SC directs motor vehicle owner to pay for accident caused by minor

I-T sleuths to hand over boss's number before raid / Survey Posted: 29 May 2011 07:01 PM PDT The next time an Income Tax team raids your business premise they will not seize anything but instead leave the name and contact number of their boss with you. The I-T team will do so even before they begin the raid and the step has been taken to do... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Trade Mark Case – Delhi HC dismisses appeal of Champagne Moet & Chandon Posted: 29 May 2011 07:01 PM PDT The Delhi high court has dismissed the writ petition of French company Champagne Moet & Chandon objecting to the order of the Intellectual Property Appellate Board dismissing its appeal against an order of the Deputy Registrar of Trademarks in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] SC directs motor vehicle owner to pay for accident caused by minor Posted: 29 May 2011 06:42 PM PDT Jawahar Singh Vs. Bala Jain & Ors. (Supreme Court - 09.05.2011) The Supreme Court has stated that it is the duty of the owner of a motor vehicle to ensure that it was not misused. Therefore, he would be liable to pay compensation for the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Apex Court upholds government policy in container terminal bid Posted: 29 May 2011 06:36 PM PDT The company had challenged the government policy of not allowing existing operators to bid for the immediate next terminals. According to the policy, The court asserted that the government has the right to make a policy to prevent companies from... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Supreme Court accepts higher bid after auction of firm says it will benefit creditors Posted: 29 May 2011 06:30 PM PDT The Supreme Court last week set aside the judgment of the Gujarat high court and directed the sale of a wound-up company in Veraval at a higher price so that creditors will get their dues. The company judge had first ordered the sale at a one price,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Supreme Court reveals four points essential to escape murder conviction Posted: 29 May 2011 04:07 PM PDT State of Rajasthan Vs. Islam (Supreme Court 24.05.2011) An accused can escape conviction for murder if he proves that there was no premeditation for the act, occurred in a heat of passion, no cruelty involved and undue advantage taken, the Supreme... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Government Commissions Fresh Study Through Top National Level Institutions for Estimation of Unaccounted Income/Wealth both Inside and Outside the Country Posted: 29 May 2011 09:31 AM PDT Ministry of Finance, Government of India has commissioned an in-depth and fresh study, engaging three top national level institutions for estimation of unaccounted income and wealth held within and outside India. This study will bring out the nature... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Interocean Shipping (I) (P.) Ltd. Versus Union of India (Delhi High Court) Dated – 03-03-2011 – Service Tax Posted: 29 May 2011 08:21 AM PDT Interocean Shipping (I) (P.) Ltd. Versus Union of India (Delhi High Court) Dated: 03-03-2011 - Service Tax - Ship broking and other activities - Section 65(105)(zzb)read with 65(19) - Business Auxiliary Services - The said services became taxable... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Allowability of unfunded actuarial liability for pension in respect of employees payable till death Posted: 29 May 2011 07:40 AM PDT Brooke Bond India Ltd. Vs. JCIT & Anr. (Calcutta High Court) - Tribunal was justified in law in not allowing the sum of Rs.1,43,35,000/- which represents the liability on account of pension on the basis of the resolution of the Board payable to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Whether disallowance of loss on account of purchase and resale of UTI units should be restricted to the extent of dividend brought to tax by the AO Posted: 29 May 2011 07:19 AM PDT Eveready Industries India Ltd Vs CIT, Kolkata (Dated: March 04, 2011)- Income Tax - Sections 10(33), 14A, 94(7) - Whether dividend stripping is allowable - Whether a premeditated transaction by virtue of which an assessee earns tax free income and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Office notice appended to 158BC order can constitute satisfaction note within the parameter of Section 158BD of the Income Tax Act, 1961 – HC Posted: 29 May 2011 06:52 AM PDT The Commissioner of Income Tax (CIT) Versus M/s Mukta Metal Works - Whether the Tribunal is right in holding at page 68 of the order that the office note dated 21.05.2001 which was appended to 158BC order dated 21.5.2001 and is part of the said... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Income Disclosed before IT authorities cannot be treated as towards taxable service in the absence of any statutory presumption and without making any enquiry Posted: 29 May 2011 06:11 AM PDT Mayfair Resorts Vs. CCEC, Ludhiana - The assessee is registered with the Service Tax Department under the category 'Mandap Keeper'. During audit for the period of 2004-05, it was noticed by the Department that the assessee surrendered Rs.35 lacs to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] If Act exclude a service from service tax than same can not be imposed by virtue of any circular Posted: 29 May 2011 02:52 AM PDT KASTURI & SONS LTD, CHENNAI Versus UNION OF INDIA & others (Madras High Court)- Dated: 24-02-2011 - Service Tax - Based on the impugned circular of the second respondent, the third respondent is insisting for payment of service tax on... