Section 85 of the PVAT Act empowers the Commissioner under the Act to determine any disputed question as may arise otherwise than in proceedings before a Court or before the commencement of assessment of a person under section 29. Here some recent important orders of Commissioner u/s 85 of PVAT Act are being shared here:
Maintaining that ‘some inflationary pressure’ will remain in a growing economy, Finance Minister Pranab Mukherjee on Tuesday urged the states to strengthen PDS to enable the government insulate the poor from the adverse impact of inflation. Replying to members’ concerns during Question Hour in Rajya Sabha, Mukherjee said the Centre is waiting for a report on how to strengthen and restructure the existing Public Distribution System in the country.
Delhi Tribunal Ruling –- the Transfer Pricing Officer (TPO) cannot determine the arm’s length price of an international transaction, which has not been referred to him by the Assessing Officer. When brand name is owned by the Associated Enterprise (AE) and the assessee incurs more than normal expenses on advertisement, marketing and promotion (AMP), the TPO cannot make adjustments considering that the AE did not reimburse the assessee for excess AMP expenses. [Amadeus India Pvt Ltd v. ACIT (2011-TII-22-ITAT¬DEL-TP)]
Chartered Accountants Examinations to be held from 2nd – 16th May, 2011 and the Common Proficiency Test (Paper-Pencil Mode) to be held on 19th June, 2011. Members who are interested to act as Observer at the examination centres during the examination days may download the attached Empanelment Form and send the same to:
M/s. Brahma Associates Vs. CIT, Pune – Revenue was not justified in confining the deduction only to projects having commercial area upto 10% of the BUA because once the basic argument of the revenue that the housing projects with commercial user are not entitled to Section 80IB(10) deduction is rejected, no restriction could be imposed. If the project is approved as a “housing project” deduction u/s 80-IB(10) is allowable irrespective of the commercial area;
An association may engage in activities which can be described as mutual and in other activities which are not mutual; in such a case, the principle of mutuality has to be confined to transactions with members possessing the essential character of mutuality; the two activities can in appropriate cases be separated and the profits derived from transactions which do not fulfill the requirements of mutuality can be brought to tax.
Board of Studies is pleased to announce the 4th Batch of this programme on professional skills development from 4th March 2011 at COE, Hyderabad. This programme offers an unique opportunity and would focus on development of communication skills, leadership skills, personal traits as well as technical skills for effective functioning in business organization and profession.
Country’s largest lender State Bank of India (SBI) plans consolidation of remaining 5 associate banks with itself in the next 12-18 months. .. the bank (SBI) envisages consolidation of all subsidiary banks with SBI within a period of 12 to 18 months, Finance Ministry informed the Standing Committee on Finance.
The Candidates appearing in the next Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE), Final Examinations and Insurance and Risk Management Examination of the Institute to be held from 2nd May, 2011 to 16th May, 2011 may kindly note that the Examination Timing has been changed from 9.00 AM – 12.00 Noon to 02.00 PM – 05.00 PM (IST) owing to unavoidable circumstances.
Excise department has claimed to have unearthed an excise duty theft of Rs 57 crore during a raid at an illegal ‘gutka’ manufacturing unit here. Two staffers of the gutka factory have been arrested and search was on to trace its owner, central excise officials said here today.
