MCA sent notices to all IPL franchisees Posted: 08 May 2010 09:59 AM PDT 
The Ministry of Company Affairs (MCA) has sent notices to all IPL franchisees, both old and new, asking them to furnish detailed company-related information. "We have sent notices to all the IPL franchisees to gather all corporate details and we are... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
AAR Ruling is binding despite contrary Ruling: Bombay High Court Posted: 08 May 2010 09:07 AM PDT 
The assessee, a FII based in UK, applied for an advance ruling on whether the profits arising to it from purchase and sale of Indian securities was "business profits" and whether in the absence of a 'permanent establishment' in India, the said... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
S. 271(1)(c) Penalty: Supreme Court chides High Court for "casual" order. Guidelines laid down as to how judgements should be written. Correctness of Gold Coin 304 ITR 308 (SC) reiterated Posted: 08 May 2010 08:55 AM PDT 
The assessee filed a Nil return after claiming depreciation. The AO disallowed depreciation but still assessed the total income at Rs. Nil. Penalty u/s 271(1)(c) was levied on the disallowance which was deleted by the Tribunal on the ground that as... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
Bombay High Court pulled up Income-Tax department for its "cavalier" approach Posted: 08 May 2010 01:39 AM PDT 
In an order highly critical of the Income-Tax department, the Bombay High Court has pulled up the department for its "cavalier" approach and on the way tax issues are decided by the department "without application of mind". The order was pronounced... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
CAG refused to take responsibility for the Union finance accounts of 2008-2009 Posted: 08 May 2010 01:33 AM PDT 
For the second year in a row, the Comptroller and Auditor General (CAG) has refused to take responsibility for the Union finance accounts as it has stated in its latest audit findings that government expenditure during 2008-09 is overstated and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
PIL seeks CBI probe into tax evasion to the tune of Rs 5,000 by lottery firms Posted: 08 May 2010 01:30 AM PDT 
A PIL has been filed in the Bombay high court seeking a CBI probe into alleged tax evasion to the tune of Rs 5,000 crore by companies conducting online lotteries. Maharashtra has enacted the Lottery Tax, which seeks to tax online gambling. As per... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
S. 194J applies to payments made to non-professionals such as hospitals. CBDT Circular on TPA liability is valid except for view on penalty Posted: 08 May 2010 12:21 AM PDT 
The assessee, a Third Party Administrator (TPA), provided services such as hospitalization services, cashless access services and services in connection with the processing and settlement of claims and making payment to hospitals to holders of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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