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Archive: 30 June 2011

Posts in 30 June 2011

Free YouTube Live on The global landscape –  from market’s to trade

May 24, 2024 1173 Views 0 comment Print

Join us for an insightful and dynamic YouTube Live session on “The global landscape –  from market’s to trade.” with renowned financial analyst Ankit Baid, MBA Finance. The presentation explores shifting of the global economic landscape, focusing on the decline of US dominance and the rise of China. It examines the potential decrease in global […]

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7698 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Excise duty element cannot be added to value of unsold sugar lying in stock on last day of accounting year under section 145A

June 30, 2011 1015 Views 0 comment Print

CIT v Loknete Balasaheb Desai S.S.K. Ltd. (Bombay HC)- ITAT was justified in holding that in respect of unsold sugar lying in stock, central excise liability was not incurred and consequently the addition of excise duty made by the assessing officer to the value of the excisable goods was liable to be deleted.

Assessee, who merely acted as dealer in sale of Microsoft products, not liable to deduct tax

June 30, 2011 1473 Views 0 comment Print

CIT v Dynamic Vertical Software India Pvt. Ltd. (Delhi HC) – Is disallowance under section 40(a)(i) for non deduction of tax at source attracted in respect of payment for purchase of software from a non-resident, by treating the same as royalty in case where the purchase is for subsequent resale in the Indian market?

Prescribes simplified form for quarterly return of excisable goods cleared @ 1% Excise duty

June 30, 2011 1303 Views 0 comment Print

Notification No.15/2011-Central Excise (N.T.) New Delhi, dated the 30th June, 2011 G.S.R. (E). – In exercise of the powers conferred by sixth proviso to sub-rule (1) of rule 12 of the Central Excise Rules, 2002 the Central Board of Excise and Customs hereby specifies the form for quarterly return, namely:-

SARFAESI – Securitisation Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003

June 30, 2011 1429 Views 0 comment Print

The Reserve Bank of India, having considered it necessary in the public interest, and being satisfied that, for the purpose of enabling the Reserve Bank to regulate the financial system to the advantage of the country and to prevent the affairs of any Securitisation Company or Reconstruction Company from being conducted in a manner detrimental to the interest of investors or in any manner prejudicial to the interest of such Securitisation Company or Reconstruction Company

SARFAESI – Notification on Change in or Take Over of the Management of the Business of the Borrower by Securitisation Companies and Reconstruction Companies (Reserve Bank)

June 30, 2011 1383 Views 0 comment Print

In view of announcement in the Monetary Policy Statement, the Reserve Bank of India hereby notifies these guidelines, framed under section 9(a) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act) to provide for the proper management of the business of the borrower to enable the Securitisation Company or Reconstruction Company (SC/RC) to realise their dues from the borrowers, by effecting change in or take over of the management of the business of the borrower and related matters.

NBFCs – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977

June 30, 2011 3967 Views 0 comment Print

NBFCs – Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977 These directions shall be known as the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977. They shall come into force with effect from the 1st July, 1977 and any reference in these directions to the date of commencement thereof shall be deemed to be a reference to that date.

Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

June 30, 2011 4491 Views 0 comment Print

These Directions shall be known as the ‘Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007’.

No penalty If facts clearly disclosed in Income Tax Return

June 30, 2011 1906 Views 0 comment Print

Facts (a) that the appellant had disclosed all material facts and (b) raising a legal claim, even if it is ultimately found to be legally unacceptable, cannot amount to furnishing of inaccurate particulars of income,

Disallowance for diverting interest bearing funds into tax-free income

June 30, 2011 2965 Views 0 comment Print

Dis-allowance on the ground that the assessee has diverted interest bearing funds into tax-free income can not be made where the assessee owes ample interest free funds on the date of investment.

Transfer Pricing – Disallowance of costs on ground that associated enterprises also benefited not permissible

June 30, 2011 1854 Views 0 comment Print

Patni Computer Systems Ltd vs. DCIT (ITAT Pune) – A continuing debit balance per se, in the account of the associated enterprises, does not amount to an international transaction u/s 92B in respect of which ALP adjustments can be made. U/s 92B(1), the apportionment of cost is permissible only where there exists a ‘mutual agreement or arrangement’ between two or more Associated Enterprises for apportionment of cost incurred in connection with a benefit, service or facility provided to any one or more of such Enterprises. The bare allegation that the AE’s had received ‘specific and identifiable benefits’ is not sufficient to justify apportionment.

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