"23 March 2012" Archive - Page 2

HC laid down Guidelines for effecting Income Tax Recovery

UTI Mutual Fund Vs Income Tax Officer (Bombay High Court)

No recovery of tax should be made pending (a) Expiry of the time limit for filing an appeal; (b) Disposal of a stay application, if any, moved by the assessee and for a reasonable period thereafter to enable the assessee to move a higher forum, if so advised. Coercive steps may, however, be adopted where the authority has reason to believ...

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Deduction u/s.10A not allowable if company is formed by splitting and reconstruction of the existing business/undertaking

Income-tax Officer Wd.10 (3) (4) Vs Caliber Point Business Solutions Ltd. (ITAT Mumbai)

Now, we take-up the appeals for the A.Y. 2006-07 and 2007-08. The only common issue in both the appeals is in respect of deduction u/s.10A which was denied by the A.O. on the reason that the assessee company is formed by splitting and reconstruction of the existing business/undertaking. ...

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Arbitration agreement cannot take the criminal acts out of the jurisdiction of the Courts of law

State OF Orissa & Ors. Vs Ujjal Kumar Burdhan (Supreme Court of India)

The impugned order also notes that in view of the arbitration agreement between the agent and the Government, all the alleged violations fell within the purview of Arbitration and Conciliation Act, 1996 and therefore, the respondent could not be held liable for any criminal offence. This observation is against the well settled principle o...

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FAQ’s on responsible handling of unauthenticated market related news or rumours by SEBI Registered Intermediaries

Circular No. Cir/ISD/1/2011 23/03/2012

SEBI issued Circular No. Cir/ISD/1/2011 dated March 23, 2011 & an addendum to it on March 24, 2011 (available on www.sebi.gov.in) addressing the way unauthenticated market related news or rumours circulated by SEBI Registered Market Intermediaries through various modes of communication has to be dealt with. ...

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ITAT explains law on netting of Provision for bad & doubtful debts

The Kannur Dist. Co-op Bank Ltd. Vs. ACIT (ITAT Cochin)

In this appeal, the only issue urged by the assessee is whether the AO was justified in netting the provision made for bad and doubtful debts, i.e. netting of new provision made during the year under consideration and the provision of earlier years written back during the year. As stated earlier, it will only be an academic exercise to ad...

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RBI Monitoring Rupee Situation – FM

The Union Finance Minister Shri Pranab Mukherjee said that RBI is closely monitoring the current rupee situation and he is sure that RBI will do the needful, as required. The Finance Minister further said that he would like to add that despite global uncertainty, FII Investments have been in the positive territory in October (USD 634 mill...

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Posted Under: Income Tax |

Book Rail Ticket through Mobile Phone

E-Tickets through Mobile Phone -Indian Railways Catering and Tourism Corporation (IRCTC), a public sector undertaking under the Ministry of Railways, has launched the scheme for booking Railway e-tickets through mobile phone through its website i.e. irctc.co.in/mobile. The broad features of the schemes are as follow:- ...

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Posted Under: Income Tax |

Minimum rates of wages under Minimum Wages Act, 1948

The Government is in the process of consulting various stake holders and is yet to take a final decision on the proposal for amending the Minimum Wages Act, 1948 and fixing a statutory National Floor Level Minimum Wage....

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Posted Under: Income Tax |

Regarding Applicability of exemption under Sr. No. 4 of the Notification 4/2006 -CE, Dated: 01.03.2006 on import of Ore Concentrates

Circular No. 09/2012–Custom Duty 23/02/2012

Circular No.09/2012 – Customs Doubts have been raised whether on imports of Ore Concentrate classifiable under Chapter 26 of the First Schedule to the Customs Tariff Act, 1975, the benefit that is admissible to “Ore” under Serial Number 4 of the Notification No. 4/2006 – CE dated 1.3.2006 can be granted to the Concentrate of that...

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Amends Notification No. 64/1994 dated 21st November, 1994 vide Notification No. 25/2012 -Customs (N.T.)

Notification No. 25/2012-Customs (N.T.) 23/02/2012

Notification No. 25/2012 - Customs (N. T.) In exercise of the powers conferred by clause (d) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Re...

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