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DIRECT
TAX LAWS |
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Statutes |
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n
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Bank
Term Deposit (Amendment) Scheme, 2007 - Amendment in Paragraph 11
- Notification No. S.O.
2127(E), dated
13-12-2007
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From
SC/HC |
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n
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Deductions
- Deduction under section 80HHC cannot be allowed against entire
tea composite and it is required to be allowed after apportionment
of income under rule 8(1) (SC)
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n
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Charitable
or religious trust - Registration
of a trust/institution under section 12A is a condition precedent
for availing benefit under sections 11 and 12 (SC)
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n
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Deduction
of tax at source - Where
an assessee has more than one employer, liability of employer who
is expected to deduct TDS in terms of section 192(1) would get
triggered after employee furnishes such employer details of income
due or received by him from other employer (Delhi)
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n
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Firm
- A
sub-partnership which is in receipt of share of profit of a
partner in main partnership, has to be deemed to be a partner in
main partnership for limited purpose of section 10(2A) (Gau.)
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n
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Minimum
Alternate tax - Where
for making addition to book profits on account of provision for
bad debts by invoking Explanation (c) to section 115JA(2)
Assessing Officer had given absolutely no reason, assessment order
upto that extent was to be set aside (Delhi)
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From
ITAT/AAR |
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n
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Charitable
or religious trust - A trust is to be considered as charitable
if its intention is to benefit a section of public as
distinguished from personal benefits to a specified individual -
Greater Kailash-II Welfare Association v. DIT (Delhi)
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n
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Minimum
alternate tax - Department
was justified in adding to book profit provision for taxation made
by foreign branches of applicant under tax laws of those countries
on ground that section 115JA makes no distinction between
income-tax payable in India and that payable abroad (AAR - New
Delhi)
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CORPORATE
LAWS |
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From
SC/HC |
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n
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Contempt
of Court - Company
Law Board (CLB) is judicially subordinate to High Court and, even
if its administrative control is held not to vest in High Court
under article 235 of Constitution, it would nonetheless be a Court
subordinate to High Court under section 10 of Contempt of Courts
Act (AP)
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-
While subordinate Court may make a reference in case of a contempt
of such Court or Advocate General may make a motion in that
behalf, rule 5 of Contempt of Court Rules, 1980 does not bar High
Court from taking cognizance of contempt, or in taking action for
contempt of subordinate Courts under section 10 either suo motu or
on a petition made by any person (AP)
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-
Even if regulations 44 and 47 of Company Law Board Regulations,
1991 and Order xxxix,
rule 2A, of Code of Civil Procedure, 1908 are held to be a law
relating to Contempt of Courts, these provisions would not
preclude High Court, in an appropriate case, from taking action
for contempt of orders of CLB (AP)
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OTHER
LAWS |
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Statutes |
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n
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Payment
of Bonus (Amendment) Act, 2007 [ACT NO. 45 OF 2007]
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NEWS |
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Direct
Tax Laws |
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n
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I-T
dept plans to cash in on Voda's diverging statements
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n
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Capital gains tax
payable in India
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n
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Professional tax
ceiling may double to Rs 5,000 a year
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n
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Budget to focus on
compliance
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Insurance
Laws |
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n
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General insurers to
get full pricing freedom from Jan 1
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Securities
Laws |
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n
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SEBI should clean up
IPO norms
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Other
Laws |
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n
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RBI plugs loophole in
forex management regulations
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n
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Export obligation
under EPCG schemes faltering
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n
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SBI Cards tops
complaints list, ICICI comes second
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n
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States likely to
demand compensation for loss due to GST
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n
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Duty waiver leads to
surge in diamond imports
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A
PREVIEW OF LATEST ISSUES OF TAXMANN'S JOURNALS
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SEBI
AND CORPORATE LAWS |
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n
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Vol.
80, Part 5, for the week of Dec. 17 - Dec. 23, 2007
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TAXMAN |
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n
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Vol.
165, Part 5, for the week of Dec. 15 - Dec. 21, 2007
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