"16 August 2011" Archive

ICAI issues Verification Status of May-2011 CA Final Examinations

Verification Status of May-201 1 Examinations (Final) 1) Roll Numbers of candidates where no change in marks found Click Here All these candidates have been intimated by post. 2) Roll Numbers of candidates where change in marks found but there is no change in result or exemption in applied papers found Click Here Revis...

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Posted Under: CA, CS, CMA |

Transactions of sale of shares of a closely held company can be construed as transfer of land and short term capital gain is chargeable

Bhoruka Engineering Inds. Ltd. Vs Deputy Commissioner of Income Tax (ITAT Bangalore)

Bhoruka Engineering Inds. Ltd. Vs DCIT (ITAT Bangalore)- The whole transaction has been arranged in a sequential manner with M/s. Bhoruka Steel Ltd selling its landed property to BFSL for a nominal value of Rs. 3.75 crores ; BFSL never before doing any business other than financial services purchases the land for Rs. 3.75 crores ; immed...

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Whether the amount paid/payable by the Applicant to LSCL under the transaction mentioned in Annexure III in respect of Offshore supply of Equipments is liable to tax in India in the hands of LSCL, i.e. the recipient non-resident Korean company?

In Re. Deepak Cables (India) Limited Vs. DIT (International Taxation) (AAR Delhi)

Deepak Cables (India) Limited Vs. DIT (International Taxation), Bangalore (Advance Ruling Authority)- It is the case of the applicant that transfer of the goods by LS Cables, Korea to the applicant being outside India, there is no territorial nexus for taxation regarding those off-shore supplies. It is pointed out that the applicant after...

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Income from provision of sea logistic services taxable under presumptive scheme – AAR

In Re. Siem Offshore Inc. Vs Commissioner concerned Director of Income Tax (AAR Delhi)

Siem Offshore Inc.Versus Commissioner concerned Director of Income-tax, Advance Ruling Authority- The payment for hire of vessels provided by the Applicant to Trans ocean would be covered under the definition of ‘plant’ as defined under section 44BB of the Act. Accordingly, consideration received for supply of vessels on hire used for...

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Repayment of capital to the partners in the form of uncrossed cheque would not be liable to penalty u/s 269T

ITO Vs M/s Universal Associates (ITAT Ahemedabad)

ITO Vs M/s Universal Associates (ITAT Ahemedabad)- Considering the facts of the case in the light of the above decisions, we are of the view that the at least the assessee has been able to explain reasonable cause for failure to comply with the provisions of law. The ex-partners have introduced their capital in the assessee firm and on re...

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Whether non-competition fee paid to assessee allowable as revenue expenditure?

Procter & Gamble Distribution Co. Ltd. Vs JCIT (ITAT Mumbai)

Procter & Gamble Distribution Co. Ltd. Vs JCIT (ITAT Mumbai)- Whether the non-competition fee paid to the assessee is allowable as revenue expenditure– Whether the amount paid for licence fee is revenue expenditure for the rights granted which are non-exclusive rights to use the trademarks...

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Technology in Banking- In Pursuit of Excellence

Technology adoption has changed the face of banking in India. What started as a mere automation of some routine work processes in banks in the mid 80’s has moved on to become business process re-engineering which has resulted in making banking services branchless, anytime and anywhere; facilitated new product development and, enabled ne...

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Posted Under: CA, CS, CMA |

ICSI – Campus Placement for the fresher members for job and for students for 15 Months Training

The Placement Cell of the ICSI is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Tuesday, the 30th August 2011 at 10.00 A.M. at ICSI-CCGRT, Plot NO.101, Sector-15, Institutional Area, CBD Belapur, Navi Mumbai- 400614. Members enrolled on or after 1st June 2011 and Executive /...

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Posted Under: CA, CS, CMA |

Forex market development-Issues and Challenges -Thoughts of a returning forex market regulator

I am delighted to be in your midst after a long gap of a decade. The occasion brings back reminiscences of late 1990s and the early years of this century when the forex market in India was quite different from what exists today. A nascent market that it was, needed a lot of hand-holding from RBI. The Rupee was always moving down a one-way...

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Posted Under: CA, CS, CMA |

Anand Sharma meets Asean Economic Ministers Negotiators asked to Step up Efforts to Conclude Services and Investment Agreement

Shri Anand Sharma, Commerce, Industry & Textiles Minister of India met Trade/Commerce Ministers from the ten ASEAN countries at Manado, Indonesia on 13 August 2011 to review, among other matters, the India-ASEAN Services & Investment Agreement negotiations. The Trade/Commerce Ministers of ASEAN, known as ‘ASEAN Economic Ministers or AEM...

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Posted Under: CA, CS, CMA |

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