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Monday, August 23, 2010

Fwd: TaxGuru.in : Legal & Tax Updates



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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Aug 23, 2010 at 9:58 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Penalty cannot be imposed if there is a genuine reason for delay in filing Income Tax Return

Posted: 22 Aug 2010 08:36 PM PDT


In an order that will help companies and individuals who face penalty proceedings on account of the delay in filing returns, a Delhi bench of the Income-Tax Appellate Tribunal (ITAT) has ruled that penalty cannot be levied if there is a genuine...

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DLF questions CCI powers initiate proceedings against it before Competition Appellate Tribunal

Posted: 22 Aug 2010 08:19 PM PDT


DLF, the country's largest real estate developer, has approached the Competition Appellate Tribunal, questioning the Competition Commission of India's (CCI's) powers to initiate proceedings on an issue dating to 2006, much before CCI got its...

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Now, depositors can opt for floating rate on fixed deposits

Posted: 22 Aug 2010 08:15 PM PDT


How about your fixed deposits being flexible? Soon this could be possible, as the country's biggest bank SBI is all set to offer floating interest rates on term deposits. The floating rate term deposit product will offer no guarantee on returns, as...

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Bankers worried over RBI proposal to cap foreign shareholding in banks at 50 per cent with a lock-in of 10 years

Posted: 22 Aug 2010 08:11 PM PDT


A suggestion by the Reserve Bank of India (RBI) that foreign shareholding in new private sector banks be capped at 50 per cent with a lock-in of 10 years has led to some consternation among banks in which a majority share is held by overseas...

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Oil Min wants courts to decide on gas-tax holiday

Posted: 22 Aug 2010 08:00 PM PDT


Stung by rejection of its demand for restoration of tax breaks on production of natural gas, the Oil Ministry has asked the Finance Ministry to let courts decide if 7-year tax holiday should apply only to oil and not on gas produced from the same...

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Swiss banks list out four conditions for sharing info

Posted: 22 Aug 2010 07:55 PM PDT


Facing flak from India and others for acting as a safe haven to foreigners stowing away wealth, Swiss banks have said they will share account details of suspected money launderers if the request is supported by four specific details. The specific...

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Black money trail: CBDT signs pact with Financial Intelligence Unit (India) FIU

Posted: 22 Aug 2010 07:52 PM PDT


Black money stashed abroad by Indians will now be traced more efficiently as Central Board of Direct Taxes (CBDT) and the Financial Intelligence Unit (India) have signed a pact to exchange information on tracking unaccounted funds, say official...

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Brief on Report of Takeover Regulations Advisory Committee on proposed Takeover Regulations

Posted: 22 Aug 2010 07:44 PM PDT


SEBI has, on 19 July 2010, released the report of Takeover Regulations Advisory Committee (TRAC) constituted under the Chairmanship of Mr. C. Achuthan on the proposed changes to the existing SEBI (Substantial Acquisition of Shares and Takeovers)...

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Overview of Regulatory framework of Core Investment Companies

Posted: 22 Aug 2010 07:39 PM PDT


A case was made for giving relaxation to companies, which have their assets predominantly as investments in shares for holding stake in group companies but not for trading, and companies which do not carry on any other financial activity i.e. Core...

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FUTP Regulations – Regulation 3(b) does not import any concept of fraud at all

Posted: 22 Aug 2010 07:24 PM PDT


This is one of those cases where the issuer company has misused its Initial Public Offer (IPO) to the detriment of the genuine investors including its employees by allotting 98.5% of the shares under the employee category to its seven chosen persons...

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Charges towards reimbursement of expenses cannot be included in income

Posted: 22 Aug 2010 07:19 PM PDT


The question as to whether a reimbursement for expenses would form part of the taxable income is not res integra insofar as this Court is concerned. In CIT v. Siemens Aktiongesellschaft [2009] 177 Taxman 81 (Bom.), a Division Bench of this Court...

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Mere receipt of money through banking channels not sufficient to prove genuineness of its receipt as a gift

Posted: 22 Aug 2010 07:12 PM PDT


Genuineness of the gift transactions cannot be determined without looking into the human probability aspects, surrounding circumstances such as relationship of the donor and donee and if assessee fails to establish any of these facts, the gift...

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Credit for brought forward MAT is to be given from gross demand before charging interest u/s 234B

Posted: 22 Aug 2010 06:58 PM PDT


Credit for brought forward MAT is to be given from gross demand before charging interest u/s 234B. 2. Interest u/s 244A was allowable on the refundable taxes arrived at after giving credit of brought forward MAT from the gross demand.

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The Court can condone the delay in spite of fact the delay is very enormous, if the Court is satisfied, with the reason stated in the affidavit

Posted: 22 Aug 2010 06:52 PM PDT


"In exercising discretion under Section 5 of the Limitation Act, 1963, to condone delay for sufficient cause in not preferring an appeal or other application within the period prescribed, courts should adopt a pragmatic approach. A distinction must...

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A writ petition is not ordinarily maintainable to challenge order of the Tribunal (ATFE)

Posted: 22 Aug 2010 06:46 PM PDT


A Writ Petition was filed challenging the order dated 17.7.2008 of the Appellate Tribunal for Foreign Exchange, Janpath, New Delhi, (hereinafter `the Tribunal'), on various grounds with which this Court is not concerned. By that order, the Tribunal...

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Giving of reasons is an essential element of administration of justice

Posted: 22 Aug 2010 06:42 PM PDT


The expanding horizon of the principles of natural justice provides for requirement to record reasons as it is now regarded as one of the principles of natural justice, and it was held in the above case that except in cases where the requirement to...

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Where employer bank has given loan to employees at rate of interest lower than SBI lending rate, value of concessional loan is taxable as perquisite

Posted: 22 Aug 2010 06:37 PM PDT


The Legislature, by inserting sub-clause (vi) to clause(2) of section 17 with effect from 1-4-2009, has prescribed fringe benefits or amenities which are treated to be perquisite. Rule 3(7) prescribes the amenity/benefit by way of valuation; it has...

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It is not imperative for assessee-bank to close individual account of each of it's debtors in it's books for claiming deduction under section 36(1)(vii)

Posted: 22 Aug 2010 06:34 PM PDT


Where the assessee-bank has instituted recovery suits in Courts against it's debtors, if individual accounts are to be closed, then the Debtor/Defendant in each of those suits would rely upon the Bank statement and contend that no amount is due and...

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For working out application of proviso to Section 112, there is nothing in section which would deprive assessee of indexation claimed on sale of shares where there was a resultant loss

Posted: 22 Aug 2010 06:31 PM PDT


What the proviso to Section 112 essentially requires is that where the tax payable in respect of income arising from a listed security, being a long term capital asset, exceeds 10% of the capital gains before indexation, then such excess beyond 10%...

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Expression "issue and transfer of securities and non-payment of dividend" in section 55A of Companies Act covers misstatement in prospectus

Posted: 22 Aug 2010 06:27 PM PDT


The very purpose of having an independent regulatory authority like SEBI, and vesting it with statutory powers of inquiry, is to enable it to take prompt action in matters relating to issue and transfer of share; particularly, SEBI is expected to be...

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There cannot be a further liability fastened on a proprietary concern in respect of credit entries which have already suffered tax in hands of a company with which said concern got merged

Posted: 22 Aug 2010 06:26 PM PDT


Where the assessee-proprietory concern got merged with a company and the credit entries in the name of the company in the accounts of the assessee came to be assessed to tax at the hands of the company, there could not be a further liability...

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Bar provided in section 80-IA(3) is to be considered only for first year of claim of deduction u/s 80-IA

Posted: 22 Aug 2010 06:16 PM PDT


The eligibility for the claim of deduction u/s 80-IA by applying the restraints of Sec. 80-IA(3) cannot be considered for every year of the claim of deduction u/s 80-IA but can be considered only in the year of formation of the business.

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Section 244A r.w. Explanation thereto does not exclude payment of interest on refund of self assessment tax

Posted: 22 Aug 2010 06:09 PM PDT


This appeal was admitted on the following substantial question of law: "Whether section 244(1)(b) read with explanation thereto excludes payment of interest on refund of self Assessment Tax?" 2. Since it is a pure question of law, the learned...

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New bill for voting rights to NRIs introduced

Posted: 22 Aug 2010 06:03 PM PDT


The Representation of the People (Amendment) Bill 2010, which seeks to give voting rights to NRIs, was moved in the Rajya Sabha Saturday. Law and Justice Minister M. Veerappa Moily moved the bill after withdrawing its earlier version, the...

