Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Apr 6, 2011 at 9:49 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Imprisonment not must for issuer of bounced cheque – Supreme Court
• Section 45(1A) of the Prevention of Money Laundering Act, 2002 – Binod Kumar Versus State of Jharkhand & Others
• In the Absence of Arbitration Agreement in Tripartite Agreement, No Loanee is to be Added as a Party between Borrower and Developer
• Thermo Ware and Vacuum Ware are not plastic goods/products -SC
• Tata candid, Radia evasive during PAC questioning
• Delhi bans manufacture, use of plastic bags
• Three central banks, three directions
• Now, luxury villas worth Rs 9 crore for Team India
• Government exceeds indirect tax collection estimate
• Draft policy on mobile governance up for comments
• Committee to Review the Role, Functioning and Structure of Central Economic Intelligence Bureau (CEIB) Constituted
• Acquisition of credit card/debit card transactions in India by overseas banks – payments for airline tickets – A.P. (DIR Series) Circular No. 48
• Operation of deposit account with NBFCs and money mules -Notification No. DNBS(PD)CC.No 215/03.10.42/2010-11
• CPC Bangalore processed 44.7 lakh e-filed returns of AY 2010-11 and generated refunds in over 15.45 lakh cases
• CBI registers a case against Seven Officials of DDA & CPWD and a Private Firm relating to Laying of Synthetic Outdoor Flat Lawn Bowl Greens for CWG-2010
• CBI files chargesheet against nine accused persons and three private companies relating to issuance of UAS Licences and 2G Spectrum
• Notification – New Digital Signature Certificate for One Year will have a validity period of one year only
• Constitution of Pimpri-Chi​nchwad-Aku​rdi Chapter of Cost Accountant​s
• Fixation of Fee for Foreign students registered for pursuing ICWAI courses
• Income-tax – Instructions regarding Standard Operating Procedure on filing of Appeals/Special Leave Petitions (SLPs) by the Income Tax Department in the Supreme Court and related matters

Imprisonment not must for issuer of bounced cheque – Supreme Court Posted: 05 Apr 2011 07:55 PM PDT the ld. Magistrate viewed that imposition of a fine payable as compensation to the Appellant was sufficient to meet the ends of justice in the instant case. The High Court confirmed the order of the ld. Magistrate, with an increased fine — the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 45(1A) of the Prevention of Money Laundering Act, 2002 – Binod Kumar Versus State of Jharkhand & Others Posted: 05 Apr 2011 07:41 PM PDT Binod Kumar Versus State of Jharkhand & Others- In the impugned judgment, it is mentioned that the basic allegation is amassing of illicit wealth by various former Ministers, including a former Chief Minister of the State. The money alleged to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

In the Absence of Arbitration Agreement in Tripartite Agreement, No Loanee is to be Added as a Party between Borrower and Developer Posted: 05 Apr 2011 07:26 PM PDT The second respondent (referred to as the `Developer') entered into a development agreement with the owners of certain lands at Bachupally village, Qutubullapur Mandal, Ranga Reddy District, for constructing independent houses and multistoried... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Thermo Ware and Vacuum Ware are not plastic goods/products -SC Posted: 05 Apr 2011 07:10 PM PDT Assistant Commercial Taxes Officer Versus M/s Makkad Plastic Agencies- The assessment of the assessee-respondent for the Assessment Year 2001-02 was completed by the Assessing Officer under Section 29(7) of the Rajasthan Sales Tax Act, 1994 [for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tata candid, Radia evasive during PAC questioning Posted: 05 Apr 2011 07:04 PM PDT Tata Sons Chairman Ratan Tata and Niira Radia were today quizzed in connection with 2G spectrum scam by Parliament''s PAC whose head M M Joshi said the panel found the industrialist candid and the corporate lobbyist "evasive". The PAC will tomorrow... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi bans manufacture, use of plastic bags Posted: 05 Apr 2011 08:59 AM PDT The Delhi government on Monday decided to impose a blanket ban on the manufacture, storage and use of plastic bags in the city. The Delhi Cabinet presided by Chief Minister Sheila Dikshit took the decision and directed all the concerned authorities... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Three central banks, three directions Posted: 05 Apr 2011 08:54 AM PDT The world's major central banks are about to break ranks. Since the financial crisis entered its worst phase in late 2008, monetary policy has moved in the same direction across all advanced economies. On Thursday, the European Central Bank looks... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Now, luxury villas worth Rs 9 crore for Team India Posted: 05 Apr 2011 08:51 AM PDT Real estate firm Amrapali today said it will gift villas worth a total of Rs 9 crore to the entire World Cup winning Indian cricket team at its township in Noida extension. The Indian captain, Mahendra Singh Dhoni, is at present the brand ambassador... