"13 September 2011" Archive

ITAT Collegium transfers 12 Members at All India level (Sept 2011)

ITAT Collegium transfers 12 Members at All India level (Sept 2011) - In pursuance of the consultations of the collegium of the Income Tax Appellate Tribunal consisting of the President and two senior-most Vice-Presidents, the following Members of the Tribunal are hereby transferred in public interest, (except Serial Nos. 1 & 8 )* in the s...

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Posted Under: Income Tax |

Amends Notification No.16/2011-Central Excise (N.T), dated the 18th July, 2011

Notification No. 20/2011-Central Excise (N.T.) (13/09/2011)

Vide Notification No. 16/2011 Central Excise dated 18.07.2011, CBEC had notified new ER-1 and ER-3 Forms. In which it forgotten to mention, Secondary and Higher Education Cess. Now this is made good and Secondary and Higher Education Cess is included in the forms. In ER-1, in the previous form, in Sl. No. 3, in Details of manufacture, ...

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Exempts service by an arbitral tribunal – Notification No. 45/2011 – Service Tax

Notification No. 45/2011 – Service Tax (12/09/2011)

Govt has exempted service by an arbitral tribunal, in respect of arbitration, falling under item (iii) of sub-clause (zzzzm) of clause (105) of section 65 of Finance Act, 1994. This exemption comes into force with effect from 12 th September 2011. ...

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RBI releases September 2011 Issue of RBI Bulletin

The Reserve Bank of India today released the September 2011 issue of its monthly RBI Bulletin. The September issue carries six articles: India's Foreign Trade: 2011-12 (April-June), Monthly Seasonal Factors of Selected Economic Time Series, Corporate Investment: Growth in 2010-11 and Prospects for 2011-12,...

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Posted Under: Income Tax |

ICAI – Appointment of Shri Manoj Kumar, Jt. Secy, MCA as member on Committees/Boards of the Institute

The President, in terms of the authority given to him by the Council at its 303rd meeting held on 10th, 11th and 12th February, 2011, has appointed Shri Manoj Kumar, Joint Secretary, Ministry of Corporate Affairs, the newly nominated member on the 21st Council in place of Dr. T.V. Somanathan, on the following Committees/Boards of the Ins...

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Posted Under: Income Tax |

Selection of a comparable company should be determined having regard to its functional comparability for the year under review and not with reference to preceding years

Emersons Process Management India Pvt. Ltd. Vs. Add. CIT (ITAT Mumbai)

Emersons Process Management India Pvt Ltd. Vs. Add. CIT (ITAT Mumbai)- The fact that this company was selected as one of the comparables, by assessee himself, in the preceding assessment year cannot be put against the assessee, as whether or not a comparable is to be included must depend on its merits rather than be solely guided by event...

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Transfer Pricing – TPO should provide reasons for rejecting the Most Appropriate Method [MAM] used by the assessee before adopting a different MAM

Indian Additives Limited Vs The Assistant Commissioner of Income Tax (ITAT Chennai)

Indian Additives Limited Vs The ACIT (ITAT Chennai)- Fact that a particular MAM used by the taxpayer cannot be rejected without providing any cogent reasons. Further, the Tribunal has mentioned that if there exist significant amount of purchases from Associates enterprises , the same cannot be included while computing the gross margins un...

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Losses adjusted in the books under corporate reorganization are available for set off in computing book profit under MAT provisions

J. K. Lakshmi Cement Ltd. Vs. Assistant Commissioner of Income Tax (ITAT Kolkata)

J. K. Lakshmi Cement Ltd. (Taxpayer) Vs ACIT (ITAT Kolkata)- In computing the book profit for the assessment years 2006-07 and 2007-08, the assessee was entitled to deduction in terms of clause (iii) of the Explanation to section 115JB(2) of the Act the adjustment of debit balance in the Profit and Loss Account with share Premium Account ...

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Amendment in Section 40(a)(ia) of Income Tax Act is not retrospective

Bharati Shipyard Ltd. Vs The Dy. Commissioner of Income Tax (ITAT Mumbai)

Bharati Shipyard Ltd. Vs DCIT (ITAT Mumbai Special Bench) - The Finance Act, 2010 has extended the time limit for depositing tax deducted at source by the due date u/s 139(1) of the Act from the earlier lesser time available for compliance....

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FII Investment in Long-Term Corporate Debt in Infrastructure Sector Liberalized

Following the announcement by the Union Finance Minister Shri Pranab Mukherjee in his budget 2011-12, the Government in consultation with the regulators had raised the limit for FII investment in long-term corporate bonds issued by the companies in the infrastructure sector from USD 5 billion to USD 25 billion. This scheme was operational...

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Posted Under: Income Tax |