Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Aug 20, 2010 at 9:55 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Apply in IFCI bond before August 31, 2010 to avail deduction of Rs. 20000 U/s. 80CCF
• Jugaad- The key to India's rapid economic growth
• Pathetic Situation of Lawyers with the Filing System in Courts and In the Absence of Required Guidance?
• Applicability of Service Tax on Air Ticket
• SEBI proposes to raise the IPO investment limit for retail investors from the current Rs 1 lakh to Rs 2 lakh
• Satyam Investigation may get hampered after bail to its former, Chairman, B. Ramalinga Raju
• Petitioner has no right to take his counsel with him at time when his statement is recorded by Enforcement Directorate pursuant to summons issued u/s 37 of FEMA, 1999
• All payments by way of deemed dividend taxable in the hands of the recipient of the dividend namely the shareholder
• Even if it is assumed that the assessee was authorized to collect sales tax and retain with it, the same will be chargeable to tax as trading receipt
• ICAI opposition to change of name by ICWAI may delay amendment to LLP Act
• No rational basis to confine allowability of expenditure incurred on premium paid towards Keyman Insurance policy only in respect of life of an employee
• Once an issue was considered and decided by CIT (Appeals), remedy of Revenue cannot lie in invocation of jurisdiction u/s 263
• Genuine transactions with tax saving motive are valid
• Appellate authority cannot refuse to grant opportunity of hearing to petitioning assessee to defend order passed by original authority at instance of assessee
• It is open to an assessee to exhaust remedies as provided for u/s 144C against transfer pricing order passed u/s 92CA(3)
• Goods and Services Tax : FM agrees to demand for more time
• States free to fix their own State GST rates
• Government wants banks to implement system involving zero human interference in identification of NPA
• Government Deputes Senior Officers to Oversee Preparations of Commonwealth Games
• Legal Action against Companies for Non-Redressal of Investor Grievances and Mechanism for Redressal of Investor Grievances
• IPL franchises not complied with Companies Act provisions

Apply in IFCI bond before August 31, 2010 to avail deduction of Rs. 20000 U/s. 80CCF Posted: 19 Aug 2010 09:04 PM PDT Key features and notification of IFCI Infrastructure Tax Saving Bonds u/s 80CCF is given below. 1. This bonds will be called "Long Term Infrastructure Bond". 2. Application can be by individual or HUF only but not by minor through Gurdians. ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Jugaad- The key to India's rapid economic growth Posted: 19 Aug 2010 09:02 PM PDT People ask me, what exactly is jugaad? Global management experts attribute India's rapid economic growth to jugaad. In a recent survey by the Legatum Institute, 81% of Indian businessmen said jugaad was the key reason for their success. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pathetic Situation of Lawyers with the Filing System in Courts and In the Absence of Required Guidance? Posted: 19 Aug 2010 09:01 PM PDT India is regarded as one of the fastest growing economies in the word and even the president of United States of America, Barrack Obama, frequently refers about the growth of nations like China and India. Many legal professionals have served this... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Applicability of Service Tax on Air Ticket Posted: 19 Aug 2010 09:00 PM PDT "Taxable service"… means any service provided or to be provided to any passenger, by an aircraft operator, in relation to scheduled or non-scheduled air transport of such passenger embarking in India for domestic or international journey [Section... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI proposes to raise the IPO investment limit for retail investors from the current Rs 1 lakh to Rs 2 lakh Posted: 19 Aug 2010 08:59 PM PDT Retail investors will now get to subscribe more in initial public offers (IPOs). The Securities and Exchange Board of India (SEBI) has proposed to raise the investment limit for retail investors from the current Rs 1 lakh to Rs 2 lakh. The move is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Satyam Investigation may get hampered after bail to its former, Chairman, B. Ramalinga Raju Posted: 19 Aug 2010 08:58 PM PDT Chances of a speedy resolution to l'affaire Satyam receded on Wednesday with the Andhra Pradesh high court granting bail to the company's founder and former chairman, B. Ramalinga Raju, freeing, albeit temporarily, the last of the accused in a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Petitioner has no right to take his counsel with him at time when his statement is recorded by Enforcement Directorate pursuant to summons issued u/s 37 of FEMA, 1999 Posted: 19 Aug 2010 08:57 PM PDT The relief sought for by the petitioner seeking permission to be accompanied by an advocate of his choice when he appears before the Enforcement Directorate in pursuance of the summons issued under section 37 of the Foreign Exchange Management Act,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

