Nifty has to stay above 7,900 for the upmove to continue
We had mentioned in Wednesday’s closing report that the current upmove on the NSE's CNX Nifty may continue if it sustains above the level of 7,900. On Thursday again, the market managed to make a new opening high, after which it continued to move sideways. Volatility was higher towards the end of the session on account of the expiry of August futures and options.
The CBDT's high-level committee will scrutinise all cases arising out of the retrospective tax amendment within of 60 days of receiving them from the Assessing Officer
The Central Board of Direct Taxes (CBDT) on Thursday set up a high-level committee to scrutinise all Income Tax (I-T) cases arising out of the retrospective tax amendment.
The four-member committee will be headed by the Joint Secretary of the Foreign Tax and Tax Research-I unit of the CBDT. It will decide on such cases within 60 days of receiving them from the Assessing Officer.
It will be incumbent upon the AO to approach the Committee when faced with an I-T case that is for the period before April 2012.
The other members on the panel include Joint Secretary (Tax Planning and Legislation-I), the Commissioner of Income Tax Appeals and the Director (Foreign Tax and Tax Research-I), who will also be the Secretary of the committee.
Finance Minister Arun Jaitley had announced this new mechanism in his Budget 2014-15 speech on 10th July.
According to the terms of reference for the new committee, it would, on receipt of the reference from the Assessing Officer examine the proposed action of the Assessing Officer and after providing an opportunity to the assessee, take a decision on the proposed action.
In a notification, CBDT said: “The committee shall convey its decision in writing to the Assessing Officer with a copy to the Principal Commissioner or the Commissioner concerned and the assessee.”
“The committee shall endeavour to decide the reference within 60 days of its receipt by the Secretary of the committee. However, the committee shall have due regard to any limitation period involved in the proposed action, ” CBDT added.
An AO “shall seek prior approval” of the committee when faced with a situation that any income is deemed to accrue or arise in India before April 2012 through transfer of a capital asset situated in India following the amendments introduced with retrospective effect, the notification from CBDT said.
CBI is raiding the premises of former Assam minister and legislator Hemant B Sharma
The Central Bureau of Investigation (CBI) is searching seven locations in Kolkata, 12 in Guwahati, two in Dhubri, Assam and one in Mumbai in relation to the multi-crore Saradha scam, an official said.
CBI is raiding the premises of former Assam minister and legislator Hemant B Sharma, Anjan Dutta, MLA from Assam, former IPS officer Shankar Baruah and singer Sadananda Gogoi.
In Kolkata, the agency is searching Bapi Karim, a former personal assistant to Bengal minister Asif Khan, Sandhir Agarwal and Sajjan Agarwal and former IPS officer Deben Biswas. The agency has already arrested Sandhir Agarwal.