Integrated Professional Competence Course [IPCC] and Professional Competence Course [PCC] Supplementary Study Paper – 2011 [Relevant for May 2012 and November 2012 examinations] Supplementary Study Paper – 2010 [Relevant for May 2011 and November 2011 examinations] CA Final Course [New] Supplementary Study Paper – 2011 [Relevant for May 2012 and November 2012 examinations]
CIT Vs Mohair Investment & Trading Co (Delhi High Court)- From a plain reading of the relevant Sections it is clear that the period of six months provided for imposition of penalty under Section 275(1)(a) starts running after the successive appeals from an assessment order has been finally decided by the CIT(A) or the ITAT as the case may be whichever period expires later. The proviso to section 275(1)(a) has only had the effect of extending the period of imposing penalty from six months to one year within the receipt of the order of the Commissioner after 1st June, 2003.
Many argue that the provisions of SARFAESI Act, 2002 are draconian in nature. Borrowers do often refer to their good relations with the Bank for a considerable time and they express angst at the Bank’s action under the provisions of the SARFAESI Act, 2002. The borrowers do often question as to why the Bank should not consider the reputation of the customer, understand the temporary difficulties and grant time rather proceeding against the ‘Secured Asset’ using the provisions of the SARFAESI Act, 2002 mechanically.
State of U.P. & Ors. Vs. M/s. Mohan Meakin Breweries Ltd. & ANR. (Supreme Court of India)- The Supreme Court has set aside the ruling of the Allahabad high court and held that manufacturers of beer in the state are liable to pay excise duty from the stage of fermentation and not when beer was fit for human consumption. Mohan Meakin Breweries and other distilleries had challenged the imposition of duty from the stage of fermentation.
With a view to ensuring that premiums are paid out of clearly identifiable sources of funds, it has been decided to permit premium/proposal deposits remittances in cash beyond Rs. 50000/- per transaction subject to the customer quoting PAN. Insurers shall verify the authenticity of the details of PAN so obtained.In case of customers not required to have PAN orwith only agricultural income, Form 60/61 prescribed under the provisions of Income Tax Rules shall be obtained. From the perspective of AML/CFT guidelines, it becomes imperative to obtain the details of PAN of the person/entity funding the premium/proposal deposit on an insurance policy.
India and Switzerland will start exchanging information on tax-related matters from the next fiscal after the new tax information exchange treaty is ratified by the Swiss Parliament on Thursday, paving the way for obtaining data on black money stashed in Switzerland.
The SME Implementation Group (SMEIG) has today published five draft Questions & Answers (Q&As) on the IFRS for SMEs. These draft Q&As are open for comment until 30 November 2011 and cover the following topics: Application of the IFRS for SMEs for financial periods ending before the IFRS for SMEs was issued
