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Archive: 31 January 2011

Posts in 31 January 2011

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

January 31, 2011 546 Views 0 comment Print

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

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

January 31, 2011 813 Views 0 comment Print

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/ joint ventures which are included under Held to Maturity category and provide therefor. However, in the absence of any specific instructions on the method of assessment/measurement of permanent diminution, it has been observed that banks are not making any attempt to determine whether there is any permanent diminution in their strategic equity investments held under HTM or AFS categories.

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

January 31, 2011 385 Views 0 comment Print

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 allowed, under Advance Authorisations and Duty Free Import Authorisations issued agasint SIONs E-1 & E-5.

Instructions regarding income limits for assigning cases to Deputy Commissioners/Assistant Commissioners/ITOs

January 31, 2011 15059 Views 0 comment Print

Section 119 of the Income-tax Act, 1961 – Instructions to subordinate authorities – Instructions regarding income limits for assigning cases to Deputy Commissioners/Assistant Commissioners/ITOs.

Operators may miss unsolicited calls deadline

January 31, 2011 189 Views 0 comment Print

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

Black money – FinMin panel on voluntary compliance

January 31, 2011 271 Views 0 comment Print

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

India not to rush into allowing FDI in retail – Official

January 31, 2011 253 Views 0 comment Print

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

CBI files case against Biotor Industries for fraud

January 31, 2011 474 Views 0 comment Print

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

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

January 31, 2011 2141 Views 0 comment Print

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 15th February 2011.

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

January 31, 2011 4040 Views 0 comment Print

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 (supra). The finding of the Tribunal that the incentives were Revenue Receipt is, accordingly, set aside holding the incentives to be Capital Receipt in the hands of the assesses.

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