The probe into the 2G spectrum scam has revealed that former Telecom Minister A Raja ”deliberately and dishonestly” did not consider auction or revision of entry fee and threw away the licences of radio waves at the rate prevailing in 2001, depriving the government of huge revenue, the CBI has said.
CORRIGENDUM- Dated: April 4, 2011 – In the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 25/2011-Service Tax, dated the 31st March, 2011 published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 283 (E), dated the 31st March, 2011, in rule 9,-
Government of India have announced the issue of 8.01 per cent ‘Postal Life Insurance Government of India Special Security 2021’ for Rs 4,000 crore (nominal) and 8.08 per cent ‘Postal Life Insurance Government of India Special Security 2023’ for Rs. 3,000 crore (nominal). The Special Securities are being issued at par to Directorate of Postal Life Insurance on March 31, 2011 (Thursday) to convert part of the frozen corpus of Post Office Life Insurance Fund (POLIF) and Rural Post Life Insurance Fund (RPOLIF).
The Acts governing the three professional Institutes define in Section 2 members who are deemed to be in practice. In all the three Acts, there is a provision for a member to be in practice when he is in partnership with certain others. In the case of Chartered Accountants and Cost & Works Accountants, such persons must be member of the same Institute, while in the case of Company Secretaries, it is provided that the partnership could also be with members of such other recognised professions as may be prescribed.
The ICC today rejected reports that the World Cup with the Indian team is a replica and maintained that it is the original trophy after controversy broke out over news that that it was a fake that was presented to the team on Saturday. Media reports today said that the Cup given to Mahendra Singh Dhoni and his team was a fake and that the original was lying with the customs in Mumbai over non-payment of duties.
The Indian cricket players can’t seem to put it down it but the World Cup trophy they have with them is actually just a replica as the original is still lying with the customs. “The original is lying with the Customs,” said a BCCI sources without elaborating. When contacted Customs sources, however, said the Cup was with them for non-payment of duty of 35 per cent of the original value.
The Central Board of Excise and Customs (CBEC), Ministry of Finance has denied that the original ICC Cricket World Cup 2011 trophy is lying in the Airport Customs Warehouse in Mumbai. The clarification was issued in response to the report appearing in certain section of media that actual ICC Cricket World Cup trophy has not been awarded to the winning India Cricket team at Wankhede Stadium,Mumbai on Saturday,2nd April,2011.
The Press all over the world reported that the Customs Officers agreed to release the trophy if they were given tickets for the match. The ICC official gave them the shock of their lives and asked them to keep the trophy as there was another version of the trophy already in the stadium. Pakistan’s Daily Mail reported, “WC Trophy impounded for tickets – Customs officers at Mumbai airport confiscated what they thought was the cricket World Cup trophy in a dispute over unpaid duty – officers were confused when they were told to keep the trophy until after the final, when the ICC would take it back to their headquarters in Dubai. They were unaware that there were two identical trophies and the other had been at Mumbai’s Wankhede Stadium for the last month awaiting the winning captain ”
NOTIFICATION NO. 28/2011 – SERVICE TAX, CBEC has notified following service under continues service category for Point of taxation rule under service tax videNotification number 28/2011 dated 01.04.2011:- clause (zzq) of section 65(105) : Commercial or industrial construction. clause (zzzh) of section 65(105) : Construction of complex clause (zzzx) of section 65(105) : by the telegraph authority in relation to telecommunication service, clause (zzzu) of section 65(105) : in relation to internet telecommunication service and clause (zzzza) of section 65(105) : Works contract
Synergy Entrepreneur Solutions Pvt Ltd vs. DCIT (ITAT Mumbai)- The reason given for the revision in the s. 263 order (that the AO has not verified the issue) is different from the reason set out in the show-cause notice (that speculation loss cannot be set-off against other income). If a ground of revision is not mentioned in the show-cause notice, it cannot be made the basis of the order for the reason that the assessee would have had no opportunity to meet the point (Maxpack Investments 13 SOT 67 (Del), G.K. Kabra 211 ITR 336 (AP) & Jagadhri Electric Supply 140 ITR 490 (P&H) followed);
