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Archive: May, 2009

Posts in May, 2009

Analysis of Rule 8D of laying down formula for disallowance of expenses incurred in relation to exempt income

May 27, 2009 9100 Views 0 comment Print

In March 2008, Central Board of Direct Taxes (CBDT) inserted Rule 8D in the income tax rules laying down the formula for the disallowance of expenses incurred in relation to exempt income. With the recent pressures to boost tax collections, the rule has created an endless bout of litigation as authorities are taking aggressive tax positions resulting […]

No disallowance u/s 43B if deduction not been claimed by the Assessee in respect of sum payable by way of tax or duty

May 26, 2009 2405 Views 0 comment Print

Sec.43B can only be invoked when the assessee claims deduction for any sum payable by way of tax or duty, under any law for the time being in force, and, as such, where no such deduction is claimed nor charged made to the profit and loss account, there is no question of disallowing the amount. Having regard to the facts, the Assessing Officer was not justified in making the addition under sec.43B.

Disallowance of Excise duty, if any, to be made under section 145A

May 26, 2009 3314 Views 0 comment Print

6. We have verified the orders and heard:the rival contentions. There is no dispute that there was a qualification in the auditors report whereby the auditors had mentioned Rs.27,47,258/ – as the adjustment required u/s. 145A of the Act for the purpose of valuing the closing stock. Copy of the computation statement for the relevant Assessment Year filed by the assessee show that it had made a suo motu addition

CBI arrested excise Inspector accepting bribe

May 26, 2009 1334 Views 0 comment Print

THE CBI has arrested an Inspector of Customs & Central Excise posted in the office of Commissioner, Central Excise, CR Building, ITO, New Delhi for demanding and accepting a bribe of Rs. 8,000/- from the complainant. The complainant, an Accountant in a private firm had deposited a bank guarantee of Rs.1,00,000/ – with Central Excise […]

ICAI asked banks to hire qualified auditors instead of chartered accountants who render ‘compilation engagement’ services

May 26, 2009 369 Views 0 comment Print

Accounting regulator, Institute of Chartered Accountants of India (ICAI) has asked the private and public-sector banks to hire the services of qualified auditors instead of chartered accountants who render ‘compilation engagement’ services. In a compilation engagement, a chartered accountant uses his accounting expertise as opposed to the auditing expertise to collect, classify and summarize financial […]

Public Notice No. 182 (RE-2008)/2004-2009, Dated: 26.05.2009

May 26, 2009 217 Views 0 comment Print

In Public Notice No.165 (RE 2008)/2004-09 dated 27.3.2009, the date of the Public Notice No.65 (RE-2008)/2004-09 referred in the second paragraph which was erroneously mentioned as 19.8.2009 stands corrected to read as 19.8.2008.

Public Notice No. 181 (RE-2008)/2004-09, Dated: 26.05.2009

May 26, 2009 409 Views 0 comment Print

For supply of High Speed Diesel / Furnace Oil from Depots of domestic oil Public Sector Undertakings under para 8.2(b) of FTP, Terminal Excise duty shall be refunded on the basis of duty paid certificate issued by concerned domestic oil Public Sector Undertaking in the format given in Annexure I to ANF 8. Duty refund will be allowed for quantity of HSD/Furnace oil procured by EOU/EHTP/STP/BTP, for its production activities, as certified by concerned DC/Bond authorities.

Regarding anti-dumping duty on import of Compact Fluorescent Lamps (CFL) originating in, or exported from China PR, Sri Lanka and Vietnam

May 26, 2009 376 Views 0 comment Print

Rate of exchange applicable for the purposes of calculation of such anti-dumping duty shall be the rate which is specified in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), issued from time to time, in exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962) and the relevant date for the determination of the rate of exchange shall be the date of presentation of the bill of entry under section 46 of the said Customs Act.

Section 54F exemption cannot be availed if there is a house in existence on the date of transfer

May 25, 2009 2226 Views 0 comment Print

I have heard the rival submissions in the light of material placed before me and the precedents relied upon. The assessee got share in the house property, as per the WILL of his father He became the joint owner of the property along with his brother. After becoming the joint owner of the said property the assessee sold shares for the purpose of construction of an additional floor in the house for him and the cost to the construction was claimed as exempted under sec 54F.

Penalty can not be imposed for non deduction of TDS if assessee was prohibited by reasonable cause

May 25, 2009 3968 Views 0 comment Print

3. We have duly considered the rival contentions and gone through the records carefully. Learned Assessing Officer as well as learned CIT(Appeals) have given much emphasis on the point whether assessee has committed a default within the meaning of sec. 194-A by not deducting the TDS when interest was credited to the interest provision account, In their opinions, assessee was following mercantile system of accounting

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