Empanelment for preparation of manual on financial management of AIIMS Posted: 19 Mar 2010 09:04 PM PDT Notice:- Inviting applications from CA/ CA firms for empanelment as Consultant for preparation of manual on financial management of AIIMS compatible with IT- enabled accounting, material management, inventory control and financial oversights etc. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Netting of Interest receipt not allowed for Calculating deduction u/s. 80HHC: Bombay HC Posted: 19 Mar 2010 08:33 PM PDT Explanation (baa) to s. 80HHC provides that 90% of interest, rent etc has to be reduced from the "Profits & gains" for purposes of s. 80HHC. In Lalsons Enterprises 89 ITD 25, the Special Bench of the Tribunal held that in computing the said... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Loud protest over increase in vat by one percent on 90 Commodities in Maharashtra Posted: 19 Mar 2010 08:20 PM PDT The Opposition alleged that notification seeks to increase VAT on sugar and cloth material, while the items are covered under Central VAT Act. The Maharashtra Government's notification to increase value added tax (VAT) by one per cent on 90... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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RBI may issue guidelines on new banking licences in about three months Posted: 19 Mar 2010 08:08 PM PDT The Reserve Bank of India today said it may come out with guidelines on new banking licences in about three months. "It (framework on new banking licences) may take three months. It all depends on what are the situations and complexities of issues,"... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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CA student misused stamps of Chartered Accountants Posted: 19 Mar 2010 08:04 PM PDT In the wake of a chartered accountancy student's arrest last week for allegedly forging documents using a CA's stamps and seals, the Pune branch of the Institute of Chartered Accountants of India (ICAI), now suspects the accused may have misused... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Government looking to induct strategic partner in Maytas Properties Posted: 19 Mar 2010 07:52 PM PDT Minister for corporate affairs Salman Khurshid on Thurday said that the government is looking at the possibility of inducting a strategic partner in Maytas Properties, the company promoted by the kins of B Ramalinga Raju, founder of the former... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Sub-Letting or allowing others to stay may attract eviction Posted: 19 Mar 2010 09:47 AM PDT Allowing your brother or kin to stay in your tenanted flat while you stay elsewhere may cost you your tenancy and get you evicted on grounds of sub-letting. This is what the Bombay high court held recently in a case that was fought for over 30 years. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Income tax department unearthed unaccounted Income of around 200 crore Posted: 19 Mar 2010 09:42 AM PDT About Rs 200 crore of unaccounted income has been detected in the past week in surveys conducted by the income tax authorities in Ahmedabad and Surat, an official said Tuesday. Two builders of Ahmedabad disclosed unaccounted income of Rs 100 crore... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Ancestral family property can be 'gifted' away : Bombay HC Posted: 19 Mar 2010 09:36 AM PDT he Bombay High Court ruled on Wednesday that no part of an ancestral family property can be 'gifted' away. The court in a landmark order while resolving the dispute over a 69-year-old gift deed declared as void the document dating back to 1941,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Reassessment – no new material or information – not allowed Posted: 19 Mar 2010 09:32 AM PDT The only reason which has been given seeking reopening of the assessment for the years 1997-98 and 1998-99 is that suppression of sales have taken place on account of the fact that when average price of the closing stock is multiplied with the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Penalty- additions accepted does not necessarily attract penalty Posted: 19 Mar 2010 09:28 AM PDT It is a settled principle that the power of levying penalty or not is discretionary and not mandatory. The law requires that whenever the AO is to exercise his discretion then it is the AO alone who is to exercise that discretion and the appellate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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CIT empowered to Cancel Registration of Trust: Budget 2010 Posted: 19 Mar 2010 08:03 AM PDT Registration of trust was governed by Section 12A of the Act prior to the introduction of Section - 12AA vide Finance Act, 2007. Section – 12AA(3) empowers the commissioner to cancel the registration of trust, if the registration is granted u/s.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Charitable Organisations having object of general public utilitiy: Budget 2010 Posted: 19 Mar 2010 07:45 AM PDT Organisations which are existing for charitable purpose are entitled to seek exemption from the tax liabilities under the Act. However, the institutions which were engaged in charitable activities other than relief to poor, education, medical... