"29 July 2011" Archive

Regarding exemption to specific goods when imported into India from Japan – Notification No. 69/2011-Customs

Notification No. 69/2011-Customs (29/07/2011)

Notification No. 69/2011-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts goods of the description as specified in column (3) of the Table appended hereto and falling under the Chapter, Heading, Sub-heading or tariff item of the First Schedule to the Customs Tariff Act, 1975 ...

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SEBI Board meeting – Proposed New Takeover Code

The Board considered the Report of the Takeover Regulations Advisory Committee (TRAC) and accepted most of the recommendations of TRAC. Major among them include the following: (a) Initial trigger threshold increased to 25 % from the existing 15%. (b) There shall be no separate provision for non-compete fees and all shareholders shall b...

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Posted Under: Custom Duty |

Amends Notification No. 46/2011-Customs, dated the 1st June, 2011 vide Notification No. 68/2011-Customs

Notification No. 68/2011-Customs (29/07/2011)

Notification No. 68/2011-Customs Central Government, on being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 46/2011-Customs, dated the 1st June, 2011, published in the Gazette of I...

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ICAI President's Message – August 2011

Guidelines for professional accountants on Know You Client (KYC), as finalised by the study group under the convenorship of my Central Council colleague CA. Charanjot S. Nanda as constituted by the Ethical Standards Board of the Institute, under which the practicing members are required to gather information about their clients for whom t...

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Posted Under: Custom Duty |

Regarding Making E-payment of Customs duty mandatory -Circular No. 33/2011-Customs

Circular No. 33/2011-Custom Duty (29/07/2011)

Circular No. 33/2011-Customs - In order to reduce the transaction cost of the importers and expedite the time taken for customs clearance the Board has decided to make e-payment of duty mandatory for the importers paying an amount of Rupees one lakh or more per transaction. Additionally, for Accredited Clients under the Customs Accredited...

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ICAI asks govt. to amend Income Tax Act

Institute of Charted Accountants of India, ICAI appeal ed the government to amend the Income Tax Act in order to empower Accountants to examine foreign bank accounts closely in black money cases. Briefing reporters in New Delhi on Friday G Ramaswamy, President of ICAI said that an empowered group has been setup to address the case of ille...

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Posted Under: Custom Duty |

May 2011 PCE and IPCC Examination Results likely on 8th August, 2011

The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in May, 2011 are likely to be declared tentatively on Monday, the 8th August, 2011 around 2 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th...

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Posted Under: Custom Duty |

ICAI decides to waive off the cost of application form (i. e, Rs 500/-) in respect of candidates who fill in their Examination forms online

In order to encourage the student community to take to on-line applications, it has been decided to waive off the cost of application form (i. e, Rs 500/-) in respect of candidates who fill in their forms online at http://icaiexam.icai.org and remit the examination fee online by using either VISA or Master credit/debit card.Students may n...

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Posted Under: Custom Duty |

Stay on operation of Trade Notice No. 13 dated 27.07.2011 for export of non-Basmati rice

Trade Notice No. 14 (29/07/2011)

Division Bench of the Hon’ble High Court of Delhi (Justice S.K. Kaul and Justice Rajiv Shakdher) in their interim order in Writ Petition No. 5237/2011 Kannu Aditya (India) Ltd. Vs. Union of India, made on 26th July, 2011 have ordered: It is directed that no allotment shall be made till the next date of hearing. ...

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Transfer Pricing – whether the Tribunal was justified in entertaining the additional ground for exclusion of comparable

CIT Vs Quark Systems India (P) Ltd. (Punjab and Haryana High Court)

CIT Vs Quark Systems India (P) Ltd. (Punjab and Haryana High Court)- The Tribunal, while entertaining the additional ground raised by the assessee for the exclusion of a comparable, remanded the matter to the AO allowing an opportunity to the assessee to produce material before the AO for determination of the ALP, and after the remand and...

