The compensation for land acquired should be based on the fair market value received for similar land in the neighbourhood, but not sold in auction, the Supreme Court has asserted in the case, Karnataka Housing Board vs Land Acquisition Officer. This, said the court, was because auction sales stood on a different footing. In auction, there is an element of competition, triggered by “human ego, and desire to do better than other competitors.” This leads to high prices. On the other hand, when the auction is by banks, financial institutions or courts, “there is an element of distress, a cloud regarding title, and a chance of litigation.” These factors depress the price. Therefore, auction price should not be the criterion for calculating compensation for acquired land, the court said.
In exercise of powers conferred by Section 5, read along with Section 3(2) of the Foreign Trade (Development and Regulation) Act, 1992, also read along with paragraph 2.1 of Foreign Trade Policy, 2009-14, the Central Government hereby further extends the prohibition on import of milk and milk products including chocolates and chocolate products and candies/ confectionary/ food preparations with milk or milk solids as an ingredient, from China.
I find that this is a case where the impugned period is from 01.04.05 to 15.09.05. The respondent assessees have taken service tax registration only on 06.12.05 and the very first return has been filed by them on 04.12.06, after a long delay. I also find that in para 2 (iv), there is an allegation of suppression of value of taxable service in the show cause notice dated 12.03.07.
The Guidelines for Compulsory Attendance of Professional Development Programmes by Members (ICSI Guideline No. 3 of November, 2007), which were notified and came into effect from January 1, 2008 require every PCS to secure 12 Programme Credit Hours i
The government plans to offer stamp duty exemption for sale of accounts receivables, allowing businesses to encash sales made on credit and ensure a healthy cash flow. The finance ministry will facilitate this change by moving a new bill to regulate
It is held that expenses incurred by the assessee wholly and exclusively for the purpose of business could not be disallowed on the ground that there was a reduction in the ratio in which the expenses were shared by the assessee’s parent/associate company.
This circular is issued in exercise of the powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act 1992, read with Section 10 of the Securities Contracts (Regulation) Act, 1956 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Saddled with huge tax arrears of Rs 2,50,000 crore — more than half of the total tax collection projected for 2010-11 — finance minister Pranab Mukherjee is likely to introduce in the forthcoming Budget some major changes in direct tax laws that co
Investigating agencies probing alleged financial irregularities in the 2G spectrum allocation have now ordered scrutiny of all cash transaction reports related to the funding of payments by telecom players, banks and individuals involved
But health services offered by the private doctors, lab testing and diagnostic services are out of the ambit of service tax. The Centre is likely to target these services to complete the chain in the health sector. Similar services attract tax in sev
