The Hindu Business Line : Saturday, December 09, 2006

FOREIGN RELATIONS
India-China ties — Not a `great leap' yet
While the political and economic relations between the two Asian giants, marred by decades of distrust, now appear to have been put on a new footing, it is certainly not a `great leap' yet. Efforts are, therefore, needed from both India and China to overcome the negative emotions and be guided by economic pragmatism, says S. D. NAIK. More

EDITORIAL
Asia re-defined
But the idea of a homogenous `Asian' resurgence seems nothing more than simple rhetoric. More

TAXATION
All businessmen should file returns
The least the Government can do is to call upon businessmen to file returns so that they are not the arbiters of their own tax destiny. More

How an oil company milked super-profits
Purchase price Rs 3,245, and selling price Rs 10,887. What is the profit? Rs 7,642, or a 235 per cent mark-up. This are the numbers relating to a kilolitre of ATF or aviation turbine fuel, bought and sold by Indian Oil Corporation Ltd (IOC) from ... More

EPZ, a source of tax evasion?
The proliferation of SEZs will mean that transfer pricing regulations may have to be invoked even within the country. More

Notification delayed, exemption denied
The delay in issuing notification restricting the scope of Section 54EC has deprived many taxpayers of the benefit of this exemption in 2006-07. More

INCOME TAX
The crunch of cash credits
Sections 69, 69-A, 69-B and 69-C of the Income-Tax Act are useful tools that treat unexplained investments and unexplained expenditure as deemed income by a fiction of law where the nature and source of investment or expenditure have not been satisf actorily explained. More

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