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. P. V.S. Beedies Pvt. Ltd. (1999) 237 ITR 13 (SC), has held as under (at page 393) :’In the case of P. V. S. Beedies Pvt. Ltd. [1999] 237 ITR 13, the apex court held that the audit party can point out a fact, which has been overlooked by the Income-tax Officer in the assessment.
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, Issue “Not Debatable.
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.
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 in India and abroad).
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 for a period of 2 months from October 1, 2011.
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 represent a major overhaul of the Fund`s quotas and governance, and help in strengthening the Fund`s legitimacy and effectiveness .
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 for the first time that a Supreme Audit Institution from outside Europe has been appointed to these prestigious positions. These appointments were made in the face of competition from other developed countries like United Kingdom, Spain and Norway.
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 existing Rs 10,000 crore. The market regulator has also reduced the minimum bid size to Rs 50 crore from the existing Rs 250 crore, a SEBI circular said.
Assessees can file their Central Excise and Service Tax Returns using following offline Excel Utilities/XML Schema by downloading the same from this page. It is advised that the latest Excel Utility may be used every time, for filing Returns, by downloading it from the link given below Click on the respective Excel Utility/XML Schema hyperlink to download. Please refer the detailed Instructions Sheet embedded within the utility before using the same.
MCA XBRL Validation Tool for validating XBRL instance documents has been released. The same can be downloaded by stakeholders for validating the instance documents prepared by them. The stakeholders should also refer to the XBRL filing manual for creation and validation of the instance documents.
