"Failure to follow High Court’s order is contempt of court” plus 2 more

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• Failure to follow High Court’s order is contempt of court
• 40(a)(ia) disallowance if TDS paid before due date of filing Return of Income
• Separate Days in IPO for Retail- Institutional Investors In IPO-

Failure to follow High Court’s order is contempt of court Posted: 26 Jul 2010 08:07 PM PDT The AO passed an assessment order in which he declined to follow the judgement of the Bombay High Court in CST vs. Pee Vee Textiles 26 VST 281 on the ground that the said judgement "is not accepted by the Sales Tax Department and legal proceeding is initiated against the said judgment". On a Writ Petition filed by the assessee, the High Court has taken the view that as the said judgement in Pee Vee Textiles is not stayed, "the refusal to follow and implement the judgment of this Court by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

40(a)(ia) disallowance if TDS paid before due date of filing Return of Income Posted: 26 Jul 2010 07:52 PM PDT The assessee made payments to sub-contractors during the previous year and though s. 194C requires TDS at the stage of payment/credit, did not do so. The tax was, however, deducted on 31st March and paid over in Sept before the due date for filing the return. The AO took the view that while the payment made to the sub-contractor for March was allowable, the payments for the earlier months was disallowable u/s 40(a)(ia). This was confirmed by the CIT (A). On appeal by the assessee, HELD allowing... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

Separate Days in IPO for Retail- Institutional Investors In IPO- Posted: 26 Jul 2010 07:43 PM PDT In what could be a major overhaul of the way public offers are conducted, market regulator SEBI is mulling over a possible demarcation of days to be given to retail and institutional investors for submitting their bids. As part of efforts to attract more retail investors to the stock market, SEBI is considering a proposal wherein the institutional investors would be first asked to submit their bids, possibly in the first two days, and then the remaining two days would be open only for retail... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]

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