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Supreme Court issues contempt notice to Sahara chief and to two journalists

May 6, 2011 1598 Views 0 comment Print

Holding that there was prima facie case, the Supreme Court on Friday issued notice to Sahara group chief Subrata Roy for initiating contempt proceedings against him for allegedly interfering with the investigation in the 2G spectrum case. The apex court also issued notices to two journalists, Upendra Rai and Subodh Jain, for allegedly threatening and blackmailing Enforcement Directorate’s Investigating Officer Rajeshwar Singh, who is probing the case.

Whether de-shelling and re-shelling of old and worn out sugar mill rollers is liable for service tax under Maintenance or Repair service?

May 6, 2011 2815 Views 0 comment Print

The Appellants are engaged in the manufacture of sugar mills machinery, heavy gears and steel casting, paper mill machinery, Diesel Engines etc. They also do de-shelling and re-shelling of old and worn out sugar mill rollers which are sent to them by various sugar mills when such rollers become old and worn out and requires reconditioning before further use.

Withdrawal of Withdrawal Application Permissible – SC

May 6, 2011 1326 Views 0 comment Print

Rules of procedure are handmaids of justice. Section 151 of the Code of Civil Procedure gives inherent powers to the court to do justice. That provision has to be interpreted to mean that every procedure is permitted to the court for doing justice unless expressly prohibited, and not that every procedure is prohibited unless expressly permitted. There is no express bar in filing an application for withdrawal of the withdrawal application. In Narsingh Das v. Mangal Dubey, ILR 5 All 163 (FB) (1882), Mr. Justice Mahmood, the celebrated Judge of the Allahabad High Court, observed.

CBI registers case in connection with Merchandising and On-Line Retails Concessionaire for CWG Games-2010

May 6, 2011 765 Views 0 comment Print

CBI registered a case against six Senior Officers of Organizing Committee, CWG-2010 and two private companies for extending undue favour to a private company appointed as official Master Licensee for Merchandising and On-line & Retail Concessionaire for Commonwealth Games, 2010 against a minimum royalty amount of Rs. 7.05 crore.

2G scam – SC slams Income Tax dept for slow probe

May 6, 2011 450 Views 0 comment Print

The Supreme Court on Thursday said no person, irrespective of their chair or wealth, would be spared in the 2G telecom spectrum scam investigations and slammed the Income Tax (I-T) Department for the slow probe against corporate lobbyist Niira Radia and others for alleged tax evasion in the case.

CBI raids premises of bank, pvt firm officials in MP in connection with alleged scam of Rs 6-crore

May 6, 2011 889 Views 0 comment Print

CBI sleuths have conducted raids at several places in Madhya Pradesh in connection with an alleged scam of Rs 6-crore involving a bank official and seven private firms. The raids were conducted yesterday at the premises of a former Chief Manager of Oriental Bank of Commerce (OBC), Sneh Nagar Branch, Indore, and the directors of seven firms at Bhopal, Indore and Kurukshetra, a CBI release said today.

Foreign Tourist Arrivals and Foreign Exchange Earnings in April 2011

May 6, 2011 666 Views 0 comment Print

Foreign Tourist Arrivals (FTAs) during the Month of April 2011 was 4.17 lakh as compared to FTAs of 3.54 lakh during the month of April 2010 and 3.48 lakh in April 2009. There has been a growth of 17.7 % in April 2011 over April 2010 as compared to a growth of 2 % registered in April 2010 over April 2009. FTAs during the period January-April 2011 were 21.54 lakh with a growth of 12.3 %, as compared to the FTAs of 19.18 lakh with a growth of 8.9 % during January-April 2010 over the corresponding period of 2009.

India seeks pressure on tax havens to share information

May 6, 2011 597 Views 0 comment Print

Grappling with the problem of blackmoney, India on Wednesday asked the international community to impress upon non-cooperative jurisdictions to share information about funds stashed there. The governments of those countries should share tax information through regular instruments, finance minister Pranab Mukherjee said at the Governors’ seminar at the Asian Development Bank (ADB) meet.

November 2011 examination- List of ICAI’s Publications relevant for CA Final, PCC, IPCC and Professional Competence Examination

May 6, 2011 2305 Views 0 comment Print

Download the list of Institute’s Publications relevant for November 2011 examination. ICAI Publications relevant for November 2011 examination

Nature of payments attracting TDS and rates thereon for the Financial Year 2010-11

May 6, 2011 9974 Views 0 comment Print

Salary DDOs must calculate the tax payable by an employee for the year and start deducting tax at average rate. The term salary includes wages, any annuity or pension, gratuity, any fees, commission, perquisites or profits in lieu of or in addition to any salary or wages. (These payments are covered under sec. 192 of […]

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