The income-tax department has made seizures worth Rs 413.7 crore during the current fiscal till October, registering a growth of 17.1% over the corresponding period of the last year, which was at Rs 353.31 crore The seizures include Rs 271.9 crore in
UK-based SIS Live, which provided production facilities to official broadcaster Doordarshan during the Commonwealth Games, today rejected allegations of providing fake service tax numbers to agencies. In a statement released here, company COO Mark Ki
The Government has said that it is looking into violation of the Companies Act, 1956 by some Indian Premier League (IPL) franchises. Giving this information in written reply to a question in the Lok Sabha, the Minister for Corporate Affairs, Shri Sal
The Government has said that as per information given by the Department of Public Enterprises it has so far not issued any guidelines regarding the assessment of working of non-official Directors on the Board of Central Public Sector Enterprises. Thi
The Minister for Corporate Affairs has said that as per the information provided by the SEBI, Initial Public Offerings (IPO) price is fixed by the issue based on an analysis of the quantitative and qualitative factors of the issue company, market sen
We are entering a period in which it is becoming clear that the operation of current economic system will be unsustainable and that to progress, companies in future will have to redefine business success- both, socially and financially. I recently p
With some of the development projects undertaken for the 2008 Pune Commonwealth Youth Games still incomplete, the state government has begun audit of funds for the Games. An audit team of the Comptroller and Auditor General visited PMC and PCMC offic
Public sector banks in India had combined gross non-performing assets (NPAs) of Rs 57,301 crore during 2009-10, up 30 per cent from the previous fiscal, Parliament was informed on Tuesday. NPAs comprised 2.27 per cent of public sector banks’ (PSBs) g
Post independence, India lost a staggering $462 billion in illicit financial flows due to tax evasion, crime and corruption, a research and advocacy group said in a report today. The report, The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008′, released by Washington-based Global Financial Integrity (GFI) found that the faster rates of economic growth since economic reform started in 1991 led to a deterioration of income distribution which led to more illicit flows from the country.
The Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of Kishori Sharad Gaitonde v ITO (ITA No. 1561/M/09) held that for attracting the provisions of Section 50C of the Income-tax Act, 1961 (the Act) a capital gains should arise from the sale of land or building or both. However, since in the present case the taxpayer earned capital gains from the transfer of tenancy right which is not a capital asset, being land or building or both, the Tribunal held that Section 50C of the Act was not applicable to the instant case.
