The Special Judge for CBI Cases, Madurai (Tamil Nadu) has convicted Shri D. Soundarapandian, then Income Tax Officer of Dindigul District and Shri Karuppusamy, a private person for causing loss of Rs.22.16 lakh (approx) to the government and sentenced them to undergo two years Rigorous Imprisonment with total fine of Rs.30,000/-.
Where huge funds were available without any interest liability with assessee and there was no evidence to hold that borrowed money was utilized for purpose of advance to sister concerns, no disallowance of interest was warranted.
Requirement of filing audit report alongwith return of income is procedural in nature and audit report filed at the assessment stage shall be construed as sufficient compliance of the same for claiming deduction u/s 80IB.
Institute of Chartered Accountants of India (ICAI) has directed Central Public Information Officer (CPIO) on RTI appeal by Advocate B.S.K.Rao to provide details of total number of members registered with the Institute and the total number of members holding Certificate of Practice (COP). Copy of RTI Application filed by Advocate B.S.K.Rao and Directive by ICAI […]
An Equated Monthly Installment (EMI) is A fixed payment amount made by a borrower to a lender at a specified date each calendar month. Equated monthly installments are used to pay off both interest and principal each month, so that over a specified number of years, the loan is paid off in full.
The principal notification was published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii), vide Notification No. 36/2001-Customs (N.T.), dated the 3rd August, 2001, vide number S. O. 748 (E), dated the 3rd August, 2001 and was
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol. I), the Director General of Foreign Trade hereby suspends the operation of following SIONs pertaining to product group “Chemicals & Allied Products” in pursuance of Para 4.10.1 of HBP.
I write to bring to your attention an invidious, discriminatory and completely unjust situation that has arisen as a result of an extremely insensitive and regressive interpretation of certain provisions of the Service Tax legislation, which has made the services like storage and handling associated with Rice liable to levy of Service Tax.
It is observed that the claim of the assessee for long term capital loss arising from sale of shares of was disallowed by the A.O. by treating the relevant transactions of purchase and sale of shares as a colourable device adopted by the assessee with an ultra motive to claim the long term capital loss.
The issue is as to whether the payment in question can be termed as commission paid for rendering services by the bank to the assessee for the recovery of the bill amount and so, whether TDS was deductible thereon u/s 194H and whether non-compliance thereof has rightly resulted
