THE HIMALAYAN TALK: PALASH BISWAS TALKS AGAINST CASTEIST HEGEMONY IN SOUTH ASIA

THE HIMALAYAN TALK: PALASH BISWAS TALKS AGAINST CASTEIST HEGEMONY IN SOUTH ASIA INDIA AGAINST ITS OWN INDIGENOUS PEOPLES

PalahBiswas On Unique Identity No1.mpg

Friday, July 29, 2011

Fwd: TaxGuru : “Thin Capitalization Rules – ‘Debt to Equity to Tax can no longer be tossed’” plus 23 more



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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Jul 29, 2011 at 10:17 AM
Subject: TaxGuru : "Thin Capitalization Rules – 'Debt to Equity to Tax can no longer be tossed'" plus 23 more
To: palashbiswaskl@gmail.com


TaxGuru : "Thin Capitalization Rules – 'Debt to Equity to Tax can no longer be tossed'" plus 23 more

Link to TaxGuru.in - Daily Tax and Corporate Law Update

Thin Capitalization Rules – 'Debt to Equity to Tax can no longer be tossed'

Posted: 28 Jul 2011 08:30 PM PDT

Any and every business needs some kind of finance to invest in business opportunities and get rewards out of it in form of profits. Many Foreign Companies eye India as great business opportunity for expanding its operations and increase the kitty of...

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Blocking of DIN consequent to non-filing of Statement of Affairs (SOA)

Posted: 28 Jul 2011 07:17 PM PDT

GENERAL CIRCULAR No.56 /2011 It has been observed that companies are not filing Statement of Affairs (SOA) in time in terms of section 454 of the Companies Act, 1956. This delays the process of liquidation considerably. It has, therefore, been...

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Draft Circular on Providing Gifts to shareholders during Annual General Meeting (AGM) of the Company – Comments Invited

Posted: 28 Jul 2011 07:07 PM PDT

Keeping the principle of good corporate governance view, it has been decided that no company shall offer any other thing except tea, coffee, soft drinks and snacks etc in the AGM. As a courtesy to the shareholders, the same may be made available...

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Foreign travel expenditure of the spouse of the Managing Director, pursuant to the board resolution, is allowable as business expenditure

Posted: 28 Jul 2011 06:45 PM PDT

J. K. Industries Limited v CIT (HC of Calcutta) - The expenditure may not have been incurred under any legal obligation, but yet it is allowable as business expenditure if it was incurred on grounds of commercial expediency. Thus, the borrowed fund...

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Bonus shares eligible for benefit u/s 115F of the Act if if original shares acquired in foreign currency – ITAT Mumbai

Posted: 28 Jul 2011 06:27 PM PDT

Sanjay Gala vs. ITO (ITAT Mumbai)- In the present case, the assessee subscribed to shares in convertible foreign exchange and acquired the foreign exchange asset. In so far as this aspect is concerned, there is no dispute from the revenue...

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Unabsorbed depreciation for and up to AY 1996–1997 could be carried forward and set-off against income chargeable under any head of income in any subsequent year

Posted: 28 Jul 2011 06:25 PM PDT

CIT v Kriti Resorts Pvt Ltd (High Court of Himachal Pradesh)- The assessee filed return for the year 1998-99 on 23.11.1998 and the interest income received by the assessee was declared to be income under the head 'profits and gains' of business and...

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Canvassing agent not business connection , Non-Resident, even with 'business connection', can be taxed only in respect of business operations carried out in India

Posted: 28 Jul 2011 06:19 PM PDT

ADIT vs. Star Cruise India Travel Services (ITAT Mumbai) - In the case of a business of which all the operations are not carried out in India, the income of the business deemed under this clause to accrue or arise in India shall be only such part of...

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It is impermissible in a review petition for an assessee to re-argue and re-agitate the issues/questions which have been already considered and decided by the High Court

Posted: 28 Jul 2011 06:14 PM PDT

Ravina Khurana v CIT (Delhi HC)- The applicant wants to reargue and re-agitate the issues/questions which have been considered and decided by this Court in the decision dated 20th April, 2011. This is not permissible. The review application has no...

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ICAI – Campus Placement Programme for newly qualified Chartered Accountants, August-September, 2011

Posted: 28 Jul 2011 05:49 PM PDT

The next Campus Placement Programme for newly qualified Chartered Accountants is scheduled to be held in August-September, 2011 at 17 centres in India. The Placement Programme of the Institute provides an excellent opportunity to peruse the...

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Genuineness of transaction, being essentially a question of fact, cannot be lawfully raised for the first time before the Tribunal

Posted: 28 Jul 2011 05:34 PM PDT

Hari Shankar Bhartia v CIT (High Court of Calcutta) - The genuineness of a transaction being essentially a question of fact and no such allegation about the genuineness having been levelled against the assessee by the Assessing Officer, such...

