Assessee can avail Benefit of reduced penalty at appellate stage also Posted: 08 Oct 2012 07:23 PM PDT In the aforesaid view, no illegality is committed by the Tribunal in giving option to the respondent-assessee under the Proviso to section 11AC of the Act. It is held that the benefit of payment of reduced penalty can be availed by the assessee at the appellate stages also and it is not the import... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ICAI president clarifies on Bank / Concurrent audit rumors Posted: 08 Oct 2012 07:04 PM PDT This has reference to emails being received by the Institute about the Finance Ministry's latest circular dated 26th September, 2012 containing general guiding principles on Internal Audit, Information System, Concurrent and Branch Statutory Audit to be followed by all the PSBs suitably. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Even non-signatory parties to agreements can be referred to arbitration – SC Posted: 08 Oct 2012 06:59 PM PDT In the facts of a given case, the Court is always vested with the power to delete the name of the parties who are neither necessary nor proper to the proceedings before the Court. In the cases of group companies or where various agreements constitute a composite transaction like mother agreement... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Service of copy of arbitral award on agent/ lawyer not amount to service on party itself – SC Posted: 08 Oct 2012 06:52 PM PDT The view taken in Pushpa Devi Bhagat's case (supra) is in relation to the authority given to an Advocate to act on behalf of a party to a proceeding in the proceedings itself, which cannot stand satisfied where a provision such as Section 31(5) of the 1996 Act is concerned. The said provision... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Prosecution based on second or successive dishonour of cheque is permissible -SC Posted: 08 Oct 2012 06:45 PM PDT We overrule the decision in Sadanandan Bhadran's case (supra) and hold that prosecution based upon second or successive dishonour of the cheque is also permissible so long as the same satisfies the requirements stipulated in the proviso to Section 138 of the Negotiable Instruments Act. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| US Customs officer sentenced 33 months for Groping Women at Airport Posted: 08 Oct 2012 05:52 PM PDT A former Customs and Border Protection officer who admitted groping three female passengers at Miami International Airport was sentenced to 33 months in federal prison on Thursday. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| S. 12A Registration not dependent on commencement of charitable activity Posted: 08 Oct 2012 03:19 PM PDT Facially the provision of section 12AA would suggest that there are no restrictions of the kind which the revenue is reading into in the instant case. In other words, the statute does not prevent or enjoin the Commissioner from registering a trust based only on its objects, without any activity, in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| If disallowance U/s.14A computed by Assessee not found wrong, No further disallowance required Posted: 08 Oct 2012 12:31 PM PDT It was for the Assessing Officer to examine whether the disallowance offered by the assessee itself was sufficient on facts and circumstances of the case, notwithstanding the view he took regarding the applicability of rule 8D. It is not expected of him to take piecemeal decisions regarding the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Safeguard duty on import of Carbon Black From China Posted: 08 Oct 2012 12:07 PM PDT Notification NO. 4/2012-Customs (SG), Central Government after considering the said findings of the Director General (Safeguards), hereby imposes a safeguard duty on Carbon Black (for rubber application) , falling under tariff item 2803 00 10 of the First Schedule to the said Act, when imported... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| 'Mandatory Safety Net Mechanism' for retailers investing in IPOs – Discussion Posted: 08 Oct 2012 11:59 AM PDT In the analysis of price performance of the scrips listed during 2008 to 2011, it was observed that out of 117 scrips, 72 (around 62% issues) were trading below the Issue price after 6-months of their listing. Out of those 72 scrips which witnessed fall in price, in 55 scrips the fall was more than...
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