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Archive: 03 August 2011

Posts in 03 August 2011

CBI registers four new cases regarding manipulation in AIIMS Entrance Exams

August 3, 2011 486 Views 0 comment Print

The Central Bureau of Investigation has registered four new cases regarding manipulation in AIIMS entrance exams in the on-going investigation of a case registered on 2nd June 2011 pertaining to manipulation and rigging of AIIMS PG Entrance Exam 2011, held on 8th May 2011 in which six persons including kingpin had been arrested.

Income earned by a non-resident by providing offshore service vessels on time charter basis is covered under Section 44BB

August 3, 2011 519 Views 0 comment Print

Bourbon Offshore Asia Pvt. Ltd. Vs DIT (AAR No. 937 of 2010) dated 12 July 2011- The taxpayer is engaged in the business of providing offshore oil and gas marine sub sea services. It also offers range of offshore oil service vessels to global oil and gas industry.

Loss from a 10A unit is to be adjusted against taxable profit of other units after allowing deduction under section 10A in respect of such eligible unit

August 3, 2011 585 Views 0 comment Print

Capgemini India Pvt. Ltd. Vs The Addl. Commissioner of Income Tax (ITAT Mumbai)- The provisions of section 10A of the Act were amended with effect from assessment year 2001-02 and as per the amended provisions, the profit and gains derived by an eligible undertaking are required to be deducted from the total income.

Inflation, Interest and Impact

August 3, 2011 1810 Views 0 comment Print

The Reserve Bank’s credit policy review in last week of July 2011 came with a shock to general public when RBI raised short term rates (repo rates) to 8 percent from 7.5 percent, just to curb inflationary pressures. The first and major outcome of rate hike by Reserve Bank of India is that all major banks have liked their interest rate on advances and loans by atleast 50 basis points, which comes into effect from 1st August, 2011 . The hike in the base rate for loans as well as benchmark prime lending rate (BPLR) implies that credit will become costlier leading to increased cost of production and higher prices, only adding further to inflation. The prices are not going to come down. This will also adversely affect the demand and production.

No penalty on taxation of ESOP when only CBDT Circular was there on its taxation

August 3, 2011 1049 Views 0 comment Print

No penalty can be levied under s 271(1)(c) when there was only the CBDT Circular on the taxation of ESOP shares and where the assessee offered certain income in a particular year and paid taxes bona fidely and the AO taxed the same in another year.

In the absence of any cogent evidence to show that the transaction was not genuine, the amounts received by an intermediary cannot be assessed in the hands of the assessee

August 3, 2011 489 Views 0 comment Print

Sahney Kirk wood Pvt. Ltd. Vs ACIT (Bombay High Court)- In the absence of any cogent evidence to show that the transaction was not genuine, the amounts received by an intermediary cannot be assessed in the hands of the assessee.

CPT (Paper- Pencil Mode) will be held on Sunday, 18th December, 2011

August 3, 2011 664 Views 0 comment Print

No.13-CA (EXAM)/CPT/ December/2011: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 18th December, 2011 in two sessions as below, at the following centres provided that sufficient number of candidates offer themselves to appear from each centre.

No Penalty for bonafide mistake in calculation of service tax

August 3, 2011 4652 Views 0 comment Print

Bajaj Travels Ltd Vs. Commissioner of Service Tax (Delhi HC)- The appellant submitted a detailed written reply dated 17th November, 2005. The defence was that it was paying service tax as per its bona fide understanding that the service tax was to be paid on the commission retained by the appellant. It was pleaded that the matter of calculation was not clear to it. Therefore, it had been filing its service tax returns on the basis of the commission retained by it and the correct method of computing the service tax was pointed out by the visiting team of the department. Therefore, the allegation of suppression, mis-statement were wrongly attributed to it. The learned Senior Counsel for the appellant also referred to series of orders passed by the various Benches of CESTAT where such penalties were set aside holding that when the service tax/short-service tax was paid before the show cause notice, it was a bona fide error.

AAR Application not maintainable if same issue pending before tax/appellate authorities in payers case

August 3, 2011 1905 Views 0 comment Print

Foster Pty. Ltd., In Re- Advance Ruling Authority The applicant is a company incorporated in Australia and is a tax resident of that country. The applicant entered into a contract with Ravva Oil Singapore (Singapore) Pte. Ltd., a company incorporated under the laws of Singapore for provision of services in connection with the business of oil and gas exploration and production. Ravva Oil Singapore alongwith others has in turn entered into a production sharing contract with the Government of India for the exploration, development and production of mineral oil and gas in the Ravva Oil and Gas Field. The applicant submits that Ravva Oil Singapore was not deducting tax on payments made by it to the applicant under the belief that such payments were not chargeable to tax in India. In this context, the applicant has approached this Authority with the present application seeking an advance ruling on the question whether the consideration received/receivable by the applicant under the terms of the agreement with Ravva Oil Singapore is liable to tax as royalty as defined in Article 12 of the Double Taxation Avoidance Agreement between India and Australia.

Regarding Prohibition on Carrying rice in baggage by air passengers travelling to USA

August 3, 2011 1463 Views 0 comment Print

Circular No.34 / 2011- Customs, Ministry of Agriculture, Department of Agriculture and Cooperation has informed that the U. S. Department of Agriculture, Animal and Plant Health Inspection Service (USDA – APHIS) has notified new phytosanitary regulations for the entry of rice from countries including India where Khapra beetle (Trogoderma granarium) is known to occur. These regulations, inter alia prohibit non-commercial rice consignment including passenger baggage and mail with effect from 30th July, 2011.

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