"01 October 2011" Archive

Exposure Draft of Indian Accounting Standard (Ind AS) 41 Agriculture (Comments to be received by 15 November 2011)

Exposure Draft Indian Accounting Standard (Ind AS) 41 Agriculture The following is the Exposure Draft of the Indian Accounting Standard (Ind AS) 41, Agriculture, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The Board invites comments on any aspect of this Exposure Draft. The Bo...

Posted Under: CA, CS, CMA |

ICAI – President's Message – October 2011

Suggestions Submitted to MCA: We have sent our views on the proposed Forms 23 AC-XBRL and 23 ACAXBRL to be notified by the Ministry of Corporate Affairs, to the Ministry. We have also sent our views on the draft Companies (Auditor’s Report to the Central Government) Order, 2011 and the proposed Companies (Auditor’s Report) Order, 2011...

Posted Under: CA, CS, CMA |

Despite specific queries in scrutiny assessment, AO cannot be said to have formed any opinion if explicit opinion not recorded

Dalmia Pvt. Ltd. Vs Commissioner of Income Tax (Delhi High Court)

Dalmia Pvt. Ltd. Vs CIT (Delhi High Court)- It is well settled that audit objection on the point of fact can be a valid ground for reopening of assessment. In the case of New Light Trading Co. vs. Commissioner of Income Tax, (2002) 256 ITR 391 (Del), a Division Bench of this court after referring to the decision of Supreme Court in CIT vs...

Conversion of stock into investment in order to avoid payment of full tax attracts penalty u/s. 271(1)(c)

The Commissioner of Income Tax Vs Splender Construction (Delhi High Court)

CIT Vs Splender Construction (Delhi High Court)- When the land which was held as stock in trade for several years is converted into investment just before the sale, it can be said that the assessee did so to pay lesser taxes, and it amounts to furnishing inaccurate particulars, warring levy of penalty . If Merits Successively Rejected, Is...

PMS Fees not deductible against capital gains. Despite dissenting orders, reference to Special Bench not necessary – ITAT Mumbai

Shri Homi K. Bhabha Vs ITO (ITAT Mumbai)

Shri Homi K. Bhabha Vs ITO (ITAT Mumbai)- Ordinarily neither the assessee nor the Revenue can be allowed to re argue the same issue over and over again, when it has already been decided by a coordinate bench of the tribunal....

ICWAI – President Communique for October, 2011

The series of seminars on CARR and CAR continued during the month also, starting from Mysore Chapter on 4th September 2011 and followed by WIRC programme in Mumbai on 16th and 17th September. The XBRL meeting was kick started during the month with Hyderabad hosting the first meeting on 6th September 2011, which was also webcast (witnessed...

Posted Under: CA, CS, CMA |

XBRL – Registration of Certified Filing Centres (CFC)

Requests including from Professional Institutes have been received seeking re-opening the registration process of CFCs and allow enrolment of more CFCs so that the involvement of professionals in XBRL and peak filing can be expanded to a large extent. The Ministry has considered the requests and decided to re-open the registration process...

Posted Under: CA, CS, CMA |

Proposed Amendment of the Articles of Agreement of the International Monetary Fund on Reform of the Executive Board approved

The Union Cabinet today gave its approval to certain amendments to the IMF`s Articles of Agreement on Reform of the Executive Board of the IMF. The amendments are part of a package of reforms on quotas and governance in the IMF. Along with the recent quota reforms in IMF (i.e., Fourteenth General Review of Quotas), these amendments repres...

Posted Under: CA, CS, CMA |

CAG of India Appointed External Auditor OF IAEA and WIPO

The Comptroller and Auditor General of India (CAG) has been appointed as the external auditor of two major UN organizations - the International Atomic Energy Agency (IAEA), Vienna and World Intellectual Property Organization (WIPO), Geneva. Both these organizations have traditionally been the stronghold of the developed world and it is fo...

Posted Under: CA, CS, CMA |

Sebi revises bidding norms for FIIs in infra bonds

Revising its norms for foreign institutional investors (FII) in the infrastructure debt bonds, the capital market regulator Sebi today lowered the minimum bidding and allocation amounts for such investors. As per the revised guidelines, no single FII shall be allocated more than Rs 2,000 crore of the investment limit against the existin...

Posted Under: CA, CS, CMA |

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