"27 August 2011" Archive

Important message on XBRL Taxonomy and Validation Tool

Representations from stakeholders on accounting and technical aspects of the Taxonomy to be used for XBRL filings of financial statements by the companies were received by the Ministry of Corporate Affairs. These suggestions/comments were referred to ICAI for modification and improvements in the Taxonomy. ...

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Posted Under: Company Law |

PM's speech in the Lok Sabha debate on Corruption and Lokpal Bill

Madam, it has been mentioned to me that Shri Anna Hazare and his colleagues are very keen that their Bill should be discussed in the Parliament. I have not thought over this matter in great depth, but a thought comes to me that perhaps we could have a debate in this House on all the Bills that are in the public domain and have a discussio...

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Posted Under: Company Law |

Appellate authority has every right to remand a matter on a specific point if the mistake of the authority below is limited to that very point and, in such a situation, there is no necessity to pass an order of a fresh assessment on all points

Surajmall Lalchand & Sons Vs ACIT- XI (Calcutta High Court)

Surajmall Lalchand & Sons Vs ACIT- XI (Calcutta High Court)- In the case of CIT vs. H. P. State Forest Corporation Ltd (supra), a Division Bench of Himachal Pradesh High Court was considering a case where the accounts of the assessee, a State Government Corporation, not having been audited by the office of the Comptroller and Auditor Gene...

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Striving For Freedom in Independent India

Dr.  Sanjiv Agarwal  While India celebrated it 64th independence day early this month, independent India still struggles for freedom in more than many ways. It is indeed time for one and all to introspect in retrospect and prospect as to what we have achieved and what we ought to be, as an  individual , as […]...

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Posted Under: Company Law |

Discretion lies with the Tribunal to admit additional evidence in the interest of justice

The Commissioner of Income-Tax- IV Vs Text Hundred India Pvt. Ltd. (Delhi High Court)

CIT Vs Text Hundred India Pvt. Ltd. (Delhi High Court)- Rule 29 of the ITAT Rules - Additional evidence should be allowed to be submitted at the Tribunal to prove benefit received by receipt of management services by the Assessee. AO denied deduction of management services charges alleging that the same didn’t provide benefits to the r...

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Transfer Pricing- Comparables have to be compared on similar standards

Gsys Inteenigrating System (India) Pvt. Ltd. Vs DCIT (ITAT Bangalore)

All the com parables have to be compared on similar standards and the assessee cannot be put in a dis-advantageous position, when in the case of other companies adjustments for under utilisation of manpower is given. The assessee should also be given adjustment for under utilisation of its infrastructure. The AO shall consider this fa...

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If Additions based on seized materials sustained, penalty is warranted

Triumph International Finance I Ltd Vs ACIT (ITAT Mumbai)

Triumph International Finance I Ltd Vs ACIT (ITAT Mumbai)- the undisclosed income determined in the case of the assessee is not as a result of disallowing any claim of the assesse because the same is not allowable as per the provisions of law but undisclosed income has been determined on the basis of the evidences found during the course ...

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TRO can sell the right, title and interest of the defaulter assessee and nothing more, If the said right, title and interest is hedged with the conditions or fetters, the sale will be made subject to the said condition/fetters

The Commissioner Of Income Tax Vs M/s Mono flex India Pvt. Ltd. (Delhi High Court)

CIT Vs M/s Mono flex India Pvt Ltd (Delhi High Court)- Whether when the property, which was auctioned by the TRO for recovery of tax, is a leased property to the defaulter under a perpetual lease agreement, the right in the said property can only be transferred after payment of the unearned increase payable to the lessor of the property a...

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ICSI – Last date for Annual Membership fee for the year 2011-12

The names of the member s who will not remit their annual member s hip fee for the year 2011-12 by the la s t extended date i.e. 31st August, 2011 will stand removed from the Register of members w.e.f. 1st September, 2011. They shall be required to pay the entrance fee of Rs. 1500/- and Rs. 1000/- respectively for ACS & FCS for restor...

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Posted Under: Company Law |

Massive Death …Gifted By Speculators

It’s a big day for Federal Reserve Chairman Ben S. Bernanke. In a much-anticipated speech in Jackson Hole, Wyoming the world expects that the US FED will come up with another round of QE3. The main hope of the world is that quantitative easing 3 Fed would either buy more government bonds or shift existing holdings toward longer-term sec...

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Posted Under: Company Law |

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