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Archive: 20 July 2011

Posts in 20 July 2011

Maintenance of separate books of account for STP units is not a prerequisite to avail deduction under section 10A

July 20, 2011 4587 Views 0 comment Print

IBM India P. Ltd. v. DCIT (ITAT Bangalore)- Considering the second objection of the AO, namely, that separate books of account have not been maintained for the STP Units, his observation was that the objection of the AO arose on the premise that part of the expenditure which could be related to the exempted income which is not allowable to the assessee by virtue of the provisions contained in section 14A of the Act which could be disguised and allowed to be set off against taxable income and, thus, the assessee would be benefited by paying reduced tax which could have been avoided.

CUP method not suitable to benchmark royalty payment in the absence of comparable uncontrolled transactions

July 20, 2011 2417 Views 0 comment Print

DCIT v. Cabot India Ltd. – At the outset the Tribunal stated that the issue to be adjudicated upon is whether or not the royalty rate of five percent is arm’s length, and not whether the increase vis-à-vis two percent is justifiable. The Tribunal ruled that the royalty of two percent paid by the assessee to its AE in the previous year was a ‘controlled’ transaction and hence, could not be taken as a benchmark for determining the arm’s length nature of the five percent royalty charge in the current year.

Pass Percentage and Analysis of Results of CA Final Examination held in May, 2011 and CPT(Paper Pencil Mode) held on June 19, 2011, CA Final Toppers

July 20, 2011 17002 Views 0 comment Print

The toppers of Chartered Accountants Final Examinations held in May, 2011 are from Bikaner, Mumbai and Pune. The details of the top three rank holders on all India basis for Chartered Accountants Final along with the marks secured by them are mentioned at Annexure-A. The result analysis of the Final examination in terms of gender wise and region wise pass percentage is mentioned at Annexure-B. The toppers of Common Proficiency Test (Paper-Pencil Mode) held on 19th June, 2011 are from Tirupathi, Pune, Hyderabad, Guntur (Andhra Pradesh), Mumbai & Amritsar (Punjab).

CBI raids 7 Customs officials of Trivandrum Airport

July 20, 2011 1670 Views 0 comment Print

The Central Bureau of Investigation has registered a case against a Joint Commissioner; an Assistant Commissioner; four Supdts & one Inspector of Central Excise of Thiruvananthapuram Airport and one clearing agent for cheating and allegedly obtaining illegal gratification.

An assessee cannot be said to be a defaulter in payment of advance tax if he had no liability to pay any advance tax under s 208 on any of the due dates for payment of the advance tax

July 20, 2011 1595 Views 0 comment Print

Emami Ltd. Vs CIT (High Court of Calcutta)- Where on the last date of the Financial Year preceding the relevant Assessment Year, the assessee had no liability to pay advance tax, he would be nevertheless asked to pay interest in terms of Section 234B and Section 234C of the Act for default in making payment of tax in advance which was physically impossible.

Validity of extension for export of 6,50,000 tons of wheat products upto 31.03.2012.

July 20, 2011 393 Views 0 comment Print

Has permitted export of 6,50,000 tones of wheat products upto 31.3.2010, which was earlier extended upto 31.3.2011 by Notification No. 41/2009-14 dated 18.05.2010. Now this validity has been extended upto 31.03.2012.

ITAT Pune -Domestic segment cannot be regarded as a comparable for the export segment

July 20, 2011 1517 Views 0 comment Print

Brintons Carpets Asia Pvt. Ltd v. DCIT (ITAT Pune) – The AO has to maintain the rule of consistency unless there is change facts materially. Comparable cases accepted by the department in the subsequent assessment year should be adopted for the purpose of computing the transfer pricing adjustments for the current year also. Ld Counsel also narrated the facts of that case and stated that the AO/TPO initially picked up the domestic comparable cases in that case too as in the case of the present assessee and such a decision was not accepted by the Tribunal vide the cited order dated 23.2.2011.

Delhi Vat department detects Tax evasion in sale of diamonds worth Rs 5,150 cr

July 20, 2011 1337 Views 0 comment Print

In a major haul, the city’s tax department has detected tax evasion in undeclared sale of diamonds worth Rs 5,150 crore which were imported through the Delhi airport. Teams from trade and taxes department carried out raids at premises of 29 importers and dealers of diamond across the city and discovered the evasion of VAT to the tune of more than Rs 100 crore.

Employees sent on deputation by ONGC are liable to service tax

July 20, 2011 2392 Views 0 comment Print

LETTER [F. NO.137/35/2011 – SERVICE TAX], DATED 13-7-2011 Representation has been received seeking clarification on applicability of service tax under Manpower Recruitment and Supply Service in respect of employees sent on deputation by ONGC to Directorate General of Hydrocarbons (DGHC). The matter has been examined and it is clarified that activity of ONGC for providing its staff on deputation to DGHC for a remuneration in the form of reimbursement from DGHC, is chargeable to service tax under ‘Manpower Recruitment or Supply Agency’s Service’ in terms of section 65(105)(k) of the Finance Act. As per section 65(68) of the Finance Act, Manpower Recruitment or Supply Agency means any person engaged in providing any service, directly or indirectly, in any manner for recruitment or supply of manpower, temporarily or otherwise, to any other person.

Notification No. 49/2011-Customs (N.T.) Dated: 20/07/2011

July 20, 2011 388 Views 0 comment Print

Notification No. 49 / 2011-Customs (N.T.), n exercise of the powers conferred by sub-rule (1) of rule 3 of the Customs Tariff (Identification, Assessment And Collection Of Countervailing Duty On Subsidized Articles And For Determination Of Injury) Rules, 1995, and in supersession of Notification of the Government of India, in the Ministry of Finance, Department of Revenue, No. 3/95-Customs (N.T.) dated 1st January, 1995, published in the Gazette of India, Extraordinary Part II, Section 3, Sub-section (i) vide G.S.R. 3(E) dated the 1st January, 1995, except as respects things done or omitted to be done before such supersession, the Central Government hereby appoints the person not below the rank of Joint Secretary to the Government of India, Department of Commerce, Ministry of Commerce and Industry, as designated authority for the purposes of the said rules.

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