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Download Free E-Book on 'The Process of E-filing of Income Tax Returns'

Posted: 28 Jul 2011 04:44 AM PDT

Direct Taxes Committee of ICAI by providing a handbook on the PROCESS OF E-FILING OF INCOME TAX RETURNS. This handbook would act as a ready referencer for our members for e-filing the income tax returns. The same can be downloaded from the link...

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Failure to issue a notice under s 143(2) does not render reassessment unsustainable when the assessment is in response to a notice under s 148

Posted: 27 Jul 2011 11:13 PM PDT

The Commissioner of Income Tax Versus Madhya Bharat Energy Corpn Ltd. (Delhi HC) - It is noted that the impugned assessment is in response to notice under Section 148 of the Act and the Act does not specifically provide that the assessment made...

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CBDT Panel to curb black money to meet tomorrow

Posted: 27 Jul 2011 11:05 PM PDT

The committee that was set up to strengthen ways to curb black money in the country and is headed by CBDT chairman, will hold its second meeting tomorrow. According to official sources, the committee will review the mandate and discuss several...

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In the absence of any satisfactory explanation for the late filing of the AIR , penalty can be imposed under s 271FA

Posted: 27 Jul 2011 10:54 PM PDT

State of Rajasthan v Dy. CIT (Rajasthan High Court)- In the absence of any satisfactory explanation for late filing of the annual information return, the respondent imposed a penalty of 20,200/- at the rate of 100 per day, during which the default...

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Chairman CBDT inaugurates special camp at Pragati Maidan, Hall No 12 and 12A

Posted: 27 Jul 2011 10:53 PM PDT

In furtherance of Income Tax Department's commitment towards providing better tax payer services, the Income Tax Department, New Delhi has organized a special camp to facilitate filing of returns of salaried and pensioner assessees at Hall no. 12...

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Cabinet approves the Lokpal Bill, 2011

Posted: 27 Jul 2011 10:51 PM PDT

The Union Cabinet today approved the proposal for the enactment of a new legislation in the form of the Lokpal Bill, 2011. The Bill provides for the establishment of the institution of Lokpal to inquire into allegations of corruption against certain...

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CBDT Chairman – Tax collection targets for 2011-12 will be achieved

Posted: 27 Jul 2011 10:09 PM PDT

Allaying fears of sluggish economic growth impacting tax collections, Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra today exuded confidence that revenue targets for 2011-12 will be achieved. We have got no indication (of slowdown...

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India EU Reach an Understanding on Issue of Seizure of Indian Generic Drugs in Transit

Posted: 27 Jul 2011 10:01 PM PDT

European Union has proposed a settlement of the dispute by confirming the detailed principles agreed in the Understanding to guide border enforcement of intellectual property in the EU. In addition, EU agreed to India's request for adoption of...

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ICAI – Result of IRM on 8th August, 2011 held in May, 2011

Posted: 27 Jul 2011 09:55 PM PDT

The result of the Insurance and Risk Management [IRM] Examination held in May, 2011 is likely to be declared on 8th August, 2011 around 2 P.M. at the Institute's office at New Delhi.

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FEMA – FEM (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2011

Posted: 27 Jul 2011 09:35 PM PDT

NOTIFICATION No. FEMA/219/2011-RB/G.S.R. 491(E), DATED 3-6-2011 In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, dated May 3, 2000 as amended from time to time, viz. : (a) in regulation...

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RBI – Relaxation to Trade and Industry in the State of Jammu and Kashmir extended up to March 31, 2012

Posted: 27 Jul 2011 09:30 PM PDT

DBOD.No.BP.BC. 25 /21.04.012/2011-12 Please refer to our circular DBOD.No.BP.BC.100/21.04.012/2009-10 dated April 29, 2010 extending the period of concessions/credit relaxations to borrowers / customers in Jammu & Kashmir up to 31 March 2011....

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Rate of exchange of conversion of each of the foreign currency with effect from 1st August, 2011

Posted: 27 Jul 2011 09:30 PM PDT

Notification No.51/2011-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into...

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DGFT – Allocation of quantities of non-Basmati rice for export in terms of Notification No. 60 dated 19.07.2011

Posted: 27 Jul 2011 09:26 PM PDT

Trade Notice No. 13 dated 27th July, 2011 DGFT has published the list of successful allottees for allocation of 10,00,000 MTs of non-Basmati rice for exports as notified in Notification No. 60 dated 19.07.2011 along with the 1st waiting list. The...

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ection 35AC, read with Explanation (B) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Subhag Mahila Utkarsh Trust, Gujarat etc.

Posted: 27 Jul 2011 07:32 PM PDT

NOTIFICATION NO. 50/2011 In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National...

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--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

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