The Hindu Business Line : Saturday, October 28, 2006

PETROLEUM
The wrong lessons of the 1970s
The relatively low-impact oil crises of the 1970s may have lulled the world into believing that the problems of high oil prices will somehow get solved. But, SHANMUGANATHAN. N says, it should be remembered that the world was relatively under-explored then. No longer, and the falling rate of discoveries since the 1960s indicates that the probability of discovering another giant field is remote. More

TAXATION
Diversion of borrowed funds
It is for the assessee-company to prove that the borrowals were utilised for its own business and that the diversion to the sister firm was out of its capital. More

Pulling the wool out of dyed-in-the-wool thinking
Wool from China was the focus of a recent AAR (Authority for Advance Rulings) decision. Akash Jain, the applicant, had wanted to know from the Authority if he would get the benefits of a Customs notification if he were to import wool from China ... More

INCOME TAX
Adding income cannot subtract penalty
Taxpayers need to ensure that the original return itself is correct and complete in all respects. A revised return declaring a higher amount subsequently would be of no use in saving penalty. More

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