BELLARY (KARNA): The Income Tax department on Tuesday conducted raids at the premises of a mining company and two iron ore transporters in Hospet here. A 20-member team conducted searches on offices and residences of the mining company’s proprietors, official sources said here.
Rubber stamping of underlying material is hardly a process which can get the imprimatur of the Court as it suggests that the decision has been taken in a mechanical manner. Even if the reasoning set out by the ITO was to be agreed upon, the least, which is expected, is that an appropriate endorsement is made in this behalf setting out brief reasons. If a material is not in existence or if a material is such of which the assessee had no knowledge there would be no duty to disclose such material.
The Budget Session, 2011 of Parliament (7th Session of the Fifteenth Lok Sabha and the 222nd Session of the Rajya Sabha) is scheduled to commence on Monday, the 21st of February, 2011 and subject to exigencies of Government Business, the Session will conclude on Thursday, the 21st of April , 2011.
The Hyderabad bench of the Income Tax Appellate Tribunal (Tribunal) recently pronounced its ruling in the case of ADP Private Limited v. Dy. Commissioner of Income Tax (Hyderabad Bench), ITA No: 155/Hyd/2009 , on transfer pricing issues arising from provision of software services by the Taxpayer to its Associated enterprise (AE). The Tribunal ruled in favour of the Revenue upholding the adjustment proposed by the Transfer Pricing Officer (TPO).
Whereas the .Government of Maharashtra is satisfied that circumstances exist which render it necessary to take immediate action further to amend the Maharashtra State Tax on Professions, Trades, Callings and Employments Rules, 1975 and to dispense with the, condition of previous publication thereof under the proviso to sub-section (3) of section 27 of the Maharashtra State Tax on Professions, Trades, Callings and Employments Act, 1975 (Mah. XVI of 1975);
Capital Expenditure registered a sharp increase of 64.6 per cent (April –Dec) in 2010-11. Fiscal deficit outcome for 2010-11 could be marginally better than the budget estimates. The consolidated fiscal deficit is likely to be 7.5 to 8 per cent of GDP for 2010-11. There is considerable urgency in the implementation of goods and services tax (GST)
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Parliamentary Standing Committee on Finance Chairman Yashwant Sinha wants the government to first introduce goods and services tax (GST) at the central level and set example for states to implement the indirect tax reform. “I am firmly of the view that the Government of India should introduce GST first at the central level. At the central level you have central excise and you have the service tax. Now, if you first merge the two, you have your own GST.`
The process of appointing auditors for cooperatives is expected to become more transparent. So far the chartered accountants taking up the audit of an urban cooperative bank or a cooperative society would directly get empanelled with the state’s cooperation department.
The Prime Minister’s Economic Advisory Council on Monday projected the economic growth in the country at 8.6 per cent for the current fiscal on the back of rebound in farm output and inflation to come down to 7 per cent by March-end due to declining food prices.
