"July, 2011" Archive

CIT, Bangalore Vs M/s Maxim India Integrated (Karnataka High Court) (Dated – July 26, 2011)

The Commissioner of Income Tax Vs M/s Maxim India Integrated Circuit Design Pvt. Ltd. (Karnataka High Court)

CIT, Bangalore Vs M/s Maxim India Integrated (Karnataka High Court)- When assessee has been availing benefits u/s 80HHE, and applies to the STPI Director for the change in status, it cannot be denied benefits of Sec 10A on the ground that it had sought permission for a new unit and not the conversion of the existing one....

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Penalty should not be imposed for if Assessee Paid service tax along with interest and late fee deposited before issue of Show Cause Notice

Saraswati Engineering Vs Commissioner of Customs, Central Excise & Service Tax

Saraswati Engineering Vs CCCES (Cestat) - If the assessee has discharged the service tax liability on his own ascertainment or on the basis of ascertainment by the Central Excise officers and inform the Central Excise officer of payment of such service tax then, no notice under sub-section (1) in respect of the amount so paid shall be ser...

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GOvernment investigating details of assets and payments received by Indian citizens in several countries

Details of assets and payments received by Indian citizens in several countries have 'started flowing in' and are being investigated, Finance Minister Pranab Mukherjee disclosed on Saturday. Information about wealth stashed away in Swiss banks by Indians is expected by the government before the end of the year, he indicated after pointin...

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Posted Under: Income Tax |

Transfer Pricing – Pygmies Not Comparable With Giants

DCIT Vs Deloitte Consulting India Pvt. Limited (ITAT Hyderabad)

DCIT Vs Deloitte Consulting India Pvt. Limited (ITAT Hyderabad)- Risk adjustment disallowed, impact of intangibles on pricing negated, taxpayer estopped from subsequently pointing facts having material bearing, application of export earnings filter approved, etc. ...

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CBI books Air India former GM in Rs 1.4 Cr fraud case

The Central Bureau of Investigation has registered a case against the then General Manager, In Flight Service Department, Air India Ltd, Sahar NIPT, Mumbai and a Mumbai based multimedia private firm for cheating Air India Ltd. to the tune of around Rs. 1.4 crore for supply of short video programmes to the air crafts operated by Air India ...

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Posted Under: Income Tax |

MCA releases XBRL Validation Tool

This XBRL validation tool is meant for the IT vendors / IT departments to test the XBRL instance document generated from their respective products / tools. Please note that this is a Beta version and any feedback / suggestion w.r.t. the same should be posted on the Post Your Query link available on XBRL page on MCA portal or should be ema...

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Posted Under: Income Tax |

Govt. releases draft of National Land Acquisition and Rehabilitation and Resettlement Bill, 2011

This Bill may be called the Land Acquisition Rehabilitation and Resettlement Bill 2011. It extends to the whole of India except the state of Jammu and Kashmir. (3) It shall come into force on such date as the date notified by the Government in the Official Gazette which shall not be more than three months from the passage of the Bill by b...

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Posted Under: Income Tax |

Initiatives Taken by The Institute of Chartered Accountants of India (ICAI)

A Press Conference was organized by The Institute of Chartered Accountants of India (ICAI) here today by CA.G.Ramaswamy, President, ICAI. He updated the media on some of the recent initiatives taken by the Institute. Following is the Press note issued on this occasion:...

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Posted Under: Income Tax |

Ministry of Corporate Affairs Releases Draft of 'National Competition Policy for India' for comments

NA (30/07/2011)

Competition, Competition Law, and Competition Policy What is competition? Competition refers to a situation in a market place in which firms/ entities or sellers independently strive for the patronage of buyers in order to achieve a particular business objective, such as profits, sales, market share etc. By responding to demand for goods ...

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ICAI hosted Multipurpose Empanelment Form (MEF) 2011-12, Last Date for Application is 27th August, 2011

1. Last date for submission of applications on the website www.meficai.org is 27th August, 2011.(5.30 PM.) 2. Members are advised to fill MEF well in advance to avoid last minute rush and technical problems. 3. The information filled in by the applicant in MEF can be edited/modified any number of times before online submission of MEF. 4. ...

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Posted Under: Income Tax | ,

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