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Archive: 21 September 2011

Posts in 21 September 2011

Dishonour of electronic funds transfer for insufficiency of funds in the bank account – clarification

September 21, 2011 4463 Views 0 comment Print

As you may be aware section 25 of the Payment and Settlement Systems Act, 2007 accords the same rights and remedies to the payee (beneficiary) against dishonour of electronic funds transfer instructions for insufficiency of funds in the account of the payer (remitter), as are available to the payee under section 138 of the Negotiable Instruments Act, 1881.

Court order sanctioning a scheme of amalgamation or demerger is an instrument and conveyance liable to stamp duty

September 21, 2011 1425 Views 0 comment Print

The Court held that an order sanctioning a scheme under section 394 of the Companies Act falls within the description of the words ‘instrument’ and `conveyance’ within the meaning of the West Bengal Stamp Act, 1964. Accordingly, it is subject to stamp duty. The Court also observed that no property transferred pursuant to any scheme in the State of West Bengal would be effective unless appropriate stamp duty is paid. This ruling may be relevant in the States which do not have a specific clause for merger/demerger under sections 391-394 of the Companies Act, 1956 in the conveyance entry in the Stamp duty schedule.

Service Tax – Audit of the accounts of BSNL– Issue of eligibility or otherwise of Notification No.03/1994

September 21, 2011 1230 Views 0 comment Print

Circular No. 146/15/2011 – Service Tax – Audit of the accounts of M/s Bharat Sanchar Nigam Ltd, Tiruchirapalli – Issue of eligibility or otherwise of Notification No.03/1994 – ST dated 30.6.1994 in case of telephone services for local calls provided through Village Panchayat Telephones – regarding.

India signs double taxation avoidance agreement (DTAA) with Estonia

September 21, 2011 1652 Views 0 comment Print

India has signed a double taxation avoidance agreement (DTAA) with Estonia and has also forged a pact to work with the European nation in the fields of information, communications and technology (ICT). Communications and Information Technology Minister Kapil Sibal signed the pact during his visit to Estonia on September 19, during which he also met Estonian Prime Minister Andrus Ansip, an official statement said.

DRP’s power to ‘enhance’ confined to issues raised in draft assessment order. ‘Future losses’ allowable as deduction

September 21, 2011 939 Views 0 comment Print

Dredging International NV vs. ADIT (ITAT Mumbai) – DRP cannot issue any directions which are at variance from the proposed draft order. Further, any provision made towards foreseeable losses is an allowable expenditure. The arguments are that the assessee has already shown the revenue receipt, i.e. work-in-progress at Rs. 19,83,63,908/- which was more than the contract receipts determined by the DRP at Rs.13,12,94,847/- and so the question of estimating revenue on the amount as directed by the DRP does not arise as contested in ground No. 3. Further, since assessee claimed the future loss of Rs.32,86,17,293/- and this future loss was proposed to be disallowed by the A.O. in the draft assessment order, the DRP cannot direct the A.O. to estimate the profit on 20% of the contract at 8%, which is at variance with the proposed draft order.

Govt may soon credit you service tax refund in you bank account automatically

September 21, 2011 1307 Views 0 comment Print

Government today said that it was working on a system to automatically transfer service tax refunds in their accounts. Currently, the duty drawback is directly credited to accounts of exporters maintained at customs houses, but exporters have to file claims separately to get service tax refunds. Exporters complain that many a times there are unusual delay in refund of the levy.

Assessee’s AO cannot question Creditor’s Income Tax Return instead he should inquire with creditor’s AO

September 21, 2011 1880 Views 0 comment Print

CIT vs. Dataware Pvt Ltd (Calcutta High Court) The assessee company received share application money of Rs.1 Crore from M/s. Harrington Traders Pvt. Ltd. (hereinafter referred to as the creditor). During the assessment proceedings the assessee company submitted the confirmation letter of the creditor, details of the transaction, namely, its PAN etc. to the Assessing Officer during the second round of assessment proceeding. As per direction of the Tribunal below the Assessing Officer made enquiries from the creditor, who entered appearance and provided the details of their PAN, source of income, and confirmed the fact of giving the money to the Assessing Officer.The Assessing Officer,however, instead of making enquiry from the Assessing Officer of the creditor as to whether the return submitted by the creditor has been accepted he himself arrived at the finding that the procurement of money by the creditor was not genuine and added the amount to the income of the assessee.

ICAI Invites Suggestions for Pre-Budget Memorandum-2012

September 21, 2011 1490 Views 0 comment Print

The Central Direct & Indirect Taxes Committees are in the process of identifying issues that need to be taken up in the Pre-Budget Memoranda on Direct & Indirect Taxes – 2012 to be submitted to the Ministry of Finance.

2nd Round of Consultations on te Revised Version of National Competition Policy Begins Tomorrow

September 21, 2011 648 Views 0 comment Print

The Second round of consultations on the revised version of National Competition Policy will held tomorrow at FICCI, Federation House, Tansen Marg, New Delhi. The Union Minister for Corporate Affairs Dr. M.Veerappa Moily will chair the consultations.

Cyber Attacks Far More Dangerous Says Sibal

September 21, 2011 561 Views 0 comment Print

The Union Minister of Communications and Information Technology, Shri Kapil Sibal has said that adequate balance needs to be maintained between needs of ‘privacy of individual’ and ‘genuine security concerns of state’ while dealing with challenges of cyber security. Delivering keynote address in the opening session of the Summit on Information and Network Security for Emerging Markets on September 20, 2011 at Helsinki, he cautioned that the cyber attacks come not only from individuals but also from rival corporate houses and rouge states.

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