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When deductions claimed by the assessee are debatable, rectification order u/s 154 cannot be passed

Transpek Si-lox Industry Ltd Vs Dy. CIT (ITAT Ahemdabad)

Transpek Si-lox Industry Ltd Vs Dy. CIT (ITAT Ahemdabad)- Mistake apparent from record must be obviously and patent and not something which can be established by a long drawn process of reasoning on points on which there may conceivably be two opinions. A decision on a debatable point of law is not a mistake apparent from the record as he...

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When assessee has made surrenders in the previous years, then AO can not make addition by treating the cash deposited in banks as undisclosed

Mother son Jones Limited Vs Income Tax Officer (ITAT Delhi)

Mother son Jones Limited Vs ITO (ITAT Delhi)- Since the assessee has already surrendered Rs.30 lacs in the four assessment years, three of which are preceding assessment years and during relevant assessment year, the assessee has disclosed Rs. 6,30,000/-. ...

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Derivative transaction entered prior to notification defining Recognised Exchanges is also eligible to be treated as non speculative transaction

ACIT Vs Hiren Jaswantrai Shah (ITAT Ahmedabad)

ACIT Vs Hiren Jaswantrai Shah (ITAT Ahmedabad)- Derivative transactions carried out through stock exchanges from 1 April 2005 to 25 January 2006, which are recognised by the notification issued by the CBDT on 25 January 2006, would be eligible for being treated as non-speculative transactions within the meaning of clause (d) of proviso to...

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Rectification of an order does not mean deletion of the order originally passed and its substitution by a new order

Faridabad Investment Company Limited Vs CIT (Calcutta High Court)

Faridabad Investment Company Limited Vs CIT (Calcutta High Court)- Rectification of an order does not mean obliteration of the order originally passed and its substitution by a new order. In The present case, we are of the firm opinion that there was no scope of rectification in the case on the ground of error apparent on the face of the ...

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Blending of different types of tea comes within the purview of the word ‘processed’ within the meaning of s 80HHC(3)(a) of the Act

Stewart Holl (India) Ltd. Vs CIT (Calcutta High Court)

Stewart Holl (India) Ltd. Vs CIT (High Court of Calcutta)- Court held that the different brands of tea which were mixed by the assessee in Nilgiri's case for the purpose of producing a tea mixture of a different kind and quality according to the formula evolved by them, there was plainly and indubitably processing of different brands of t...

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Reasons are required to be recorded by the AO on valid material and an assessment cannot be reopened on mere assumptions

Weizmann Capital Ltd. Vs Asst. Commissioner of Income Tax (ITAT Mumbai)

Weizmann Capital Ltd. Vs ACIT (ITAT Mumbai)- The income, which the Assessing Officer initially formed a reason to believe had escaped assessment, has as a matter of fact, not escaped assessment, it is not open to the Assessing Officer independently to assess some other income....

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For the levy of FBT, the application of s 115WC(2)(b) cannot be restricted only to the business relating to civil construction and it will cover the business activity of the assessee carried on

Innovative Steals Pvt. Ltd. Vs ITO (ITAT Delhi)

Innovative Steals Pvt. Ltd. Vs ITO (ITAT Delhi)- The word “construction” though mainly connected to the building but it includes within its ambit a bridge under construction building, erection, elevation, establishment, assembly, manufacture, fabrication. It also includes an impressive construction structure, building, edifice, assemb...

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Depreciation on pre-operative expenses allocated to fixed assets is allowable under s 32 since expenses were incurred for setting up of fixed assets during the trial run

Cosmic Kitchen Pvt. Ltd. Vs ACIT (ITAT Delhi)

Cosmic Kitchen Pvt. Ltd. Vs ACIT (ITAT Delhi)- The only ground taken in this appeal, filed by the assessee, is that the learned CIT(A) erred in disallowing depreciation of Rs. 2,70,744/- in respect of pre-operative expenses allocated to fixed assets. It is also mentioned that he erred in holding that the expenses were revenue in nature an...

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Only profit on the sale of the licence should be chargeable to tax under s 28(iiia) and not the profit which may come in the future on the sale of the licence

GKW Limited Vs Commissioner of Income Tax (Calcutta High Court)

GKW Limited Vs CIT (Calcutta High Court)- Only profit on the sale of the licence should be chargeable to tax under s 28(iiia) and not the profit which may come in the future on the sale of the licence....

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Lokpal Bill government’s top priority,will be introduced in Lok Sabha by 3rd August 2011

The Union Parliamentary Affairs Minister Shri P K Bansal has said that The Lokpal Bill 2011 will be introduced in Lok Sabha by Aug.3. Speaking to the Media at the Parliament house the Minister said that the government has prepared a comprehensive Lokpal bill for the consideration and passing by both houses of Parliament. The Monsoon Ses...

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Posted Under: Custom Duty |

Income arising to foreign company by way of fees for technical services – Notified foreign company – EADS Deutschland GmbH, Germany notified u/s 10(6C) of The Income Tax Act

Notification No. 40/2011 - Income Tax (29/07/2011)

Notification No. 40/2011 - Income Tax In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government herby notifies that any income arising to M/s. EADS Deutschland GmbH Worthstrable 85,89077 Ulm Germany by way of fees for technical services received in pursuance of the ag...

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Sebi approves uniform customer identification process for investors in different segments

Capital market regulator Sebi on Thursday approved a uniform customer identification process for investors in different segments, and also decided to accept Aadhaar or UID as one of the eligible documents for fulfilling the KYC norms. ...

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Posted Under: Custom Duty |

CBI arrests a DGM of NBCC in a bribery case

The Central Bureau of Investigation has arrested a Deputy GM-cum-Project Manager, National Building Construction Corporation, Khagaria (Bihar) for demanding and accepting a bribe of Rs.1.25 lakhs from the complainant....

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Posted Under: Custom Duty |

Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 54/2011 – Customs (N. T.)

Notification No. 54/2011-Customs (N.T.) (29/07/2011)

Notification No. 54/2011 - Customs (N. T.) the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 36/2001-Cus (N. T.), dated, the 3rd August 2001, ...

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Announcements – Amendment in Council General Guidelines , 2008

All the members of Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of the Council decision taken at its 306th Meeting held on 7th - 8th June, 2011, the Chapter-XII (Minimum Audit Fee in respect of Audit) of the Council General Guidelines, 2008 appended to the ICAI publication titled “ The Chartered A...

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Posted Under: Custom Duty |

ICAI Announces Definition of Relative in Chapter-IV of the Council General Guidelines, 2008

All the members of the Institute of Chartered Accountants of India (ICAI) are hereby informed that in terms of its decision taken at the 299th Meeting of the Council held on 27th – 28th October, 2010, it has been decided that the term 'relative' for the purpose of Chapter-IV of Council General Guidelines, 2008 (Opinion on Financial Stat...

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Posted Under: Custom Duty |

SEBI – Allocation of Government debt long term limits to FIIs – Circular No. CIR/IMD/FIIC/11/2011

Circular No. CIR/IMD/FIIC/11/2011 (29/07/2011)

CIR/IMD/FIIC/11/2011 Based on the assessment of the allocation and the utilization of the limits to FIIs for investments in debt, it has been decided to allocate the unutilized limits in Government debt long term in the following manner:- 2. Allocation through bidding process: The bidding for these limits shall be done on the BSE from...

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Regarding DPC for promotion to the grade of Chief Commissioner of Income Tax (CCIT) in the CBDT, Department of Revenue

F.No.A-32011/1/2011-Ad.VI (29/07/2011)

I am directed to say that officers as per the enclosed lists are being considered for promotion to the grade of Chief Commissioner of Income Tax, CBDT. You are therefore requested to kindly obtain the options for posting, if any, from the concerned officers on their promotion to the grade of CCIT and to forward the same to Database Cell b...

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Comments, views and suggestions solicited on draft ‘Customs (Provisional Duty Assessment) Amendment Regulations, 2011’ latest by 13th August, 2011

F.No.450/5/2011-Dir (Cus) (29/07/2011)

Conditions for allowing provisional assessment. — Where an importer or an exporter, as the case may be, is unable to make self-assessment and makes a request in writing to the proper officer for provisional assessment or the proper officer on account of any of the grounds specified in sub-section (1) of section 18 of the Customs Act, 1...

