M Padmakshan

  • All IPL franchise owners come under tax scanner

    All IPL franchise owners come under tax scanner

    The income-tax department will issue notices to the owners of the ten IPL franchisees early next week as the probe gathers momentum. IPL: Tharoor-Modi controversy

    I-T dept is acting perfunctorily: HC

    I-T dept is acting perfunctorily: HC

    It has been a common complaint that revenue officials, under pressure to meet the fiscal’s target, tend to make irrational demand on tax payers. This high court order lends credence to such complaints.

    Direct tax mop-up may fall short by Rs 30k cr

    Direct tax mop-up may fall short by Rs 30k cr

    Direct tax collections are set to fall short of the revised target in FY10, making the current fiscal year the second in a row in which the taxmen have failed to meet government-set targets.

    Levy penalty only if income concealment is proven: SC

    Levy penalty only if income concealment is proven: SC

    In a judgement that will clear the air on the tricky issue of the income-tax department’s power to levy penalties on assessees, the Supreme Court has held that a penalty cannot be levied merely because the I-T authorities and taxpayers hold divergent views on calculation of income.

    SC admits plea to recover black money

    SC admits plea to recover black money

    The tricky issue of unaccounted wealth stashed by Indians in Swiss banks and other offshore tax havens refuses to die down, with the Supreme Court (SC) admitting another petition asking the government to bring back the money.

    Mauritius investors exempt from capital gains tax on share sales here

    Mauritius investors exempt from capital gains tax on share sales here

    Authority for Advance Ruling (AAR) on Monday held that E*trade Mauritius, the wholly-owned subsidiary of the US-based E*trade Financial Corporation, was not liable to pay tax in India on capital gains arising from the sale of its shares held in Indian company IL&FS Investment to HSBC in September 2008.

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