All payments by way of deemed dividend taxable in the hands of the recipient of the dividend namely the shareholder Posted: 19 Aug 2010 08:56 PM PDT We may in concluding note that the basis on which the assessee is sought to be taxed in the present case in respect of the amount of Rs.32,00,000/­ is that there was a dividend under Section 2(22)(e) and no other basis has been suggested in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Even if it is assumed that the assessee was authorized to collect sales tax and retain with it, the same will be chargeable to tax as trading receipt Posted: 19 Aug 2010 08:56 PM PDT Even if it is assumed that the assessee was authorized to collect sales tax and retain with it, the same will be chargeable to tax as trading receipt in view of decision of Supreme Court in the case of Sahney Steel and Press Works Ltd. v. CIT [228... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI opposition to change of name by ICWAI may delay amendment to LLP Act Posted: 19 Aug 2010 08:55 PM PDT The ICAI has argued that the bulk of the management accounting work is done by the chartered accountants, so addition of the word 'Management' to the Institute of Cost and Works Accountants of India, or ICWAI, is misleading and should not be allowed. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No rational basis to confine allowability of expenditure incurred on premium paid towards Keyman Insurance policy only in respect of life of an employee Posted: 19 Aug 2010 08:53 PM PDT Keyman Insurance Policy for section 10(10D) is not confined to a policy taken by a person on life of an employee, but also extends to an insurance policy taken with respect to life of another who is connected in any manner whatsoever with business... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Once an issue was considered and decided by CIT (Appeals), remedy of Revenue cannot lie in invocation of jurisdiction u/s 263 Posted: 19 Aug 2010 08:50 PM PDT Where an order passed by the Assessing Officer is subject to an appeal that has been filed, the power of the Commissioner to invoke his revisional jurisdiction under section 263 can only extend to such matters which have not been considered and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Genuine transactions with tax saving motive are valid Posted: 19 Aug 2010 08:49 PM PDT Tribunal was not right in law in holding that the transactions for purchase and sale of 25 lacs units called `US-64' of the assessee with the Bank, after holding that those transactions were genuine, were (a) not bona fide transactions, (b) entered... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Appellate authority cannot refuse to grant opportunity of hearing to petitioning assessee to defend order passed by original authority at instance of assessee Posted: 19 Aug 2010 08:46 PM PDT In all fairness, while hearing an appeal from the original authority, the CIT, the CBDT who is the appellate authority cannot deny the reasonable opportunity of hearing to the petitioning assessee at whose instance the impugned order came to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

It is open to an assessee to exhaust remedies as provided for u/s 144C against transfer pricing order passed u/s 92CA(3) Posted: 19 Aug 2010 08:45 PM PDT It is no doubt true that as per section 92CA of the Income-tax Act, when the assessee goes before the authority concerned on transfer pricing, an opportunity of personal hearing should be granted to the assessee. As far as the present case is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Goods and Services Tax : FM agrees to demand for more time Posted: 19 Aug 2010 07:29 PM PDT The Centre and states were yet again unable to stitch a deal on the constitutional amendments, clouding prospects for rollout of India's most ambitious indirect taxes reform — goods and services tax — next year. The Union finance minister Pranab... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

States free to fix their own State GST rates Posted: 19 Aug 2010 05:51 PM PDT The Finance Minister, Mr Pranab Mukherjee, has told the State Finance Ministers that they are free to fix their own State GST rates, but hopes that they would not exercise this freedom after a consensus is reached in the GST Council. He, thus, has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government wants banks to implement system involving zero human interference in identification of NPA Posted: 19 Aug 2010 05:19 PM PDT The finance ministry has asked government banks to shift to a system where non-performing assets (NPAs) are identified by technology. The aim is to avoid human interference. The ministry has told the government banks to put the system in place by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Deputes Senior Officers to Oversee Preparations of Commonwealth Games Posted: 19 Aug 2010 05:15 PM PDT The Government has assigned duties to senior officers presently working in Delhi in various Ministries/Departments in relation to the Commonwealth Games. These Officers would be deputed on part-time basis to oversee the preparations at the major... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Legal Action against Companies for Non-Redressal of Investor Grievances and Mechanism for Redressal of Investor Grievances Posted: 19 Aug 2010 04:27 PM PDT The Ministry of Corporate Affairs has an Investor Grievances Management Cell (IGMC) at the Headquarters and nodal officers at all field offices of Regional Directors (RD) and Registrars of Companies (ROC) for redressal of investors' grievances. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IPL franchises not complied with Companies Act provisions Posted: 19 Aug 2010 04:04 PM PDT The Government has found that all the 10 Indian Premier League (IPL) franchises did not comply with specific provisions of the Companies Act. It has instructed Registrar of Companies to scrutinise the documents of these firms and initiate penal... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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