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Deduction for Medical Insurance under section 80 D in respect of contribution to Central Government's health scheme: Budget 2010 Posted: 19 Mar 2010 07:43 AM PDT Under the existing section 80D, deduction upto a sum of Rs. 15,000 on premium paid for insurance on the health (Mediclaim) of the assessee and his family. A further deduction of Rs. 15,000 is admissible if the medical insurance is taken for parents... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Budget 2010: Insertion of a new Deduction for investment in Long Term Infra-structure Bonds – section 80CCF Posted: 19 Mar 2010 07:40 AM PDT Under the existing provisions, there is a limit of Rs.1,00,000 u/s. 80CCCE which is for specific deductions in computing the total income under section 80C, 80CCC & 80CCD; a new section has been inserted for granting deduction to individual or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Will rights issues be more favoured to QIPs in 2010? Posted: 19 Mar 2010 07:32 AM PDT Rights Issues (RIs) were out of favour with corporate India in 2009. Reason for such situation was due to depressed sentiments in the capital market. In 2008 ,companies raised Rs 29,786 Cr through RIs which reduced in 2009 to Rs 2,525 Cr .... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Transfer of shares to Partnerships and Closely Held Companies to attract the provisions of section 56(2) in the hands of the recipient: Budget 2010 Posted: 19 Mar 2010 03:46 AM PDT Hitherto, only transfer of property to individuals and HUFs were only covered by the provisions of section 56 (2), whereas the recipient firms, companies, etc. were excluded from taxation. By proposed amendment, it is sought to tax the firms and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Income Tax on transfer of property without consideration or for inadequate consideration: Budget 2010 Posted: 19 Mar 2010 03:44 AM PDT With effect from A.Y. 2005-06, a concept of levying income-tax on the gifts received by an individual or HUF was introduced in Section 56 (2) of the Act. This was done to combat certain misuse of the provisions where the gift was received from a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Maharashtra VAT notification enhancing the basic rate of tax Posted: 19 Mar 2010 03:38 AM PDT Further, the State Government has issued a corrigendum to the above notification and a circular to clarify that fabrics and sugar, as described in the First Schedule to the Additional Duties of Excise (Goods of Special Importance) Act, 1957, which... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Employers to obtain Certificate of Registration under the Profession Tax Act,1975, Payment of Profession Tax of employees Posted: 19 Mar 2010 03:25 AM PDT As per the provisions of section 5 read with section 4 of the Maharashtra State Tax on Profession, Trade, Callings and Employments Act, 1975 (Profession Tax Act), every employer having employees on his establishment, whose salary (including all... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Any clause in any agreement/ Article of Association restricting free transferability of shares of public companies is void and non- enforceable Posted: 19 Mar 2010 02:49 AM PDT Western Maharashtra Development Corpn. Ltd vs. Bajaj Auto Limited [MANU/MH/0109/ 2010]. In a decision, which is likely to have a wide impact on joint ventures/investment in public companies, the Bombay High Court ("Court") has recently held that any... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Big Lehman Brothers Troubles For Ernst & Young Posted: 19 Mar 2010 02:39 AM PDT Ernst & Young, the audit firm, had a long and lucrative relationship with Richard Fuld and Lehman Brothers. Lehman Brothers has paid EY more than $160 million in audit and other fees since fiscal year 2001. Although this isn't nearly as much as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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China: Shifting Concentration of (Real) Wealth Posted: 19 Mar 2010 02:26 AM PDT At the end I would like to conclude the series with this note that all these analysis of the education system was not to criticize but to bring forth the true portrait being painted by the world and China alone in the coming decades. We must... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Amendment of para 2.59 relating to procedure for import under the Tariff Rate Quota Scheme and para 2.59.1 relating to eligible entities for allocation of quota of HBP Vol.I, 2009-2014 Posted: 19 Mar 2010 01:53 AM PDT Attention is invited to Government of India, Ministry of Finance (Department of Revenue), Notification No. 21/2002-Customs dated 01.03 2002 and Notification No. 33/2010-Customs dated 12.03.2010. As per these, import of four items viz., (1) Skimmed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Import of Ships (Vessels) & other moveable capital goods etc. if imported under SFIS Scheme of FTP and their installation, clarification thereof Posted: 19 Mar 2010 01:44 AM PDT Attention is invited to SFIS Scheme under the FTP 2004-09 & current FTP 2009-14. Trade and Industry has represented that some Customs Authorities are seeking 'Installation Certificate' from the ship owners, and since the import item is a Ship... