Legal & Tax Updates 18.04.2010

TaxGuru.in : Legal & Tax Updates (in this message: 6 new items) IPL: Income Tax Department questioned Mallya's daughter Posted: 17 Apr 2010 08:51 PM PDT The Income Tax department plans to enlarge its current inquiry into the IPL's financial transactions to cover all the franchises amidst allegations of murky deals even as it questioned the 'mystery' woman and Vijay Mallya's daughter who works for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Penalty- sec. 271(1)(c ) – when two views are possible penalty cannot be imposed Posted: 17 Apr 2010 08:14 PM PDT No penalty is imposable in respect of vexed legal issues which are debatable or on which two views/opinions are possible. For imposing penalty under s. 271(1)(c), the twin conditions of furnishing of inaccurate particulars or concealment of income... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] IT Department has started a three-pronged scrutiny of material collected during survey at IPL and IPL commissioner offices Posted: 17 Apr 2010 08:11 PM PDT Sweat equity, share buy without consideration to attract gift tax. The Income Tax (I-T) Department has started a three-pronged scrutiny of the material collected during the surveys conducted in the offices of the Indian Premier League (IPL) and its... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] SEBI circular on Amendments to Equity Listing Agreement – Discontinuation of Electronic Data Information Filing and Retrieval (EDIFAR) System Posted: 17 Apr 2010 07:50 PM PDT SEBI has since discontinued the EDIFAR system w.e.f from April 1, 2010. In view of this, Stock Exchanges are advised to carry out the consequential amendments in Equity Listing Agreement i.e. removal of words, "and also through the EDIFAR website"... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] ITAT should dispose off stay granted appeals within the period specified under section 254(2A): Bombay HC Posted: 17 Apr 2010 07:43 PM PDT S. 254 (2A) empowers the Tribunal to grant stay of recovery of demand for a period not exceeding 365 days. The 3rd Proviso to s. 254(2A) inserted by the Finance Act 2008 provides that if there is a delay in disposing of the appeal within the said... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] Sebi issued circular on Additional information regarding PCC, MCV or equivalent structure by FIIs Posted: 17 Apr 2010 07:40 PM PDT The Securities and Exchange Board of India (SEBI) on Thursday sought detailed information from foreign institutional investors (FIIs) on their holding structures and account holders, a move apparently aimed at curbing round-tripping or routing of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai