Fwd: TaxGuru : “Access to information on Swiss accounts made easier by Swiss Parliament” plus 17 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jun 18, 2011 at 9:44 AM
Subject: TaxGuru : "Access to information on Swiss accounts made easier by Swiss Parliament" plus 17 more
To: palashbiswaskl@gmail.com

TaxGuru : "Access to information on Swiss accounts made easier by Swiss Parliament" plus 17 more

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• Access to information on Swiss accounts made easier by Swiss Parliament
• When AO has accepted higher agricultural income in the previous AY, it cannot reject the income declared on basis of general information collected from Chief Agriculture Officer and without confronting on the same with the assessee
• In the absence of written agreement to join back the firm, the expenditure incurred on higher education abroad of grandson of firm's partners working there as an apprentice cannot be claimed as business expenditure
• Where amount received in advance for a service which is to be performed in subsequent year, the advance could not be taken as income in the year of receipt
• Whether Trust entitled to exemption u/s 11 and 12 for amount received as corpus fund as it is not a taxable amount though deposited with sister concern in violation of section 11(5)
• An order passed under sub-section (6) or (7) of s 206C is appealable under s 246 (now s 246A) of the Income-tax Act
• Recording of satisfaction necessary for CIT before rejection of assessee's application for waiver of Interest and Penalty
• Regarding Writing off of arrears of Central Excise duty and Customs duty – Constitution of Committees to advise the authority for writing off of arrear
• Aim to Achieve GDP Growth of 9 to 9.5% during 12th Five Year Plan Period; Asks Banks to Bring Down NPA to Previous Level – FM
• Tight monetary policy may impact growth: Pranab
• Section 641 of the Companies Act, 1956 – Schedules forms and rules – Power to alter Schedules – Amendment in Schedule XIII – Approval of Government in case of listed company where not required
• RBI releases DRG Study on 'Productivity, Efficiency and Competitiveness of the Indian Manufacturing Sector'
• SEBI Circular – Shareholding of promoter / promoter group to be in dematerialized mode
• SEBI – Periodical report- Grant of prior approval to registrars to an issue and share transfer agents
• SEBI – Periodical report- Grant of prior approval to merchant bankers
• CBI arrests a private person for accepting bribe of Rs. Seven Lakhs
• SEBI Periodical report on Grant of prior approval to underwriters
• CBI arrests a Divisional Engineer of Railways for accepting bribe of Rs. 50,000/-

Access to information on Swiss accounts made easier by Swiss Parliament Posted: 17 Jun 2011 08:11 PM PDT The Swiss Parliament today gave approval to amendments to tax treaties with countries, including India, making it easier for to access information about the illegal funds held by their nationals in Swiss private banks. The upper house of the Swiss... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

When AO has accepted higher agricultural income in the previous AY, it cannot reject the income declared on basis of general information collected from Chief Agriculture Officer and without confronting on the same with the assessee Posted: 17 Jun 2011 07:46 PM PDT DCIT, Haldwani Vs Shri Om Prakash Bhargava (ITAT Delhi) - Assessing Officer estimated the income on the basis of general information from Chief Agriculture Officer which was never confronted with assessee. Further such general information was with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

In the absence of written agreement to join back the firm, the expenditure incurred on higher education abroad of grandson of firm's partners working there as an apprentice cannot be claimed as business expenditure Posted: 17 Jun 2011 07:33 PM PDT Pushpsons International Vs ACIT (ITAT Delhi) - The agreement to serve has not been placed on record and its terms have not been paraphrased in any submission. Further, it has not been shown that the understanding, if any, came to an end only when he... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Where amount received in advance for a service which is to be performed in subsequent year, the advance could not be taken as income in the year of receipt Posted: 17 Jun 2011 07:17 PM PDT CIT vs. Dinesh Kumar Goel- The assessee running coaching classes followed mercantile system of accounting. Total fees for the entire course, which may be of two years duration was taken in advance at the time of admission of the students. For the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether Trust entitled to exemption u/s 11 and 12 for amount received as corpus fund as it is not a taxable amount though deposited with sister concern in violation of section 11(5) Posted: 17 Jun 2011 06:59 PM PDT Ramalingam Charities Vs CIT, Salem (Madras High Court) - Tribunal considered the claim of the revenue as well as the assessee and pointed out that having regard to the fact that the Trust deed was not existing solely for the educational... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