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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US Sanctions Satyams Indian Auditors Posted: 19 Mar 2010 01:33 AM PDT New York: The US accounting watchdog has imposed sanctions against two Indian auditors who were affiliated with PricewaterhouseCoopers after they failed to detect at multi-year fraud at Indian technology services company Satyam Computer Services Ltd. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Maharashtra Government undecided on levying entertainment tax on IPL Posted: 19 Mar 2010 01:29 AM PDT The Maharashtra Government has not taken a final decision on levying entertainment tax on the IPL, said the Chief Minister, Mr Ashok Chavan, on Wednesday while addressing the media on the eve of budget session. When it was pointed out that the State... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Assocham demanded withdrawal of proposed service tax on real estate developers at the time of construction Posted: 19 Mar 2010 01:01 AM PDT Industry body Assocham has asked the government to roll back the service tax proposed on real estate developers at the time of construction, as it would increase the tax burden on home buyers and impact the recovery of the sector. The government, in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Service tax relief likely for Airline Industry Posted: 19 Mar 2010 12:56 AM PDT With airlines lobbying hard against the proposal to bring air travel under the service tax net in Budget 2010-11, the government may provide some relief to the sector hit badly by a global slowdown. The finance ministry is likely to specify a small... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Sc stays CBI investigation in multi-crore foreign exchange losses to customers on derivative products sold by the banks Posted: 19 Mar 2010 12:54 AM PDT The Supreme Court today stayed the Orissa High Court order for a Central Bureau of Investigation (CBI) probe into the alleged Rs 25 lakh crore derivatives scam. A Bench headed by Chief Justice KG Balakrishnan issued notices to the parties involved... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Banks located in non-processing zone of SEZs are not offshore banking unit and not eligible for tax benefits Posted: 19 Mar 2010 12:45 AM PDT In an effort to prevent misuse of the tax benefits provided to special economic zones (SEZ) and increase clarity to the policy, commercial banks and their ATM units that are located within the non-processing zone of the SEZs would not be granted the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Penalty of Rs. One Lakh on Excise officer for recovery during stay period Posted: 19 Mar 2010 12:35 AM PDT In the case of M/s Galaxy Indo Fab. Limited Vs. Union of India and others since the appeal could not be decided within a period of 180 days, the M/s Galaxy Indo Fab. Limited (petitioner) moved a miscellaneous application for extension of the stay... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Acceptance of PAN applications – certificates from Oath commissioner / Notary Public Posted: 18 Mar 2010 11:52 PM PDT Attention of all TIN-Facilitation Centers (TIN-FCs) is hereby invited to the procedure prescribed for accepting PAN applications. As you are aware, the documents to be accepted as Proof of Identity (POI) and Proof of Address (POA) have been... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Mandatory Online payment of stamp duty for formation of company from 1st April 2010 Posted: 18 Mar 2010 11:46 PM PDT All stakeholders are hereby informed that the provisions regarding stamp duty payment on Form No. 1, Memorandum of Association, Articles of Association, Form No. 5 and Form No. 44 electronically, at the time of their e-filing through MCA portal... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Master Circular on Oversight of Members (Stock Brokers/Trading Members/Clearing Members of any Segment of Stock Exchanges and Clearing Corporations) Posted: 18 Mar 2010 11:32 PM PDT This master circular consolidates and updates the requirements/obligations with regard to oversight of members (Inspection by Stock Exchanges/Clearing Corporations, Internal Audit and Default) prescribed by the following circulars: [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Corrigendum to MVAT notification No. VAT.1510/ CR.47 taxation-1, dated 10th March 2010 Posted: 18 Mar 2010 11:15 PM PDT "101 (a) Fabrics and Sugar as defined from time to time, in section 14 of the Central Sales Tax Act, 1956 ; 5%." (b) Varieties of Textile and Textile Articles; 4% [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Unless there is money borrowed or debt incurred, provisions of TDS u/s. 194A are not attracted Posted: 15 Mar 2010 05:50 PM PDT A bare reading of s. 2(28A) would reveal that interest is payable in respect of \'moneys borrowed\' or \'debt incurred\'. It, of course, would include a deposit, claim or other similar right or application of any service fee or other charges in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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MVAT – Amendment to Rate Schedule in "A" & "C" Posted: 15 Mar 2010 05:48 PM PDT in Schedule-A, in entry 45, in column, (2) for the words, figures and brackets " the Additional Duties of Excise (Goods of Special Importance) Act, 1957 (58 of 1957)", the words, figures and brackets "the Additional Duties of Excise (Goods of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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FDI in sensitive sector under automatic approval route may be under post-investment surveillance Posted: 15 Mar 2010 10:19 AM PDT The Committee of Secretaries (CoS) set up to formulate changes in the foreign direct investment (FDI) policy in sensitive sectors that are now under the automatic approval route has added a rider subjecting them to post-investment surveillance. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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BJP may recourse to legal action if government decides not to impose Entertainment tax on IPL Posted: 15 Mar 2010 10:15 AM PDT BJP today said it would take legal action, if the state government fails to implement a cabinet decision to impose entertainment tax on the Indian Premier League(IPL) matches here. Finance minister Sunil Tatkare's recent announcement that there will... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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CBEC instructed DGFT to strictly monitor Export- Import (Exim) licence norms Posted: 15 Mar 2010 10:11 AM PDT Norms for issuing export licences should be tightened, the Central Board of Excise and Customs (CBEC) has told the Directorate-General of Foreign Trade (DGFT). The directive is believed to have come immediately after a probe by the Directorate of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Validity of s. 147 reopening has to be determined on the basis of law prevailing on date of issue of s. 148 notice and not on retrospectively amended law Posted: 15 Mar 2010 09:59 AM PDT In respect of AY 2004-05, the assessee computed its book profits u/s 115JB by claiming a deduction for provision for doubtful debts and advances and the same was allowed vide order u/s 143 (3). On 18.7.2008 (within 4 years), the AO issued a notice... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Minister of state of Corporate Affair addresses members of CA profession Posted: 15 Mar 2010 09:57 AM PDT The Institute of Chartered Accountants of India (ICAI) organized a special address for its members on March 12, 2010 at Vigyan Bhawan, New Delhi. It was for the first time that the Hon'ble Minister of State (Independent Charge) of Corporate Affairs,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Role of QIBs in capital issues – preview of current scenario Posted: 15 Mar 2010 09:43 AM PDT On 5th March,2010, SEBI announced that it would be mandatory for `Qualified Institutional Buyers' (QIBs) to put in 100 per cent of the application money towards subscription of shares in capital issues through offers. This would come into force... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Bharti Auditor given it clean chit on payment of licence fees and spectrum charges Posted: 15 Mar 2010 02:34 AM PDT Bharti Airtel on Sunday welcomed the findings of the government-appointed special auditor and said the audit showed that the licence fees and spectrum charges paid by the company conform to the licence conditions and rulings of the regulator. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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ICAI ask for role in probes undertaken by CBI or SFIO related to financial irregularities or corporate scams Posted: 15 Mar 2010 02:29 AM PDT The CA institute is keen on having a role in the probes undertaken by the Central Bureau of Investigation (CBI) or Serious Frauds Investigation Office (SFIO) on any financial irregularities or corporate scams. The audit profession regulator will... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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ICSI released 10 secretarial standards, two been included in new companies' bill Posted: 15 Mar 2010 02:23 AM PDT In order to have uniformity in the practices adopted by different companies, the Institute of Company Secretaries of India (ICSI) has released 10 secretarial standards, recommending the Government to make them mandatory for all companies, a to p... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Two of ICSI secretarial standards recommendations been incorporated in new Companies Bill Posted: 15 Mar 2010 02:20 AM PDT The Institute of Company Secretaries of India (ICSI) has said that two of its secretarial standards recommendations have been incorporated in the new Companies Bill and it expects more to be considered before finalisation. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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China: Shifting Concentration of Wealth Posted: 15 Mar 2010 02:13 AM PDT Inflation of china and the asset bubbles in every corner of china is now a matter of concern for the world economy. They are afraid that if the bubble goes for burst out then the nights of recession will be longer. Economist and every financial... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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Tax liability of company who have no PE in India and remunerate its Indian Agent on arm's length basis Posted: 14 Mar 2010 07:40 AM PDT This is assesses's appeal for the assessment year 2000-01 against the Id. CIT(A)'s order dated 27.1.2006 confirming the AO's action in holding that the assessee had a business connection in India u/s 9 of the Income Tax Act and that M/s. BBC... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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