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Government Panel recommends Customs duty cut on rubber imports

Posted: 22 Aug 2010 06:00 PM PDT


The Government-appointed panel to look into the problems of the rubber industry has recommended that the Customs duty on natural rubber imports be brought down to either Rs 20.46 for a kg or 20 per cent, whichever is lower. This comes as a major...

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Hydrocarbon companies asks the Government to remove uncertainties over tax and marketing regime before ninth round of bidding for oil and gas areas

Posted: 22 Aug 2010 04:12 PM PDT


Companies into hydrocarbon exploration and production business have asked the Government to remove uncertainties over tax and marketing regime before the ninth round of bidding for oil and gas areas is launched later this year.

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Comprehensive land acquisition bill soon: Govt

Posted: 21 Aug 2010 09:59 PM PDT


The government is formulating a comprehensive land acquisition bill that will address concerns about process of acquiring land for purposes such as setting up SEZs and compensation to be paid. Replying to supplementaries during Question Hour,...

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Govt seeks public comments to amend trademark rules

Posted: 21 Aug 2010 09:55 PM PDT


With an aim at faster clearance of trademark cases in the country, the government has sought public comments on amending the relevant rules to make them more significant and user friendly. "The Comptroller General of Patent, Design and Trade Marks...

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Sterlite evaded duty in copper export waste: Customs

Posted: 21 Aug 2010 09:47 PM PDT


Customs department today charged Sterlite Industries with evasion of duty to the tune of several crores in export of copper waste. This is the second time in the last one month that Sterlite, the country's largest non ferrous and mining company,...

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External Commercial Borrowings (ECB) — Liberalisation for Services Sector

Posted: 21 Aug 2010 09:10 PM PDT


Hitherto, Indian corporates in the services sectors viz., hotels, hospitals and software were allowed to avail ECB upto USD 100 million per financial year under the automatic route for permissible end-uses. ECB beyond USD 100 million was arguably...

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--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

No comments:

मैं नास्तिक क्यों हूं# Necessity of Atheism#!Genetics Bharat Teertha

হে মোর চিত্ত, Prey for Humanity!

मनुस्मृति नस्ली राजकाज राजनीति में OBC Trump Card और जयभीम कामरेड

Gorkhaland again?আত্মঘাতী বাঙালি আবার বিভাজন বিপর্যয়ের মুখোমুখি!

हिंदुत्व की राजनीति का मुकाबला हिंदुत्व की राजनीति से नहीं किया जा सकता।

In conversation with Palash Biswas

Palash Biswas On Unique Identity No1.mpg

Save the Universities!

RSS might replace Gandhi with Ambedkar on currency notes!

जैसे जर्मनी में सिर्फ हिटलर को बोलने की आजादी थी,आज सिर्फ मंकी बातों की आजादी है।

#BEEFGATEঅন্ধকার বৃত্তান্তঃ হত্যার রাজনীতি

अलविदा पत्रकारिता,अब कोई प्रतिक्रिया नहीं! पलाश विश्वास

ভালোবাসার মুখ,প্রতিবাদের মুখ মন্দাক্রান্তার পাশে আছি,যে মেয়েটি আজও লিখতে পারছেঃ আমাক ধর্ষণ করবে?

Palash Biswas on BAMCEF UNIFICATION!

THE HIMALAYAN TALK: PALASH BISWAS ON NEPALI SENTIMENT, GORKHALAND, KUMAON AND GARHWAL ETC.and BAMCEF UNIFICATION! Published on Mar 19, 2013 The Himalayan Voice Cambridge, Massachusetts United States of America

BAMCEF UNIFICATION CONFERENCE 7

Published on 10 Mar 2013 ALL INDIA BAMCEF UNIFICATION CONFERENCE HELD AT Dr.B. R. AMBEDKAR BHAVAN,DADAR,MUMBAI ON 2ND AND 3RD MARCH 2013. Mr.PALASH BISWAS (JOURNALIST -KOLKATA) DELIVERING HER SPEECH. http://www.youtube.com/watch?v=oLL-n6MrcoM http://youtu.be/oLL-n6MrcoM

