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SIT is a Public Authority U/s. 2(h) of RTI Act, 2005: CIC

October 10, 2017 2955 Views 0 comment Print

Mr. Venkatesh Nayak Vs CPIO & DCIT (OSD) (Central Information Commission) When a Public Authority is largely funded by the Government and performs the duty of bringing back unaccounted money unlawfully kept in bank accounts abroad, it was essentially performing a Public Duty and thus every citizen has every right to know about certain information […]

No Transfer U/s 2(47) if JDA is not registered: SC

October 10, 2017 5724 Views 0 comment Print

There is no contract in the eye of law in force under Section 53A after 2001 unless the said contract is registered. This being the case, and it being clear that the said JDA was never registered, since the JDA has no efficacy in the eye of law, obviously no transfer can be said to have taken place under the aforesaid document.

Bombay HC on ITAT order blaming ICAI and Chartered Accountants

October 10, 2017 5967 Views 0 comment Print

HC held that Tribunal, out of sheer desperation and frustration and agitated by the fact that the Revenue is not opposing the request for condonation of delay, turned its attention towards the assessee’s Chartered Accountant.

Non-compliance with Minimum Public Shareholding – Action to be taken by Stock Exchanges

October 10, 2017 1251 Views 0 comment Print

In order to maintain consistency and uniformity of approach in the enforcement of MPS norms mandated under regulation 38 of the Listing Regulations, the below mentioned procedure shall be followed by the recognised stock exchanges/depositories, as applicable, with respect to non-compliant listed entities, their promoters and directors:

Maharashtra Reduces VAT rate on petrol and diesel

October 10, 2017 1113 Views 0 comment Print

No. VAT 1517/CR-99/Taxation-1.— In exercise of the powers conferred by sub-section (1) of section 9 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra, hereby amends SCHEDULE ‘B’ appended to the said Act

SILENT REVOLUTION – Funding The Unfunded Women Entrepreneurs

October 10, 2017 1014 Views 0 comment Print

For Usha Babu, the only woman auto driver in Ernakulam district of Kerala owning her own auto was a pipe dream. She drove a rented auto rickshaw for the last 12 years, and despite the hard work didn’t make enough to buy her own vehicle. And then the Shanmugam branch of Syndicate Bank funded her dream.

Sec. 11 deduction on fees for Providing Assistance to Banks & Financial Institutions

October 9, 2017 1038 Views 0 comment Print

Principal CIT (Exemptions) Vs. Institute for Development and Research in Banking Technology (Andhra Pradesh High Court) Held by ITAT The circumstances under which the services rendered by the appellant society to the Banks make clear that there is no profit motive in such activities because these activities were entrusted to the appellant society by the Reserve […]

S. 254(2) Limitation period reduction not applicable to appellate orders passed prior to 01.06.2016

October 9, 2017 1383 Views 0 comment Print

The undisputed fact reveals that at the time an ex-parte order was passed in assessee’s main appeal, the limitation prescribed under Section 254(2) was four years and the assessee was under an expression as the limitation is four years his application under Section 254(2) of the Income Tax Act, 1961 was within limitation.

PFMS portal not ready to issue IGST Refund on export of goods

October 9, 2017 2904 Views 1 comment Print

It is directed to use the existing system to make immediate payment of refund of IGST on Exports w.e.f. 10th October 2017 till 14th October 2017. The payment through PFMS portal would be started from 16th October 2017

Sale of Chinese goods may drop 45% this Diwali; India to Celebrate a Make in India Diwali: ASSOCHAM

October 9, 2017 1389 Views 2 comments Print

Be it decorative items like lights, gift items, lamps and wall hangings or other product, the sale of Chinese products may decline by 40-45% this Diwali as compared to last year which was about 30% as per the market report from various states, a quick survey by ASSOCHAM-Social Development Foundation (ASDF).

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