"April, 2009" Archive - Page 4

Disallowance deduction u/s 80HHC in a case of MAT assessment is to be worked out on the basis of the adjusted books profits under Section 115JA of the Income Tax Act, 1961

CIT Vs. M/s K.G. Denim Ltd. (Madras High Court)

CIT Vs. M/s K.G. Denim Ltd. (Madras HC) - The Assessing Officer is not entitled to touch the profit and loss account prepared by the assessee as per the provisions contained in the Companies Act, while arriving at the book profit under Section 115J and the book profit so arrived at should be the basis for taxation and therefore, the comp...

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YUM! Restaurants (India) Pvt. Ltd. Versus Commissioner of Income Tax

YUM! Restaurants (India) Pvt. Ltd Vs Commissioner of Income Tax (Delhi High Court)

Assessee-company under the tripartite agreement, in particular, clause 4.1 was under no obligation whatsoever to contribute any money to its wholly owned subsidiary YRMPL. The facts as found also show that whatever was spent by the assessee-company by way of advertisements towards liability to advertisers such as O&M and HTA etc. was allo...

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RBI Circular on Buyback / Prepayment of Foreign Currency Convertible Bonds (FCCBs)

RBI/2008-09/461, (A. P. (DIR Series) Circular No 65 (28/04/2009)

Attention of Authorised Dealer Category - I (AD Category - I) banks is invited to A.P.(DIR Series) Circular No. 39 dated December 8, 2008 and A.P. (DIR Series) Circular No. 58 dated March 13, 2009 on the captioned subject. In terms of Para 4 B of A.P (DIR Series) Circular No. 39 dated December 8, 2008, Reserve Bank has been considering pr...

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Circular No.66-Custom Duty, Dated: 28.04.2009

RBI/2008-09/462 (A. P. (DIR Series) Circular No. 66 (28/04/2009)

The directions contained in this circular have been issued under sections 10(4) and 11 (1) of the Foreign Exchange Management Act, 1999 (42 of 1999) and is without prejudice to permissions/approvals, if any, required under any other law....

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RBI Circular on External Commercial Borrowings (ECB) Policy – Liberalisation

RBI/2008-09/460 A.P. (DIR Series) Circular No. 64 (28/04/2009)

As announced in Para 107 of the Annual Policy Statement 2009-10 and considering the continuing pressure on credit spreads in the international markets, it has been decided to extend the relaxation in all–in-cost ceilings, under the approval route, until December 31, 2009. This relaxation will be reviewed in December 2009....

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ICWAI made 6 Cost Accounting Standards mandatory w.e.f. period commencing on or after 1st April 2010

The Council of the ICWAI at its 251st Meeting held on 12-13 February 2009 decided as below: Mandatory application of Cost Accounting Standards...

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Posted Under: Income Tax |

BIG FOUR CA firms plead for help amid fear of lawsuit-Britain

Leading accountants will meet the Government this week to plead for protection as they prepare for a surge in litigation from investors trying to recover their losses from big company failures. The Big Four — Deloitte, Ernst & Young, KPMG and PricewaterhouseCoopers (PwC) — are braced for an increase in legal action from investors ...

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Posted Under: Income Tax |

CAR won’t come down below minimum required despite high NPAs: RBI

CAPITAL adequacy ratio—the minimum amount of capital banks have to set aside while lending—of Indian banks would continue to remain higher than the minimum regulatory requirement of 9% even if sticky loans, or NPAs, were to more than double. Addressing a seminar at the the London Business School on Thursday, RBI deputy governor Rakesh...

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Posted Under: Income Tax | ,

SEBI asks listed companies disclose the voting rights break up of shareholders for each class of security issued

Listed companies have to disclose to stock exchanges the voting rights break up of shareholders for each class of security issued, a SEBI amendment to the Equity Listing Agreement has specified. “It has been decided to amend clause 35 of the Equity Listing Agreement to provide additional format for disclosure of voting rights pattern in...

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Posted Under: Income Tax |

SC ask IT department why Bachchan was given tax rebate

The Supreme Court on Monday asked the Income-Tax department to explain why actor Amitabh Bachchan was allowed to withdraw his security expense claim amounting to 30% of around Rs 6.90 crore, the actor’s income from popular TV game show ‘Kaun Banega Crorepati’ in 2001-02. The department said while Bachchan had in his orig...

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Posted Under: Income Tax |