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Archive: 22 January 2012

Posts in 22 January 2012

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Retrospective amendment no basis to reopen beyond 4 years – HC Disapproves AO’s Practice to Delay Passing Objection Orders

January 22, 2012 462 Views 0 comment Print

Doshion Ltd. Vs. ITo (Ahmedabad HC)- Having thus heard learned counsel for the parties and having perused the documents on record, it clearly emerges that the assessment previously framed after scrutiny is sought to be reopened beyond the period of 4 years from the end of relevant assessment year. In the reasons recorded, the Assessing Officer has not suggested that such income escaped assessment for the failure on the part of the assessee to disclose truly and fully all material facts. In fact the sole ground on which such scrutiny assessment is sought to be reopened beyond 4 years is that by virtue of Explanation to Section 80IA added with retrospective effect from 1.4.2000, income derived from the works contract would not qualify for deduction under Section 80IA of the Act.

Bank wants TDs limit to increase to Rs. 50000/-, should be allowed to float infrastructure bonds

January 22, 2012 2140 Views 0 comment Print

High-value term deposits in banks may not be subjected to tax deducted at source (TDS) if the finance ministry agrees to proposals made by banks on Thursday. In a pre-budget meeting with Finance Minister Pranab Mukherjee, bankers proposed that the limit on interest from deposits beyond which TDS is required to be deducted be increased from Rs 10,000 to Rs 50,000 considering the surge in volume of transactions and inflation over the last few years.

Allowance of Punitive charges paid to Railways for overloading of wagons?

January 22, 2012 4543 Views 0 comment Print

Taurian Iron & Steel Co. Pvt. Ltd. Vs. Ad. CIT (ITAT Mumbai)- In the case of Haji Aziz And Abdul Shakoor Brothers (supra) it was held that fine paid to the Custom Authorities was in fact penalty u/s 167 (8C) of the Customs Act. It was held by the Hon’ble Apex Court that such penalties which are incurred by an assessee in proceedings launched against him for an infraction of the law cannot be called commercial losses incurred by an assessee in carrying on his business. In the case of Rohit Pulp & Paper Industries (supra) the Deputy Collector of Customs had ordered confiscation of goods under section 111(d) of the Customs Act read with section 3 of the Imports and Exports (Control) Order.

Need for Appropriate Policy Instruments to Address Areas of Concern in the Economy – FM

January 22, 2012 549 Views 0 comment Print

The Union Finance Minister Shri Pranab Mukherjee has said that on account of the global impact, the Indian economy was facing areas of concern and to address them appropriate policy instruments were required. The Finance Minister Shri Mukherjee was addressing the First meeting of the Consultative Committee attached to his Ministry here yesterday during the inter session period of Parliament in the year 2012.

ICSI – Schedule for the year 2012 with regard to various Cut-Off Dates

January 22, 2012 1175 Views 0 comment Print

ICSI – Schedule for the year 2012 with regard to various Cut-Off Dates Particulars of  Cut-off Dates Actual  Cut-off Date Revised  Cut-off Date Reason for Extension Acceptance of Applications for Admission to Executive/ Professional  Programmes 28.02.2012 No Change   Receipt of Enrollment application for appearing in June,2012 examination 25.03.2012 26.03.2012 25th March  2012 being Sunday […]

Competition Advocacy is a Critical Function of Competition Agencies- Ashok Chawla, Chairman CCI

January 22, 2012 645 Views 0 comment Print

The Competition Commission of India (CCI) Chairman Shri Ashok Chawla has pointed out that competition advocacy is a critical function of competition agencies as it has a very important role to play in creating ‘competition culture’ in the economies. Addressing a one day long an international workshop organised yesterday in collaboration with Organisation for Economic Co-operation and Development (OECD) on the theme “Advocating for Competition in Policies and in Practice” here Shri Chawla said continuous engagement with the various stakeholders including the government, at various levels, using tools such as policy advice, education, market studies, and competition impact assessment are imperative towards achieving the objective of competition law and policy.

Pranab, Khurshid meet over Vodafone tax ruling issue

January 22, 2012 1186 Views 0 comment Print

Government went into a huddle following a far-reaching Supreme Court judgement in the Vodafone case having revenue implications of about Rs 11,000 crore.Immediately after pronouncement of the SC ruling, Finance Minister Pranab Mukherjee and Law Minister Salman Khurshid held consultations on the issue. Cabinet Secretary Ajit Kumar Seth too called on the Finance Minister.

Rajini Power – Rajinikanth website really runs without internet

January 22, 2012 3331 Views 0 comment Print

It may sound like another Rajinikanth joke, but a new website dedicated to the superstar runs ‘without an internet connection’! Visitors to www.allaboutrajni.com are greeted with a warning that ‘He is no ordinary man, this is no ordinary website. It runs on Rajini Power’ and are advised to switch off their internet connection to enter the website.

If assessee failes to furnish the complete facts relating to the claim before the Assessing Officer then penalty u/s. 271(1)(c) can be imposed

January 22, 2012 1237 Views 0 comment Print

Kanchenjunga Advertising P. Ltd. Vs. CIT (Delhi HC)- It is a well settled position that assessment proceedings and penalty proceedings are different in nature and that the findings given in the assessment proceedings, though may constitute good evidence, cannot constitute conclusive evidence for the purposes of levying penalty. (please see CIT Vs. Anwar Ali (1970) 76 ITR 696, CIT v. Khoday Eswarsa and Sons ( 1970) 83 ITR 369, and Anantharam Veerasinghaiam & Co. Vs. CIT (1980)123 ITR 457).

Unlawful interference of Caste Panchayats etc. with marriages in the name of honour – Law Commission Report

January 22, 2012 1358 Views 0 comment Print

The present (19th) Law Commission (2009-12) has prepared and forwarded the following Consultation Paper and Reports to the Government of India: • Consultation Paper titled ‘Unlawful interference of Caste Panchayats etc. with marriages in the name of honour: A suggested legislative framework’ to elicit the views from all concerned; • The 237th Report on ‘Compounding of (IPC) Offences’; and • The 238th Report on ‘Amendment of Section 89 of the Code of Civil Procedure, 1908 and Allied Provisions’.

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