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government exceeds indirect tax collection estimate Posted: 05 Apr 2011 08:47 AM PDT The government today said indirect tax collections for FY2010-11 have exceeded the revised estimate of Rs 3.34 lakh crore for the fiscal on the back of strong economic activities and the partial withdrawal of fiscal stimulus measures. According to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Draft policy on mobile governance up for comments Posted: 05 Apr 2011 08:45 AM PDT The Department of Information Technology (DIT) has published a draft policy on mobile governance that aims to enable government departments to provide services, including payment of utility bills and filing of tax returns from mobile phones. A... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Committee to Review the Role, Functioning and Structure of Central Economic Intelligence Bureau (CEIB) Constituted Posted: 05 Apr 2011 08:40 AM PDT The President of India has sanctioned the constitution of a Committee with the following composition to review the role, functioning and structure of the Central Economic Intelligence Bureau (CEIB) in the changed economic scenario: i. Shri S. S.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Acquisition of credit card/debit card transactions in India by overseas banks – payments for airline tickets – A.P. (DIR Series) Circular No. 48 Posted: 05 Apr 2011 08:37 AM PDT RBI/2010-11/460 - A.P. (DIR Series) Circular No. 48 - April 05, 2011 - It has come to our notice that in certain cases where the payment for the tickets are made by the residents using credit /debit card, Card Companies have been providing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Operation of deposit account with NBFCs and money mules -Notification No. DNBS(PD)CC.No 215/03.10.42/2010-11 Posted: 05 Apr 2011 08:27 AM PDT With a view to preventing NBFCs from being used, intentionally or unintentionally, by criminal elements for money laundering or terrorist financing activities, Reserve Bank of India has issued guidelines on Know Your Customer (KYC) norms/Anti-Money... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CPC Bangalore processed 44.7 lakh e-filed returns of AY 2010-11 and generated refunds in over 15.45 lakh cases Posted: 05 Apr 2011 08:24 AM PDT Centralized Processing Center (CPC), Bangalore has been actively processing of returns for AY 2010-11. As on 01/4/2011 it has processed over 44.7 lakh e-filed returns of AY 2010-11 in all categories of ITRs including Corporate Returns and generated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI registers a case against Seven Officials of DDA & CPWD and a Private Firm relating to Laying of Synthetic Outdoor Flat Lawn Bowl Greens for CWG-2010 Posted: 05 Apr 2011 08:18 AM PDT The Central Bureau of Investigation has registered a case against seven officials of DDA & CPWD and one Delhi-based private firm on the allegations of conspiracy, cheating and misuse of official position by the accused to cause undue benefit to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI files chargesheet against nine accused persons and three private companies relating to issuance of UAS Licences and 2G Spectrum Posted: 05 Apr 2011 08:17 AM PDT The Central Bureau of Investigation has today filed a chargesheet against nine accused persons and three private companies in the Court of Special Judge for CBI Cases, Patiala House Courts, New Delhi relating to the issuance of new Unified Access... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Notification – New Digital Signature Certificate for One Year will have a validity period of one year only Posted: 05 Apr 2011 07:59 AM PDT 1. From January 1, 2012 only SHA-256 Hash Algorithm and 2048 bit RSA Key Digital Signature Certificates will be issued. 2. However, from 4th April 2011, Certifying Authorities should issue Digital Signature Certificates with SHA-256 Hash Algorithm... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Constitution of Pimpri-Chi​nchwad-Aku​rdi Chapter of Cost Accountant​s Posted: 05 Apr 2011 07:43 AM PDT April 4, 2011- NOTIFICATION- In pursuance of Regulation 146 of the Cost and Works Accountants Regulations, 1959, the Council of ICWAI at its 267th meeting held on 25thFebruary, 2011 by virtue of power conferred therein has constituted the following... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Fixation of Fee for Foreign students registered for pursuing ICWAI courses Posted: 05 Apr 2011 07:40 AM PDT Students intending to pursue ICWAI Courses, having their domicile outside India, for the purpose of employment or otherwise, shall be charged fees as per Annexure I. Henceforth, fees received from Foreign students, in INR (Indian Rupees), shall not... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income-tax – Instructions regarding Standard Operating Procedure on filing of Appeals/Special Leave Petitions (SLPs) by the Income Tax Department in the Supreme Court and related matters Posted: 05 Apr 2011 07:10 AM PDT INSTRUCTION NO. 4/2011 [F. NO. 279/MISC./M-20/2011-ITJ], DATED 9-3-2011 - Several instructions and directions have been issued by the CBDT from time to time emphasizing upon the need for timely filing of appeals/SLPs in the Supreme Court and proper... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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