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Archive: 04 April 2011

Posts in 04 April 2011

Word "partnership" in ICAI, ICWAI, ICSI Acts include LLPs

April 4, 2011 6218 Views 1 comment Print

The Acts governing the three professional Institutes define in Section 2 members who are deemed to be in practice. In all the three Acts, there is a provision for a member to be in practice when he is in partnership with certain others. In the case of Chartered Accountants and Cost & Works Accountants, such persons must be member of the same Institute, while in the case of Company Secretaries, it is provided that the partnership could also be with members of such other recognised professions as may be prescribed.

ICC says World Cup trophy with Indian team is original

April 4, 2011 1127 Views 0 comment Print

The ICC today rejected reports that the World Cup with the Indian team is a replica and maintained that it is the original trophy after controversy broke out over news that that it was a fake that was presented to the team on Saturday. Media reports today said that the Cup given to Mahendra Singh Dhoni and his team was a fake and that the original was lying with the customs in Mumbai over non-payment of duties.

World Cup replica with Indian team, says BCCI source

April 4, 2011 670 Views 0 comment Print

The Indian cricket players can’t seem to put it down it but the World Cup trophy they have with them is actually just a replica as the original is still lying with the customs. “The original is lying with the Customs,” said a BCCI sources without elaborating. When contacted Customs sources, however, said the Cup was with them for non-payment of duty of 35 per cent of the original value.

CBEC Clarification on ICC Cricket World Cup 2011 Trophy

April 4, 2011 1154 Views 0 comment Print

The Central Board of Excise and Customs (CBEC), Ministry of Finance has denied that the original ICC Cricket World Cup 2011 trophy is lying in the Airport Customs Warehouse in Mumbai. The clarification was issued in response to the report appearing in certain section of media that actual ICC Cricket World Cup trophy has not been awarded to the winning India Cricket team at Wankhede Stadium,Mumbai on Saturday,2nd April,2011.

Customs captures cricket World Cup 2011 trophy

April 4, 2011 1807 Views 0 comment Print

The Press all over the world reported that the Customs Officers agreed to release the trophy if they were given tickets for the match. The ICC official gave them the shock of their lives and asked them to keep the trophy as there was another version of the trophy already in the stadium. Pakistan’s Daily Mail reported, “WC Trophy impounded for tickets – Customs officers at Mumbai airport confiscated what they thought was the cricket World Cup trophy in a dispute over unpaid duty – officers were confused when they were told to keep the trophy until after the final, when the ICC would take it back to their headquarters in Dubai. They were unaware that there were two identical trophies and the other had been at Mumbai’s Wankhede Stadium for the last month awaiting the winning captain ”

Continuous services notified for purpose of Point of Taxation Rules, 2011 – NOTIFICATION NO. 28/2011 – SERVICE TAX, DATED 01-04-2011

April 4, 2011 3585 Views 0 comment Print

NOTIFICATION NO. 28/2011 – SERVICE TAX, CBEC has notified following service under continues service category for Point of taxation rule under service tax videNotification number 28/2011 dated 01.04.2011:- clause (zzq) of section 65(105) : Commercial or industrial construction. clause (zzzh) of section 65(105) : Construction of complex clause (zzzx) of section 65(105) : by the telegraph authority in relation to telecommunication service, clause (zzzu) of section 65(105) : in relation to internet telecommunication service and clause (zzzza) of section 65(105) : Works contract

Revision U/s. 263 is void if Reason not stated in show cause notice – ITAT Mumbai

April 4, 2011 1279 Views 0 comment Print

Synergy Entrepreneur Solutions Pvt Ltd vs. DCIT (ITAT Mumbai)- The reason given for the revision in the s. 263 order (that the AO has not verified the issue) is different from the reason set out in the show-cause notice (that speculation loss cannot be set-off against other income). If a ground of revision is not mentioned in the show-cause notice, it cannot be made the basis of the order for the reason that the assessee would have had no opportunity to meet the point (Maxpack Investments 13 SOT 67 (Del), G.K. Kabra 211 ITR 336 (AP) & Jagadhri Electric Supply 140 ITR 490 (P&H) followed);

Analysis of Key Service tax and Cenvat credit amendment Notification issued on 31.03.2011

April 4, 2011 4889 Views 0 comment Print

Point of taxation- Transition rule- The Point of Taxation Rules effective from 1 April 2011 determining point of tax will not apply where- provision of service is complete prior to 1 April 2011; Or invoice is issued prior to 1 April 2011 An option has been provided to the tax payer to continue to pay service tax on receipt of payment where – provision of service is complete on or before 30 June 2011; or invoice is issued on or before 30 June 2011

Transfer of Joint / Additional Commissioner of Income Tax – CBDT order No. 59 of 2011

April 4, 2011 1097 Views 0 comment Print

ORDER NO.59 OF 2011- The following officers in the grade of Joint / Additional Commissioner of Income Tax are hereby transferred and posted at the station indicated against each in the Directorate of International Taxation and Transfer Pricing with immediate effect and untill further orders:

PAC quizzes Tata, Radia in 2G allocation scam

April 4, 2011 360 Views 0 comment Print

Top industrialist Ratan Tata and corporate lobbyist Niira Radia were today quizzed by Parliament’s Public Accounts Committee (PAC) in connection with alleged irregularities in the 2G spectrum allocation. Radia, whose tapped phone conversations with politicians, corporates, bureaucrats, and journalists form a key part of the investigations into the 2G spectrum scam, is believed to have told the Committee that some of the tapes of her purported talks were doctored.

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April 2011