Re: UPDATES FROM TAX GURU (in this message: 15 new items)

On Tue, Dec 15, 2009 at 9:39 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 15 new items)

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• Scrutiny Assessment under the Income-tax Act with Special reference to Annual Information Returns
• High-pitched assessments u/s. 147/143(3) of the Income-tax Act – Some remedies
• Essays on Tax Planning – Res Judicata
• Special Leave Petition – Scope – Binding Nature – Doctrine of Merger
• Not Happy with right to information Act? File a complain with consumer forum
• Housing society redevelopment can not be done even if one member oppose, rules HC
• Ministry of Corporate Affairs to Observe a Nationwide 'India Corporate Week, 2009' from Tomorrow
• Government admitted existence of corruption at commercial tax department VAT check posts
• Government will review EET regime, MAT at 2% on Gross Asset value and proposal to tax charitable organisations
• Alcohol will not be out of GST
• India will not tax foreign funds at their point of entry
• SEBI asked asset management companies not to compel investors to get NOC for shifting of investment
• Direct Tax code (DTC) may be rewritten: FM
• Delhi government move to hike VAT from 4% to 5% putting unwarranted burden on the people: AITAF
• Minutes – section 195 – evidentiary value – company law in India

Scrutiny Assessment under the Income-tax Act with Special reference to Annual Information Returns Posted: 14 Dec 2009 09:23 AM PST The scrutiny of returns had been a regular measure to check tax evasion since long. The collection of information for the purpose of making enquiries in the course of such scrutiny assessments is as much important as the assessment proceedings... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

High-pitched assessments u/s. 147/143(3) of the Income-tax Act – Some remedies Posted: 14 Dec 2009 09:17 AM PST After the judgment of the Supreme Court in the case of ACIT vs. Rajesh Jhaveri Stock Brokers (P) Ltd. delivered on 23-5-2007 and reported at (2007) 291 ITR 500 (SC), a large number of actions are being initiated u/s. 147/148 of the Income-tax Act,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Essays on Tax Planning – Res Judicata Posted: 14 Dec 2009 09:12 AM PST Tax Planning :- Tax planning as a concept had at a point of time suffered degradation and for a while seemed to be a euphemism for tax evasion. This was the fall-out of some observations in McDowell's case, [154 ITR 148 (SC)] especially in the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Special Leave Petition – Scope – Binding Nature – Doctrine of Merger Posted: 14 Dec 2009 08:50 AM PST Any Authority under the direct tax laws who is entrusted with the task of implementing and enforcing the law has to interpret the relevant provision involved. There is administrative and judicial hierarchy under the tax laws, therefore the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Not Happy with right to information Act? File a complain with consumer forum Posted: 14 Dec 2009 08:32 AM PST It is common knowledge that public information officers often do not furnish the information sought by the applicant under Right to Information Act (RTI). Is an appeal to the appellate authority of the Information Commission the only remedy? Or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Housing society redevelopment can not be done even if one member oppose, rules HC Posted: 14 Dec 2009 08:25 AM PST In a path-breaking judgment, the Bombay high court has held that even a single dissenting member of a cooperative housing society cannot be thrown out by a builder based on a mere development agreement with the society and a majority of the flat... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Ministry of Corporate Affairs to Observe a Nationwide 'India Corporate Week, 2009' from Tomorrow Posted: 14 Dec 2009 08:07 AM PST The Ministry of Corporate Affairs is going to observe an 'India Corporate Week' from tomorrow. The theme for 'India Corporate Week', 2009, is 'Corporate Sector and Inclusive Growth', under which the Ministry expects the corporate sector to reaffirm... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government admitted existence of corruption at commercial tax department VAT check posts Posted: 14 Dec 2009 04:32 AM PST For the first time the state government has candidly admitted that there is corruption at commercial tax department VAT checkposts. Industries minister Saurabh Dalal in an interaction with Gujarat Sales Tax Bar Association (GSTBA) has appealed to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government will review EET regime, MAT at 2% on Gross Asset value and proposal to tax charitable organisations Posted: 14 Dec 2009 04:30 AM PST A senior revenue department official told , "There are three issues on which a political call is required. These are: the exempt-exempt- tax regime for retirement savings, the 2 per cent minimum alternate tax on gross tax assets of companies and the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Alcohol will not be out of GST Posted: 14 Dec 2009 04:13 AM PST The Centre has turned down the proposal of the empowered group of state finance ministers to keep alcohol out of goods and services tax. The government has in fact suggested that both alcohol and tobacco, which are demerit goods and considered... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

India will not tax foreign funds at their point of entry Posted: 14 Dec 2009 04:12 AM PST India will not tax foreign funds at their point of entry as the government believes the economy is resilient enough to absorb the dollar deluge. Such a tax on foreign inflows — called the Tobin tax, after its proponent, 1981 Economics Nobel winner... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI asked asset management companies not to compel investors to get NOC for shifting of investment Posted: 14 Dec 2009 04:07 AM PST The Securities and Exchange Board of India (SEBI) has asked asset management companies (AMCs) not to compel investors to get no-objection certificates (NoCs) from their existing distributors for shifting their investments. Related posts:SEBI... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Direct Tax code (DTC) may be rewritten: FM Posted: 14 Dec 2009 03:57 AM PST Finance Minister Pranab Mukherjee on Friday indicated the government could rewrite the new direct tax code to make it acceptable to all stakeholders. On the tax code, he said, the government would attempt to build consensus on the proposals. "I... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Delhi government move to hike VAT from 4% to 5% putting unwarranted burden on the people: AITAF Posted: 14 Dec 2009 03:51 AM PST The Delhi government's proposal to hike value added tax (VAT) from 4% to 5% is seen running counter to the Centre's move to introduce the goods and services tax (GST) in a bid to bring about uniformity in the tax structure. The Sheila Dixit-led... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Minutes – section 195 – evidentiary value – company law in India Posted: 14 Dec 2009 03:38 AM PST Section 195 of Companies Act, 1956 says that where minutes of the proceedings of any general meeting of the company or of any meeting of its Board of directors or of a committee of the Board have been kept in accordance with the provisions of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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Palash Biswas
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