TAX & LEGAL UPDATES FROM TAX GURU 14.05.2009

UPDATES FROM TAX GURU CBDT issued notices to those having a/c with LGT Bank, Germany The government has made the first move to home in on individuals and entities who have stashed away black money in one of the offshore banks. The Central Board of Direct Taxes (CBDT) has sent notices.... Interest Free Loan from a non-relative is not liable to tax In a first-of-its-kind judgement, the ITAT Mumbai recently ruled that a recipient of an interest-free loan from a non-relative is not liable to pay tax. The judgement will come as a major relief for... ICAI Disciplinary Committee decision in breach of natural justice is invalid In the Case of : Partha Ghosh vs. ICAI , Decided By : Mumbai High Court In October 2007, Disciplinary proceedings were initiated against two partners of M/s Pricewaterhouse (PWC) for alleged... ICAI planning specific accounting standards for insurance sector The accounting regulator the Institute of Chartered Accountants of India (ICAI) has constituted an expert group to suggest sector-specific accounting norms for insurance companies. The move aims at... With Regards,  Sandeep Kanoi  Website: http://www.taxguru. in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by email

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