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Archive: 28 October 2010

Posts in 28 October 2010

Notification No. 82/2010-Income Tax Dated 28/10/2010

October 28, 2010 493 Views 0 comment Print

Notification No. 82/2010-Income Tax It is hereby notified for general information that the organization Centre for the Study of Developing Societies, New Delhi has been approved by the Central Government for the purpose of clause (iii) of sub-section (1) of section 35 of the Income-tax Act, 1961 (said Act), read with rules 5C and 5E of the Income-tax Rules, 1962 (said Rules) from Assessment year 2010-11 onwards in the category of ‘other Institution’ partly engaged in research activities subject to the following conditions, namely :–

Custom Notification No. 112/2010-Cus dated -28-10-2010

October 28, 2010 478 Views 0 comment Print

G.S.R. 864 (E). – Whereas, in the matter of import of Bus and Truck Radial Tyres, (hereinafter referred to as the subject goods) , falling under item nos. 40112010 (for tyres) and 40131020 and 40129049 (for tubes and flaps respectively) of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and originating in, or exported from the People’s Republic of China(China PR) and Thailand (hereinafter referred to as the subject countries), the designated authority, vide its final findings in notification No. 14/17/2008-DGAD, dated the 1st January, 2010 published in the Gazette of India, Extraordinary, Part I, Section 1, dated the 1st January, 2010, had come to the conclusion that —

Graziano Transmissioni India (P) Ltd. Vs. DCIT (ITAT Delhi)

October 28, 2010 339 Views 0 comment Print

Payment has been made for architectural consultancy in connection with forging shed, lab construction and site visits. Thus the services were clearly linked towards activity in capital field. Even the consultants bill has been made. by narrating that ‘assuming total cost of civil works 20 lacs @ 3% = Rs. 60,000/-. On this amount service tax has been added. Thus we find that authorities below are correct in holding that this expenditure falls in the capital field. Excise duty and sales tax cannot form part of the turnover for the purposes of section 80HHC. Section 80HHC is governed by section 80AB and unabsorbed losses of earlier years u/s 72 have to be set off in computing eligible profits for the purposes of section 80HHC.

Right of third parties in a proceeding under section 397/398 of Companies Act, 1956?

October 28, 2010 4296 Views 2 comments Print

I had to concentrate on an interesting legal issue in the recent past on section 397/398 of the Companies Act, 1956. Though, section 397/398 of the Companies Act, 1956 is basically meant to protect the rights of the minority shareholders in the Company against the oppression and mismanagement by the majority, the rights of the third parties can not be ignored. The Company Law Board can pass any order under section 397/398 of the Companies Act, 1956 and under section 402 of the Act in order to put an end to the matters complained of or in order to regulate the affairs of the Company.

Extend the time limit for furnishing of reconciliation return in Form DVAT 51, up to 15th November, 2010 for Ist, IInd, IIIrd and IVth quarter of the year 2009-10.

October 28, 2010 300 Views 0 comment Print

Extend the time limit for furnishing of reconciliation return in Form DVAT 51, up to 15th November, 2010 for Ist, IInd, IIIrd and IVth quarter of the year 2009-10. GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 TEL NO. : 011 23319691, 011 23318568, […]

Extend the time limit for furnishing of reconciliation return in Form DVAT 51, up to 31st December, 2010 for Ist, quarter of the year 2010-11

October 28, 2010 414 Views 0 comment Print

Extend the time limit for furnishing of reconciliation return in Form DVAT 51, up to 31st December, 2010 for Ist, quarter of the year 2010-11 GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE AND TAXES VYAPAR BHAWAN, I.P. ESTATE, NEW DELHI-110 002 TEL NO. : 011 23319691, 011 23318568, FAX NO. : 011 […]

Reminder to CA students Appearing in November 2010 regarding Exam Timings

October 28, 2010 249 Views 0 comment Print

Students appearing in the next Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE), Final and Post Qualification Courses(MAC, IRM and ITL & WTO) Examinations of the Institute to be held from 8th November-

ICAI President's Message – November 2010 – (27-10-2010)

October 28, 2010 429 Views 0 comment Print

ICAI Vice-President CA. G. Ramaswamy with the Director, Board of Studies, Shri Vijay Kapur was in Moscow recently as part of the MCA delegation led by the MCA Secretary Shri R. Bandyopadhyay. Other members of the Indian delegation were ICWAI Preside

Contribution to the Question Bank of Common Proficiency Test (CPT)

October 28, 2010 417 Views 0 comment Print

The Common Proficiency Test (CPT) is an entry level test meant for 10+2 students to the Chartered Accountancy Profession having multiple choice objective questions. The level of knowledge expected is basic knowledge with the objective to develop conc

Excise Officer issuing summons to appear with records could not be “deprivation” of liberty of an individual

October 28, 2010 210 Views 0 comment Print

An Excise Officer issuing summons to appear with records could not be “deprivation” of liberty of an individual, the Madurai Bench of the Madras High Court has ruled. Hearing writ petitions from partners of a Virudhunagar-based company, V.V. Vanniape

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