So far there are no reliable estimates of black money both inside and outside the country. The interim recommendations of BJP Task Force 2009 have estimated the amount of black money to be between USD 500 billion to USD 1,400 billion. A current study
The Union Finance Minister Shri Pranab Mukherjee presented the Presidential Awards to the officers of the Customs & Central Excise and Directorate of Enforcement, here today. The officers of the Customs & Central Excise Department are considered for
There can be variety of credit facilities. In the course of adhering to the terms and conditions; like borrowers, the Banks too can commit mistakes and there can not be any doubt in this regard. Looking at the provisions of the SARFAESI Act, 2002, the rules, the practice and few precedents; borrowers and also professionals alike are doubtful in getting relief from the specially constituted Debt Recovery Tribunal which entertains appeals from the borrowers under section 17 of the Act. I have heard many borrowers saying that the Debt Recovery Tribunals will support the Banks and their actions, and will not effectively listen to the grievances of the borrowers. Such an assumption on the functioning of Debt Recovery Tribunals and Appellate Tribunals may not be correct though the system needs to look within. The Courts too have understood the difficulties in approaching the Civil Courts in recovering the outstanding dues and the Courts have upheld the provisions of SARFAESI Act, 2002 with few suggestions in the Course.
Institute of Chartered Accountants of India (ICAI) will hold all its Disciplinary Committee meetings on Satyam Computers multi-crore accounting scam henceforth in Hyderabad , ICAI Vice-President G Ramaswamy, Vice-President said on Monday.
Finance minister Pranab Mukherjee today said the Centre is working at a “political level” with states for countrywide roll-out of goods and services tax (GST), but it may take some time to arrive at a consensus on the new indirect tax regime. “I am
With a view to rein in high inflation, the Reserve Bank of India today raised its key short-term lending and borrowing rates by 0.25 per cent each with immediate effect. The short-term lending (repo) rate has been hiked to 6.50 per cent and the borro
Purchase price of generic unpatented APIs from associated enterprises can be benchmarked against the price of same APIs sold by other independent producers despite difference in quality The Mumbai bench of the Income Tax Appellate Tribunal (Tribuna
The above ruling lays down that the amount withdrawn from revaluation reserve and credited to the Profit & Loss account cannot be reduced from book profit if such amount had not increased the book profit at the time of creation of reserve.
So far as the disallowance of administrative expenditure is concerned, we feel considering the fact that there is no precise formula for proportionate disallowance, no disallowance is called for, for proportionate administrative cost attributable to earning of tax free income until Rule 8D came into force. We, therefore, dispose of the appeals by setting aside the orders of the Tribunal and that of the first appellate authority on this issue and remand all the assessments back to the Assessing Officer for reworking disallowance under Section 14A in the case of each assessee for each assessment year. The proportionate disallowance under Section 14A should be limited to only interest liability and not overheads or administrative expenditure; which should be considered for disallowance under Rule 8D from 2007-2008 onwards.
In Commissioner of Customs and Central Excise Vs. Hongo India (P) Ltd., reported in 2009 (236) ELT 417 (SC), the Supreme Court approved this decision in M.M. Thomas (supra) and said that the High Court possesses all powers in order to correct the errors apparent on the face of record. In D.N. Singh Vs. CIT, reported in (2010) 325 ITR 349, the full bench of Patna High Court held High Court has power to review its order under Section 260A of Income Tax Act. It referred to paragraphs 28 and 29 of the said judgment and held that as laid down in M.M. Thomas and approved in Hongo India (supra), the High Court has the inherent power of review, being a court of plenary jurisdiction. The Supreme Court in Shivdeo Singh Vs. State of Punjab, reported in 1963 AIR SC 1909 held that power of review inheres in every court of plenary jurisdiction to prevent miscarriage of justice or to correct grave and palpable errors committed by it.
