Fwd: TaxGuru : “Delhi HC – Professional’s heart surgery expense not deductible u/s 31 or 37(1) of the IT Act” plus 29 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Jun 3, 2011 at 10:05 AM
Subject: TaxGuru : "Delhi HC – Professional's heart surgery expense not deductible u/s 31 or 37(1) of the IT Act" plus 29 more
To: palashbiswaskl@gmail.com

TaxGuru : "Delhi HC – Professional's heart surgery expense not deductible u/s 31 or 37(1) of the IT Act" plus 29 more

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• Delhi HC – Professional's heart surgery expense not deductible u/s 31 or 37(1) of the IT Act
• Post section 43(5) amendment derivatives losses have to be treated as non-speculation business losses for the purposes of set-off
• MCA makes it mandatory for CAs, CSs to digitally sign DIN applications
• IT department to seek details of Hasan Ali Khan's Swiss Bank accounts
• RBI panel calls for secure systems to check credit card frauds
• Income Tax Department to pay Rs six lakh to road mishap victim
• CCI Mandated to Make Markets Function for the Consumer and to Ensure Fair and Healthy Competition in the Indian Economy- Dhanendra Kumar
• Government Efforts are on Track to Get Economy on a Path of Fiscal Prudence; Need For Regular Monitoring and Evaluation of Public Expenditure – FM
• Don't consider equity market as market of speculators – SEBI
• Jeevan Arogya, new health plan from LIC
• Internal Vigilance in Private Sector/foreign Banks
• Guidelines for declaring financial institution as Public Financial Institutions under Section 4A of the Companies Act, 1956
• Updated Financial Statements and Annual Return filing made mandatory before recording any Event Based Information
• Sun TV, SpiceJet shares crash after Dayanidhi Maran's telecom lawsuit news
• 2G scam – Court rejects plea to probe Anil Ambani, Ratan Tata, Niira Radia, Dayalu Ammal
• RBI to issue draft norms on new bank licences- FM
• Compliance of Provision of the Companies Act,1956 and Rules made there under – General Circular No – 33/2011
• RBI – Findings of Forensic Scrutiny – Guidelines for prevention of frauds
• Govt committed to achieve 2011-12 fiscal targets – FM
• UK's Birmingham City Council offshores jobs to India; sparks protests from employee unions
• Satyam fraud – ICAI to soon conclude proceedings against auditors
• Announcement-Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI
• SEBI – Liquidity Enhancement Schemes for Illiquid Securities in Equity Derivatives Segment
• Sensitivity of Capital Flows to Interest Rate Differentials – An Empirical Assessment for India
• Talent Acquisition and Management – Key Note Address by Dr K C Chakrabarty, DG, RBI
• Principal Bench of the Central Administrative Tribunal (CAT) to Remain Closed from 6 to 30 June 2011
• Transfer Pricing – Transactional Net Margin Method (TNMM) At Enterprise Level Invalid
• Challenges to Central Banking in the Context of Financial Crisis RBI releases Volume for the First International Research Conference
• Deduction U/s. 54EC to be allowed before set off of brought Losses – ITAT Mumbai
• Euro Privatisation

Delhi HC – Professional's heart surgery expense not deductible u/s 31 or 37(1) of the IT Act Posted: 02 Jun 2011 07:41 PM PDT Shanti Bhushan vs. CIT (Delhi High Court) -Delhi High Court has disallowed the income tax deduction for expenses incurred on heart surgery by eminent lawyer Mr. Shanti Bhushan. It was argued by Mr. Bhushan that he suffered a heart attack due to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Post section 43(5) amendment derivatives losses have to be treated as non-speculation business losses for the purposes of set-off Posted: 02 Jun 2011 07:40 PM PDT Gajendra Kumar T Agarwal vs. ITO (ITAT Mumbai) -Assessee was eligible for setting of losses of business of dealing in derivatives, incurred in the assessment years prior to the assessment year 2006-07, against the profits of the same business in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA makes it mandatory for CAs, CSs to digitally sign DIN applications Posted: 02 Jun 2011 07:37 PM PDT THE Ministry of Corporate Affairs has vide General Circular No32/2011, New Delhi Dated 315t May, 2011 decided that with effect from 12th June, 2011, all DIN-1 & DIN-4 applications have to be digitally signed by the practicing Chartered... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT department to seek details of Hasan Ali Khan's Swiss Bank accounts Posted: 02 Jun 2011 07:31 PM PDT The income-tax department is preparing to send another Letter Rogatory to Swiss authorities, seeking details of Pune-based stud farm owner Hasan Ali Khan's Swiss Bank accounts . As part of this exercise, it has asked the Enforcement Directorate to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI panel calls for secure systems to check credit card frauds Posted: 02 Jun 2011 07:29 PM PDT Amid rising instances of debit and credit card frauds, an RBI panel has recommended that banks should put in place secure systems to check such cases within a year's time. All acquirers and issuers may put in place adequate fraud risk management... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Department to pay Rs six lakh to road mishap victim Posted: 02 Jun 2011 07:20 PM PDT The Income Tax Department has been ordered by a road mishap tribunal to pay over Rs six lakhs as compensation to a photographer who suffered permanent disability after being hit by a department's vehicle. Motor Accident Claims Tribunal ( MACT ))... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CCI Mandated to Make Markets Function for the Consumer and to Ensure Fair and Healthy Competition in the Indian Economy- Dhanendra Kumar Posted: 02 Jun 2011 07:08 PM PDT Shri Dhanendra Kumar said the Competition Commission of India (CCI), under its mandate to make markets function for the consumer and to ensure fair and healthy competition in the Indian Economy, is initiating series of market studies to analyse and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Government Efforts are on Track to Get Economy on a Path of Fiscal Prudence; Need For Regular Monitoring and Evaluation of Public Expenditure – FM Posted: 02 Jun 2011 06:37 PM PDT Union Finance Minister Shri Pranab Mukherjee said that the success of fiscal policy is closely tied with optimal utilization of public resources. He stated that numerous factors make expenditure reforms an extremely challenging and uphill task.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Don't consider equity market as market of speculators – SEBI Posted: 02 Jun 2011 04:34 PM PDT Capital market regulator SEBI today said the equity market should not be considered as a market of speculators.'Don't treat the capital market as a market of speculators, Securities and Exchange Board of India (SEBI) Chairman U K Sinha said at a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Jeevan Arogya, new health plan from LIC Posted: 02 Jun 2011 04:11 PM PDT Country's largest insurer LIC today announced launch of health insurance plan Jeevan Arogya which offers comprehensive hospitalisation benefits for the whole family. A unique feature of this plan is that it also offers to cover the parents in-law... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Internal Vigilance in Private Sector/foreign Banks Posted: 02 Jun 2011 07:32 AM PDT DBS.CO.FrMC.BC.No. 9/23.04.001/2010-11 - RBI has also issued various circulars for the prevention of frauds and malpractices in banks. In this connection reference is specifically drawn to circulars DBOD. No.BC.20.17.04.001 dated August 25, 1992 on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Guidelines for declaring financial institution as Public Financial Institutions under Section 4A of the Companies Act, 1956 Posted: 02 Jun 2011 07:17 AM PDT General Circular No: 34/2011 Dated- 02.06.2011 In the past, the Ministry was declaring an institution as PFI if it meets any one of clause (i) and (ii) of sub-section (2) of section 4A of the Act. Now, the Central Government has framed following... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Updated Financial Statements and Annual Return filing made mandatory before recording any Event Based Information Posted: 02 Jun 2011 06:38 AM PDT In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, the Ministry of Corporate Affairs has decided vide General Circular No33/2011, Dated 01.06.2011 that from 3rd July, 2011 all the Companies will... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sun TV, SpiceJet shares crash after Dayanidhi Maran's telecom lawsuit news Posted: 02 Jun 2011 06:13 AM PDT Media conglomerate Sun TV Network and low-cost air carrier SpiceJet nosedived on the bourses, amid reports that Dayanidhi Maran -- the brother of the owner of both the companies -- was named in a public lawsuit over the 2G spectrum scam. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G scam – Court rejects plea to probe Anil Ambani, Ratan Tata, Niira Radia, Dayalu Ammal Posted: 02 Jun 2011 06:12 AM PDT A Delhi court on Thursday dismissed pleas for a direction to the CBI to make Reliance ADAG chairman Anil Ambani , Tata group Chief Ratan Tata , corporate lobbyist Niira Radia and DMK chief M Karunanidhi's wife Dayalu Ammal , as accused in the 2G... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI to issue draft norms on new bank licences- FM Posted: 02 Jun 2011 06:07 AM PDT The RBI has given it (recommendations) to the Finance Ministry and is also consulting other stakeholders. Based on this, they will come out with draft guidelines (on new bank licences) soon and put it in the public domain for consultation,"... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Compliance of Provision of the Companies Act,1956 and Rules made there under – General Circular No – 33/2011 Posted: 02 Jun 2011 02:48 AM PDT General Circular No33/2011, Dated 01.06.2011 In order to ensure corporate governance and proper compliances of provisions of Companies Act, 1956, it has been decided that no request, whether oral, in writing or through e-forms, for recording any... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Findings of Forensic Scrutiny – Guidelines for prevention of frauds Posted: 01 Jun 2011 11:32 PM PDT DBS. CO.FrMC.BC.No. 10/23.04.001/2010-11 - Based on the findings of the scrutinies, further study has been made across banks to ascertain the policy and operating framework in place for detection, reporting and monitoring of frauds as also the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt committed to achieve 2011-12 fiscal targets – FM Posted: 01 Jun 2011 10:24 PM PDT Buoyed by better-than-expected performance on government finances' front in 2010-11, the Centre on Thursday said it will keep a tab on public expenditure to ensure that Budget targets for this fiscal too are achieved. Efforts to get the economy on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

