Dismissing Morgan Tectronics’ petition challenging a special CBI court order, which had allowed criminal proceedings against it in a forgery case, the court rejected the company’s plea that being a non-living body it cannot have mens rea, or wrong mind, the basic requirement for criminal prosecution.
In a major fillip to the success of infrastructure bonds, the government has decided to exempt them from getting the credit ratings — which are mandatory for all the other kinds of bond issuances.
Expressing satisfaction over the Bombay High Court order, ICAI today said Sebi is the right authority to probe allegations of irregularities against audit firm Price Waterhouse in the multi-crore Satyam scam.
The Reserve Bank on Friday said persons charged with violation of the Foreign Exchange Management Act should apply for compounding, which is paying a sum to get relief from punitive action under the act, at the earliest.
The Comptroller and Auditor General of India (CAG) has come down heavily on the Tax Department for fostering “a perception that it has a tendency to opt for appeals even when it is on a weak wicket” and this “appealititis is more detrimental when applied on small taxpayers constituting a large chunk of appellants.”
The Bombay High Court on Friday dismissed the writ petition filed by Price Waterhouse challenging the jurisdiction of the Securities and Exchange Board to investigate the audit firm’s role in the multi-crore Satyam accounting fraud. Delivering the order, the Division Bench headed by Mr Justice P. B. Majmudar said, “It is not a situation where we can say that SEBI cannot proceed with its investigations.”
The Government of India (“GOI”) has released the draft Point of Taxation (for Services provided or Received in India) Rules, 2010 (“Draft Rules”) for public scrutiny, comments and proposals. To provide clarity in matters of levy and collection of service tax in cases of change of rate of service tax or imposition of service tax on new services and to To align payment of service tax with the Value Added Tax and Excise regimes for easier transition to Goods and services Tax.
CIT vs. Leena Ramachandran (Kerala High Court):-I-T- Sec 14A – assessee can claim deduction of interest paid on borrowed funds utilised for acquisition of shares only if shares are held as stock-in-trade and not investment: HC
The Finance Ministry has clarified that underwriting commission received by primary dealers while dealing in Government securities will not attract any service tax. This is because Government securities are not securities of a body corporate. Service tax is applicable on underwriting commission only for dealing in securities of a body corporate, the Revenue Department said in a circular issued here.
The investment in Unit Link Insurance Plans (ULIPs) is now all set to be governed by new set rules from the Insurance Regulatory and Development Authority (IRDA), to be incorporated in all ULIPs offered from next month. Accordingly, the three-year lock-in period for all unit-linked products will be increased to five years.
