Pranab Mukherjee presents Interim Budget on 16th February

Income Tax raids the premises of several Top Notch Builders in all-India Operations-Amrapali and Paras Buildtech also on hit list of Income Tax-Cash of Rs 22 Crore recovered SC rules stock exchange card is license eligible for depreciation under Section 32 Partner of Luthra & Luthra Vineet Aneja resigns-Partner of amarchand Mangaldas Himanshu Narayan also resigns SC rules MAT companies are not subject to 80HHC(1B) CBDT extends the time limit for filing ITR-V forms relating to income tax returns filed electronically for Assessment Year 2009-10 up to 31st December 2010 or 120 days from the date of filing, whichever is later-ITR-V is accepted only at the Centralized Processing Center of the Income Tax Department at Bengalore by ordinary or speed post Major Setback for tax avoidance on merger & acquisition deals-HC rules a mere difficulty in compliance or in enforcement is not a ground to avoid observance-the transaction in question had a significant nexus with India-The essence of the transaction was a change in the controlling interest in HEL which constituted a source of income in India-The transaction between the parties covered within its sweep, diverse rights and entitlements-The Petitioner by the diverse agreements that it entered into has a nexus with Indian jurisdiction-the proceedings which have been initiated by the Income Tax Authorities cannot be held to lack jurisdiction-AIT-2010-381-HC concessional rate of duty on electrical energy removed from a SEZ into DTA or non processing areas of SEZ-Customs Tariff Notification No.91 where an assessee has paid duty of excise on wires drawn from wire rods, falling under Chapter 72, the CENVAT credit taken or utilized, of the duty or tax or cess paid on inputs , capital goods and input services used in the making of the said final product, shall not be required to be reversed-Central Excise Non-Tariff Notification No.28 when once the competent authority viz., the Assistant Commissioner was satisfied with the factum of export that the final products made by the appellant, his failure to exercise the discretionary power vested in him in the absence of any other valid reasons cannot be sustained-the appellant is entitled for rebate applied for-AIT-2010-377-HC Courier Regulations for the manual and the electronic mode-Customs Circular No.33 Outdoor catering service provided by a NGO, under Mid-Day Meal Scheme, exempted from service tax-Service Tax Notification No.47 Even if the goods belong to same entry, manufacture does take place if new identifiable/marketable goods known in market emerge due to operation conducted-the process of ironing applied to the stiched brassieres prior to their packing was a process incidental to the completion of the brassieres as a manufactured product-process of purification and filtration being incidental or ancillary to the manufacture

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Pranab Mukherjee's Interim Budget fails to cheer Industry

Pranab Mukherjee - Budget 2009 Finance Minister Pranab Mukherjee has presented Interim Budget on Monday 16th February in Parliament. Interim Budget has proved to be just a vote on account and has failed to live up to expectations of Industry and stock market.

Though Finance Bill 2009 has been presented by the Finance Minister; it is one of the shortest Finance Bill in the histroy of Parliament and is limited to extension of some provisions of Income Tax Act.

Auto, Steel, Cement, Real Estate, Infrastructure, Textile, Information Technology and Services Sector which awaited with excitement economic stimulus from the Government are disappointed.

Stock Market which was already full with Budget Euphorea if last few trading sessions are any indication but this Euphorea has not sustained and the Sensex is already down by 330 Points in Post-Budget trading.

Interim Budget 2009-2010

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