If there is no failure or omission on the part of the assessee to disclose material facts reassessment proceeding cannot be initiated Posted: 28 Dec 2011 06:57 PM PST RRB Consultants And Engineers Pvt Ltd. Vs. DCIT ( Delhi HC) - In the present case, the assessee has not failed or omitted to disclose material facts either deliberately or intentionally. On the other hand, full and true information and details were... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| CIT (A) should give opportunity to the A.O. to rebut the claim of the assessee in pursuance of fresh evidence produced before him Posted: 28 Dec 2011 06:34 PM PST Income-tax Officer Vs. North East Enterprises (P) Ltd. (ITAT Kolkata)- As observed by the ld. A.O., the receipts of Rs. 50 lakhs and Rs.41,50,000/- ICD for the assessment years 2001-02 and 2002-03 respectively were not satisfactorily explained... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| If quantum assessment restored to file of AO, then penalty order will not survive Posted: 28 Dec 2011 06:27 PM PST Sujata Rajendra Nikalje Vs ITO (ITAT Mumbai) - We find force in the alternate contention of the assesee. Admittedly, the assessee was in custody from 25th December, 2005 till 17th September, 2007 during which the assessment for A.Y. 2003-04 and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Appeal by revenue not allowable if tax effect is less then monetary limit specified Posted: 28 Dec 2011 06:19 PM PST In appeal for the assessment year 2001-02, the Revenue assails deletion of additions of Rs.3,60,000/- and Rs.1,56,388/- made by the ld. CIT(A). During the course of hearing, it was admitted by the ld. DR that the tax effect in this case was less... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| If borrowed amount not used to earn exempt Income, no disallowance can be made U/s. 14A Posted: 28 Dec 2011 06:10 PM PST ACIT Vs. M/s Reliance Land Pvt. Ltd. (ITAT Mumbai)- Assessee proved that interest paid to Reliance Capital Ltd. (7% interest on Rs. 538 crores) amounting to Rs. 2,78,58,082/- has been received from Swan Consultants (P) Ltd. on account of loan... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Agreement for avoidance of Double Taxation and Prevention of Fiscal Evasion with foreign countries – Cayman Islands Posted: 28 Dec 2011 05:54 PM PST NOTIFICATION No.61/2011[F.No.503/03/2009-FTD-I] , dated 27-12-2011 Whereas an Agreement between the Government of the Republic of India and Government of the Cayman Islands for the exchange of information relating to taxes was signed at Cayman... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| RBI cautions public against fictitious offers Posted: 28 Dec 2011 05:50 PM PST The Reserve Bank of India, RBI, has cautioned the public against falling prey to fictitious offers of cheap funds that are rampant in recent times. In a press statement at Guwahati, the RBI said, the fraudsters often lure the public in the form of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Weak rupee opens new avenues for NRIs Posted: 28 Dec 2011 05:47 PM PST As the fall of Rupee against the dollar continues, the experts say more investment opportunities in India are opening up for the Gulf based non-resident Indians (NRIs). Real estate, capital markets and deposits are among the new instruments in which... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| ICAI proposes branch-level audit for private sector banks along the lines of PSU Banks Posted: 28 Dec 2011 05:21 PM PST Private sector banks will have to get their branch accounts audited by an RBI-approved panel along the lines of PSU lenders if a proposal of accounting regulator ICAI goes through. [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Chartered Accountants (Amendment) Bill, 2010 permits CAs to form partnership with CS, ICWA Posted: 28 Dec 2011 05:18 PM PST The Lok Sabha passed on 19.12.2011 the much awaited Chartered Accountants (Amendment) Bill, 2010, which provides for the following: Firstly, to enable the Members of the Institute of Chartered Accountants of India to form Multi Disciplinary firms... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Names of Audit Firms approved for appointment as Statutory Central Auditors in 25 Public Sector Banks for the year 2011-12 Posted: 28 Dec 2011 05:04 PM PST Allahabad Bank, Kolkata 1 M/s N K Bhargava & Co, New Delhi 2 M/s M C Jain & Co, Kolkata 3 M/s P A & Associates, Bhubaneswar 4 M/s M R Narain & Co, Chennai 5 M/s S Ghose & Co, Kolkata 6 M/s K M Agarwal & Co, New... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Internal Control Framework – Design & Implement an SOP Posted: 28 Dec 2011 04:33 PM PST Whether it is about growing business or cracking recession, one of the critical success factors is to design & implement an Internal Control Framework that is a best fit to management approach and attitude, business needs and regulatory... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| MCA Initiatives during 2011- Year End Review / Report Card Posted: 28 Dec 2011 03:45 PM PST (iv) Company Law Settlement Scheme [CLSS]: This was introduced in August 2011 to give a chance to companies who have failed to file the balance sheets and annual returns earlier, to complete their filings to avoid prosecution. This measure has... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Government may announce amnesty scheme for citizens having unaccounted wealth abroad Posted: 28 Dec 2011 03:41 PM PST The government may announce an amnesty scheme for citizens having unaccounted wealth abroad and also permit taxmen to dig into income tax filings of past 16 years of suspected assessees, based on the suggestions made by a high—powered panel. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| DTAA with Swiss Confederation – Notification No. 62/2011 Posted: 28 Dec 2011 03:34 PM PST NOTIFICATION NO. 62/2011 Whereas a Protocol amending the Agreement between the Republic of India and the Swiss Confederation for the avoidance of double taxation with respect to taxes on income with Protocol, signed at New Delhi on the 2nd day of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Govt. introduces Money Laundering Bill in Lok Sabha Posted: 27 Dec 2011 09:43 PM PST In an endeavour to bring prevention of money laundering legislation on par with global norms, the government today introduced a Bill to allow confiscation of proceeds of crime even during the trial. Finance Minister Pranab Mukherjee introduced the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Urban Co-operative Banks – Deregulation of Interest Rates on Non-Resident (External) Rupee (NRE) Deposits and Ordinary Non-Resident (NRO) Accounts Posted: 27 Dec 2011 08:28 PM PST UBD.BPD.(PCB)CIR No. 16/13.01.000/2011-12 . With a view to providing greater flexibility to banks in mobilising non-resident deposits and also in view of the prevailing market conditions, it has been decided to deregulate interest rates on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Secondary market transactions in Government Securities – Short Selling Posted: 27 Dec 2011 08:26 PM PST . As you are aware, the period of maintenance of short position in G-Sec was extended beyond intraday to five trading days vide circular RBI/2006-07/243 dated January 31, 2007. In continuation, as announced in the Monetary Policy Statement 2011-12,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] 
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| Benefit of rebate u/s 88E is available to assessee in MAT Assessment on book profits u/s 115JB Posted: 27 Dec 2011 08:13 PM PST The contention that this benefit is not available to assessee whose total income is assessed u/s 115JB has no substance. In other words, when the total income is assessed u/s 115JB has no substance. In other words when the total income is assessed...
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