The Institute of Chartered Accountants of India (ICAI), nodal agency for IFRS Implementation in India , coordinated with the Ministry of Corporate Affairs for the joint initiative taken by the Core Committee for Implementation of IFRS chaired by Shri R. Bandopadhyay, Secretary, Ministry of Corporate Affairs with the Japanese delegation led by Mr. Noriaki Shimazaki, Chairman, Internal Affairs Committee IFRS Council of Japan, for formulating coordination between the two countries for the effective implementation of IFRS.
The assessee made a provision for bad debts by debiting the P & L A/c and crediting the Provision for Bad debts A/c. Thereafter, the provision account was debited and the loans and advances a/c was credited. The AO denied the claim for bad debts u/s 36(1)(vii) on the ground that the individual account of the debtor had not been written off.
Mumbai Income Tax Appellate Tribunal (Tribunal) [2010-TIOL-195-ITAT-MUM] in the case of Valentine Maritime Mauritius Ltd (Taxpayer), on the taxability of certain contracts executed in India. The issue primarily focused on how the ‘duration test’ of nine months under the India-Mauritius Tax Treaty (Tax Treaty) should be applied for determining whether the Taxpayer has a permanent establishment (PE) under the Construction PE rule of the Tax Treaty.
The Taxpayer had reduced the amount debited to the Profit and Loss Account (P&L) from the Loans and Advances/Debtors Account (Debtors A/c) on the assets side of the Balance Sheet. Considering this, the SC held that such a treatment constituted actual write off for the purposes of the Section and it was not necessary to credit individual debtor’s account to claim the deduction for write off.
The income-tax (I-T) department is all set to send a notice to MSM, formerly known as Sony Entertainment Television (SET), in connection with the Rs 425-crore ‘facilitation fee’ it paid to World Sport Group ‘s (WSG) Mauritius arm.
GODFREY Phillips India chairman KK Modi on Thursday said he was confident his son, Lalit Modi, would come out unscathed from the ongoing investigations against him. “These are just charges that they (income-tax officials) have put on Lalit. I feel that Lalit will come out clean of all this. The charges levied by the income tax department will be proved wrong,”
The government has asked chartered accountants, cost accountants and company secretaries to directly report to the home ministry cases of suspicious fund movements in an out of companies, as it looks to crack down on money laundering and terror funding.
(CSE), have received an enthusiastic response from many of the defaulting companies. The exchanges have managed to relist over 500 companies by waiving off penalties triggered by non-compliance with exchange listing rules. Regional stock exchanges (RSEs), like Ahmedabad, Pune and Bangalore, are also expected to follow suit in the coming months.
Govt says investigations only into financial irregularities, no plan to get into business of sport. The Union government will limit its investigations to financial irregularities and tax violations by the Indian Premier League (IPL), its 10 franchisees, as well as the broadcaster. The government does not want to interfere in the functioning of existing sports institutions, a top functionary of the finance ministry said.
An affidavit filed in the Supreme Court (SC) regarding a derivatives scam has alleged that regulatory agencies were part of a deep-rooted conspiracy that resulted in losses of Rs 25 lakh crore to the industry. The affidavit has been filed by an individual, Pravanjan Patra, in a case involving the Foreign Exchange Dealer’s Association of India and the Fixed Income Money Market Derivatives Association of India.
