"18 October 2011" Archive

Report of Task Force on Transaction Cost in Exports

On the initiative of Shri Jyotiraditya M. Scindia, Minister of State for Commerce and Industry (MoS-C & I), the Task Force on Transaction Cost was constituted by the Department of Commerce under the orders of Hon'ble Commerce & Industry Minister Shri Anand Sharma in October 2009, with a mandate to identify and suggest ways to achieve sign...

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Posted Under: Finance |

FM to Inaugurate Economic Editors’ Conference Tomorrow

Press Information Bureau is organizing its two-day Annual Economic Editors’ Conference in the National Media Centre, Shastri Bhawan, New Delhi which will be inaugurated by the Finance Minister Shri Pranab Mukherjee tomorrow....

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Posted Under: Finance |

Announcement Regarding Compliance with Paragraphs 61 and 62 of the Standard on Review Engagements (SRE) 2410

The Council of the Institute of Chartered Accountants of India, at its 308th meeting, considered an issue relating to difficulties being faced by the members of the Institute in compliance with paragraphs 61 and 62 of the SRE 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity, raised by the Au...

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Posted Under: Finance |

Inclusion of Credit under Kisan Credit Card (KCC) under direct financing for Agriculture

RBI/2011-12/224 RPCD.CO RRB. BC.NO.24/03.05.33/2011-12 18/10/2011

Please refer to Para 1.1.3 of our circular RPCD.No.RRB.BC.20/03.05.33/2007-08 dated August 22, 2007 on lending to priority sector in terms of which working capital and term loans for financing production and investment requirements for agriculture and allied activities are treated as direct finance to agriculture under priority sector....

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When assessee follows project completion method as per AS-7, it is entitled to set off receipts from sale of TDR against costs of work-in-progress and such amount taxable in the year of receipt

The Asst. Commissioner of Income Tax Vs. Skylark Build (ITAT Mumbai )

ACIT Vs M/s Skylark Build (ITAT Mumbai)- Approach adopted by the Assessing Officer for assessing the income from TDR independently without deducting the expenses incurred is not justified. The assessee has been following project completion method which is an accepted method of accounting in construction business and also recommended as pe...

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Waiver of unsecured loan is a capital receipt non chargeable to tax

CIT Vs. M/S Compaq Electric Ltd. (Karnataka High Court)

Honorable High Court held that waiver of unsecured loan is a capital receipt non chargeable to tax u/s 41(1) of the Act since there is no prior deduction/allowance of the same to assessee. The condition precedent is that there should be an allowance or deduction in the assessment for any year in respect of loss, expenditure or trading li...

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Failure of AO to consider book profit provisions renders assessment erroneous

Southern Petrochemical Industries Corporation Ltd. Vs The Joint Commissioner of Income Tax (ITAT Chennai)

ITAT Chennai Southern Petrochemical Industries Corporation Ltd. Vs   The Joint Commissioner of Income Tax I.T.A. No. 2292/Mds/2008 Assessment Year : 2004- 05 O R D E R PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER : In this appeal, assessee assails the assumption of jurisdiction by CIT, under Section 263 of the Income-tax Act, 1961 (hereinaft...

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Deduction u/s 80IA and 80HHC are to be calculated independently on the eligible profits

Systematic Exports V/s Asst. Commissioner of Income Tax (ITAT Mumbai)

Systematic Exports Vs ACIT (ITAT Mumbai) - S. 80-IA (9) cannot be interpreted to mean that s. 80-IA deduction has to be reduced for computing s. 80HHC deduction. S. 80-IA (9) inserted w. e. f. 1.4.1989 provides that where any amount of profits and gains of an undertaking is claimed and allowed under s. 80-IA for any assessment year, deduc...

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SC asks retailers to pay 50% of outstanding service tax

Supreme Court on 14.10.2011 modified it’s earlier stay order of 28.9.2011 in the SLP filed by petitioners Retailers Association of India v. UOI against the Bombay High Court order that had upheld renting as a service with retrospective effect.Petitioners are now required to pay half of their liabilities in the next six months in thr...

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Posted Under: Finance |

Penalty cannot be imposed without AO’s Finding on ‘Inaccurate Particulars’

Cit- Large Tax Payers Unit V/s M/s Mahanagar Telephone Nigam Ltd. (Delhi High Court)

CIT Vs. Mahanagar Telephone Nigam Ltd (Delhi High Court) A.O. having failed to record a finding that the assessee had furnished inaccurate particulars, the imposition of penalty under Section 271(1)(c) of the I.T. Act was a complete non- starter. This finding of fact has been affirmed by the Tribunal and we find no reason to disagree with...

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