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Jul 14, 2009

UPDATES FROM TAX GURU 15.07.2009

UPDATES FROM TAX GURU



CBI arrests DGFT official for accepting bribe of Rs 3000


The CBI today arrested an Assistant Director working in Directorate General of Foreign Trade (DGFT) at Ludhiana for demanding and accepting a bribe of Rs. 3000/- from the complainant for processing his files relating to Duty Entitlement Pass Book...


ICAI Act needs amendments to become a more powerful body


Corporate Affairs Minister Salman Khurshid today agreed that the ICAI Act needs some amendments to become a more powerful body post the Satyam scam. "I can see that some amendments (in ICAI Act) are called for but we would like to see what...


Commissioner can regard an order as erroneous on the ground that the AO should have made further enquiries


SUMMARY OF CASE LAW The Commissioner can regard an order as erroneous on the ground that in the circumstances of the case the Assessing Officer (AO) should have made further enquiries before accepting the statements made by the assessee in his...


Tribunal can set aside the order of CIT Appeal only after considering the evidence and material on record


SUMMARY OF CASE LAW No doubt it is well within the power of the Tribunal to set aside the order of the Commissioner (Appeals) for fresh adjudication in accordance with the provision; such order can be made when the Tribunal, after considering the...


Sum due u/s 434 of the Companies Act, must mean what has fructified and can not merely be a contingent liability or deferred payment


SUMMARY OF CASE LAW The "sum due" as referred to under section 434 of the Companies Act, 1956 must mean what has fructified and can not merely be a contingent liability or deferred payment; if the liability has not fructified within....


Gratuity payment under the Payment of Gratuity Act, 1972 or otherwise exempt to the extent covered under the Income Tax Act


SUMMARY OF CASE LAW The Income-tax Act exempts the gratuity amount to the extent of limit prescribed under the said Act; there is no distinction between the gratuity paid under the Payment of Gratuity Act, 1972 or otherwise CASE LAW...


Mere citing of Law laid down by SC before tribunal and non application of same cannot be said mistake apparent from the record


SUMMARY OF CASE LAW If the Tribunal has wrongly applied the law laid by the Supreme Court in a given case, it could be said that there is a mistake apparent from the record in the order of the Tribunal; but, the mere citing of the law laid down by...


Services covered under BAS can not be classified as C&F Agent Service


SUMMARY OF CASE LAW The activity of marketing agents was brought under the tax net with effect from 1-7-03 when BAS was introduced; same services could not be classifiable under C&F Agent Service for any previous period as the scope of C&F...


Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider


SUMMARY OF CASE LAW Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider; once it is found that Cenvat credit was irregularly availed by the assessee and by implication to that extent the...


No VDIS for tax evaders : Finance Minister


Government has no plans to bring a new amnesty scheme for tax evaders and wants to amend the Indo-Mauritius tax treaty to curb its abuse by companies, the Rajya Sabha was informed on Tuesday. VDS schemes in the past offered amnesty to people...


With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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UPDATES FROM TAXGURU