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Archive: 04 February 2010

Posts in 04 February 2010

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6501 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Issue of S.143(2) notice is mandatory for block assessment proceedings. Disclosed items cannot be assessed in block assessment. Circulars are binding on the revenue

February 4, 2010 2852 Views 0 comment Print

Chapter XIV- B provides that where a search u/s 132 is conducted, the AO shall determine the undisclosed income for the block period. S. 158 BC(b) provides that in making the block assessment the provisions of s. 143 (2) shall “so far as may be, apply”. The Supreme Court had to consider whether a block assessment order passed without service of notice on the assessee u/s 143(2) within the prescribed period of time was valid. HELD, deciding in favour of the assessee:

Surcharge Additional Tax levied under PVAT Act

February 4, 2010 1885 Views 0 comment Print

The Government of Punjab has levied Surcharge/Additional Tax @10% on all the goods under Punjab VAT Act 2005 other than those seecified as declared goods under section 14 of Central sales Tax Act 1956 with effect from 05-02-2010. However this surcharge or additional tax will be levied on Liquor with effect from 01-04-2010.

Entry Tax Imposed on new goods in Punjab

February 4, 2010 2327 Views 0 comment Print

The Government of Punjab,Department of Excise & Taxation has levied Entry tax on 12 new items Punjab Tax on Entry of Goods into Local Areas Act, 2000 (Punjab Act No.9 of 2000) with effect from 05-02-2010 vide notifications dated 01-02-2010. The new goods on which entry tax has been imposed along with the tax rate applicable are summarized hereinafter

Comments of Department of Revenue on First Discussion Paper on GST

February 4, 2010 958 Views 0 comment Print

GST shall have two components: one levied by the Centre (Central GST), and the other levied by the States [State GST].

Section 372A – Inter corporate Loan/Investment/Guarantee/ Security

February 4, 2010 29996 Views 0 comment Print

Section 372A of the Companies Act, 1956 (The Act) deals with inter-corporate Loan, Investment, Guarantee and Securities in connection with loan. All the four transactions are frequently taken place in any company and henceforth the section becomes more important and therefore it requires to special heed by virtue of strict penal provisions and because of no much space to play.

Absence of reason for modification in Penalty order by tribunal will not make it Unjustifiable

February 4, 2010 369 Views 0 comment Print

The present tax appeals have been field by the Commissioner of Central Excise & Customs, Surat -II under sec. 35-G of the Central Excise Act, 1944 proposing to raise the following substantial question of law : “Whether in the facts and circumstances of the case, the Tribunal has committed a substantial error of law in reducing the penalty on the respondent from Rs. 2 crores to Rs. 20 lakhs ?” 2. Learned Sr. Standing Counsel Mr. R.

CBI successfully busted international gang specialising in fake US money orders

February 4, 2010 597 Views 0 comment Print

THE CBI has successfully busted an international gang involved in printing, possession, circulation and use of counterfeit MoneyGram money orders running into millions of dollars which were being used in the USA. The gang involves Nigerian nationals who had been forwarding consignments of such counterfeit MoneyGram (Money Orders) from India to the USA through various courier companies while concealing their identity and whereabouts.

Nucleus Software wins Gold shield for Best Annual Report, 2009, by ICAI

February 4, 2010 808 Views 0 comment Print

The award under different categories is conferred on the basis of evaluation administered by ICAI’s committee for the degree of compliance with the accounting standards, statutory guidelines and other relevant pronouncements which also include governance.

ICAI list of toppers in CA PEE- II examination, PCE examination and IPCE examination held in November 2009

February 4, 2010 1507 Views 0 comment Print

The Institute Of Chartered Accountants of India Declares Results of Professional Education Examination (PEE-II), Professional Competence Exam (PCE), and Integrated Professional Education Examination (

SEBI issued circular on Standard warning in Advertisements by Mutual Funds

February 4, 2010 547 Views 0 comment Print

As per the present guidelines, in advertisements through audio-visual media like television, a statement “Mutual Fund investments are subject to market risks, read the offer document carefully before investing” is required to be displayed on the screen for at least 5 seconds and be accompanied by a voice over reiteration.

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