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Thin Capitalization Rules- Debt to Equity to Tax can no longer be tossed

Companies borrowing large amount of loans enjoys tax deduction on interest paid thereby on such loans. But companies may no longer be able to enjoy this huge deduction on their taxable profit as the government is planning to implement Thin Capitalization Rule to avoid such tax evasion. ...

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Posted Under: Custom Duty |

MCA issues Master Circular on Prosecution of Directors

Master Circular No. 1/2011 (29/07/2011)

The question of treating a person as an officer in default by ROCs when prosecutions are launched against a company and its directors for violations under Companies Act, 1956 has come up for examination time and again. The Department has issued various circulars in this regard so far. It may be recollected that the Department vide circul...

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Notification No. 69/2011-Customs dated the 29th July, 2011

Notification No. 69/2011-Customs (29/07/2011)

Provided that the exemption shall be available only if importer proves to the satisfaction of the Deputy Commissioner of Customs or Assistant Commissioner of Customs, as the case may be, that the goods in respect of which the benefit of this exemption is claimed are of the origin of Japan, in terms of rules as may be notified in this reg...

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Draft Circular on Providing Gifts to shareholders during Annual General Meeting (AGM) of the Company – Comments Invited

Draft Circular (29/07/2011)

Keeping the principle of good corporate governance view, it has been decided that no company shall offer any other thing except tea, coffee, soft drinks and snacks etc in the AGM. As a courtesy to the shareholders, the same may be made available before the start of the meeting. Any other gifts, food coupons or gift coupons and other entic...

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Foreign travel expenditure of the spouse of the Managing Director, pursuant to the board resolution, is allowable as business expenditure

J. K. Industries Limited Vs CIT (Calcutta High Court)

J. K. Industries Limited Vs CIT (High Court of Calcutta)- The expenditure may not have been incurred under any legal obligation, but yet it is allowable as business expenditure if it was incurred on grounds of commercial expediency. Thus, the borrowed fund advanced to a third party should be for commercial expediency if it is sought to be...

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Bonus shares eligible for benefit u/s 115F of the Act if if original shares acquired in foreign currency – ITAT Mumbai

Sanjay Gala Vs ITO (ITAT Mumbai)

Sanjay Gala Vs ITO (ITAT Mumbai)- In the present case, the assessee subscribed to shares in convertible foreign exchange and acquired the foreign exchange asset. In so far as this aspect is concerned, there is no dispute from the revenue authorities. ...

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Unabsorbed depreciation for and up to AY 1996–1997 could be carried forward and set-off against income chargeable under any head of income in any subsequent year

CIT Vs Kriti Resorts Pvt. Ltd. (Himachal Pradesh High Court)

These appeals are being disposed of by a common judgement since all these appeals have been admitted on the following substantial questions of law...

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Canvassing agent not business connection , Non-Resident, even with ‘business connection’, can be taxed only in respect of business operations carried out in India

ADIT Vs Star Cruise India Travel Services (ITAT Mumbai)

ADIT Vs Star Cruise India Travel Services (ITAT Mumbai)- In the case of a business of which all the operations are not carried out in India, the income of the business deemed under this clause to accrue or arise in India shall be only such part of the income as is reasonably attributable to the operations carried out in India” but then ...

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It is impermissible in a review petition for an assessee to re-argue and re-agitate the issues/questions which have been already considered and decided by the High Court

Ravina Khurana Vs CIT (Delhi High Court)

Ravina Khurana Vs CIT (Delhi High Court)- The applicant wants to re-argue and re-agitate the issues/ questions which have been considered and decided by this Court in the decision dated 20th April, 2011. This is not permissible. The review application has no merit and it is accordingly dismissed. ...

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Genuineness of transaction, being essentially a question of fact, cannot be lawfully raised for the first time before the Tribunal

Hari Shankar Bhartia Vs CIT (Calcutta High Court)

This appeal under section 260A of the Income-tax ("Act"), 1961 is at the instance of an assessee and is directed against an order dated September, 2002, passed by the Income-tax Appellate Tribunal, "B"Bench, Kolkata in Income-tax Appeal bearing ITA No. 1449 (Cal)/2000 for the Assessment Year- 1997-98 and thereby dismissing the appeal pref...

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