The Special Judge for CBI case, Mumbai has convicted Sh. Rajiv Kumar the then Assistant Commissioner, Income Tax Circle 27 (1) Piramal Chambers Lal Baugh, Mumbai in a bribery case and sentenced him to undergo five years rigorous imprisonment with fine of Rs. 30,000/-.
Industry body Ficci has demanded that the highest income tax rate of 30 per cent should be levied on income above Rs 20 lakh as against Rs 10 lakh currently from next fiscal to encourage consumption. This needs to be re-visited as the tax rate of 30.9 per cent (inclusive of education cess) on income of Rs 10 lakh and above casts a sizeable burden on the middle class,
Notification No. 58/2012-Customs (ADD) New Delhi, the 24th December, 2012 G.S.R. 924 (E). –WHEREAS in the matter of Phthalic Anhydride (hereinafter referred to as the subject goods), falling under Chapter 29 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from, Korea RP, Taiwan (Chinese Taipei) and […]
The Council at its Special Meeting held on 2nd February, 2011 considered the recommendation of the Board of Studies that the General Management and Communication Skills (GMCS) Course should be undergone by the articled assistants twice during the period of their articled training as under:
Point of Taxation Rules -Is it determining the taxable event for levy of Service Tax (i.e. service deemed to be provided). RULE 2A – Date of payment.— For the purposes of these rules, date of payment shall be the earlier of the dates on which the payment is entered in the books of accounts or is credited to the bank account of the person liable to pay tax:
This Court has heard the counsel for the parties. Learned counsel for the assessee argued that having regard to the facts, the ultimate disallowance was on account of Section 170(1) which was not even reflected in the orders of the lower authorities, nor adverted to by the orders of the lower authorities as well as the Tribunal in either round of litigation, i.e. quantum and penalty. Such being the case, the upholding of the quantum proceedings by the Court could not have been the only basis for the imposing of the penalty.