An order passed under sub-section (6) or (7) of s 206C is appealable under s 246 (now s 246A) of the Income-tax Act Posted: 17 Jun 2011 06:38 PM PDT CIT, Meerut v The District Excise Office (Allahabad High Court) - The argument of the learned senior standing counsel that Section 206C does not find place in any of its clauses of sub section (1) and therefore, the appeal is not maintainable... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Recording of satisfaction necessary for CIT before rejection of assessee's application for waiver of Interest and Penalty Posted: 17 Jun 2011 06:22 PM PDT Shayama Sanjay Shah v CIT (Gujrat High Court) - Though it is true that powers under section 273A of the Act are discretionary powers, it is equally true that powers conferred under a statute are required to be exercised in consonance with the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Writing off of arrears of Central Excise duty and Customs duty – Constitution of Committees to advise the authority for writing off of arrear Posted: 17 Jun 2011 05:22 AM PDT Circular No. 946/07/2011 In the context of revision of the delegated powers to write off irrecoverable tax arrears, most of the Chief Commissioners did not recommend any enhancement of the existing monetary limits prescribed vide Board's Circular... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Aim to Achieve GDP Growth of 9 to 9.5% during 12th Five Year Plan Period; Asks Banks to Bring Down NPA to Previous Level – FM Posted: 16 Jun 2011 11:30 PM PDT Union Finance Minister, Shri Pranab Mukherjee has stressed on the need to sustain and pursue the efforts currently underway to reform the international and national policy regimes for better managing the forces of globalisation, in serving the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tight monetary policy may impact growth: Pranab Posted: 16 Jun 2011 11:30 PM PDT Admitting that the Reserve Bank's anti-inflation monetary measures may impact growth, Finance Minister Pranab Mukherjee on Friday said the major challenge right now is to contain price rise. 'The monetary policy has been gradually tightened...... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 641 of the Companies Act, 1956 – Schedules forms and rules – Power to alter Schedules – Amendment in Schedule XIII – Approval of Government in case of listed company where not required Posted: 16 Jun 2011 10:30 PM PDT NOTIFICATION NO. G.S.R. 396(E), Approval of the Central Government is not required for a subsidiary of a listed company, if- 1. The Remuneration Committee and board of directors of the holding company give their consent for the amount of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI releases DRG Study on 'Productivity, Efficiency and Competitiveness of the Indian Manufacturing Sector' Posted: 16 Jun 2011 09:29 PM PDT The Reserve Bank of India today released a DRG Study entitled, "Productivity, Efficiency and Competitiveness of the Indian Manufacturing Sector". The study is co-authored by Prof. Pushpa Trivedi (Indian Institute of Technology Bombay), Shri L.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Circular – Shareholding of promoter / promoter group to be in dematerialized mode Posted: 16 Jun 2011 09:29 PM PDT Circular No. Cir/ISD/ 3/2011,In order to further promote dematerialization of securities, encourage orderly development of the securities market and to improve transparency in the dealings of shares by promoters including pledge / usage as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Periodical report- Grant of prior approval to registrars to an issue and share transfer agents Posted: 16 Jun 2011 09:29 PM PDT Pursuant to the aforesaid notification, all RTI/STAs shall report the following change(s) to SEBI in the quarterly reports submitted in accordance with the SEBI Circular No. MIRSD/DPS-2/RTA/Cir-1712008 dated May 06, 2008, commencing from the quarter... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Periodical report- Grant of prior approval to merchant bankers Posted: 16 Jun 2011 09:29 PM PDT Circular No. CIR/MIRSD/7/2011, With the said amendment, the requirement of taking prior approval by the merchant bankers. from SEBI for change in status or constitution has been dispensed with. However, the merchant bankers are required to take... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI arrests a private person for accepting bribe of Rs. Seven Lakhs Posted: 16 Jun 2011 09:28 PM PDT The Central Bureau of Investigation has arrested a private person in Jaipur(Rajasthan) for demanding and accepting illegal gratification of Rs.Seven Lakhs from the complainant who was facing a CBI trial case. It was alleged that the accused private... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Periodical report on Grant of prior approval to underwriters Posted: 16 Jun 2011 09:28 PM PDT Circular No. CIR/MIRSD/6/2011, 1. SEBI (Underwriters) Regulations, 1993 {hereinafter referred to as "the said Regulations"}, have been amended vide Notification No. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as "the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI arrests a Divisional Engineer of Railways for accepting bribe of Rs. 50,000/- Posted: 16 Jun 2011 09:25 PM PDT The Central Bureau of Investigation has arrested a Divisional Engineer of Indian Railway Service-1995 batch posted at Bhusawal Division (Maharashtra) for demanding and accepting bribe of Rs. 50,000/- (Rs. Fifty thousand only) from the complainant. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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