Imminent Massive earthquake in the Himalayas

Palash Biswas on Citizenship Amendment Act

Mr. PALASH BISWAS DELIVERING SPEECH AT BAMCEF PROGRAM AT NAGPUR ON 17 & 18 SEPTEMBER 2003 Sub:- CITIZENSHIP AMENDMENT ACT 2003 http://youtu.be/zGDfsLzxTXo

Tweet Please

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THE HIMALAYAN TALK: PALASH BISWAS BLASTS INDIANS THAT CLAIM BUDDHA WAS BORN IN INDIA

THE HIMALAYAN TALK: INDIAN GOVERNMENT FOOD SECURITY PROGRAM RISKIER

http://youtu.be/NrcmNEjaN8c The government of India has announced food security program ahead of elections in 2014. We discussed the issue with Palash Biswas in Kolkata today. http://youtu.be/NrcmNEjaN8c Ahead of Elections, India's Cabinet Approves Food Security Program ______________________________________________________ By JIM YARDLEY http://india.blogs.nytimes.com/2013/07/04/indias-cabinet-passes-food-security-law/

THE HIMALAYAN TALK: PALASH BISWAS TALKS AGAINST CASTEIST HEGEMONY IN SOUTH ASIA

THE HIMALAYAN VOICE: PALASH BISWAS DISCUSSES RAM MANDIR

Published on 10 Apr 2013 Palash Biswas spoke to us from Kolkota and shared his views on Visho Hindu Parashid's programme from tomorrow ( April 11, 2013) to build Ram Mandir in disputed Ayodhya. http://www.youtube.com/watch?v=77cZuBunAGk

THE HIMALAYAN TALK: PALASH BISWAS LASHES OUT KATHMANDU INT'L 'MULVASI' CONFERENCE

अहिले भर्खर कोलकता भारतमा हामीले पलाश विश्वाससंग काठमाडौँमा आज भै रहेको अन्तर्राष्ट्रिय मूलवासी सम्मेलनको बारेमा कुराकानी गर्यौ । उहाले भन्नु भयो सो सम्मेलन 'नेपालको आदिवासी जनजातिहरुको आन्दोलनलाई कम्जोर बनाउने षडयन्त्र हो।' http://youtu.be/j8GXlmSBbbk

THE HIMALAYAN DISASTER: TRANSNATIONAL DISASTER MANAGEMENT MECHANISM A MUST

We talked with Palash Biswas, an editor for Indian Express in Kolkata today also. He urged that there must a transnational disaster management mechanism to avert such scale disaster in the Himalayas. http://youtu.be/7IzWUpRECJM

THE HIMALAYAN TALK: PALASH BISWAS CRITICAL OF BAMCEF LEADERSHIP

[Palash Biswas, one of the BAMCEF leaders and editors for Indian Express spoke to us from Kolkata today and criticized BAMCEF leadership in New Delhi, which according to him, is messing up with Nepalese indigenous peoples also. He also flayed MP Jay Narayan Prasad Nishad, who recently offered a Puja in his New Delhi home for Narendra Modi's victory in 2014.]

THE HIMALAYAN TALK: PALASH BISWAS CRITICIZES GOVT FOR WORLD`S BIGGEST BLACK OUT

THE HIMALAYAN TALK: PALASH BISWAS CRITICIZES GOVT FOR WORLD`S BIGGEST BLACK OUT

THE HIMALAYAN TALK: PALSH BISWAS FLAYS SOUTH ASIAN GOVERNM

Palash Biswas, lashed out those 1% people in the government in New Delhi for failure of delivery and creating hosts of problems everywhere in South Asia. http://youtu.be/lD2_V7CB2Is

THE HIMALAYAN TALK: PALASH BISWAS LASHES OUT KATHMANDU INT'L 'MULVASI' CONFERENCE

अहिले भर्खर कोलकता भारतमा हामीले पलाश विश्वाससंग काठमाडौँमा आज भै रहेको अन्तर्राष्ट्रिय मूलवासी सम्मेलनको बारेमा कुराकानी गर्यौ । उहाले भन्नु भयो सो सम्मेलन 'नेपालको आदिवासी जनजातिहरुको आन्दोलनलाई कम्जोर बनाउने षडयन्त्र हो।' http://youtu.be/j8GXlmSBbbk