Fwd: UPDATES FROM TAX GURU (in this message: 15 new items)

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Jan 25, 2010 at 9:36 AM
Subject: UPDATES FROM TAX GURU (in this message: 15 new items)
To: palashbiswaskl@gmail.com

UPDATES FROM TAX GURU (in this message: 15 new items)

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• Getting income tax details of third person under RTI is still not easy task
• ATM transaction not free for banks
• Government overhauled its Income Tax intelligence wing to speed up investigation of high value cases & stop new tax evasion methods
• Income Tax scrutiny will be tougher, Department increasing the number of Assessing officers who will scrutinise the cases
• High Court declined to stay Company Law Board order on Gold Tobacco
• FBT First Instalment of June Quarter Paid-Refund or Adjustment?
• Election Result- Vasai branch of WIRC
• Financial Inclusion -Series 2 (Product Designing @ Target Costing)
• Requirement of clubbing of turnover for the purpose of section 44AB in case assessee is carrying on more than one business
• Sudden Selling Trigger
• Surplus arising to a partner from transaction of contribution of land held by it to a firm as capital contribution shall be taxable u/s 45
• Payment made by a member to its stock exchange for VSAT/Lease line/BOLT/Demat charges is not fee for technical services u/s194J
• Settlement Commission is given power u/s. 245H to reduce penalty but same need to be exercised judiciously and not arbitrarily
• Writ petitions are not maintainable where issue involved is essentially a question of fact under provisions of IT Act, 1961 and Rules framed thereunder
• Sustainability of orders passed by Settlement Commission in violation of section 245D(4) of IT Act, 1961

Getting income tax details of third person under RTI is still not easy task Posted: 24 Jan 2010 07:16 PM PST If you thought getting income tax details of a third person would be an easy task following the recent order of Central Information Commission (CIC), then you are mistaken. In a case filed by Delhi-based chartered accountant R.K. Gupta, the CIC had... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

ATM transaction not free for banks Posted: 24 Jan 2010 07:12 PM PST ATM transactions may have become free for customers, but banks now have to pay Re 1 for every ATM transaction that is routed through the National Financial Switch — the backbone of ATM networks in the country. The charge has been introduced after... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Government overhauled its Income Tax intelligence wing to speed up investigation of high value cases & stop new tax evasion methods Posted: 24 Jan 2010 07:09 PM PST The Finance Ministry has overhauled its Income Tax intelligence wing in order to speed up investigation of high value cases of Rs 10 lakhs and above and stop new methods of tax evasion. Commissioners of Income Tax (CITs) of the Central Information... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Income Tax scrutiny will be tougher, Department increasing the number of Assessing officers who will scrutinise the cases Posted: 24 Jan 2010 07:05 PM PST Income tax evaders are being pushed into an increasingly tight corner – the I-T department is planning restructuring that will help assessing officers spend more time on an assessee than they do now. Currently in Mumbai, an assessing officer, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

High Court declined to stay Company Law Board order on Gold Tobacco Posted: 24 Jan 2010 06:36 PM PST The Bombay High Court has disposed of Golden Tobacco Company's appeal against a judgment of the Company Law Board (CLB) on January 19, 2009, which stayed resolutions passed by the company's board. The court on Friday asked the CLB to pass a judgment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

FBT First Instalment of June Quarter Paid-Refund or Adjustment? Posted: 24 Jan 2010 06:35 PM PST The Finance Bill (No.2), 2009 could be presented on Sixth of July, 2009 due to formation of new government but by that time many corporate assessees had already paid the first instalment under the belief that the Finance Bill has yet to be accorded... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Election Result- Vasai branch of WIRC Posted: 24 Jan 2010 06:09 PM PST Elections to the Vasai branch of WIRC were conducted on 23-01-2010 to constitute a managing committee of 8 members. The voting was about 30%. The results were declared on the same days which are as under:- [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Financial Inclusion -Series 2 (Product Designing @ Target Costing) Posted: 24 Jan 2010 06:25 AM PST Promoting Financial Inclusion can be made through Innovative Policies in partnership with efficient cost management and product designing using target costing keeping consumers purchasing parity. Cost management is an old term where the most common... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Requirement of clubbing of turnover for the purpose of section 44AB in case assessee is carrying on more than one business Posted: 24 Jan 2010 05:00 AM PST Tribunal has also placed reliance on yet another judgment of the Supreme Court. ported in (1972) ITR 83 page 27 (Hindustan Steel Limited v. State of Orissa), where it dealt with the provisions contained in Orissal Sales Tax Act. While considering... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Sudden Selling Trigger Posted: 23 Jan 2010 10:38 PM PST It time for a profit booking. Sound pretty harsh and surprised that I have started the topic with a bang of sell trigger. Yes you are correct to read what I wrote. Last week the equities markets in US and Asian economies went for a vacation of free... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Surplus arising to a partner from transaction of contribution of land held by it to a firm as capital contribution shall be taxable u/s 45 Posted: 23 Jan 2010 09:35 PM PST and contributed by the assessee to a firm towards capital contribution should be treated as stock in trade even during the course of making the transaction of transferring or contributing the land to the partnership firm as capital contribution, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Payment made by a member to its stock exchange for VSAT/Lease line/BOLT/Demat charges is not fee for technical services u/s194J Posted: 23 Jan 2010 09:29 PM PST For the purposes of this clause, "fees for technical services* means any consideration (including any lump sum consideration) for the rendering of any managerial, technical or consultancy services (including the provision of services of technical or... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Settlement Commission is given power u/s. 245H to reduce penalty but same need to be exercised judiciously and not arbitrarily Posted: 23 Jan 2010 09:23 PM PST it will be in the interest of justice to set aside the final order passed by the Settlement Commission and to remand the matter back to the Settlement Commission for hearing parties afresh and to pass orders as per law. Facts and circumstances noted... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Writ petitions are not maintainable where issue involved is essentially a question of fact under provisions of IT Act, 1961 and Rules framed thereunder Posted: 23 Jan 2010 09:18 PM PST Therefore, since the writ petitions are now dismissed and liberty has been granted to approach the Department, the petitioners granted four weeks time to approach the concerned authority under the provisions of the Act seeking for appropriate... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Sustainability of orders passed by Settlement Commission in violation of section 245D(4) of IT Act, 1961 Posted: 23 Jan 2010 09:10 PM PST Chapter XIX-A is a complete Code in itself as regards settlement of cases for having provided a complete mechanism other than procedure provided under the IT Act. Legislature conferred all powers upon Settlement Commission being vested in IT... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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