Provisions of MRTP Act not applicable to educational institutions

Provisions of MRTP Act not applicable to educational institutions Posted: 09 Apr 2013 08:11 PM PDT There cannot be any dispute that Karanataka High Court has specifically held that the provisions of the MRTP Act were not and could not be applicable to the educational institutions. There is no dispute that the present complaint also pertains to the educational institution and its activity of... No advance tax & Interest Payable on Commission treated as salary by AO Posted: 09 Apr 2013 07:28 PM PDT It is the contention of the assessee that since the income earned by him from M/s Vijaya Diagnostic Centre Pvt. Limited has been treated as salary, the assessee is not obliged under the Act to pay advance-tax as provided u/s 208 of the Act. The assessee has also contended that as per the provisions... HC order prevails over Contradicting orders of Tribunal Posted: 09 Apr 2013 06:58 PM PDT The first assessment order was passed on 1.3.2006. There was a revision of assessment under section 263. Therefore, a fresh assessment order came to be passed on 29.12.2008. However, the order passed in revision was the subject matter before the Tribunal which set aside the order in revision by an... Limited revisions to AS 20 – Earnings per Share – Exposure Draft Posted: 09 Apr 2013 06:28 PM PDT Exposure Draft Limited revisions to Accounting Standard 20: Earnings per Share  The following is the Exposure Draft of the limited revisions to Accounting Standard (AS) 20, Earnings Per Share. The limited revisions are proposed primarily to address the conceptual lacuna in arriving at earnings for... Transfer Pricing – Guidance Note on Report u/s. 92E of Income Tax Act,1961 Posted: 09 Apr 2013 06:24 PM PDT ICAI has recently released the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). The law relating to transfer pricing is dynamic and the members of the Institute are getting acquainted with the practical implications of the provisions and rules relating to... Direct Entry Scheme – Requirements for commencement of practical training & Eligibility criteria for IPC Exam Posted: 09 Apr 2013 06:21 PM PDT Direct Entry Scheme – Requirements for commencement of practical training and Eligibility criteria for appearing in the Intermediate (IPC) Examination. In order to give overall information to the students who have registered for the Intermediate (Integrated Professional Competence) Course... Amendments towards implementation of E-trip in Punjab Posted: 09 Apr 2013 05:49 PM PDT Punjab VAT Act, 2005 has been amended empowering the Excise & Taxation Commissioner, Punjab to implement electronic governance for carrying out various provisions of the Act. This may be a step towards implementation of E-Trip in Punjab. A new Section 3-A under the Punjab VAT Act, 2005 has been... WCT Rate in Punjab enhanced from 5% to 6% Posted: 09 Apr 2013 05:40 PM PDT Advocate Amit Bajaj Section 27 of the Punjab VAT Act, 2005 has been amended to enhance the rate of Works Contract Tax i.e   tax to be deducted from payments made to contractors and sub-contractor, from 5% to 6%. Now after the above amendment rate of WCT will be 6% under Punjab VAT Act, 2005. [...] No addition based on rough document seized during search if explained satisfactorily Posted: 09 Apr 2013 01:07 PM PDT Mr. Vimal Gupta, Advocate for appellant revenue contends that the amount of Rs. 8.65 lacs being the difference between Rs. 80.00 lacs shown in the seized document and Rs. 71.35 lacs shown in the document evidencing to purchase of Candy House property represents unexplained cash paid by the... Exemption U/s. 11 cannot be denied for mere Subscription to chit funds by Trust Posted: 09 Apr 2013 12:29 PM PDT Intention of the Legislature is to regulate the manner of investment of the money left with an assessee-Trust after utilization for charitable purpose. Subscription to chit funds itself will be utilization of the funds of the assessee since right of the assessee is only to prize a chit or... SEBI prevents attempt to mis-sell an investment product Posted: 09 Apr 2013 12:04 PM PDT SEBI today prevented an attempt to mis-sell an investment product to an investor in Delhi by a person claiming as agent of mutual funds. SEBI had received a complaint from an investor (hereinafter referred to as ' complainant') that some unknown persons claiming to be... 3 Years Jail to Excise Superintendent from Thane Posted: 09 Apr 2013 11:58 AM PDT THREE YEARS RIGOROUS IMPRISONMENT TO THEN SUPERINTENDENT OF CENTRAL EXCISE IN A BRIBERY CASE             The Special Judge for CBI, Mumbai has convicted Shri Vilas Prabhakar Narkar, then Superintendent (Preventive) Central Excise, Thane-I Commissionerate Dadar, Mumbai and sentenced him to undergo... Court can adjudicate issue of eviction of trespassers from property of Company in liquidation Posted: 09 Apr 2013 11:56 AM PDT So far exercise of jurisdiction vested upon the Company Court under Section 446(2) of the Act is concerned, in my view and also in view of the decisions cited by the learned Counsel appearing for the applicant, it is already settled that this Court have ample power to adjudicate and determine all... Government Declares a Holiday on Sunday – April 14, 2013 Posted: 08 Apr 2013 11:34 PM PDT It has been decided to declare Sunday, the 14th April 2013, as a Closed Holiday on account of the birthday of Dr. B.R. Ambedkar, for all Central Government Offices including Industrial Establishments throughout India.