News Update

Cabinet greenlights extending PMGKAY by 5 years; to cost Rs 11.80 Lakh CroresCabinet approves drone use by women-run SHGs; subsidy included tooCabinet approves Terms of Reference for 16th Fin ComCabinet okays 3-year Central funding extension for fast-track special courtsCabinet ratifies scheme for revamping basic facilities delivery to Particularly Vulnerable Tribal GroupsCostly CommissionersI-T - Purpose of Section 40(a)(ia) is to disincentivize non-deduction of tax at source by disallowing, as deduction, amount paid to resident/payee: HCUnraveling Complexity: MFN Clause and Its Tax Treaty RamificationsI-T - If AO did not have tangible material on record that could have persuaded him to form belief that income otherwise chargeable to tax, had escaped assessment, notice u/s 148 deserves to be quashed: HCCommission for Air Quality Management in NCR revokes Stage-III of GRAP with immediate effectI-T - Time spent by applicant while pursuing review proceedings deserves to be excluded even under principles analogous to Sec 14 of Limitation Act, if he acted in good faith: HCNASA chief calls on MoS, discusses launching joint Satellite with ISROI-T - Since ROI was filed though after search and seized cash was offered by assessee under then prevailing regime, it is to be treated as the advance tax and thus there is no default in payment of advance tax : HCMinistry of Defence inks contract with BHEL for Super Rapid Gun Mount & accessories for Indian NavyCOP28 Panel’s sage advice: ‘Tax the bad’ for climate financeI-T- Since loan received from M/s Godavari is routed through regular banking channel and reflected duly in annual accounts not require addition u/s 68 of Act : ITATUS Embassy issues over 1.4 lakh visas to Indian students in last one yearRozgar Mela: PM to distribute 51,000 appointment letters tomorrowVietnam Parliament approves Global Minimum Tax for corporateI-T- If assessee is corporate entity then ad hoc disallowance of expenditure without pointing out any specific defect is not permissible : ITATTurkey asks UN to prosecute Israel for Gaza crimesST - SVLDRS, 2019 - Only minor variation in the amount proposed in SCN and amount declared in form SVLDRS-1 - Petitioner entitled for relief under the scheme: HCUkraine’s military intelligence head’s wife poisonedGST - SCN is dated 4 th March; reply is to be filed within 30 days but petitioner asked to appear for hearing on 17 th March - Real intention of Department is not to provide fair opportunity to defend their case, but, only to put the petitioner in peril: HCUttarakhand tunnel case - All 41 workers are out; rushed to hospital for routine check-upCus - Since manufacturing activity undertaken and payment of CE was acknowledged and not disputed, same cannot be questioned by Customs department without any clinching evidence that such machine in question was imported into India as such or in un-assembled condition for it to be held liable to ADD: TribunalGovt has received chip-making proposal worth USD 12 billion, says VaishnavST - Activities of screening cargo through x-ray machines and build-up of cargo for loading onboard aircrafts, fall under Cargo Handling Service as well as under Airport Service - However, as per Section 65A of Finance Act 1994, since Section 65(23) occurs before Section 65(105)(zzm) of the Act, both services will be classifiable under Cargo Handling Service : CESTATAnak Krakatau volcano in Indonesia spews 1 km high column of smokes and ashCus - Discrepancies between goods imported and their quantity declaring in packaging list - Appellant, a Customs Broker, permitted freight forwarder to upload packaging list on e-Sanchit portal using Appellant's credentials - this is act of negligence, cannot be punished with forfeiture of brokers' license: CESTAT

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

TIOL Tube Latest

TIOL Tax Congress 2023 - Technical Session on 'Taxation of New Age Digital Industry'





Technical Session 5 of TIOL Tax Congress 2023: GST – Second-Generation Reforms, including Technology.




TIOL Tube brings you an interview with former US Secretary of Treasury, Mr. Larry Summers who was recently in Delhi.