"January, 2011" Archive

Only the expenses that have been incurred after the date of entering into agreement are liable for mark-up

The Dy. CIT Vs M/s Convergys Information (ITAT Hyderabad)

The Income Tax Appellate Tribunal (the “Tribunal”) of Hyderabad, on 31 January 2011, pronounced its ruling in the case of M/s Convergys Information Management (India) (P) Ltd. Vs DCIT, Hyderabad, ITA No. 229/H/2009, on whether the expenses incurred p...

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Recognition of permanent diminution in value of investments in banks’ subsidiaries/joint ventures

RBI/2010-11/395, DBOD. No. BP.BC.79/21.04.141/2010-11 31/01/2011

DBOD. No. BP.BC.79/21.04.141/2010-11 In terms of para 15 of Annexure to circular DBOD.No.BP.BC.32/21.04.048/2000-2001 dated October 16, 2000 on ‘Guidelines for Classification and Valuation of investments by Banks’, banks are required to recognise any diminution, other than temporary, in the value of their investments in subsidiaries/ ...

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Regarding Import of inputs under Advance Authorisation (AA) and Duty Free Import Authorisation (DFIA) issued SIONs E-1 & E-5

Pocliy Circular No.13 31/01/2011

Therefore, (i) import of Tapioca Starch and Wheat Gluten as alternative inputs against import item No. 1 of SION E-5 and, (ii) import of Lactose / Fructose / Maltose / Mannitol / Sodium Saccharin / Artificial Sweetening Agents, as alternative inputs against import items No. 2 of SION E-5 and import item No. 1(a) of SION E-1, is not to be ...

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Operators may miss unsolicited calls deadline

Mobile subscribers looking for respite from unsolicited calls may have to wait for some more time as operators are facing technical difficulties in implementing system mandated by TRAI to check pesky calls. With telemarketers mandated to use '700' se...

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Posted Under: Income Tax |

Black money – FinMin panel on voluntary compliance


Amid the growing clamour to crack down on generation of black money, the Finance Ministry has instituted a study group to improve "voluntary compliance" by suggesting appropriate measures to motivate tax evaders to disclose their unaccounted funds. T...

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Posted Under: Income Tax |

India not to rush into allowing FDI in retail – Official

In a clear message to global retail giants like Walmart, Tesco and Carrfoure, the Indian government today said it will not rush into allowing FDI into politically sensitive multi-brand retail sector. "Until a decision is formally taken to allow fore...

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Posted Under: Income Tax |

CBI files case against Biotor Industries for fraud

The CBI has registered a case of cheating and fraud against directors of Biotor Industries, manufacturer of castor oil, for allegedly submitting forged documents to three banks and availing a loan of Rs1500 crore. The Banking and Securities Cell of C...

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Posted Under: Income Tax |

VAT Cir – 3T of 2011 – Extention of Due date for Filing Form 704 for FY 2009-10

Trade Circular No. 3 T of 2011 31/01/2011

The representations from various Trade and Association have been received with a request to extend the due date for submission of Audit Report in Form-704. The issue has been examined. Accordingly, it has been decided to extend the due date for submission of the Audit Report in Form 704 for the period 2009-10 from 31st January 2011 to 15t...

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Excise Duty Refund under subsidy scheme is capital receipt and not taxable

M/s Shree Balaji Alloys Vs. CIT (J&K High Court)

M/s Shree Balaji Alloys vs. CIT (J&K High Court)- The finding of the Tribunal on the first issue that the Excise Duty Refund, Interest Subsidy and Insurance Subsidy were Production Incentives, hence Revenue Receipt, cannot be sustained, being against the law laid down by Honble Supreme Court of India in Sahney Steel and Ponni Sugars cases...

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Notification No. 7/2011 – Customs (N. T.) Specify tariff on Crude/CBD Palm Oil/Palmolein, Poppy seeds, Brass Scrap etc

Notification No. 07/2011-Customs (N.T.) 31/01/2011

In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further ...

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