"22 January 2012" Archive

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

Doshion Ltd. Vs Income Tax Officer (Gujarat High Court)

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 Of...

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

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 fro...

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Posted Under: Income Tax |

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

Taurian Iron & Steel Co. Pvt. Ltd. Vs. Ad. CIT (ITAT Mumbai)

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 lau...

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

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 ye...

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Posted Under: Income Tax |

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

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,2...

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Posted Under: Income Tax |

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

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 collaborati...

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Posted Under: Income Tax |

Pranab, Khurshid meet over Vodafone tax ruling issue

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...

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Posted Under: Income Tax |

Rajini Power – Rajinikanth website really runs without internet

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...

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Posted Under: Income Tax |

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

Kanchenjunga Advertising P. Ltd. Vs Commissioner of Income Tax- I (Delhi High Court)

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 se...

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

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 c...

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Posted Under: Income Tax |

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