The Supreme Court is likely to start the final hearing on the high profile Rs 11,000 crore tax dispute between telecom major Vodafone and the I-T Department tomorrow– a development that corporate India has been keenly watching. A three-judge bench headed by Chief Justice S H Kapadia is expected to start hearing the case immediately after concluding its hearing on a petition over right to education.
Issued by the Ministry of Small Scale Industries andS.O.563 (E) dated February 27, 2009 issued by Ministry of Commerce and Industry regarding substitution of term ‘Micro and Small Enterprises’ in place of the term ‘Small Scale Industries’ are enclosed. Kindly ensure that your internal guidelines / instructions are compliant with these notifications.
The Union Minister of State for Finance Shri Namo Narain Meena has emphasised on application of technical capabilities of the commercial banks to be leveraged with the outreach capabilities of the Regional Rural Banks (RRBs), Cooperatives and the Small Help Groups (SHGs) so as to serve every nook and corner of the country with money transfer services and other financial services that are in demand by the rural population.
Land is a State subject. Land for SEZs is procured as per the policy and procedures of the respective State Governments. As per information available in respect of 381 SEZs, 82.3% of land is waste/barren/dry/industrial, 15% of land is single crop and 2.7% of land is double crop. A Statement containing state-wise distribution of land area of SEZs is Annexed.
The Institute as part of its capacity building initiatives has chalked out action plan for organizing chain of programmes on XBRL through out India, through Regional Councils and Chapters. In this sequence your Institute has organised a nationwide webcast on XBRL on July 11 and July 20, 2011. I request the members to participate in these programmes in large numbers and acquire acumen in this new area.
The Central Bureau of Investigation has registered four new cases regarding manipulation in AIIMS entrance exams in the on-going investigation of a case registered on 2nd June 2011 pertaining to manipulation and rigging of AIIMS PG Entrance Exam 2011, held on 8th May 2011 in which six persons including kingpin had been arrested.
Bourbon Offshore Asia Pvt. Ltd. Vs DIT (AAR No. 937 of 2010) dated 12 July 2011- The taxpayer is engaged in the business of providing offshore oil and gas marine sub sea services. It also offers range of offshore oil service vessels to global oil and gas industry.
Capgemini India Pvt. Ltd. Vs The Addl. Commissioner of Income Tax (ITAT Mumbai)- The provisions of section 10A of the Act were amended with effect from assessment year 2001-02 and as per the amended provisions, the profit and gains derived by an eligible undertaking are required to be deducted from the total income.
The Reserve Bank’s credit policy review in last week of July 2011 came with a shock to general public when RBI raised short term rates (repo rates) to 8 percent from 7.5 percent, just to curb inflationary pressures. The first and major outcome of rate hike by Reserve Bank of India is that all major banks have liked their interest rate on advances and loans by atleast 50 basis points, which comes into effect from 1st August, 2011 . The hike in the base rate for loans as well as benchmark prime lending rate (BPLR) implies that credit will become costlier leading to increased cost of production and higher prices, only adding further to inflation. The prices are not going to come down. This will also adversely affect the demand and production.
No penalty can be levied under s 271(1)(c) when there was only the CBDT Circular on the taxation of ESOP shares and where the assessee offered certain income in a particular year and paid taxes bona fidely and the AO taxed the same in another year.
