The CBI today arrested an Assistant Director working in Directorate General of Foreign Trade (DGFT) at Ludhiana for demanding and accepting a bribe of Rs. 3000/- from the complainant for processing his files relating to Duty Entitlement Pass Book...
Corporate Affairs Minister Salman Khurshid today agreed that the ICAI Act needs some amendments to become a more powerful body post the Satyam scam. "I can see that some amendments (in ICAI Act) are called for but we would like to see what...
SUMMARY OF CASE LAW The Commissioner can regard an order as erroneous on the ground that in the circumstances of the case the Assessing Officer (AO) should have made further enquiries before accepting the statements made by the assessee in his...
SUMMARY OF CASE LAW No doubt it is well within the power of the Tribunal to set aside the order of the Commissioner (Appeals) for fresh adjudication in accordance with the provision; such order can be made when the Tribunal, after considering the...
SUMMARY OF CASE LAW The "sum due" as referred to under section 434 of the Companies Act, 1956 must mean what has fructified and can not merely be a contingent liability or deferred payment; if the liability has not fructified within....
SUMMARY OF CASE LAW The Income-tax Act exempts the gratuity amount to the extent of limit prescribed under the said Act; there is no distinction between the gratuity paid under the Payment of Gratuity Act, 1972 or otherwise CASE LAW...
SUMMARY OF CASE LAW If the Tribunal has wrongly applied the law laid by the Supreme Court in a given case, it could be said that there is a mistake apparent from the record in the order of the Tribunal; but, the mere citing of the law laid down by...
SUMMARY OF CASE LAW The activity of marketing agents was brought under the tax net with effect from 1-7-03 when BAS was introduced; same services could not be classifiable under C&F Agent Service for any previous period as the scope of C&F...
SUMMARY OF CASE LAW Service tax credit cannot be taken when service tax has not been shown to have been paid by service provider; once it is found that Cenvat credit was irregularly availed by the assessee and by implication to that extent the...
Government has no plans to bring a new amnesty scheme for tax evaders and wants to amend the Indo-Mauritius tax treaty to curb its abuse by companies, the Rajya Sabha was informed on Tuesday. VDS schemes in the past offered amnesty to people...