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Archive: 20 August 2011

Posts in 20 August 2011

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 6717 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

Maharashtra VAT – Refund Of Security Deposit Made During Registration

August 20, 2011 23487 Views 0 comment Print

1. Presently, deposit of Rs. 25,000 made at the time of registration is allowed to be adjusted against tax liability of the period in which registration was granted and in the subsequent year. 2. From 1 May 2011 such adjustment will not be allowed and the dealer is required to file claim for refund of such deposit.

Directorate of Income Tax (Criminal Investigation) to investigate criminal offences under direct tax laws

August 20, 2011 871 Views 0 comment Print

The Finance Ministry has set up a Directorate of Income Tax (Criminal Investigation) to investigate criminal offences under direct tax laws, the Parliament was informed today. The Directorate of Income Tax (Criminal Investigation) is mandated to perform functions in respect of criminal matters having any financial implication punishable as an offence under any direct tax law, Minister of State for Finance SS Palanimanickam said in a written reply in the Lok Sabha.

Insurance – Syllabus for Training of Telecallers – Distance marketing of Insurance Products

August 20, 2011 1661 Views 0 comment Print

IRDA (Protection of Policyholders’ Interests) Regulations, 2002 – Point of sale issues, free look provision, time-limits for underwriting and servicing matters including claims etc.

Ministry of Minority Affairs extends Date for Receipt of Applications for Pre-Matric and Post-Matric Scholarship Schemes

August 20, 2011 1581 Views 0 comment Print

The Ministry of Minority Affairs has extended the last date for receipt of applications from students by States / UTs for fresh cases of Pre-matric and Post-matric Scholarship Schemes up to 31st August, 2011. As per the time-line for Pre-matric and Post-matric Scholarship Schemes 2011-12 issued earlier to all the States / UTs, the last […]

Insurance – Fund Approval Procedure and Guidelines on NAV Process – Corrigendum

August 20, 2011 1091 Views 0 comment Print

Guidelines on NAV Process -Note: In supersession of earlier provisions issued vide Circular No. 24/IRDA/ACTL/2009-10, Dt. 5th Aug, 2009 with respect to calculation of NAV, the NAV shall, henceforth, be computed without appropriation/expropriation price as required under the said Circular under Unit Pricing Methodology. The same shall be applicable for all existing policies effective from the date immediately following the date of issue of this Circular.

Campus Placement at ICSI-CCGRT, Navi Mumbai

August 20, 2011 2906 Views 0 comment Print

Campus Placement at ICSI-CCGRT, Navi Mumbai 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 ICSI­CCGRT, Plot NO.101, Sector-15, Institutional Area, CBD Belapur, Navi Mumbai- 400614. For Members Members admitted on or after 1st June 2011 and forwarded their CVs by 23rd August 2011 are eligible to participate in the event. As per the eligibility criteria indicated above 73 members are eligible to participate in the event. Names of the eligible members are as under :-

Reassessment not permissible if reasons recorded are merely change of opinion

August 20, 2011 1042 Views 0 comment Print

B. J. Services Company Middle East Ltd. and others Vs. DDIT (Uttarakhand High Court)- The combined effect of the provisions of Section 44BB, 44DA and 115A of the Act will not have a bearing to the cases in hand in as much as the Explanatory Note to the Finance Bill, 2010 clearly indicates that the amendments proposed in Section 44BB and 44DA of the Act would take effect from 1st April, 2011 and would apply in relation to the assessment year 2011-2012 and subsequent years. The amendment is prospective in nature and would not apply to the cases in hand which is of the earlier assessment years.

Sec 10A benefits cannot be denied on foreign exchange fluctuation gain linked to exports

August 20, 2011 2819 Views 0 comment Print

anyo LSI Technology India Private Ltd Vs DCIT (ITAT Bangalore)- Gain from fluctuation of foreign exchange is directly related with the export activities and should be considered as income derived from export in the year in which the export took place for the purpose of deduction u/s 10A of the Act.

Discount offered against defective materials supplied can not be disallowed

August 20, 2011 1105 Views 0 comment Print

Regent Granito India Ltd Vs ACIT (ITAT Ahmedabad)- Dis allowance for the discount offered against defective materials supplied can not be sustained- In the present case, the A.O. has merely doubted that the assessee is writing off the amount and giving credit to the customers to reduce its profit but the A.O. could not corroborate the same by bringing on record at least some corroborative evidence. It is also to be noted that it is not a case of allowing discount simplicitor. Discounts were allowed on account of breakage or defects in quality.

Whether the activity of transportation of containers falls under the purview of provisions of Sec 194C?

August 20, 2011 2790 Views 0 comment Print

ITO Vs Yash Container Terminal Pvt. Ltd. (ITAT Mumbai)- There is no dispute to the fact that the assessee has deducted tax @ 1.12% from the payments made to M/s Laxmichand Dharshi during the financial year 2006-07 u/s 194C of the I T Act being the payment made to sub contractor. According to the AO, such payments made to M/s Laxmichand Dharshi has to be treated as hire charges paid for transportation of containers/trucks as per bills raised since there is no written contract/ sub contract agreement between the parties concerned.

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