"10 March 2009" Archive

Allotment of shares is “creation” of shares and not “transfer” of shares

Khoday Distilleries vs. CIT (Supreme Court)

An allotment of shares is a “creation” of shares and not a transfer of shares. There is a vital difference between the two. An allotment is the creation of shares by appropriation out of the unappropriated share capital to a particular person....

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Internal Auditor cannot be tax auditor – Further Clarification by ICAI

The Council in its 281st meeting held from 3rd to 5th October, 2008 decided that an internal auditor of an assessee, whether working with the organization or an independently practicing Chartered Accountant being an individual chartered accountants or a firm of chartered accountants, could not be appointed as his tax auditor. The said dec...

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Posted Under: Income Tax |

3 Months’ Residential Programme on Professional Skills Development – ICAI

General Management and Communication Skills- Students of this programme would not be required to undergo GMCS course separately. The course duration to be considered as part of Articled Training- Under Explanation (2) to Regulation 59 (7) of the Chartered Accountants Regulations, 1988 participation in the Three Months’ Residential Progr...

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Posted Under: Income Tax |

Forex from overseas film rights is admissible for deduction under Section 80HHC

The Supreme Court has ruled that the foreign exchange earned by transferring the rights of exploitation of the films outside India by way of lease is admissible for deduction under Section 80HHC of the Income-Tax Act, 1961....

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Posted Under: Income Tax |

Income confessed as undisclosed during survery cannot be assessed : ITAT Mumbai

DCIT vs. M/s Premsons (ITAT Mumbai)

Where during a survey, the assessee surrendered an amount of Rs. 29 lakhs towards "any other discrepancy" but later retracted from the same and the question arose whether the assessee could be assessed despite the said retraction,...

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High Court upset with Terror Tactics of Custom Dept

Vodafone Essar South Vs. UOI (Bombay High Court)

Where despite the goods having been cleared on payment of customs duty as assessed under Heading 85.44 (which was supported by the order of the Commissioner (Appeals) the DRI searched the premises of the assessee and threatened that unless the differential duty payable under Heading 90.01 was paid, the directors and employees of the asses...

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FCCB Buyback deadline may be extended by six months

(10/03/2009)

Those exercising the option include Mahindra & Mahindra, Reliance Communications, Tulip Telecom, Moser Baer, Jubilant Organosys, Radico Khaitan, Hotel Leela, Pidilite Industries and Uflex. Together, these firms have bought back bonds worth $240 million (around Rs 1,200 crore) at a discount of 30 to 50 per cent on the face value....

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Posted Under: Income Tax |

IT dept refuses to disclose info on IAS officials under RTI

The Central Information Commission feels that details of property belonging to government servants and even judges of the high courts and the Supreme Court are subject to the purview of the Right To Information (RTI) Act but some government departments, including the Income-Tax department, seem to think otherwise....

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Posted Under: Income Tax |

Last date for payment of advance tax is March 15, Pay Tax to avoid Interest

Under the Income Tax Act, the total tax liability has to be paid in installments as advance tax on or before specified due dates. Credit is given to the assessee for advance tax paid by him at the time of determining his final tax liability. Any remaining amount has to be paid as self-assessment tax […]...

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Posted Under: Income Tax |

Auditors may get powers to refuse signing a company’s accounts if not found in order

Auditors may get powers to refuse signing a company’s accounts if these are not found to be in order. A special group constituted by the Institute of Chartered Accountants of India (ICAI), the statutory body regulating the profession in India, is veering round to the view that the institute should push for statutory backing to […...

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Posted Under: Income Tax |
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