Fwd: TaxGuru : “Despite Less than 30 day Holding, Share Gain is Short Term Capital Gain (STCG) and not Business Profit” plus 24 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Jul 15, 2011 at 9:38 AM
Subject: TaxGuru : "Despite Less than 30 day Holding, Share Gain is Short Term Capital Gain (STCG) and not Business Profit" plus 24 more
To: palashbiswaskl@gmail.com

TaxGuru : "Despite Less than 30 day Holding, Share Gain is Short Term Capital Gain (STCG) and not Business Profit" plus 24 more

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• Despite Less than 30 day Holding, Share Gain is Short Term Capital Gain (STCG) and not Business Profit
• Government Together With RBI to Take all Appropriate Steps to Reduce Inflation to a Comfortable Level – FM
• It's Time to File Your Tax Returns Now
• Draft Public Companies (Terms of Issue of debenture and of raising of loans with option to convert such debentures or loans in to shares) Rules, 2011
• Company Law – S. 397/398 -CLB Granting Injunctions Preventing AGMs ETC.?
• A bank is bound to inform the consumer well in advance before blocking his credit card, a district consumer forum has held while directing the ICICI bank to pay a compensation of Rs 50,000 to its client for not doing so and putting him in an embarrassing situation. A District Consumer Disputes Redressal Forum bench presided by V K Gupta held ICICI bank guilty of deficiency in service and also criticised the private bank for misbehaviour of its staff with the consumer. "The bank was bound to inform the consumer much before blocking the card in question so that he might save himself from humiliation at the hands of the vendor from where he wanted to purchase using his credit card. This is sheer deficiency on the part of ICICI bank," the bench said. "It may also be stated here that it was very wrong on the part of banking officer to use rude, rough and uncivilised behaviour which also constitutes deficiency in service," it said. The order came on a complaint filed by Delhi resident G L Aggarwal saying he had an ICICI bank credit card against which an "immediate" bill of Rs 2,065 was raised by the bank. On enquiry from the bank's customer care service, he was informed that the word "immediate" was wrongly printed but he still made the payment through a cheque, he told the forum. However, when he tried to make payment at a petrol pump it was rejected by the swiping machine indicating that the card was blocked. He further told the forum that on contacting the customer care, the banking officer used derogatory language. The bank in its reply to the complaint denied the allegations stating that the cheque deposited by the complainant did not mention the 16 digit credit card number due to which the card was blocked. The forum, however, rejected the bank's arguments saying in any case the bank was bound to inform the consumer before blocking the card. It noted that the bank had put the consumer in an embarrassing situation which caused him mental agony and harassment and awarded a compensation of Rs 50,000 to the complainant. "The bank shall immediately activate the blocked card of the complainant. It shall also pay Rs 50,000 as compensation for mental agony, harassment and suffering inclusive of litigation charges," the consumer forum said.
• The AO is bound to furnish the reasons for the issuance of the notice under s 148 within a reasonable time so that the assessee can file objections to the issuance of the notice
• Recording of satisfaction by the AO is sine qua non before the issuance of notice under s 153C
• Tax sops withdrawal from SEZs to impact exports – Assocham
• Transfers and Postings of Commissioners / Directors of Income-tax – Order No 119 of 2011
• Amends Notification No.21/2002-Customs, dated the 1st March, 2002 vide Notification No. 59/2011-Customs
• SARFAESI – Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003
• SARFAESI – Notification on Change in or Take Over of the Management of the Business of the Borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank)
• SARFAESI – RBI's Master Circular dated 1-7-2011 on Directions/instructions issued to the Securitisation Companies/Reconstruction Companies
• ection 120(1) and (2) of the Income-tax Act, 1961 – Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 31-7-2001
• NBFCs – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977
• Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007
• RBI's Master Circular dated 1-7-2011 on Opening of Branch-Subsidiary-Joint Venture-Representative office or Undertaking Investment Abroad by NBFCs
• RBI's Master Circular dated 1-7-2011 on Mortgage Guarantee Companies Investment (Reserve Bank) Directions, 2008
• NBFCs – RBI's Master Circular dated 1-7-2011 on Exemptions from the provisions of RBI Act, 1934
• NBFCs – RBI's Master Circular dated 1-7-2011 on Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998
• NBFCs : RBI's Master Circular dated 1-7-2011 on 'Know Your Customer' (KYC) Guidelines
• NBFCs – RBI's Master Circular dated 1-7-2011 on Mortgage Guarantee Companies Prudential Norms (Reserve Bank) Directions, 2008
• NBFCs – RBI's Master Circular dated 1-7-2011 on Miscellaneous Instructions to NBFC-ND-SI
• SARFAESI – The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003

Despite Less than 30 day Holding, Share Gain is Short Term Capital Gain (STCG) and not Business Profit Posted: 14 Jul 2011 07:09 PM PDT Hitesh Satishchandra Doshi vs. JCIT (ITAT Mumbai) - When the assessee has treated the investment transaction in the books of account, which includes the long term capital gains as well as short term capital gains, then after accepting the long term... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Together With RBI to Take all Appropriate Steps to Reduce Inflation to a Comfortable Level – FM Posted: 14 Jul 2011 06:05 PM PDT Union Finance Minister Shri Pranab Mukherjee said that inflation figures reported for the month of June 2011 continues to be matter of concern. The Finance Minister said that we are monitoring the price situation closely. He said that Government is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

