"August, 2011" Archive - Page 8

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: Finance |

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: Finance |

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: Finance |

Government decides to increase the share of Microenterprises in Micro and Small Enterprise (MSE) lending needs too 60% in a phased manner

Loans are sanctioned by the Scheduled Commercial Banks (SCBs) as per financial viability, feasibility of the project and keeping in view their Bank approved policies. However, the Government has decided that the share of Microenterprises in Micro and Small Enterprise (MSE) lending needs to be increased to 60% in a phased manner viz. 50% i...

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Posted Under: Finance |

Depreciation at 100% can be claimed on the LP gas cylinders fitted to the chassis of transport vehicles

Commissioner of Income Tax Vs. Anantha Gas Suppliers (Andhra Pradesh High Court)

CIT Vs M/s Anantha Gas Suppliers (Andhra Pradesh High Court) In the absence of any ambiguity, we have to take into consideration the plain language of the statutory provision and the obvious intention of the Legislature in using such a plain language. The Legislature merely said 'gas cylinders including valves and regulators', it has no...

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From 1st October 2011 all type of Assessee’s required to file Service Tax Return Electronically/Online

Notification No. 43/2011 - Service Tax 25/08/2011

Notification No. 43/2011 - Service Tax In the Service Tax Rules, 1994, in rule 7, - (a) in sub-rule (2), the proviso shall be omitted; (b) after sub-rule (2) as so amended, the following sub-rule shall be inserted, namely:- (3) Every assessee shall submit the half-yearly return electronically....

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