"07 June 2011" Archive

Vijaya Bank – On Line Registration for Empanelment of Concurrent Auditors

1.Applicant should be a Partnership Firm with minimum of 2 partners. 2. The allocation of branches to the Auditors will be purely the prerogative of the Bank. 3. The Concurrent Audit firm should furnish the name and qualification of the persons, who would be conducting the audit before commencing audit assignment and such persons will hav...

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Posted Under: CA, CS, CMA |

FM to Inaugurate Annual Conference of Chief Commissioners and Directors General of Customs, Central Excise and Service Tax

The All India Annual Conference of the Chief Commissioners and Directors General of Customs , Central Excise and Service Tax will be held at Vigyan Bhawan , New Delhi on 8th and 9th June, 2011. The Union Finance Minister, Shri Pranab Mukherjee will inaugurate the Conference on 8th June, 2011 while Minister of State for Finance Shri S.S. P...

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Posted Under: CA, CS, CMA |

Green Initiatives by India Inc

And now it is the turn of corporate India to go green and follow steps to ensure conserve nature and environment. Thanks to the green initiative taken by Ministry of Corporate Affairs (MCA) of Central Government recently whereby the age old system of serving of document by corporates to its shareholders by physical mode under posting cer...

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Posted Under: CA, CS, CMA |

If noting incriminating found in the course of search relating to any of the A.Y., the assessments for such years could not be disturbed

Assistant Commissioner of Income Tax Vs. Srj Peety Steels (P) Ltd. (ITAT Pune)

Assistant Commissioner of Income tax v. Srj Peety Steels (P) Ltd. (ITAT Pune) - When noting incriminating was found in the course of search relating to any of the assessment years, the assessments for such years could not be disturbed; further, consumption of the electricity for the manufacture of mild steel ingots / billets depends on v...

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Unabsorbed depreciation set off in earlier years could not be reduced from profits for computing deduction u/s. 80-IA

Commissioner of Income Tax-I Coimbatore Vs. M/s. Emerald Jewel Industry P. Ltd. (Madras High Court)

Commissioner of Income tax v. Emerald Jewel Industry (P) Ltd.( Madras High Court)- Assessee Company is eligible for deduction under Sec. 80-IA in respect of windmill installed by it and the unabsorbed depreciation set off in earlier years could not be reduced from profits for computing deduction u/s. 80-IA....

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Black Money – No need for more committees as these are only to stall action

Delays in action against black money by way of committees and studies will give time to corrupt politicians, businessmen and bureaucrats to divert their ill-gotten funds into shell companies, an eminent JNU professor has said. More studies or committees or new special investigating wing and treaties with foreign governments are only to st...

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Posted Under: CA, CS, CMA |

FM meets Institutional Investors; Confident of Reducing Fiscal Deficit

Union Finance Minister meets Institutional Investors; Confident of Reducing Fiscal Deficit; Hopeful of Economic Growth around 8.5 per cent during 2011-12. Union Finance Minister Shri Pranab Mukherjee has expressed confidence in reducing the fiscal deficit and achieving the target of 4.6 % of GDP announced in the 2011-12 budget. He said t...

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Posted Under: CA, CS, CMA |

Expenditure in the nature of reimbursement cannot fall within the purview of fees for technical services

ACIT Vs. Louis Berger International Inc. (ITAT Hyderabad)

ACIT v. Louis Berger International Inc. (ITAT Hyderabad) - Referring to article 12(4) of the Double Taxation Avoidance Agreement between Government of India and USA, the learned counsel submitted that any amount other than the amount received as consideration for services rendered cannot form part of fee for technical service. Therefore...

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Professional Opportunities – Khadi and Village Industries Commission for audit Services

The Khadi and Village Industries Commission (KVIC) is seeking proposals from Audit firms with extensive audit experience to conduct Management Audit (II Phase) of its Khadi Institutions across India. The purpose of this audit is to assess the suitability of the Khadi Institution to receive ADB funded assistance for the reforms under the ...

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Posted Under: CA, CS, CMA |

RBI cautions public against fictitious offers of being beneficiary of funds such as those from winning lotteries

The Reserve Bank of India (RBI) has advised public not to fall prey to fictitious information of being beneficiary of funds such as those from winning lotteries. This misleading information claims remittance of such funds by overseas entities to banks in the country. Remittance in any form towards participation in lottery schemes is prohi...

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Posted Under: CA, CS, CMA |