It is undisputed that these three companies have shown supernormal comparable profits as compared to the other comparable. There exclusion from the list of comparable is quite correct. By excluding these three companies from the comparables and showing the computation on the basis of TPO data the arithmetic mean of OP/OC to 17.15% which falls within the +-5% range as permitted by section 92(C)(2). Hence, we find considerable cogency in the arguments of the ld. counsel of the assessee in this regard. We further find that assessee has made voluminous submissions including paper books before the DRP who has passed a very cursory and laconic order without going into the details of the submissions. We find that this is quite contrary to the mandate of section 144C of the IT Act.
I, the undersigned, hereby give my consent to act as a Director of the captioned Company pursuant to the provisions of Section 264(2)/266(1)(a) of the Companies Act, 1956. I hereby certify that I am not restrained/ disqualified/ removed of, for being
Shri R. P. N. Singh assumed the charge of the Minister of State for Corporate Affairs here today at Shastri Bhawan. Secretary of the Ministry, Shri R. Bandyopadhyaya, and other senior officers of the Ministry of Corporate Affairs were present on the
Finance Minister Shri Pranab Mukherjee has said that the targets for direct and indirect tax collections are being raised for this financial year. He said that direct tax collection target is to be increased to 4% and indirect tax collection target will be raised to 6%. The Finance Minister was addressing the review meeting of Central Board of Direct taxes (CBDT) and Central Board of Exise and Customs (CBEC) in Chennai today.
The strategy adopted by the Government to tackle the menace of illicit funds is five-fold. This consists of: i) Joining Global crusade against ‘black money’; ii) Creating an appropriate legislative framework; iii) Setting up institutions for dealing
In 2005, the Reserve Bank released the “Road map for presence of foreign banks in India” laying out a two track and gradualist approach aimed at increasing the efficiency and stability of the banking sector in India. One track was the consolidation o
With the increases announced today, since mid-March 2010, the Reserve Bank has cumulatively increased the repo rate by 175 bps and the reverse repo rate by 225 bps. Additionally, the CRR was increased by 100 bps. Banks have responded to this calibrat
here have been significant changes in the macroeconomic environment since the Second Quarter Review issued on November 2, 2010. Globally, the recovery in the advanced economies appears to be consolidating and expectations of growth during 2011, parti
The results of PCC, IPCC, MAC (Part-I), IRM and ITL & WTO Examinations held in November, 2010 are likely to be declared on 5th February, 2011 at around 5.00 PM.
Mumbai Cost of home, auto and corporate loans may not go up immediately, even though the Reserve Bank raised short-term key policy rates by 25 basis points to check high inflation, bankers said. “The transmission mechanism between RBI and rest of t
