UOI Vs M/s Nitdip Textile Processors Pvt Ltd. (Supreme Court of India)- The classification made by the legislature appears to be reasonable for the reason that the legislature has grouped two categories of assessees namely, the assessees whose dues are quantified but not paid and the assessees who are issued with the Demand and Show Cause Notice on or before a particular date, month and year. The Legislature has not extended this benefit to those persons who do not fall under this category or group.
Provided that if a limited liability partnership has closed the financial year on the 31st March, 2011, it shall file the Statement of Account and Solvency in Form 8 with the Registrar, within a period of sixty days from the end of six months of the financial year to which the Statement of Account and Solvency relates.
The Central Bureau of Investigation has arrested a Provident Fund Inspector of Guntur for demanding and accepting a bribe of Rs.7000/- from the complainant. The complainant, a Manager in Guntur based private firm has alleged that the Provident Fund Inspector, Guntur visited their firm on 24.10.11 and found all the registers & records in order. However, she demanded an illegal gratification of Rs.10,000/- from the complainant for not creating any problem and initially accepted an illegal gratification of Rs.3000/- as part payment from him.
The Competition Appellate Tribunal (Compat) today stayed the 630 crore penalty imposed by fair trade watchdog Competition Commission of India (CCI) on realty major DLF over alleged abuse of dominant market position. However, the tribunal clarified in an interim order that if DLF loses its case, the company will have to deposit the entire amount […]
ICICI Bank Ltd. V. DCIT (Bombay HC) – Second proviso to Section 147 stipulates that the Assessing Officer may assess or re-assess such income other than the income involving matters which are the subject matter of any Appeal, Reference or Revision, which is chargeable to tax and has escaped assessment.
FIU-IND has developed a Report Generation Utility and Report Validation Utility to assist reporting entities in the preparation of the prescribed reports. Reporting entities, which have necessary technical capabilities, may generate XML reports directly from their systems. Reporting entities are encouraged to shift to the fixed width data structure version 2.0 before generating XML reports at their end.
Notification No. 99/2011-Customs the importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods, in respect of which the benefit of this exemption is claimed, are of the origin of the country listed in the APPENDIX in accordance with the Rules of Determination of Origin of Goods under the Agreement on South Asian Free Trade Area (SAFTA), 2006, published in the notification of the Government of India in the Ministry of Finance (Department Revenue) No 75/2006-Customs, (NT) dated the 30th June,2006.
onsequent upon acceptance of recommendations of the Search-Cum-Selection committee for the post of Director General and Chief Executive Officer (DG&CEO) in the Indian Institute of Corporate Affairs (IICA) by the Appointments Committee of the Cabinet (ACC) for appointment of Shri Bhaskar Chatterjee, IAS (Retd.) to the said post, and upon acceptance of the offer of appointment by the officer, on the terms & conditions mentioned in the letter of even number dated 03-11-2011,
About 38 per cent or Rs 26.22 in petrol price of Rs 68.64 a litre in Delhi is because of central and state government taxes. State-owned oil firms had last week hiked petrol price by Rs 1.80 a litre, the fifth increase this year as oil imports became costlier due to fall in rupee value. The new rate is based on a basic price of petrol, without including any taxes, refining cost or margin, of Rs 41.38 per litre, oil company officials said.
ACIT Vs Bharat Oman Refineries Limited (ITAT Mumbai) – So far as the receipts on account of tender forms and by way of water and electricity charges to the contractors were concerned, they would not be treated as arising out of a source of income separate from the business which was being set up. Since, the business had not been fully set up, the receipts and payments would be clearly on capital account and hence not liable to tax. In a case where these receipts and payments pertains to the fixed structure of the company’s business that was being set up, it would be inconsistent to hold that the expenditure incurred by the assessee prior to the setting up would be of a capital nature but the receipts would be of a revenue nature.Hence, the impugned receipts were of a capital nature and were not liable to tax.
