Fwd: TaxGuru : “MCA proposes mandatory demat of Shares, Debentures and other deposit receipts of Unlisted Public Companies” plus 22 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Tue, Jun 14, 2011 at 10:20 AM
Subject: TaxGuru : "MCA proposes mandatory demat of Shares, Debentures and other deposit receipts of Unlisted Public Companies" plus 22 more
To: palashbiswaskl@gmail.com

TaxGuru : "MCA proposes mandatory demat of Shares, Debentures and other deposit receipts of Unlisted Public Companies" plus 22 more

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• MCA proposes mandatory demat of Shares, Debentures and other deposit receipts of Unlisted Public Companies
• Capital Gains Accounts Scheme – How, who and where to open, Tax Benefits, Salient Features
• Mere allegation that no-claim certificates have been obtained under financial duress and coercion, does not lead to an arbitrable dispute – SC
• Whether section 94 is attracted and penalty is justified when assessee sets off the loss on sale of its mutual fund units against profit on short term investments but does not claim the loss as a deduction
• AO can assume jurisdiction u/s 147 if it has reason to believe that income has escaped assessment
• Interest income earned by joint venture FDRs prior to 1 April 2008 exempt under Section 10(23FB) of the Income Tax Act, 1961
• If AO has examined the issue of loss arising out of fluctuation in foreign exchange, then reassessment cannot be initiated
• While deciding a case ITAT can rely on a case which has not not been cited at the time of hearing
• Registration as Public Trust not necessary for registration u/s 12A – ITAT Mumbai
• I-T dept proposes political parties assessment under charity law instead of under special clause
• Income tax evassion need not declared criminal offence, says expert
• Govt extends DEPB scheme for three more months till September 2011
• Commerce Minister urges SAARC members to Lower Tariff of Sensitive items
• ICAI – CA aspirants need not clear CPT, Removing extra 15 mnts
• ICWAI – Management Accountant Journal for the Month of June 2011
• FM inaugurate International Seminar for Adopting tax System and International tax Rules to the New Global Environment
• FM calls for reversal of illicit outflows of funds from Developing Countries to tax havens
• Govt have enough tools to deal with tax havens not sharing info – Finance Minister
• MLAs Also to Issue Income Certificate for 'Izzat' Scheme of Railway Travel W.E.F. 1.7.2011
• India to seize foreigners' illegal funds
• India, OECD to discuss tax reforms today
• International Labour Conference on Report of ILO Director General-Equality at WORK – the Continuing Challenge
• Department of Posts decides to revamp mail operations in line with the international best practices

MCA proposes mandatory demat of Shares, Debentures and other deposit receipts of Unlisted Public Companies Posted: 13 Jun 2011 07:22 PM PDT The Ministry of Corporate Affairs (MCA) has proposed vide notification dated 06.06.2011 that all public companies and their subsidiaries convert share certificates and bonds into an electronic (demat) form. The Companies (Dematerialization of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Capital Gains Accounts Scheme – How, who and where to open, Tax Benefits, Salient Features Posted: 13 Jun 2011 07:21 PM PDT Capital gains arise when the consideration received on transfer or sale of a property is more than its indexed cost. The amount of capital gains that is not appropriated by an assessee towards the purchase of another property within one year from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere allegation that no-claim certificates have been obtained under financial duress and coercion, does not lead to an arbitrable dispute – SC Posted: 13 Jun 2011 07:21 PM PDT Union of India & Ors. Vs. M/s. Master Construction Co. (Supreme Court) - If a contractor alleges that he had signed a 'no-claim' certificate on the work done by him was under fraud, duress or undue influence, he must show evidence before the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether section 94 is attracted and penalty is justified when assessee sets off the loss on sale of its mutual fund units against profit on short term investments but does not claim the loss as a deduction Posted: 13 Jun 2011 07:20 PM PDT Merck Ltd Vs ACIT (ITAT Mumbai) - Provisions of sec. 94 are very much clear and it cannot be said that there is any ambiguity in the provisions and therefore, appellant should not have claimed the aforesaid loss knowing fully well that the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

AO can assume jurisdiction u/s 147 if it has reason to believe that income has escaped assessment Posted: 13 Jun 2011 07:19 PM PDT M/s Kone Elevator India Pvt Ltd Vs ITO (Madras High Court) - As per the decision of the Hon'ble Supreme Court, once the Assessing Officer has come to the conclusion that the taxable amount has escaped assessment, two conditions were required to be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest income earned by joint venture FDRs prior to 1 April 2008 exempt under Section 10(23FB) of the Income Tax Act, 1961 Posted: 13 Jun 2011 07:19 PM PDT ITO v Gujarat Information Technology Fund (ITAT Ahemdabad) Interest income earned on bank deposit is exempt u/s 10(23FB) and there is no decision of SEBI that there is any violation of SEBI (Venture Capital Funds) Regulation 1996 and, therefore,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If AO has examined the issue of loss arising out of fluctuation in foreign exchange, then reassessment cannot be initiated Posted: 13 Jun 2011 07:18 PM PDT Hidelbergcement India Ltd Vs ACIT (ITAT Mumbai) – Once the Assessing Officer considered and examined the issue of foreign exchange fluctuation as manifest from the original assessment order, the assessment completed u/s 143(3) cannot be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

