"August, 2011" Archive - Page 20

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

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 [&...

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Posted Under: Finance |

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

Circular No. RDA/F&I/CIR/INV/187/08/2011 17/08/2011

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 a...

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Campus Placement at ICSI-CCGRT, Navi Mumbai

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 Memb...

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Posted Under: Finance |

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

Sanyo LSI Technology India Private Ltd. Vs. Deputy Commissioner of Income Tax (ITAT Bangalore)

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. ...

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Discount offered against defective materials supplied can not be disallowed

Regent Granito India Ltd. Vs ACIT (ITAT Ahemdabad)

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 sam...

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

ITO Vs Yash Container Terminal Pvt. Ltd. (ITAT Mumbai)

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 Dh...

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Running schools by collecting huge amounts of fees with five star facilities cannot be treated as a charitable activity only on the ground that the business carried on by such institutions is the business of education

M/s. Rajah Sir Annamalai Chettiar Foundation Vs. The Director of Income Tax (Exemptions) (ITAT Chennai)

Rajah Sir Annamalai Chettiar Foundation v DIT (ITAT Chennai)- The principle that the institutions run by the charitable societies may collect fees and service charges does not mean that the institutions can charge fees, etc, at commercial rates from all the people without giving any element of charity to needy people. ...

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Whether when assessee company makes advances in favour of its Director holding 90% stake in the company, such loans are to be treated as deemed dividend in the hands of the company or the Director?

ACIT Vs. Oxford Softeck Pvt. Ltd. (ITAT Delhi)

ACIT Vs. Oxford Softeck Pvt. Ltd. (ITAT Delhi)- If it is supposed that all the conditions are fulfilled but then also the same cannot be added as income in the hands of the payer company as such amount can be added only to the income of a person as dividend who is a shareholder to whom such loan and advances made. Keeping in view these fa...

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Board circular which provides that even the indirect expenditure which benefit employees’ welfare is covered under FBT is not applicable

Karnataka Power Transmission Corporation Ltd. Vs DCIT (ITAT Bangalore)

Karntaka Power Transmission Corporation Ltd. Vs DCIT (ITAT Bangalore)- Whether the expenditure incurred on repair and maintenance of residential quarters of the staff which were owned by the assessee company can be treated as a benefit given to the employees and is covered under clause (E) of subsection (2) of section 115WB relating to em...

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Customs amendment bill in LS to validate notices issued by different officials during the past 25 to 30 years.

FM Pranab Mukherjee on Friday moved a bill in the Lok Sabha to amend the Customs Act to validate the showcause notices given by different officials during the past several years. The bill, which seeks to validate notices rendered invalid by the Supreme Court on technical ground, will be taken up for discussion and passage next week. ...

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Posted Under: Finance |

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