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On a careful consideration of the submissions, we find that the issue involved in this case is the very same which was remanded by this Bench vide Final Order No 612/2009 dated 6.5.2009 . We find that vide Stay Order No 1093/2006 dated 06.10.2006 , this Bench had directed the appellant to pre-deposit Rs 14,00,000/- which was duly complied with. Since this amount is still lying with the department, we consider this amount as enough deposit to hear and dispose off the appeal. Application for waiver of the pre-deposit of the balance amount is allowed and recovery thereof stayed till the disposal of the appeal.
Accounting Standards are the policy documents issued by the relevant Statutory Authority/ Apex Accountancy body for recognition, measurement, presentation and disclosure of the events and business transactions having economic consequence on an enterp
Q of S. 40A (2) not examined as exercise is “revenue-neutral”. Transfer Pricing Provisions should be extended to domestic transactions to “reduce litigation” The assessee did not have any employee other than a company secretary and all administrative services relating to marketing, finance, HR etc were provided by Glaxo Smith Kline Consumer Healthcare Ltd (“GSKCH”) pursuant to an agreement under which the assessee agreed to reimburse the costs incurred by GSKCH for providing the various services plus 5%. The costs towards services provided to the assessee were allocated on the basis suggested by a firm of CAs. The AO disallowed a part of the charges reimbursed on the ground that they were excessive and not for business purposes which was upheld by the CIT (A). However, the Tribunal deleted the disallowance on the ground that there was provision to disallow expenditure on the ground that it was excessive or unreasonable unless the case of the assessee fell within the scope of s. 40A (2). It was held that as it was not the case of the Department that s. 40A (2) was attracted, the disallowance could not be made (see 290 ITR 35 (Del) for facts). The department challenged the deletion. HELD dismissing the SLP
The matter has since been reviewed in the context of the need to further facilitate market making activities of the standalone PDs in corporate bonds. Accordingly, it has been decided to enhance the exposure limits of the standalone PDs from 15 per cent to 25 per cent of their NOF to single borrower and from 25 per cent to 40 per cent of their NOF to group borrowers.
CIRCULAR NO. IRDA/F&I/CIR/CMP/174/11/2010, DATED 4-11-2010 It has been noticed by the Authority that the quantum of the amount lying unclaimed by the policyholders/insureds is accumulating on year on year basis. The unclaimed amounts of the policyholders/insureds may be on the following account : a. claims settled but not paid to the policyholders/insureds due to any […]
INSTRUCTION NO. 69, DATED 4-11-2010 In terms of the Rule 18(4) of the SEZ Rules, 2006, extension of Letter of Approval of an existing unit for recycling plastic scrap and waste enhancement of the approved import quantum of plastic waste and scrap beyond of annual average import quantum of the unit and reprocessing of garments […]
As a follow up of the announcement made by the Finance Minister in his Budget Speech 2010-11, a comprehensive Paper on Government Debt has been released by the Finance Ministry, today. The Paper titled “Government Debt – Status and Road Ahead” gives
Net direct tax collections in the first seven months of the current fiscal crossed the mark of rupees two trillion and stood at Rs. 2,04,351 crore as on 31st October 2010 (April-October, 2010). This is up from Rs. 1,73,447 crore collected during the
Deductors’ Manual for quarterly returns Dos and Don’ts for Deductors/Collectors B. Forms Form 24Q Form 26Q Form 27Q Form 27EQ Form 27A C. Data Structure For statement pertaining to FY 2010-11 and onwards File Format for Form 24Q (1st, 2nd & 3r
Under Part-A Statement of Solvency, the names of the DPIN holders will be displayed automatically once the the ‘prefill’ button is clicked after giving the correct DPIN numbers. * Under Part-B: Statement of Account, all the figures in the ‘Statemen
