"11 September 2011" Archive

Opinion of one expert cannot be rejected on the basis of that of another expert unless there is sufficient independent reason for such rejection

M/s. Asia Impex Vs CC, Amristar (CESTAT Delhi)

The value of the imported goods cannot be based on the value of the goods in the local market. In the present case, no valid reasons have been given by the commissioner to reject the valuation adopted by the overseas chartered engineer. Similarly, comparing the value of the imported goods which are old and used with the data available in...

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Leveraged Buyout – The new move

Any technique to multiply gains and losses in finance is known as leverage. Buyout means when a firm purchases the controlling interest of another firm to takeover assets or its business operation or both. Therefore, leveraged buyouts mean when and investor acquires a controlling interest in company’s equity, where a considerable amoun...

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Posted Under: Excise Duty |

Income tax Return Preparation Software for FY 2011-2012 / AY 2012-2013

Fee Income tax Return Preparation Software/File for Non-Govt Employees for the Financial Year 2011-2012 and Assessment Year 2012-2013...

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Posted Under: Excise Duty | ,

Residential Status- Period of stay during visit to India on deputation would be excluded

Director of Income Tax, International Taxation Vs Manoj Kumar Reddy Nare (Karnataka High Court)

This appeal is filed by the revenue being aggrieved by the order dated 3-4-2009 passed by the Income-tax Appellate Tribunal, Bangalore Bench 'A' (hereinafter called as 'Tribunal' for brevity) bearing 1TA No. 1020/Bang/08 for the assessment year 2005- 06....

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Disallowance u/s 40A(2)(b) can not be made without enquiry in respect of the fair market value of the services

DCIT Vs M.G.S. Hospitalities (ITAT Delhi)

DCIT Vs M.G.S. Hospitalities (ITAT Delhi)- Section 40A(2)(b) - When assessee firm pays hefty salary to the father of a partner, it attracts provisions of Sec 40A(2)(b) but dis allowance can be made without verifying the market value of services provided by the partner's father....

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Download Effect analysis of IFRS 10 and IFRS 11

The effect analysis for IFRS 10 Consolidated Financial Statements, which also includes the effect analysis for IFRS 12 Disclosure of Interests in Other Entities, and the effect analysis IFRS 11 Joint Arrangements are now available for download on the project pages....

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Posted Under: Excise Duty |

Male Hindu cannot adopt without the consent of wife – SC

Ghisalal Vs Dhapubai (D) By Lrs. (Supreme Court of India)

Ghisalal Vs Dhapubai (D) By Lrs. (Supreme Court of India)- Hindu Adoptions and Maintenance Act, 1956, s. 7- Adoption by husband -This is clear from Section 7 of the Act. Proviso thereof makes it clear that a male Hindu cannot adopt except with the consent of the wife, unless the wife has completely and finally renounced the world or has c...

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Service Taxation to Take Rejig

Taxation of services is now almost seventeen years old in India with over 120 services in the service tax net which have been added successively in last 17 years. While government proposes to introduce goods and service tax (GST) an hear future (not certain in 2010 atleast), in all likelihood, we may land up in a scenario where all servic...

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Posted Under: Excise Duty |

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