"30 October 2012" Archive

2nd Quarter Review of Monetary Policy 2012-13 – RBI Cuts CRR by 25 basis points

A short while ago, we put out the Second Quarter Review. Based on an assessment of the current macroeconomic situation, we have decided to: Cut the cash reserve ratio (CRR) of scheduled banks by 25 basis points from 4.5 per cent to 4.25 per cent of their net demand and time liabilities (NDTL) effective the fortnight beginning November 3,...

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Posted Under: Fema / RBI |

Taxability of Income from Real Estate

Real Estate is an ever green investment option in India and it has always given good returns. It can be a residential or commercial property. Real Estate gives recurring income in form of rent and appreciation in value in case of re-sale. As it gives good return, so taxability of income earned from real estate too arise. Taxability of in...

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Posted Under: Fema / RBI | ,

CBDT assures HC that there would be no laxity in assistance rendered to court in future

Commissioner of Income Tax Delhi Vs OMMISSIONER OF INCOME TAX DELHI versus JACKSON ENGINEERS LTD. (Delhi High Court)

It is stated by them that insofar as the revamping the system and giving better assistance to the court is concerned, all necessary action as they would take has been taken. We would thus naturally expect that now there would no lack of proper assistance to the court....

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Non Explanation of Fund Received from partner sufficient ground for Reassessment

Kaveri Associates Vs Assistant Commissioner of Income-tax, Circle 5(1) (Karnataka High Court)

Ultimately the assessing officer was of the opinion that a firm, which had the capacity to lend an amount of Rs. 71,50,000/- that too, to one of its partners or others is reasonably presumed to have the taxable income and if the assessee had never disclosed its expenditure or otherwise earlier and in such circumstances, if the officer re...

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CA given life term for creating mid-air hijack scare

A chartered accountant was today sentenced to life imprisonment by a court here for triggering a mid-air hijack scare in February 2009 by claiming aboard a Goa-Delhi Indigo airlines flight that he had infected needles and a gun....

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Posted Under: Fema / RBI |

RBI permits Urban Cooperative Banks to undertake ready forward contracts in corporate debt securities

RBI/2012-13/270 IDMD.PCD. 1423/14.03.02/2012-13 (30/10/2012)

As announced in the Second Quarter Review of the Monetary Policy Statement 2012-13 (para 77) and in exercise of powers conferred on Reserve Bank under the Repo in Corporate Debt Securities (Reserve Bank) Directions 2010, it has now been decided to permit scheduled Urban Cooperative Banks to undertake ready forward contracts in corporate ...

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Service used, rendered & enjoyed in India – Taxable in India

Life Care Medical Systems Vs Commissioner of Service Tax, Mumbai-II (CESTAT Mumbai)

In the instant case, the service rendered is promotion/marketing of the goods of the client in India by rendering various services such as demonstration, installation, after sales warranty and advertising services for which the appellant received a consideration. These activities are rendered in India and their effective use and enjoyment...

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Secretary of Society is Public Servant & can be booked for Corruption – HC

S. Karunakaran Vs The State rep. by the Inspector of Police,Vigilance and Anti Corruption Coimbatore (Madras High Court)

The petitioner who was serving as the Secretary of the Avinashi Co-operative Housing Society Limited, Avinashi was charged with offences punishable under section 7 and 13(2) r/w. 13( 1)(d) of the Prevention of Corruption Act, 1988....

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Income tax E-Filing Website likely to be closed for few days

The e-Filing Portal is migrating to a revamped new portal in next few days and the existing website services are likely to be closed for few days....

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Posted Under: Fema / RBI |

Issue of notice to general power of attorney holder of assessee is valid

Smt. Ruhina Ahmed Vs Income-tax Officer, Ward 5(3), Hyderabad (ITAT Hyderabad)

In the instant case, the GPA holder of the assessee received the notice which is evident from the acknowledgement furnished before us. The assessee was having transactions in India and when the notice was serviced through the process server of the department, the notice is deemed to have been served as it can ordinarily be expected that t...

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