News Update

NITI Aayog conference - TN aks for 100% of indirect tax revenue & urges Centre to keep 100% of direct taxesStates to get over Rs 11 lakh crore from Union of India this fiscal: PMGoyal asks Railways GMs to keep addl coaches to improve punctualityDG, Vigilance, R K Barthwal to join CBIC as New MemberPanel formed to study guidelines for insurance marketing companiesFloods ravage North-East; Over 15 reportedly killed so farChina hits back; imposes addl tariffs on USD 50 bn worth American goodsIGI Airport Customs battling unique smuggling techniques; seizes gold from cavity of legs of gas stoves; Amritsar Customs seizes drugs coming from PakistanI-T - Easy escape for cine star - If assessee fails to return advances received but puts same in balance sheet on bona fide belief that such advances are not income, it is not to be construed as a wilful concealment: HCEU Film Festival to last on Aug 31; opening in Delhi on MondayST - CENVAT - Refund - Rule 5 of CCR, 2004 does not stipulate registration of premises as a necessary pre-requisite for claiming a refund: High CourtMerchandise exports surge; Services exports remains mutedI-T - Once expenditure on technical knowhow is availed by manufaturers u/s 35AB, their eligibility to claim depreciation on such know how ceases: HCPM to address NITI Aayog Governing Council's 4th meeting tomorrowDRI arrests leading jeweller for diversion of 1700 kg goldCommerce Minister meets USTR; further resolves to reduce deficitIMF says none wins a trade war; losers are on both sidesIGI Airport Customs seizes gold worth Rs 8 Crores in last three days; nabs Chinese, Azerbaijan and Iranian nationalsUS President okays tariff plan on USD 50 bn worth of Chinese goodsApplications invited for posts of JDC & DDC on deputation basis in SEZsPay bribes to end Crony capitalistic Rules in Incredible India!One fact, divergent Advance Ruling on GSTCBDT notifies 280 as Cost Inflation Index for FY 2018-19Indian Bureaucracy - Lateral Entry - Avoidable storm over mere jharokha of Reform!

MESSAGE BOARD

   

How safe are public deposits with press baron Ramoji Rao, HUF? Will MoF or RBI answer this question, please?


more than family members

The fact that there were no long queues at Maragadarsi even after so much of fuss made proves the point. People of Andhra Pradesh are clever enough to understand that this entire episode is politically motivated. The news paper run by Mr Ramoji Rao has been exposing the major scams of the present government of AP like “ clemency granted to a criminal on the ground that “ He is a faithful congress party worker” ( which of course was set aside by the Supreme Court and the persons was put behind the bars again), and several land encroachments in Hyderabad by the none other than the Chief Whip.

The depositors being fully aware of these facts, stood like a rock behind Mr Ramoji Rao and instead of withdrawls, there are fresh more deposits in Margadarsi. When in comes to financial disputes, even when the members of the same family knock the doors of courts, the depositors have shown more faith in Mr Ramoji Rao which itself proves that they are more than family members to him and that how the proviso of Section 45 (S) is satisfied in this case.

tax netizen 16/11/2006

 
Re :more than family members

Sir, It is not the question of just Trust alone. The whole issue boils down to the main contention as to whether HUFs can borrow funds from public or not. People have shown faith in several spiritual Babas and were cheated. Mr Ramoji Rao is a Financial Baba. We are only cautioning the General Public about the dangers. If they continue to show faith in Sri Ramoji Rao, its fine.

KL NARASIMHAM 16/11/2006

 

Back