"20 July 2011" Archive

Maintenance of separate books of account for STP units is not a prerequisite to avail deduction under section 10A

IBM India P. Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

IBM India P. Ltd. v. DCIT (ITAT Bangalore)- Considering the second objection of the AO, namely, that separate books of account have not been maintained for the STP Units, his observation was that the objection of the AO arose on the premise that part of the expenditure which could be related to the exempted income which is not allowable t...

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CUP method not suitable to benchmark royalty payment in the absence of comparable uncontrolled transactions

M/s Cabot India Ltd. Vs Dy. Commissioner of Income-tax (ITAT Mumbai)

DCIT v. Cabot India Ltd. - At the outset the Tribunal stated that the issue to be adjudicated upon is whether or not the royalty rate of five percent is arm's length, and not whether the increase vis-à-vis two percent is justifiable. The Tribunal ruled that the royalty of two percent paid by the assessee to its AE in the previous year...

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Pass Percentage and Analysis of Results of CA Final Examination held in May, 2011 and CPT(Paper Pencil Mode) held on June 19, 2011, CA Final Toppers

The toppers of Chartered Accountants Final Examinations held in May, 2011 are from Bikaner, Mumbai and Pune. The details of the top three rank holders on all India basis for Chartered Accountants Final along with the marks secured by them are mentioned at Annexure-A. The result analysis of the Final examination in terms of gender wise and...

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Posted Under: Income Tax | ,

CBI raids 7 Customs officials of Trivandrum Airport

The Central Bureau of Investigation has registered a case against a Joint Commissioner; an Assistant Commissioner; four Supdts & one Inspector of Central Excise of Thiruvananthapuram Airport and one clearing agent for cheating and allegedly obtaining illegal gratification....

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Posted Under: Income Tax |

An assessee cannot be said to be a defaulter in payment of advance tax if he had no liability to pay any advance tax under s 208 on any of the due dates for payment of the advance tax

Emami Ltd. Vs Commissioner of Income Tax (Calcutta High Court)

Emami Ltd. Vs CIT (High Court of Calcutta)- Where on the last date of the Financial Year preceding the relevant Assessment Year, the assessee had no liability to pay advance tax, he would be nevertheless asked to pay interest in terms of Section 234B and Section 234C of the Act for default in making payment of tax in advance which was phy...

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Validity of extension for export of 6,50,000 tons of wheat products upto 31.03.2012.

Notification No. 61 (RE-2010)/2009-2014 20/07/2011

Has permitted export of 6,50,000 tones of wheat products upto 31.3.2010, which was earlier extended upto 31.3.2011 by Notification No. 41/2009-14 dated 18.05.2010. Now this validity has been extended upto 31.03.2012. ...

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ITAT Pune -Domestic segment cannot be regarded as a comparable for the export segment

Brintons Carpets Asia P Ltd. Vs Dy. CIT Circle 1(1) Pune (ITAT Pune)

Brintons Carpets Asia Pvt. Ltd v. DCIT (ITAT Pune) - The AO has to maintain the rule of consistency unless there is change facts materially. Comparable cases accepted by the department in the subsequent assessment year should be adopted for the purpose of computing the transfer pricing adjustments for the current year also. Ld Counsel als...

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Delhi Vat department detects Tax evasion in sale of diamonds worth Rs 5,150 cr

In a major haul, the city's tax department has detected tax evasion in undeclared sale of diamonds worth Rs 5,150 crore which were imported through the Delhi airport. Teams from trade and taxes department carried out raids at premises of 29 importers and dealers of diamond across the city and discovered the evasion of VAT to the tune of m...

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Posted Under: Income Tax |

Employees sent on deputation by ONGC are liable to service tax

LETTER [F. NO.137/35/2011 - SERVICE TAX] 13/07/2011

LETTER [F. NO.137/35/2011 - SERVICE TAX], DATED 13-7-2011 Representation has been received seeking clarification on applicability of service tax under Manpower Recruitment and Supply Service in respect of employees sent on deputation by ONGC to Directorate General of Hydrocarbons (DGHC). The matter has been examined and it is clarified th...

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Notification No. 49/2011-Customs (N.T.) Dated: 20/07/2011

Notification No. 49/2011-Customs (N.T.) 20/07/2011

Notification No. 49 / 2011-Customs (N.T.), n exercise of the powers conferred by sub-rule (1) of rule 3 of the Customs Tariff (Identification, Assessment And Collection Of Countervailing Duty On Subsidized Articles And For Determination Of Injury) Rules, 1995, and in supersession of Notification of the Government of India, in the Ministr...

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