It's Time to File Your Tax Returns Now Posted: 14 Jul 2011 05:51 PM PDT July is the month of the year which provides us lots of rains after dry hot days, when freshness and life retunes to schools and college, when mangos are in plenty and there is happiness all around. July is also the month when one has to file his or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Draft Public Companies (Terms of Issue of debenture and of raising of loans with option to convert such debentures or loans in to shares) Rules, 2011 Posted: 14 Jul 2011 05:45 PM PDT To simplify the procedure for converting debentures or loans into shares, MCA is considering to revise the Public Companies (Terms of Issue of debenture and of raising of loans with option to convert such debentures or loans into shares) Rules, 1977... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Company Law – S. 397/398 -CLB Granting Injunctions Preventing AGMs ETC.? Posted: 14 Jul 2011 05:34 PM PDT There were judgments on section 397/398 of the Companies Act, 1956 relying on technicalities even at the final stage. Now, in my opinion, technicalities are ignored and the substance is keenly noted in a petition under section 397/398 of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A bank is bound to inform the consumer well in advance before blocking his credit card, a district consumer forum has held while directing the ICICI bank to pay a compensation of Rs 50,000 to its client for not doing so and putting him in an embarrassing situation. A District Consumer Disputes Redressal Forum bench presided by V K Gupta held ICICI bank guilty of deficiency in service and also criticised the private bank for misbehaviour of its staff with the consumer. "The bank was bound to inform the consumer much before blocking the card in question so that he might save himself from humiliation at the hands of the vendor from where he wanted to purchase using his credit card. This is sheer deficiency on the part of ICICI bank," the bench said. "It may also be stated here that it was very wrong on the part of banking officer to use rude, rough and uncivilised behaviour which also constitutes deficiency in service," it said. The order came on a complaint filed by Delhi resident G L Aggarwal saying he had an ICICI bank credit card against which an "immediate" bill of Rs 2,065 was raised by the bank. On enquiry from the bank's customer care service, he was informed that the word "immediate" was wrongly printed but he still made the payment through a cheque, he told the forum. However, when he tried to make payment at a petrol pump it was rejected by the swiping machine indicating that the card was blocked. He further told the forum that on contacting the customer care, the banking officer used derogatory language. The bank in its reply to the complaint denied the allegations stating that the cheque deposited by the complainant did not mention the 16 digit credit card number due to which the card was blocked. The forum, however, rejected the bank's arguments saying in any case the bank was bound to inform the consumer before blocking the card. It noted that the bank had put the consumer in an embarrassing situation which caused him mental agony and harassment and awarded a compensation of Rs 50,000 to the complainant. "The bank shall immediately activate the blocked card of the complainant. It shall also pay Rs 50,000 as compensation for mental agony, harassment and suffering inclusive of litigation charges," the consumer forum said. Posted: 14 Jul 2011 05:05 PM PDT A bank is bound to inform the consumer well in advance before blocking his credit card, a district consumer forum has held while directing the ICICI bank to pay a compensation of Rs 50,000 to its client for not doing so and putting him in an... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The AO is bound to furnish the reasons for the issuance of the notice under s 148 within a reasonable time so that the assessee can file objections to the issuance of the notice Posted: 14 Jul 2011 04:26 PM PDT Navelkar Estates Developers v CIT and ITO (Mumbai HC) The main contention of Shri V. R. Tamba, learned Counsel appearing for the Petitioner is that the reasons have not been furnished to the Petitioner/Assessee for issuing notice under section 148... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Recording of satisfaction by the AO is sine qua non before the issuance of notice under s 153C Posted: 14 Jul 2011 04:20 PM PDT The provisions of section 153C are analogous to section 158BD and, therefore, decisions rendered with reference to the provisions of section 158BD would apply with reference to the cases falling u/s 153C unless the context requires otherwise. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tax sops withdrawal from SEZs to impact exports – Assocham Posted: 14 Jul 2011 03:30 PM PDT Withdrawal of tax benefits from special economic zones (SEZs) would adversely impact India's exports and economic sentiments, Assocham today said. Developers have invested huge money in SEZs. If tax benefits are not given, there will be adverse... