"14 April 2011" Archive

Allotment of Statutory audits of Urban Co-Operative Banks (UCBs) for F.Y. 2010-11 in Maharashtra

Allotment of Statutory audits of UCBs for the F.Y. 2010-11. Division wise list of allotment. Circular Dated 11th April 2011 for panel U/R 69 of MCS Rules, 1961 . Auditors on the panel U/R 69 of M.C.S. Rules, 1961 . Division wise list of Auditors. Association of auditors with UCBs. Auditors disqualified from empanelment. Circul...

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Posted Under: CA, CS, CMA |

Reliance Industries defies oil ministry order

Defing an oil ministry directive, Reliance Industries has refused to sell natural gas to power and fertiliser plants by cutting supplies to non priority sectors like steel and refineries saying the move has financial and legal implications. With output from Reliance's eastern offshore KG-D6 fields dropping by over 20 per cent, a worried ...

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Posted Under: CA, CS, CMA |

RBI launches Apr-Jun 2011 industrial outlook survey

RBI launched its Industrial Outlook Survey for the April-June, 2011 period today. The survey gives an insight into the perception of non-financial public and private limited companies engaged in manufacturing activities about their performance and future prospects, a press release issued here stated. The assessment of business sentiments...

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Posted Under: CA, CS, CMA |

Transfer of Technical Knowhow prima facie covered under Intellectual Property Service with effect from 10.9.2004 and Not taxable under Consulting Engineer service prior to 10.9.2004

M/s Indian Oil Corporation Vs CS (CESTAT Delhi)

2. The issue involved in this case is the payment received by M/s Indian Oil Corporation Ltd for transfer of technical specifications and knowhow for manufacture of product called "ZSM-5 Additive" which when added to the Fluid Catalytic Cracking Catalyst enhances LPG yield. This knowhow is provided to Sud-Chemie India Ltd,90, Nehru Place,...

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2G scam – Corporate honchos appear in court, seek bail on the ground of no arrest

Top corporate executives - Swan Telecom director Vinod Goenka, Unitech Wireless (Tamil Nadu) Ltd managing director Sanjay Chandra, and three top officials of Reliance ADA Group Gautam Doshi, Surrendra Pipara and Hari Nair - appeared before the special court for the first time and sought bail on the ground that they were not arrested durin...

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Posted Under: CA, CS, CMA |

Corp Bank launches a mobile wallet payment system

State-run Corporation Bank today launched a mobile wallet which makes it possible to make purchases using a mobile handset. Under the scheme, christened 'ypaycash', an account-holder can pay for purchases through the mobile handset, provided the merchant has the system installed. The service, which comes free for Corporation Bank customer...

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Posted Under: CA, CS, CMA |

Indians work 8.1 hours a day, more than many Westerners

Indians work for 8.1 hours every day, more than the average figure for the entire developed world and individual countries like the UK, Australia, France, Italy and Germany. However, the average work-hour for Indians is less than the same for people in countries like the US, China and Japan, while those in Mexico are the busiest in the wo...

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Posted Under: CA, CS, CMA |

IDBI Home Finance gets MCA nod for merger with parent IDBI Bank

IDBI Home Finance today said it has got approval from the Corporate Affairs ministry for merging with its parent IDBI Bank. The Ministry of Corporate Affairs has sanctioned the scheme of amalgamation vide its order dated April 8, 2011, IDBI Home Finance said in a filing to the Bombay Stock Exchange....

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Posted Under: CA, CS, CMA |

Penalty U/s. 271C for non deduction of TDS not leviable if no “mala fide intention” or “deliberate defiance” of law

The Commissioner Of Income Tax-XVII Vs Cadbury India Limited (Delhi High Court)

CIT vs. Cadbury India Ltd (Delhi High Court) - Levy of penalty under section 271C is not automatic. Before levying penalty, the concerned officer is required to find out that even if there was any failure referred to in the concerned provision the same was without a reasonable cause. The initial burden is on the assessed to show that ther...

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A notice issued on a non-existent person is void. The fact that the assessee has filed a return in response to the notice makes no difference

I. K. Agencies Pvt. Ltd. Vs Commissioner of Wealth Tax (Calcutta High Court)

I. K. Agencies Pvt Ltd vs. WTO (Calcutta High Court) - The authorities below totally overlooked the fact that initiation of the proceedings for reassessment was vitiated for not giving notice under Section 17 of the Wealth Tax Act to the Appellant and the notice issued upon M/s. Abhudey Properties Pvt. Ltd. which was not in existence at t...

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