the hearing respondent bank stated that each branch was given a target under this PMRY and it was possible that once the target had been achieved, the other applications were not considered.