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfers and Postings of Commissioners / Directors of Income-tax – Order No 119 of 2011 Posted: 14 Jul 2011 10:08 AM PDT Vide Order No 119 of 2011 dated 14.7.2011 the CBDT has transferred and posted Commissioners / Directors of Income-tax with immediate effect. Download the Order [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No.21/2002-Customs, dated the 1st March, 2002 vide Notification No. 59/2011-Customs Posted: 14 Jul 2011 07:36 AM PDT Notification No. 59/2011-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SARFAESI – Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003 Posted: 14 Jul 2011 07:33 AM PDT Notification No. DNBS.2/CGM(CSM)-2003, dated 23-4-2003 updated as on 30-6-2011 The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Reserve Bank to regulate the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SARFAESI – Notification on Change in or Take Over of the Management of the Business of the Borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank) Posted: 14 Jul 2011 07:27 AM PDT Notification DNBS/PD (SC/RC) No. 7/CGM (ASR)/2010, dated 21-4-2010 updated as on 30-6-2011 In view of announcement in the Monetary Policy Statement, the Reserve Bank of India hereby notifies these guidelines, framed under section 9(a) of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SARFAESI – RBI's Master Circular dated 1-7-2011 on Directions/instructions issued to the Securitisation Companies/Reconstruction Companies Posted: 14 Jul 2011 07:26 AM PDT CIRCULAR NO. DNBS (PD) CC. NO. 27/SCRC/26.03.001/2011-2012 As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India issues updated circulars/notifications. A gist of circulars issued by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ection 120(1) and (2) of the Income-tax Act, 1961 – Income-tax authorities – Jurisdiction of – Amendment in Notification No. S.O. 732(E), dated 31-7-2001 Posted: 14 Jul 2011 07:17 AM PDT NOTIFICATION NO. 38/2011 - INCOME TAX [F.NO. 189/2/2011-ITA.I], DATED 12-7-2011 In exercise of the powers conferred by sub-sections (1) and (2) of section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977 Posted: 14 Jul 2011 07:13 AM PDT NBFCs - Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977 These directions shall be known as the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977. They shall come into force with effect from the 1st July, 1977... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 Posted: 14 Jul 2011 07:07 AM PDT NOTIFICATION NO. DNBS. 193 DG(VL)-2007, DATED 22-2-2007 UPDATED AS ON 30-6-2011 These Directions shall be known as the 'Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007'. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on Opening of Branch-Subsidiary-Joint Venture-Representative office or Undertaking Investment Abroad by NBFCs Posted: 14 Jul 2011 07:01 AM PDT CIRCULAR NO. DNBS (PD) CC NO. 238/03.02.001/2011-12 No NBFC shall open subsidiaries/joint ventures/representative office abroad or shall make investment in any foreign entities without obtaining prior approval in writing from the Reserve Bank of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on Mortgage Guarantee Companies Investment (Reserve Bank) Directions, 2008 Posted: 14 Jul 2011 06:57 AM PDT CIRCULAR NO. DNBS (PD-MGC) C.C. NO.10/23.11.01/2011-12 The provisions of these directions shall apply to every Mortgage Guarantee Company which has been granted Certificate of Registration by the Reserve Bank of India. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs – RBI's Master Circular dated 1-7-2011 on Exemptions from the provisions of RBI Act, 1934 Posted: 14 Jul 2011 06:53 AM PDT CIRCULAR NO. DNBS.PD.CC.NO.228/03.02.004/2011-12 As you are aware, in order to have all current instructions on the subject at one place, the Reserve Bank of India had issued a Master Circular No. 148 on the captioned subject, which is now updated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs – RBI's Master Circular dated 1-7-2011 on Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998 Posted: 14 Jul 2011 06:49 AM PDT CIRCULAR NO. DNBS (PD) CC NO. 223/03.02.001/2011-12 The Reserve Bank of India having considered it necessary in the public interest and being satisfied that for the purpose of enabling the Bank to regulate the credit system to the advantage of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs : RBI's Master Circular dated 1-7-2011 on 'Know Your Customer' (KYC) Guidelines Posted: 14 Jul 2011 06:36 AM PDT CIRCULAR NO. DNBS (PD) CC NO. 231/03.10.42/ 2011-12 The 'Know Your Customer' guidelines were issued in February 2005 revisiting the earlier guidelines issued in January 2004 in the context of the Recommendations made by the Financial Action Task... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs – RBI's Master Circular dated 1-7-2011 on Mortgage Guarantee Companies Prudential Norms (Reserve Bank) Directions, 2008 Posted: 14 Jul 2011 04:08 AM PDT CIRCULAR NO. DNBS (PD-MGC) C.C. NO. 9/23.11.01/2011-12 The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Bank to regulate the credit system to the advantage of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs – RBI's Master Circular dated 1-7-2011 on Miscellaneous Instructions to NBFC-ND-SI Posted: 14 Jul 2011 04:02 AM PDT CIRCULAR NO. DNBS (PD) CC NO. 235/03.10.001/2011-12 Financial Regulation of Systemically Important NBFCs and Banks' Relationship with them - The Reserve Bank of India had set up an Internal Group to examine the issues relating to level playing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SARFAESI – The Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003 Posted: 13 Jul 2011 09:28 PM PDT Notification DNBS(PD-SC/RC) NO. 7/CGM (ASR)/-2010, dated 21-4-2010 The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Reserve Bank to regulate the financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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