Registration under s 80G , Penalty under s 271(1)(c) , Industry Seeks 14% duty on power equipment , GST may bring down supply chain costs , RBI allows FIIs to invest up to $25 billion in infrastructure bonds , Insider trading rules will now apply to

---------- Forwarded message ----------
From: CA Saiprasad Bagrecha <saiprasadbagrecha@gmail.com>
Date: Mon, Nov 7, 2011 at 11:44 AM
Subject: {jalgaoncas} Registration under s 80G , Penalty under s 271(1)(c) , Industry Seeks 14% duty on power equipment , GST may bring down supply chain costs , RBI allows FIIs to invest up to $25 billion in infrastructure bonds , Insider trading rules will now apply to
To:

Dear All,

Find enclosed text on the above topics with latest case laws and latest news by RBI pertaining to FII's and Loan rates.

 

http://www.indiantaxhome.com/2011/11/registration-under-s-80g.html

 

CIT v Gaur Brahmin Vidya Pracharini Sabha

High Court of Punjab and Haryana

ITA No.759 of 2010(O&M)

Hemant Gupta and G S Sandhawalia, JJ

 

For the reasons mentioned in the applications, delay in refiling as well in filing the appeal is

condoned. The Civil Misc. Applications are allowed.

ITA No.759 of 2010

 

 

 

http://www.indiantaxhome.com/2011/11/penalty-under-s-2711c.html

 

In the absence of any evidence to show that the omission to offer additional income on account of gift received by assessee was attributable to any intention or desire on the part of assessee to hide or conceal income, no penalty can be levied under s 271(1)(c), more so when assessee has surrendered amount after receipt of questionnaire from AO to buy peace — as held by DelHC in CIT v Harnarain — In favour of: The assessee.

 

 

http://www.indiantaxhome.com/2011/11/industry-seeks-14-duty-on-power.html

 

In a move that may spell trouble for private sector utilities and Chinese makers of power generation equipment, heavy industries minister Praful Patel has called a meeting today to discuss and push for the imposition of customs duties on imports of such equipment.

 

 

http://www.indiantaxhome.com/2011/11/gst-may-bring-down-supply-chain-costs.html

 

Industrial and trading houses were advised by experts to start aligning their operations, especially in the area of supply chain management, in tune with the new Goods and Service Tax (GST) regime that is likely to be in place by October 2012 or April 2013.

 

 

 

 

 

 

http://www.indiantaxhome.com/2011/11/rbi-allows-fiis-to-invest-up-to-25.html

 

The Reserve Bank of India (RBI) today allowed foreign institutional investors (FIIs) to invest up to USD 25 billion, up from existing limit of USD 5 billion, in bonds and debentures of Indian infrastructure companies.

 

 

http://www.indiantaxhome.com/2011/11/insider-trading-rules-will-now-apply-to.html

 

Rules on insider trading will apply to employee trusts which administer employee stock option plan (ESOPS) and they will have to make disclosures when their holding changes, SEBI said in an informal guidance to an IT company on Tuesday.

 

 

http://www.indiantaxhome.com/2011/11/hc-upholds-income-tax-departments-view.html

 

An old tax case has come back to haunt Infosys, the country's second-largest software company. In a ruling that backs the Income-Tax Department's claim of Rs 100 crore, the Karnataka High Court has upheld the view of tax authorities that the work carried out by Infosys for clients overseas, from 1992-93 to 1996-97, is in the nature of 'technical services'.

 

 

http://www.indiantaxhome.com/2011/11/rbi-eases-rules-for-share-transfer.html

 

The Reserve Bank of India has reduced the number of approvals for transfer of shares between resident and non-residents, including investments made in the financial sector, with an aim to encourage overseas inflows.

 

 

http://www.indiantaxhome.com/2011/11/rbi-to-look-into-loan-rate-hikes.html

 

Reserve Bank of India (RBI) deputy governor KC Chakrabarty said on Friday that the central bank would look into why banks were raising loan rates by such hefty amounts when their costs were not going up in the same proportion.

 

 

http://www.indiantaxhome.com/2011/11/groupon-raises-700m-with-ipo-at-20-per.html

 

Daily deals pioneer Groupon raised about $700 million with an initial public offering of stock priced well above expectations. The IPO was set late Thursday at $20 per share, above the anticipated range of $16 to $18.

 

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