While deciding a case ITAT can rely on a case which has not not been cited at the time of hearing Posted: 13 Jun 2011 07:16 PM PDT Geofin Investment (P) Ltd vs. CIT (Delhi High Court) - Learned counsel for the petitioner Geofin Investment (P) Limited, submits that the tribunal had erred in dismissing the application under Section 254(2) of the Income Tax Act, 1961 (Act, for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Registration as Public Trust not necessary for registration u/s 12A – ITAT Mumbai Posted: 13 Jun 2011 07:15 PM PDT Grameen Initiative for Women vs. DIT (E) (ITAT Mumbai)- Hon'ble Bombay High Court – Nagpur Bench has held that there is no requirement under the Act that an institution constituted for advancement of any object of general public utility must be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

I-T dept proposes political parties assessment under charity law instead of under special clause Posted: 13 Jun 2011 07:14 PM PDT Faced with the challenge of curbing black money in electoral process, the Income Tax (I-T) department has now proposed assessment of the income of political parties under the provisions of charity law instead of the present system of doing so under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income tax evassion need not declared criminal offence, says expert Posted: 13 Jun 2011 07:07 PM PDT The government can do without making tax evasion a criminal offence as the existing income tax laws , which provide for rigorous imprisonment up to seven years for willful default, has not been used effectively to unearth black money , say experts .... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt extends DEPB scheme for three more months till September 2011 Posted: 13 Jun 2011 07:02 PM PDT The government today said it had extended the popular exports scheme - DEPB - for three more months till September. The DEPB scheme was due to end on June 30. '...We have extended Duty Entitlement Pass Book (DEPB) till September,' Finance Secretary... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Commerce Minister urges SAARC members to Lower Tariff of Sensitive items Posted: 13 Jun 2011 06:40 PM PDT The Minister of Commerce & Industry, Government of India Mr. Anand Sharma Mr. Anand Sharma urged the member states of SAARC to bring down all the protectionist trade barriers to achieve regional economies of scale at a much greater pace. While... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI – CA aspirants need not clear CPT, Removing extra 15 mnts Posted: 13 Jun 2011 09:26 AM PDT The Indian Chartered Accountants of India (ICAI) has relaxed the norms for students aspiring to become chartered accountants. Until now an aspirant had to clear common proficiency test for chartered accountancy (CPT) after Std XII or graduation. Now... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI – Management Accountant Journal for the Month of June 2011 Posted: 13 Jun 2011 08:07 AM PDT ICWAI - Management Accountant Journal for the Month of June 2011 - Download CWA - Management Accountant Journal - June 2011 in PDF format [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM inaugurate International Seminar for Adopting tax System and International tax Rules to the New Global Environment Posted: 13 Jun 2011 08:01 AM PDT Union Finance Minister Shri Pranab Mukherjee will inaugurate two day high level International Seminar on "Adopting Tax System and International Tax Rules to the New Global Environment: A Shared Challenge for India and the OECD" tomorrow at Vigyan... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM calls for reversal of illicit outflows of funds from Developing Countries to tax havens Posted: 13 Jun 2011 08:00 AM PDT Union Finance Minister Calls for Strong Measures to Reverse the Ongoing Trend of Illicit Outflows from Developing Countries and Exploitation of their Natural Resources Through Abusive Transfer Pricing Schemes; Inaugurates two Day High Level... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt have enough tools to deal with tax havens not sharing info – Finance Minister Posted: 13 Jun 2011 07:58 AM PDT Under pressure from civil society to take concrete action on black money, the government today said it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. We have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MLAs Also to Issue Income Certificate for 'Izzat' Scheme of Railway Travel W.E.F. 1.7.2011 Posted: 12 Jun 2011 09:46 PM PDT Ministry of Railways have decided that the Income Certificate issued by Members of Legislative Assemblies (MLAs) of various States and Union Territories will also be accepted for issue of "Izzat' monthly Season Tickets (MSTs) for the benefit of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India to seize foreigners' illegal funds Posted: 12 Jun 2011 09:30 PM PDT India will introduce a bill in the monsoon session of parliament that will enable confiscation of illegal money stashed in India by foreigners, Finance Minister Pranab Mukherjee said Monday. We will introduce the bill in monsoon session,' Mukherjee... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India, OECD to discuss tax reforms today Posted: 12 Jun 2011 09:30 PM PDT At a time when the government is accelerating efforts to strengthen the country's taxation system , India and rich countries' club OECD will deliberate on challenges to international tax rules on Monday. Co-operation in global tax matters have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

International Labour Conference on Report of ILO Director General-Equality at WORK – the Continuing Challenge Posted: 12 Jun 2011 09:29 PM PDT Millions of people suffer from discrimination in the world of work which not only violates a basic human right but has wider social and economic consequences. Discrimination stifles opportunities wasting the human talent needed for economic progress... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Department of Posts decides to revamp mail operations in line with the international best practices Posted: 12 Jun 2011 09:29 PM PDT The meeting of the Consultative Committee attached to the Ministry of Communications and Information Technology was held here today to discuss the Mail Network Optimization Project of Department of Posts. In his opening remarks Shri Kapil Sibal,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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