"02 November 2012" Archive

SAT held Ranbaxy Director Guilty of insider trading

Mr. V.K. Kaul Vs Adjudicating Officer (Securities Appelate Tribunals Mumbai)

It is highly improbable to believe the statement of Mrs. Bala Kaul that she bought shares of the target company because of its intrinsic value and strong fundamentals. If that was so, it is not clear, what made her sell these shares on April 10, 2008, when Solrex was still in the process of investing more money into the scrip of the targe...

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Posted Under: Finance |

No Penalty For failure to comply with section 269SS if Reasonable cause exist

Commissioner of Income-tax Vs Sahara India Financial Corpn. Ltd. (Delhi High Court)

The Tribunal has not rested its decision on the only circumstance that it is the business of the assessee to collect deposits and, therefore, it was entitled to collect them in cash even if it involves violation of Section 269SS; that is not the substratum of the decision....

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HC Cannot set aside reopening of assessment without giving the reason

Parvez Nazir Hussein Jafri Vs Commissioner of Income-tax (Supreme Court of India)

On going through the impugned Order of the High Court, we find that no reasons have been given by the High Court for setting aside the re-opening of assessment. In the circumstances, the impugned Order of the High Court dated 23rd December, 2011, in Writ Petition No. 1807 of 2011, is set aside and the matter is remitted to the High Court...

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Non-compete fee paid for business purpose is revenue expenditure

Carborandum Universal Ltd. Vs Joint Commissioner of Income-tax (Madras High Court)

It is not denied by the Revenue that U. Mohanrao was the Chairman and Managing Director of some of the companies which got merged with the assessee company. The said U. Mohanrao had access to all information starting from manufacturing process, knowhow to the clientele and the products, including the pricing of the products. ...

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Extended limitation period u/s. 73 is not invokable if existence of bona fide belief is proved

Commissioner of Central Excise, Ahmedabad Vs Nita Textiles & Industries (Gujarat High Court)

In the show-cause notice it was conveyed that the assessee had not registered itself with a view to evading duty and that therefore larger period of limitation would be invoked. It may be that such issue of allegation was not in so many words denied by the assessee. ...

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Income Tax E-filing website to remain closed from 3rd to 8th November, 2012

The current e-filing website is being revamped to a new e-filing website with additional services. The current web services will remain closed with effect from 3rd November to 8th November, 2012. The web services will resume from 9th November, 2012. the press release is given below....

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Posted Under: Finance |

SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

CIR/MRD/DP/28/2012 (02/11/2012)

Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement....

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Disallowance U/s. 40(a)(ia) cannot be made for non submission of Form No.15-I

Commissioner of Income Tax Vs Valibhai Khanbhai Mankad (Gujarat High Court)

In our view, therefore, once the conditions of further proviso of section 194C(3) are satisfied, the liability of the payee to deduct tax at source would cease. The requirement of such payee to furnish details to the income tax authority in the prescribed form within prescribed time would arise later and any infraction in such a requireme...

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Rejection of application u/s 80G(5) cannot be passed without giving the institution

Tri Netra Sewa Sanstha Vs DIT(E) (ITAT Delhi)

As per proviso attached to the sub-rule (5) of Rule 11AA of the Rules, it is a statutory requirement that no order of rejection of application u/s 80G(5) of the Act shall be passed without giving the institution, trust or fund an opportunity of being heard....

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In absence of illegality in procedure adopted, appeal is allowed – SC

M/s Micro Hotel P. Ltd. Vs M/s Hotel Torrento Limited & Ors. (Supreme Court of India)

We have found that the procedure laid down under Section 29 of SFC Act has been followed by the Corporations. The independent valuer submitted his report on 17.09.2010 and the off-set price of the unit was fixed after getting it valued by an independent valuer. It was based upon the valuation report that the off-set price of the unit was ...

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