Citibank is striving to resolve issues arising from the fraud perpetrated by a relationship manager of Gurgaon branch on unsuspecting customers. The bank has issued a statement saying that it is in touch with customers affected by the fraud and working towards awarding them fair compensation.
IT demand on GE R&D unit creates uncertainty regarding taxability of income of such units.
IT department has raised a demand for Rs 64 Crores from GE India Technology Centre for 2007-08, for claiming deduction u/s 10A of the IT Act for income from software exports. The dept wants to know how a unit which employs scientists for R&D activities has claimed deduction u/s 10A.
Compensation for land acquisition should be based on fair market value, rules SC
SC has ruled that fair market value of the land in the neighbourhood, and not auction price should be the criteria for determining compensation in land acquisition cases. Auction prices are not fair indicators, as distress sale by banks or courts depresses the price, while open auction inflates it.
Telecom ministry suggests enhancing penalty for illegal phone tapping
Telecom ministry has proposed imposing a stiff penalty between Rs1 Lac to 2 Crores for breach of the provisions of Indian Telegraph Act regarding unlawful interception or divulging messages. The proposed amendment in the Act will be tabled in the Budget session of Parliament.
SC rejects contention of pharma co., upholds levy of excise duty on physician samples
SC has held that excise duty is payable even on drug samples supplied free of cost to doctors for promotional purposes. It dismissed the appeals of a pharmaceutical company, Medley Pharma, that physician samples are not excisable goods since they are not for sale under Drugs and Cosmetics Act.
Paying service tax is the liability of the service provider to the Airports Authority of India
SC has ruled that liability to pay service tax is that of the service providers who have a licencing agreement with AAI, and not of the AAI. Sparkway Enterprises providing services at Calicut airport had refused to pay, saying it did not have permission to collect service tax from the public.
CBDT constitutes 12 Dispute Resolution Panels, leaves choice to the assessee
CBDT has constituted 12 Dispute Resolution Panels to sit at various locations across the country. It has clarified that it is the choice of the assessee whether to file an objection before the DRP or an appeal later before CIT (Appeals) against the assessment order passed by an Assessing Officer.
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