Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: VAT RATES :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS :: articles on VAT and GST in India :: cpt :: VAT Audit :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: due date for vat payment :: form 3cd
 
 
News Headlines »
 Integrated Goods and Services Tax (IGST) Rules, 2017 (As on 15.11.2017)
 Central Goods and Services Tax (CGST) Rules,2017 (As on 15.11.2017)
  101st Constitution Amendment Act, 2016
 Pr. Commissioner Of Income Tax-6 Vs. Mccain Foods India Pvt. Ltd.
 Section 10 of the Income-tax Act, 1961
 Income tax returns filing: No tax on gift received from relatives in form of cash
 Income tax returns (ITR): Here is why you need to pay higher tax on other incomes
 GST Update On Issuance Of Debit Notes And Credit Notes
 How Mutual Fund Investments Can Help Save Income Tax
 Income tax returns (ITR) filing: Why small service providers need to get this benefit
 How NRIs can avoid tax troubles

Securities scam: IT dept moves SC against SBI
November, 23rd 2007
The Supreme Court will take up on December 3 the income tax department's plea that it should get priority over banks and other creditors while using 'Big Bull' Harshad Mehta's attached assets for clearing their dues.

The tax department has challenged a special court's order asking it refund more than Rs 546 crore along with interest at the rate of 9 per cent to the custodian after State Bank of India and Standard Chartered Bank alleged irregularities in assessing Mehta's tax liabilities. Mehta, the kingpin of the 1992 securities scam, allegedly owes Rs 1,743 crore to the tax department for assessment years 1992-1994.

An apex court bench headed by Chief Justice K G Balakrishanan ordered status quo till December 3, the next date of hearing, after Additional Solicitor General Mohan Parasaran mentioned the matter.

On an application filed by the two banks, the Special Court, which is hearing offenses related to securities scam, had scaled down the priority tax demand from Rs 1,743 crore to Rs 140 crore on the ground that Mehta's assets and the tax demand were disproportionate.

The custodian had earlier released Rs 686 crore to the tax department in seven tranches subject to an undertaking by the Revenue Secretary that the amount would be paid back along with interest if directed by the special court.

According to the department, it had assessed Mehta's income for 1992-93 and 1993-1994 at Rs 2,014 crore and Rs 1,396 crore respectively, and the assessment for the priority period had resulted in tax demand of Rs 1,743 crore.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions