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IT : Where assessee-management consultant was organising conferences and sponsorship money was paid to it after conceptualisation of conferences, it could not be said that assessee had undertaken to organize said conference at instance of sponsors and, hence, provisions of section 194C(2) could not be invoked | Company Law : Company Secretaries (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force | Company Law : Cost & Works Accountants (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force | Company Law : Chartered Accountants (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force | IT/ILT : Section 144C of the Income-tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Constitution of DRP at specified places | IT : Section 143 of the Income-tax Act, 1961 - Assessment - General - Processing of returns of assessment year 2011-12 - Steps to clear backlog | ST : Cenvat Credit : Procedural irregularity in not registering units with LTU authorities can be rectified to extend benefit of LTU scheme | IT : No interest could be charged under section 234B where assessee had no liability to pay advance tax in view of fact that his entire income was subject to deduction of tax at source | IT : Section 54F exemption not available where builder not even allotted plot within 3 years | IT/ILT : Section 195(1) does not envisage deduction of tax at both instances, i.e., at time of credit of income to account of payee as well as at time of payment thereof | IT : Proviso to section 201(1) is to be applied only to negate possibility of imposition of penalty under section 221 and it would not absolve an assessee from being considered as an assessee in default
Company Law : Company Secretaries (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force - NOTIFICATION NO.S.O.192(E), DATED 30-01-2012  Read Morenew
Company Law : Cost & Works Accountants (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force - NOTIFICATION NO.S.O.191(E), DATED 30-01-2012  Read Morenew
Company Law : Chartered Accountants (Amendment) Act, 2011 - Notified date from which provisions of said Act shall come into force - NOTIFICATION NO.S.O.190(E), DATED 30-01-2012  Read Morenew
IT/ILT : Section 144C of the Income-tax Act, 1961 - Dispute Resolution Panel (DRP) - Reference to - Constitution of DRP at specified places - ORDER NO. 1/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I], DATED 31-12-2011  Read Morenew
IT : Section 143 of the Income-tax Act, 1961 - Assessment - General - Processing of returns of assessment year 2011-12 - Steps to clear backlog - INSTRUCTION NO. 01/2012 [F.NO.225/34/2011-ITA.II], DATED 02-02-2012  Read Morenew
IT: Gold & Silver Rates; SBI Lending Rates  Read Morenew
SEBI : Offer for Sale of Shares by Promoters through the Stock Exchange Mechanism - CIRCULAR NO. MRD/DP/05/2012, DATED 01-02-2012  Read Morenew
2G Spectrum allotment - How to tax presumptive loss of Rs. 176,645 crore (US$33.56 billion) - Under the National Telecom Policy (NTP) 1999 the operators share their revenue with the Government in the form of annual licence fee and spectrum charges. In the revenue sharing model, the operators are required to pay a percentage of thei... - GOPAL NATHANI, CA Read More
Vodafone SC Verdict - How Taxmann's Authors Saw IT Coming - In the absence of express provision, it is not permissible to adopt the 'look through' concept. Wherever a transaction by way of acquiring share has to be understood differently, an explicit provision has been made. - SRINIVASAN ANAND G., CA Read More
Duty to Tax the Correct Income - Analysis of Sushil Kumar Das v. ITO [2011] 48 SOT 102/15 taxmann.c... - The power to tax is an incident of sovereignty. The Constitution of India being the supreme law of the land, all other laws including the Income-tax Act is subordinate to the Constitution and must be read and interpreted in the light of th... - SANDEEP BAGMAR R., ADVOCATE Read More
The Apex Court took the wider interpretation "of Unfair Labour Practice" - It very often happens that unions make enough sound, fury and fuse whenever employers resort to rationalizing and standardizing the job portfolios of their workmen in their establishments. An allegation of committing and engaging in unfair... - SHANTIMAL JAIN Read More
Accounting treatment of tax expense on deemed income under section 56(2)(viia) of the Income-tax Ac... - Section 56(2)(viia) of the Income-tax Act, 1961 provides as under that where a firm or a closely-held company ("company not being a company in which the public are substantially interested"), receives, in any previous year, from any person... - SRINIVASAN ANAND G., CA Read More
 
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