An Indian court has ruled that the country’s biggest refiner, Indian Oil Corp, must pay entry tax on the crude it supplies to a plant in a northern state, the company told the country’s stock exchange on Wednesday.
Finance Act 2011 involving Assessment year 2012-13 will be applicable for the subject Applied Direct Taxation (Intermediate), Applied indirect Taxation (Intermediate), & indirect & Direct Tax management (Final) for the purpose of June 2012 term of Examination Under revised syllabus 2008.
The Income Tax Department on Wednesday conducted searches at the premises of prominent Uttar Pradesh-based liquor baron and businessman Ponty Chadha, in the state and at a few locations in Delhi.
To prevent adverse impact of volatile forex market movement on corporates and their lenders, the Reserve Bank has directed banks to evaluate risks from unhedged foreign currency exposure of companies while extending them credit facilities.
Reserve Bank of India has said that all private sector banks will now be considered eligible to handle any Central or State Government at par with public sector banks. Till now, only three private banks, namely ICICI Bank Ltd, HDFC Bank Ltd and Axis Bank Ltd were appointed by RBI as its agents to carry out limited general banking business.
European Financial Stability Fund is the fund which has been built by the 27 members of the Eurozone to fight out the sovereign crisis. On 9th March 2010 the 27 euro nations gave birth to EFSF.EFSF was authorized to borrow upto €440 billion.
Kushal K. Bangia Vs. ITO (ITAT Mumbai)- In principle, though the scope of ‘income’ in s. 2(24) is very wide, a capital receipt is not chargeable to tax as income unless there is a specific provision to that effect. As the residential flat owned by the assessee in the society’s building was a capital asset in his hands, the compensation was a capital receipt. The department’s argument that the cash compensation was a ‘share in profits earned by the developer’ is not acceptable because it proceeds on the fallacy that the nature of payment in the hands of the payer determines the nature in the hands of the recipient. However, as the said receipt reduced the cost of acquisition of the new flat, it had to be taken into when computing the gains from a transfer thereof in the future
Kodiak Networks (India) Pvt Ltd Vs. ACIT (ITAT Bangalore)- As far as the data to be used by the TPO while determining the ALP was concerned, it is observed that it is covered by the provisions of rule 10D sub-rule 4 of the Income-tax Rules. Section 92 C provides that the arm’s length price in relation to an international transaction shall be determined by any of the methods being the most appropriate method having regard to the nature of transaction or class of transaction or class of associated persons or functions performed by such persons or such other relevant factors for computing the ALP and also any other method as may be prescribed by the Board. S. 92D provides that (i) every person who has entered into an international transaction shall maintain and keep such information and documents in respect thereof;
The government today said it is hopeful of taking up the new Companies Bill for consideration and passage in the upcoming Budget Session of Parliament. Standing Committee had their first meting on January 24. I expect them to give (clearance) as early as possible so that I can present the Bill in the next session of Parliament and get it passed
Mumbai Market regulator Sebi has imposed penalties totalling Rs 40 lakh on four individuals for their involvement in fraudulent trade practices while dealing in shares of Platinum Corporation Ltd. In separate orders, the Securities and Exchange Board of India (Sebi) directed Vasudev Ambaram Patel, Suresh H Patel, Subhadraben Ramalal Patel and Suketu Ramanlal Patel to pay Rs 10 lakh each as penalty for their role in the stock market fraud.
