Even if an asset is described as goodwill but it fits in the description of section 32(1)(ii), depreciation is to be granted on the same; the true basis of depreciation allowance is the character of the asset and not it’s description.
The CLB cannot exercise its inherent powers to pass orders without jurisdiction or in utter disregard to orders passed by the Supreme Court or the High Court; an interim order passed by the CLB without jurisdiction and without giving reasons and in utter disregard to the orders passed by the Supreme Court and the High Court cannot be sustained.
A new scheme under paragraph 4A.2 has been introduced in the Foreign Trade Policy 2009-2014 (FTP) for import of diamonds for certification and grading and re-export thereof. Procedure in this regard has also been specified under paragraph 4A.14 of Handbook of Procedure Volume I (HBP). To avoid dichotomy in following the procedure by the field formations for allowing import of diamonds for the specified purpose and re-export thereof, the salient feature of this scheme and procedure in this regard are laid down.
The automation drive by the country’s excise and service tax department took another step forward Wednesday with the access to online registration and filing of returns made available in the national capital and surrounding regions. ‘The main objective of the automation drive is to provide an electronic interface with the department that aims to reduce costs, the paperwork, visits to our offices,’ said Sreela Ghosh, chief commissioner of excise and service tax in the capital.
A report prepared by India’s apex accounting body that is investigating the role of the auditors in the fraud at Satyam Computer Services Ltd doesn’t shed any new light on the subject and, apart from repeating charges made by the Central Bureau of Investigation, India’s federal investigative agency, suggests generic measures to improve the audit process in companies.
Market regulator Securities and Exchange Board of India (Sebi) would come up with guidelines for setting up stock exchanges exclusively for small and medium firms soon. “Sebi is working on it. The norms are being finalised and would be released soon,” Finance Ministry sources said.
The Indian economy weathered the financial turbulence well 6.7 % growth in 2008/09 – amongst the highest growth rates in the world. well calibrated adjustments in the monetary and fiscal policies
Packing materials, namely, printed cartons of paper or paper board, metal containers, high density polyethylene woven sacks, adhesive tapes, stickers, pilfer proof caps, crown corks, metal labels.
The Budget 2009-2010 amended the Income Tax Act so as to tax notional income resulting from transactions in immovable properties under section 56 i.e. Income from other sources. Our focus in this write-up will be only on newly inserted provisions in section 56 pertaining to Immovable Property which is bound to result in more questions than their answers.
Central Excise – Notification No. 24/2009 Dated Wednesday, October 21, 2009 -Exempts Packing materials, namely, printed cartons of paper or paper board, metal containers, high density polyethylene woven sacks, adhesive tapes, stickers, pilfer proof caps, crown corks, metal labels, Plastic bags, Printed laminated rolls affixed with brand name or trade name of another person.
