Loss of a unit not eligible for any tax holiday cannot be set off against profits of the eligible unit for the purpose of computing deduction
The applicant is a company incorporated in Japan and is engaged in the business of providing „Products Lifecycle Management? software solutions, applications and services. These software products are standardized and not customized or tailor-made. It markets its products in India through a distribution channel of third party resellers comprising Value Added Resellers („VAR?) who resells the software to end-users.
It is not in dispute that the activity of the assessee is of property promoter. As the property in the hands of the assessee was treated as business asset and not as capital asset, there is no question of invoking the provisions of section 50C of the Act. Section 50C of the Act pertains to determining the full value of the capital asset. The appeal is, therefore, dismissed.
For students appearing in November 2010 examination, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11, are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are not applicable for A.Y.2010-11 would not be relevant for students appearing for November 2010 examination.
The Ministry of Corporate Affairs had introduced the MCA21 e-Governance programme with a view to improve the speed and certainty in delivery of MCA services in a transparent manner. This improvement is ensured primarily through the mechanism of secure electronic filing (e-filing) and easy online payment for all the services provided by the Registrar of Companies. A network of facilitation centres at 52 locations throughout the country was set-up.
As an incentive for the candidates filling the Online CA examination application forms, the cost of application form of Rs. 100 will be waived off (which is used to be recovered from the candidates submitting the online application forms).
For students appearing in November 2010 examination, the amendments made by the Finance (No.2) Act, 2009, as applicable for assessment year 2010-11 are relevant. Therefore, the amendments made by the Finance (No.2) Act, 2009 which are not applicable for A.Y.2010-11 would not be relevant for students appearing for November 2010 examination.
Para 2.13.3 further provides that an application for revalidation (including for restricted items), may be made to Regional Authority (RA) concerned. RA would consider such application as per Government rules/notifications and where DGFT is concerned authority, original application shall be submitted to RA concerned and self-attested copy of same shall be submitted to DGFT.
The finance ministry may put on hold the final phase of its two-year-old road map that was meant to give complete freedom to public sector banks (PSB) to choose their statutory central auditors. The Institute of Chartered Accountants of India (ICAI), the audit standard setting and regulatory body, has been opposing the `autonomy’ move from the very beginning, as it felt that by giving the banks the powers to choose their auditors, the government was weakening the auditor’s powers to make critical observations against the PSBs.
The Institute is pleased to inform that the Certified Filing Scheme of the Ministry of Corporate Affairs for practicing Company Secretaries will be officially opened from the 1st of July, 2010. To facilitate the registration process, the Company Secretaries in Practice who are interested in associating themselves with this scheme may make an online submission through the relevant link on our portal http://www.icsi.edu .
