The requirement of recording of reasons and communication thereof has been read as an integral part of the concept of fair procedure and safeguard to ensure observance of the rule of law. We may point out that a ‘decision’ does not merely mean the ‘conclusion’. It embraces within its fold the reasons forming basis for the conclusion.[Mukhtiar Singh Vs. State of Punjab,(1995)1SCC 760(SC)].
Ultimately the assessing officer was of the opinion that a firm, which had the capacity to lend an amount of Rs. 71,50,000/- that too, to one of its partners or others is reasonably presumed to have the taxable income and if the assessee had never disclosed its expenditure or otherwise earlier and in such circumstances, if the officer records that he has reason to believe that assessee had taxable income and a non-filing of the return is not merely suspicion and therefore in bringing to tax such amount by re-opening.
Investigating tax-effective arrangements is a guide to help you recognise some of the common types of tax avoidance schemes so you can reject them and avoid the negative consequences associated with them. You should read this guide if you are considering entering into a tax-effective arrangement that will affect your tax liability.
List of beneficiary Maharashtra VAT dealers against whom police complaints lodged after 01.04.2011 – Download List – Source – http://mahavat.gov.in/Mahavat/index.jsp
It has been brought to our notice that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their account from one branch of the bank to another branch of the same bank. In such cases, insisting on opening of a fresh account or subjecting the customers to the full KYC procedure again causes inconvenience to them resulting in poor customer service. Further, in case of banks that are CBS enabled, the KYC records of a customer could be accessed by any branch of the bank and hence it is not reasonable for such banks to subject the customer again to the full KYC procedure.
The Reserve Bank of India released on its website today, the gist of comments and suggestions received on the draft guidelines for licensing of new banks in the private sector which were placed on its website on August 29, 2011. Comments and suggestions were received from general public, consultants, analysts, industrial / business houses, NBFCs, etc. The comments received are wide ranging and span across various issues relating to licensing of new banks in the private sector.
Notification No. 35/2012-Customs (ADD) Seeks to provide provisional assessment to imports of vitrified and porcelain tiles, originating in or exported from China PR by certain parties, pending the outcome of New Shipper Review
Central Government hereby makes the following amendments in the notification number S.O. 891(E), dated the 31st March, 2009, namely:- 2. In the said notification,- (a) after serial number 5 and the entries relating thereto, the following serial number and entries shall be inserted, namely: 5A. Section 51
Circumstances in which LLP may be wound up voluntarily.- (1) Any LLP may be wound-up voluntarily if the LLP passes a resolution to wind up the LLP with approval of at least three-fourths of the total number of its partners: Provided that where the LLP has creditors, whether secured or unsecured, the winding up shall not take place unless approval of such creditors takes place in pursuance of rule 7.
Notification [F No. 1/1/2003-CL.V], dated 10-7-2012 – Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2012 – INSERTION OF RULES 4BBB, 6C, 6D, 6E & 6F, FORM 24AAA and annexure ‘e’ – These rules may be called the Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2012. (2) They shall come into force with effect from 12th August, 2012.
