"20 January 2012" Archive

Gift Received by the Assessee on the ocassion of his Daughters Marriage is taxable

Rajinder Mohan Lal Vs Deputy Commissioner of Income Tax (ITAT Chandigarh)

Rajinder Mohan Lal Vs. DCIT (ITAT Chandigarh)- impugned gifts cheques were in the name of the assessee and not in the name of the assessee's daughter, whose marriage was solemnized and the quantum of such gifts were credited by the assessee to his bank account. It is also a fact that the sum of money received by the assessee were not tran...

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Vodafone wins $2.50 billion tax case tax case in Supreme Court

Vodafone International Holdings B.V. Vs Union of India & Anr. (Supreme Court of India)

In a 2.5 billion dollar sigh of relief for Vodafone, and for other companies eyeing assets in India, the Supreme Court has ruled in favour of Vodafone. The court has said that the Indian tax department cannot tax the transaction that saw Vodafone acquire 67 per cent stake in Hutchison Essar, a mobile phone operator in India in 2007. The d...

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No Penalty under section 271(1)(c) Despite Surrender After Detection

P.V. Ramana Reddy Vs. ITO (ITAT Hyderabad)

P.V. Ramana Reddy vs. ITO (ITAT Hyderabad) - Assessing Officer is vested with a discretionary power to levy or not to levy any penalty in a deserving case. In the case of Hindustan Steel Ltd Vs. State of Orissa (83 ITR 26) (SC), held that penalty should not be imposed merely because it is lawful to do so. The Assessing Officer has to exer...

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Remuneration not allowed if not specified in Partnership Deed

Sood Bhandari & Co. Vs. Central Board of Direct Taxes (Punjab & Haryana High Court)

Sood Bhandari & Co. Vs. CBDT (P & H HC)- Section 40(b)(ii ) contemplates the authorization of remuneration or interest. The authorization does not mean an agreement to pay, but to quantify the amount of salary or the rate of interest payable to the partners. If the said aspects are not determined prior to the financial year, the same are ...

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Section 271(1)(c) – CA’s Opinion Does Not Make Claim Bona Fide

Chadha Sugars Pvt. Ltd. Vs. Assistant Commissioner of Income Tax (ITAT Delhi)

Chadha Sugars Pvt. Ltd Vs. ACIT (ITAT Delhi) - The facts are that the assessee claimed an expenditure of Rs. 7,80,500/-, being the fees paid to Registrar of Companies for raising authorized capital. It is the admitted position of law that the expenditure is not revenue in nature and, therefore, it is not deductible in computing the total ...

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No penalty can be levied if there is a reasonable cause for not quoting of PAN numbers in e-TDS return

ITO, TDS- II Vs The Thane Janata Sahakari Bank Ltd. (ITAT Mumbai)

ITO, TDS-II Vs The Thane Janata Sahakari Bank Ltd. (ITAT) - The short controversy is that the assessee did not quote PAN number in TDS ereturn while uploading the e-returns. In our opinion, it is a reasonable cause. What we find that as admittedly the new system of filing e-TDS-returns is introduced. Being a new system, having a some prob...

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Suresh Kalmadi gets bail

Suresh Kalmadi on Thursday walked out of Tihar Jail after being lodged there for nearly nine months with the Delhi High Court granting bail to him in a 2010 Games-related graft case. 67-year-old Kalmadi, who was arrested on April 25 last year, left through Jail No.4 in the evening without talking to the media hours after the High Court gr...

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Posted Under: Income Tax |

SEBI – Call auction in pre-open session for Initial Public Offering (IPO) and other category of scrips – Circular No. MRD/DP/ 01/2012, Dated 20-01-2012

Circular No. MRD/DP/ 01/2012 20/01/2012

CIRCULAR No. MRD/DP/ 01/2012, dated 20-1-2012 -SEBI, vide circular no. CIR/MRD/DP/21/2010, dated July 15, 2010, introduced Call Auction in Pre-open session (hereinafter referred to as "pre-open session") for the scrips forming part of Sensex and Nifty. Further, SEBI, vide circular no. CIR/MRD/DP/32/2010, dated September 17, 2010 and vide ...

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SEBI Mandates Circuit Limit for Cos on Listing Day Itself

Curcular No. MRD/DP/02/2012 20/01/2012

SEBI vide circular no. SMD/SED/RCG/271/96, dated January 19, 1996, inter-alia, prescribed no price bands for scrips on the first day of trading pursuant to IPO. Further SEBI vide circular no. SEBI/Cir/ISD/1/2010, dated September 2, 2010, inter-alia, prescribed no price bands on the first day of re-commencement of trading for scrips specif...

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SEBI – Investor Grievance Redressal Mechanism at Stock Exchanges – Circular No. MRD/DSA/03/2012, Dated 20-01-2012

Circular No. MRD/DSA/03/2012 20/01/2012

SEBI, vide circular Ref. No. SMD/POLICY/CIR-32/97, dated December 03, 1997 had mandated all stock exchanges to open/maintain at least one investor service centre for the benefit of the public/Investors. Such centres are required to inter alia provide counseling service to the investors. It is also noted that some stock exchanges have cons...

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