Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sun, Apr 17, 2011 at 9:51 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• India among world's top 7 economies under G-20 scanner
• Remedial measures to mitigate difficulties faced in e-filing of Service Tax returns
• Victim of reinterpretation of established tax laws – Vodafone
• Reassessment — Full and true disclosure of all material facts by the assessee renders the reopening of assessment after expiry of four years not sustainable
• Business expenditure — Entitlement provided to assessee for deduction of lease rentals on windmills used for purpose of business
• FBI charges three internet poker firms with fraud
• India's forex reserves increase by $2.71 bn to $308.2 bn
• 'Tax headquarter building to be ready in 24-30 months'
• Promotions of Additional Commissioner / Additional Director of Income-tax
• Banking – Section 21 of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 – Central Registry – Central Registrar – Appointment of Central Registrar for purpose of registration of transactions relating to securitisation, reconstruction of financial assets and security interest created over properties
• Banking – Section 21 of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 – Central Registry – Central Registrar – Notified place at which Central Registry is established
• Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011

India among world's top 7 economies under G-20 scanner Posted: 16 Apr 2011 08:20 AM PDT The G-20 on Friday announced that International Monetary Fund (IMF) would review policies of the world's seven largest economies, including India and China , with the objective of rectifying flaws before they imperil growth. The US, Japan, Germany,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Remedial measures to mitigate difficulties faced in e-filing of Service Tax returns Posted: 16 Apr 2011 04:04 AM PDT A Service Desk has been set up with a national toll-free number 1800 425 4251 which can be accessed by taxpayer between 9AM to 5PM on all working days (Monday to Friday). Besides they can send e-mails (24×7) at e-mail ID... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Victim of reinterpretation of established tax laws – Vodafone Posted: 16 Apr 2011 03:51 AM PDT Facing tax liability and penalty of around Rs 9,000 crore, Vodafone today accused the Indian tax authorities of interpreting the law in a new way and said there was no example of such taxes being imposed on overseas share transfer like the way it is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reassessment — Full and true disclosure of all material facts by the assessee renders the reopening of assessment after expiry of four years not sustainable Posted: 16 Apr 2011 12:55 AM PDT Jayant Agro Chemicals Ltd v ITO and Others - As per the proviso to s 147 of the Act, the assessment can be reopened beyond four years from the end of the relevant assessment year, only if there is failure on the part of the assessee to disclose... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Business expenditure — Entitlement provided to assessee for deduction of lease rentals on windmills used for purpose of business Posted: 16 Apr 2011 12:49 AM PDT Addl. CIT v Weizmann Ltd. ITAT, Mumbai * As long as the assessee has sufficient interest free funds, the presumption to be taken is that the investments are made out of such interest free funds. Mere fact of allowing interest free advance at a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FBI charges three internet poker firms with fraud Posted: 16 Apr 2011 12:00 AM PDT Founders of the US' three largest internet poker companies are among 11 people charged by FBI with bank fraud, money laundering and gambling offences that resulted in billions of dollars in illegal profits. The FBI has indicted founders of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India's forex reserves increase by $2.71 bn to $308.2 bn Posted: 15 Apr 2011 11:36 PM PDT India's foreign exchange reserves rose by $2.71 billion to $308.2 billion on the back of an increase in foreign currency assets. The reserves had stood at $305.5-billion the week before. Foreign currency assets, the biggest component of the foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

'Tax headquarter building to be ready in 24-30 months' Posted: 15 Apr 2011 11:15 PM PDT Rajaswa Bhawan, the proposed national tax headquarters being set up on 5.65 acre-plot at Kasturba Gandhi Marg here, is likely to be ready in the next 24-30 months, Finance Minister Pranab Mukherjee said today. "I hope we will stick to the schedule,"... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Promotions of Additional Commissioner / Additional Director of Income-tax Posted: 15 Apr 2011 10:29 PM PDT Vide Order No. 67 of 2011 dated 16.04.2011 issued by the CBDT, officers in the grade of Additional Commissioner / Additional Director of Income-tax have been promoted to the grade of Commissioner of Income-tax. Promotion from Addl.Commissioner Of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banking – Section 21 of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 – Central Registry – Central Registrar – Appointment of Central Registrar for purpose of registration of transactions relating to securitisation, reconstruction of financial assets and security interest created over properties Posted: 15 Apr 2011 10:00 PM PDT NOTIFICATION NO. GSR 278(E), DATED 31-3-2011 - In exercise of the powers conferred under sub-section (1) of section 21 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, the Central... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banking – Section 21 of the Securitisation and Reconstruction of Financial Assets & Enforcement of Security Interest Act, 2002 – Central Registry – Central Registrar – Notified place at which Central Registry is established Posted: 15 Apr 2011 09:50 PM PDT The Central Government hereby, entrusts the operations and administration of the Central Registry and the Maintenance of the Central Register to a Government Company licensed under section 25 of the Companies Act, 1956, namely, the Central Registry... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011 Posted: 15 Apr 2011 09:30 PM PDT NOTIFICATION NO. G.S.R. 276(E), DATED 31-3-2011 These rules may be called the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (Central Registry) Rules, 2011. 2) They shall come into force on the date of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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