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Chapter XIX-A is a complete Code in itself as regards settlement of cases for having provided a complete mechanism other than procedure provided under the IT Act. Legislature conferred all powers upon Settlement Commission being vested in IT authority under the Act as provided U/s 245-F and what is being decided by settlement commission is conclusive providing no remedy of revision/review or appeal to the assessee or revenue, envisaged in S.245-I of the Act. Full Article

Area based exemption is available to the units in the specified areas in the North-East region, Jammu & Kashmir, Himachal Pradesh and Uttarakhand under different notifications. The exemption is applicable to the new industrial units set up after the specified date and also to the existing units which have undertaken substantial expansion by way of increase in installed capacity by not less than 25%. Full Article

Airports Authority of India require panel of chartered accountants firms for verification of annual fees for Joint venture Projects. The criteria of the Firm is to have past president ICAI as active(?)partner of the Chartered Accountant firm. It clearly states that the firm shall have a Past President of ICAI for the last twelve years as active partner of the Firm. Full Article

“Further, supply of goods required for the expansion of existing mega power project as specified in Sl. no 400A of DoR Notification 21/2002- Customs dated 1.3.2002, as amended shall also be eligible for deemed export benefits as mentioned in paragraph 8.3 ( a), (b) and (c) of FTP, whichever is applicable.” Full Article

This is to inform that due to unavoidable circumstances the Examination Centre for Common Proficiency Test –December-2009 is changed in respect of candidates who have been allotted Roll Nos.: 114112 to 114311 at H & GHM Institute of Management , Smt. CHM College Campus , Opp. Ulhas Nagar Railway Station , Ulhasnagar , Mumbai-421003 to: Full Article

As you are kindly aware that creation of employment opportunities to members of ICAI in industry, enhancing knowledge and skill sets and recognition of exemplary work of such Members in Industry are the primary goals of the Committee for Members in Industry of ICAI. The Committee continuously endeavors to provide value added services, upgrade its services by figuring out the various initiatives that can be taken to reinforce the placement services provided to the membe.. Full Article

It is the burden of the assessee to show and demonstrate what kind of relationship or what kind of love and affection the donor has with the assessee, and to explain circumstances in which gifts are made. Full Article

Attention is invited to erstwhile scheme for setting up private/public bonded warehouse in SEZ/DTA for import and re-exports of cut & polished diamonds, cut & polished colored gems stones, uncut & unset precious & semi precious gemstones, subject to achievement of minimum value addition of 5% under paragraph 4A.18 of the Foreign Trade Policy 2004-09. This scheme has now been deleted from the Foreign Trade Policy 2009-14 announced on 27.08.2009 by DGFT. Full Article