"12 February 2009" Archive

Acceptance of Tracking Report, duly certified by accredited agent of goods carrier, under FMS and Market Linked Focus Product Scheme

Policy Circular No. 60 (RE-2008)/2004-2009 (12/02/2009)

Attention is invited to para 3.20.3(iv) of Hand Book of Procedures Vol.I (RE 2008). In this regard, references have been received from the Trade and Industry on the issue as to whether a Tracking Report, down loaded from the website of a goods carrier and duly certified by its accredited agent is an acceptable document under para 3.20.3(i...

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ICAI Comittee submits its interim report on Satyam scam

The high power committee of the Institute of Chartered Accountants of India (ICAI) on Wednesday submitted its interim report on the financial scam of Satyam Computer Services. ICAI said the report is interim in nature since restatement of accounts of Satyam is in progress and is expected to take another two months to complete. ICAI [&hell...

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Posted Under: DGFT |

Satyam account cleaning to take six months: ET

MUMBAI: The “cleaning up” or restating of scam-tainted Satyam’s accounts is expected to take at least six months as the newly-appointed auditing firms will have to scrutinise the company’s fudged numbers back to 2002, a top source said. “Efforts to restate the accounts are progressing rapidly. The Board expects this task to take...

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Posted Under: DGFT |

Central agencies want to question Raju

All the Central investigating agencies have now swung into action by petitioning a city court to grant them permission to question in jail the accused in the Satyam fraud. The Income-Tax Department on Monday petitioned the court to allow it to interrogate the former chairman of Satyam Computer Services, B. Ramalinga Raju, alone. The Secur...

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Posted Under: DGFT |

Service Tax Evasion on 40 Crore Deals Detected at Surat

Service tax evasion on deals of Rs 40 crore sale involving an industrial security service agency was detected during a raid by Suratservice tax officials on Monday. According to officials, who refused to divulge the agency’s name, the raids were conducted after reports of illegal transactions at the official premises of this agency ...

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Posted Under: DGFT |

Treatment To Be Given To Income From Warehousing Business

ACIT Vs Popat Jamal & Sons (ITAT Chennai)

"In our view, the High Court was right in holding that the assessee was carrying on an adventure or concern in the nature of trade. The assessee not only constructed vaults of special design and special doors and electric fitting, but it also rendered other services to the vault-holders. It installed fire alarm and was incurring expenditu...

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Sustainability Of Addition Made On Basis Of Surrender By The Assessee

Nigam Chawla Vs. ITO (ITAT Delhi)

3. We have considered the facts of the case and rival submissions. We find that evidence exists on record that M/s Ronex International was habitually importing materials from Kaks. It is also a fact that this concern placed an order with the assessee for import of brass and plastic zippers as seen from pages 35 and 36 of the paper book. T...

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Utilisation of Information Mentioned In Annual Information Return

INSTRUCTION NO. 01/2009 (12/02/2009)

AIRs pertaining to financial year 2007-08 (Assessment year 2008-09) and subsequent years should be utilized in the manner laid down in paragraphs 2 to 8 below....

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ICDs do not come within purview of deemed dividend under section 2 (22)(e) of IT Act

The Bombay Oil Industries Ltd. Vs DCIT (ITAT Mumbai)

10. We have heard the rival submissions and perused the material on record. The authorities below have not controverted the claim of the assessee company that the amount received from above three companies is inter-corporate deposits. The Assessing Officer held against the assessee only on account that it had failed to explain, the invest...

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Service Tax Will be Included in Turnover for the Calculation of Presumptive Profit

DDIT (Int'l Taxation) Vs Technip Offshore Contracting BV (ITAT Delhi)

5.6 In the present case, it is not in dispute that the assessee company has realized service tax on account of providing services and facilities in connection with the exploration or extraction of minerals oils in India. The service tax so realized is a part of receipts received by the assessee from ONGC. The service tax realized by the a...

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