"May, 2009" Archive - Page 4

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

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...

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Posted Under: CA, CS, CMA |

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

Public Notice No. 182 (RE-2008)/2004-2009 (26/05/2009)

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....

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

Public Notice No. 181 (RE-2008)/2004-09 (26/05/2009)

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 q...

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

Notification No. 55/2009-Customs (26/05/2009)

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) an...

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

Sahara India Financial Corpn. Ltd. Vs Addl. CIT (ITAT Delhi)

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 acc...

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Penalty for concealment can not be imposed automatically for disallowance of deduction

Twin Star Jupiter Co-op. Hsg. Soc. Ltd. Vs ITO (ITAT Mumbai)

9. Part A of the Explanation to section 271(1)(c) provides that if assessee fails to offer an explanation or offers and explanation which is found by the Assessing Officer or the Commissioner (Appeals) or the Commissioner to be false. This explanation can therefore, be applied only where the assessee has either not offered any Explanation...

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Space leasing Income with services and facilities will be business income

Gesco Corpn. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Mumbai)

15. Therefore, in our view, the issue involved in the present appeals is essentially a question of fact and once this question is answered, the application of appropriate legal principles should not present much difficulty. We find considerable strength in the submission of the assessee that facts in its case were distinguishable from tho...

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Section 164 attracted when shares of beneficiaries are unknown

CIT Vs P. Sekar Trust (Madras High Court)

Section 164 gets attracted only when the shares of the beneficiaries are unknown, which is manifest from the marginal heading of that section itself; so long as the trust deed gives the details of the beneficiaries and the description of the person who is to be benefited, the beneficiaries cannot be said to be uncertain, merely because wi...

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ICAI president advocates more power for chartered accountants

Uttam Prakash Agarwal, president of Institute of Chartered Accountants of India (ICAI), has been in focus lately, handling queries on the role of auditors in the Satyam Computer fiasco. Agarwal, who is also chairing the six-member high-level committee set up by ICAI to look into the Satyam scandal, talked to Vivek Seal of DNA on […...

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Posted Under: CA, CS, CMA |

ICAI will update accounting norms for oil and gas industry

The Institute of Chartered Accountants of India (ICAI) will soon update the accounting norms for oil and gas industry to keep pace with the technological developments in the sector. “We issued guidelines for oil and gas industry in 2003. But since then a lot of technological improvement has taken place. Therefore, we are revising ...

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Posted Under: CA, CS, CMA |