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ST – Unless a different intention appears from the terms of contract, in case of the imposition or increase in the tax after the making of a contract, the party shall be entitled to be paid such tax or such increase Posted: 29 May 2011 02:31 AM PDT Pearey Lal Bhawan Association Vs M/S Satya Developers Pvt Ltd (Delhi High Court) - Service Tax: whether the burden of service tax, levied on the service or facility of leasing (of the suit premises) should be borne by the lessor (i.e. the service... [[ This is a content summary only. Visit www.taxguru.in for full article ]] HC dimisses revenue appeal as there was nothing to show that the amount of cash seized represented clandestine sale of excisable goods Posted: 29 May 2011 01:08 AM PDT Commissioner Of Central Excise (CCE) vs M/S Patran Pipes (P) Ltd. - There is concurrent finding of fact recorded by the Commissioner and the Tribunal that there was nothing to show that the amount of cash seized represented clandestine sale of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Liability of Duty, Penalty, and Interest in respect of import made against forged and fabricated advance license Posted: 29 May 2011 12:59 AM PDT Rahuljee & Company Ltd. Versus Commissioner of Customs (Delhi High Court) -The importers who got the goods cleared on the basis of licences purchased by them through one, Gautam Chaterjee and these licences had ultimately turned out to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Whether ITAT justified in law in allowing deduction u/s 80IB on labour job receipts ignoring the fact that such income is not 'derived from' the eligible business? Posted: 29 May 2011 12:38 AM PDT Metalman Auto Pvt. Ltd. Vs. CIT, Ludhiana(High Court of Punjab and Haryana At Chandigarh) - Whether ITAT is justified in law in allowing deduction u/s 80IB on labour job receipts ignoring the fact that such income is not 'derived from' the eligible... [[ This is a content summary only. Visit www.taxguru.in for full article ]] The action of the Chief Commissioner to refuse to accept new units as a part of LTU and issuing show cause notice to them regarding transfer of Cenvat credit not tenable under LTU scheme Posted: 29 May 2011 12:00 AM PDT The unit in question is situated at Nashik, Maharashtra within the jurisdiction of this Court. The said unit was initially administered by the LTU at Delhi and it is only as an afterthought the revenue is contending that the unit in question would... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Message from Hon'ble Minister of Corporate Affairs, Shri Murli Deora Posted: 28 May 2011 11:20 PM PDT Consider the enormity of the data-over 8 and a half lac companies, over hundred online services offered to them, over sixty e-forms. hundreds of data fields and crores of pages of pdf attachments. If this speaks about something. it is the challenge... [[ This is a content summary only. Visit www.taxguru.in for full article ]] DEPB scheme may not get extension – Commerce Ministry Posted: 28 May 2011 10:02 PM PDT Commerce Ministry has asked exporters to "keep their fingers crossed" on their demand for extension of the DEPB, a tax neutralisation scheme on exports, beyond June 30. With the Revenue Department making it clear that the window of the Duty... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt relaxes eligibility criteria for appointment of CMDs for public sector banks Posted: 28 May 2011 09:54 PM PDT Facing shortage of experienced hand, the government has relaxed the criteria for selection of Chairman and Managing Director (CMD) of public sector banks , a decision that would make several executive directors eligible for elevation as CMD. Under... [[ This is a content summary only. Visit www.taxguru.in for full article ]] FDI in services come down by 22.5 pc to USD 3.4 bn in 2010-11 Posted: 28 May 2011 09:50 PM PDT Foreign direct investment (FDI) in India''s services sector, which contribute over 50 per cent in the country''s economic growth, declined by 22.5 per cent to USD 3.4 billion in 2010-11, according to the industry ministry''s latest data. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 30 corporate executives get Rs 1 crore-plus salary per annum Posted: 28 May 2011 09:46 PM PDT Mukesh Ambani has got company of at least 29 fellow corporate executives, including four from his own group Reliance Industries , in terms of annual salaries running into crores of rupees for the latest fiscal. These include JSW Energy's Sajjan... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICAI Announcement for Financial Assistance from Chartered Accountants Students Benevolent Fund Posted: 28 May 2011 09:30 PM PDT THE CHARTERED ACCOUNTANTS STUDENTS BENEVOLENT FUND (CASBF) - The Board of Trustees of The Chartered Accountants Students Benevolent Fund have decided to grant financial assistance to 200 students who are currently undergoing articled training in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Sebi widens net for fake IPO bidding probe Posted: 28 May 2011 09:30 PM PDT Sebi has begun a probe into possible use of fake bids for artificially pushing up the subscription levels in numerous IPOs over past few years, with a modus-operandi similar to that in Vaswani Industries case. After halting Vaswani Industries'... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Message from Secretary, Ministry of Corporate Affairs, Shri D.K. Mittal Posted: 28 May 2011 09:29 PM PDT Technological advancements in recent decades have given us a digital platform for financial information. However, 'digital' does not mean 'compatible' because each software application generates the financial document in different format (pdf, xls,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] New Career Opportunity with ICAI Posted: 28 May 2011 09:29 PM PDT ICAI requires technically par excellence professionally successful, academically brilliant, and administratively capable human resources at various level for being part of the business transformation project at ICAI in its headquarters at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]