UK's Birmingham City Council offshores jobs to India; sparks protests from employee unions Posted: 01 Jun 2011 10:21 PM PDT The Birmingham City Council led by the Conservative party has become the first council or local authority in Britain to cut jobs and outsource them to India, sparking protests from employee unions. Reacting to the council's move, Unite union... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Satyam fraud – ICAI to soon conclude proceedings against auditors Posted: 01 Jun 2011 10:19 PM PDT Accounting regulator the Institute of Chartered Accountants of India (ICAI) today said it will soon conclude the disciplinary proceedings against S Gopalakrishnan and Srinivas Talluri, the two auditors embroiled in the multi-crore Satyam fraud. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Announcement-Assessment Test of the Certificate Course on International Taxation organised by the Committee on International Taxation of ICAI Posted: 01 Jun 2011 10:18 PM PDT It is notified for the information of all the registered members pursuing Certificate Course on International Taxation of the ICAI that the Assessment Test of the Course is proposed to be conducted on Sunday 3rd July, 2011 from 2.00 PM to 5.00 PM in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Liquidity Enhancement Schemes for Illiquid Securities in Equity Derivatives Segment Posted: 01 Jun 2011 09:53 PM PDT CIRCULAR No. CIR/DNPD/5/2011 , Dated - June 2, 2011 - In consultation with BSE, MCX-SX, NSE and USE, it has been decided to permit Stock Exchanges to introduce one or more liquidity enhancement schemes (LES) to enhance liquidity of illiquid... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sensitivity of Capital Flows to Interest Rate Differentials – An Empirical Assessment for India Posted: 01 Jun 2011 09:49 PM PDT This study provides empirical evidence of sensitivity of capital inflows to interest rate differential in the India specific context. Using both causality and cointegration analyses, this study suggests that FDI and FII equity flows, which together... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Talent Acquisition and Management – Key Note Address by Dr K C Chakrabarty, DG, RBI Posted: 01 Jun 2011 09:45 PM PDT What is talent? We must define talent. We say that Lata Mangeshkar is a very talented singer or Sachin Tendulkar is a very talented player. No, I withdraw, they are like gods. Let me choose another example. It is common to say that Shreya Ghoshal is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Principal Bench of the Central Administrative Tribunal (CAT) to Remain Closed from 6 to 30 June 2011 Posted: 01 Jun 2011 09:30 PM PDT The Principal Bench of the Central Administrative Tribunal at New Delhi will remain closed from 6 June 2011 to 30 June 2011, on account of Summer Vacation. During this period, a Vacation Bench will sit on Tuesdays and Fridays to hear and dispose... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing – Transactional Net Margin Method (TNMM) At Enterprise Level Invalid Posted: 01 Jun 2011 09:30 PM PDT Symantec software Solutions Pvt Ltd vs. ACIT (ITAT Mumbai)- The burden of proving that the transactions with the Assocciated Enterprises is at arms' length is on the assessee. If the Transactional Net Margin Method (TNMM) is adopted, the comparison... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Challenges to Central Banking in the Context of Financial Crisis RBI releases Volume for the First International Research Conference Posted: 01 Jun 2011 09:25 PM PDT National policies alone cannot prevent a crisis even if these are the most appropriate unless some of the global challenges are addressed collectively at the global level. The international monetary system has been found inadequate to tackle global... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Deduction U/s. 54EC to be allowed before set off of brought Losses – ITAT Mumbai Posted: 01 Jun 2011 07:39 PM PDT The Tata Power Co. Ltd. Vs Addl. CIT(ITAT Mumbai) - The stage at which set off of carried forward long term capital loss is to be given is subsequent to the stage at which income under the head capital gains is computed and deduction under section... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Euro Privatisation Posted: 01 Jun 2011 04:20 PM PDT Saving the Euro or saving the nations which one comes first is the question of debate. European economies are struggling to survive the Euro and not the nations. They want bailout but to that extent to which the political image of financial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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