SECTION 77 restricts the buyback of own shares from the market by the company or its subsidiaries/parent company. This restriction was imposed on the companies to ensure that these companies do not indulge in unfair and mal trade practices by unnecessarily blowing up their share prices in the market and misleading the investors by giving the misconception that their shares are doing well in the market by adopting techniques of speculation.
I believe the key to 2013-14 budget will be to rein in fiscal deficit, control expenditure (slashing subsidies etc), show buoyancy in tax revenues (without raising rates) and yet present a people and investment friendly budget. Many of these issues will conflict each other and the trick for the FM would be to balance all of these.
One has to keep in mind the fact that while reopening of an assessment cannot be asked for by the assessee on the ground that it had not furnished Form No. 10 during the original assessment proceedings, this does not mean that when the revenue reopens the assessment by invoking section 147, the assessee would be remediless and would be barred from furnishing Form No. 10 during those assessment proceedings. Therefore, Form No. 10 could be furnished by the assessee-trust during the reassessment proceedings.
In this case there is nothing in the reasons to indicate that there is an escapement of income, but, at the most, need to verify that the reasons of discrepancy between income from profession as per return of income vis-à-vis as per the certificates of tax deduction at source. A variation in these two figures does not necessarily lead to escapement of income,
In the case of consideration received for freight we are of the prima facie view that ocean freight was not liable to service tax. While there are specific entries in Finance Act, 1994 levying tax on transportation of goods by road, rail, aircraft, pipeline etc. there is no entry levying tax on transportation by sea. It has to be reasonably presumed that this is kept outside the tax net and it cannot be taxed under a general entry like business support services. Further it appears that such services are rendered in respect of export cargo.
Notification No.20/2013-Customs (N.T.) , DATED THE 7th February, 2013 Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 8th February, 2013 be the rate mentioned against it in the corresponding entry in column (3) thereof, for the purpose of the said section, relating to imported and export goods.
An investment adviser shall conduct yearly audit in respect of compliance with these regulations from a member of Institute of Chartered Accountants of India or Institute of Company Secretaries of India.
Ministry of Corporate Affairs acknowledges that services on MCA 21 are not of the fullest satisfaction of the stakeholders for last few days. The Ministry is seized of the matter and taking all necessary steps for smooth functioning of MCA21.
Whether the penalty was imposed U/s 271(1)(c ) because of the reason that the deduction claimed under section 80-IB by the respondent-assessee was ultimately allowed at a lower level were valid?
The assessment record reveals that the MLA had been placed on the record of the Assessing Officer in the very first instance when the assessment was completed under section 143(3). Thereafter the reassessment proceedings were initiated for those proceedings too and what drove the revenue to issue notice and reopen the proceedings was the master licensing agreement and the nature of ‘royalty income’. The Assessing Officer in that instance consciously after going through the material concluded that the rate of taxation was 15 per cent in the reassessment proceedings.
