It has been decided that in case of PPP projects, the debts due to the lenders may be considered as secured to the extent assured by the project authority in terms of the Concession Agreement, subject to the following conditions:
Patent Filing Services The Section 5 of the Patents Act, 1970, through which the patent was restricted only to the methods or processes of manufacturing of medicines, has been omitted by the Patents (Amendment) Act, 2005. Consequently, the amended provisions of the Act allowed the product patent for medicines also. The said amendment was intended […]
The Copyright Rules, 2013 has been notified by the Copyright Division, Department of Higher Education, Ministry of Human Resource Development on 14th March, 2013. The amendments to the existing provisions of the Copyright Act, 1957 and introduction of new provisions under the Copyright(Amendment) Act, 2012, which came into the force on 21st June, 2012, necessitated […]
SEBI has received inputs from investors regarding functioning of the arbitration mechanism at the Stock Exchanges. In light of which, you are advised to carry out the following changes in the arbitration mechanism.
In this case high Court has issued guideline to Income Tax Department in respect of the following :- Uploading Of Wrong Or Fictitious Demand Adjustment Of Refund Contrary To The Mandate Of Section 245 Of The Income Tax Act Denial Of Interest Where Assessee Not At Fault Credit Of Tax Deducted At Source (TDS) Non-communication of adjusted Section 143(1) intimations
As regards the second proposed question, the facts are that the respondent! assessee had purchased the land in question sometime in 1994-96. Since then, the respondent! assessee had shown the said land in its balance sheet as a fixed asset. The same had been consistently shown as such by the respondent! assessee in all the years including the assessment year 2006-07.
CIT in the present case had also initiated the proceedings under s. 263 of the Act on the basis of the audit objections. Show-cause notice was issued in the present case for non-deduction of tax at source, out of certain expenses incurred by the assessee and order passed by the CIT under s. 263 of the Act directing the AO to redetermine the income of the assessee by applying a rate other than the rate applied by the AO, being without jurisdiction, is not tenable in law. We find no merit in the plea of the learned Departmental Representative for the Revenue that the source of information in the present case was audit objection, but there was independent application of mind by the CIT.
In our humble understanding, the provisions of Section 14A are indeed attracted whether or not the shares are held as stock in trade or as investments, even though the provisions of rule 8D(2)(ii) and (iii) cannot be invoked in such a case, and even though the provisions of rule 8 D(2)(i) are much narrower in scope than the scope of Section 14 A simplictor.
Drive Against Fake Pan Cards The Government has launched drive against fake Permanent Account Number (PAN) cards. As a continuous process, in order to know the genuineness of Know Your Customer (KYC) documents on Proof of Identity (POI) and Proof of Address (POA), third party field verification is conducted after allotment of PAN. The information […]
New ITR Filing Procedure The Government proposes to introduce new procedures/forms for filling Income Tax returns. Every year government notifies forms for filing of income-tax returns after incorporating the changes brought out by the Finance Act of the previous year and the suggestions received from stakeholders. The new forms for filing of income tax returns […]
