The Rs. 45 crore tax exemption given to the ICC on the revenue generated from this year's cricket World Cup here was unjustified and devoid of merit, the Standing Committee on Finance has concluded in an inquiry. ...
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Maruti Suzuki India Limited Vs M/s Deputy Commissioner of Income Tax (Delhi High Court) -
Maruti Suzuki India Limited vs. DCIT (Delhi High Court)- HC held that reliance on the negative order passed by the Dispute Resolution Panel (DRP) by the tax department is not a valid ground for not staying the demand where issues are covered by the order of the Commissioner of Income-tax (Appeals) [CIT(A)] or the Income-tax Appellate Trib...
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C & C Construction Pvt. Ltd. Vs Commissioner of Income Tax (Delhi High Court) -
C& C Construction Pvt Ltd vs. CIT (Delhi High Court)- Clause (a) of sub-Section (6) to Section 260A of the Act states that the High Court may decide an issue, which is not determined by the Appellate Tribunal. The word determined means that the issue is not dealt with, though it was raised before the Tribunal. The word determined presuppo...
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General Circular No. 69/2011 -
(30/11/2011) -
In partial modification of Para 1 of the Ministry's Circular no. 57/2011 dated 28.07.2011, the last date for filing financial statements in XBRL mode without any additional fee due to delay by those Phase-I class of companies (excluding exempted class) whose Balance Sheet date for FY 2010-11 is on or after 31.03.2011, has been extended u...
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As you would be aware, the Council of the Institute introduced the concept of Peer Review by issuing the Statement on Peer Review in the year 2002. The primary objective behind this was to conduct Peer Review of CA firms (Practice Units) for ensuring as well as improving the quality of Attestation services being rendered by the members i...
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General Circular No. 68/2011 -
(30/11/2011) -
In connection with the recently issued circulars/notifications concerning cost accounting records and cost audit, following clarifications are issued: (a) That the companies covered under Companies (Cost Accounting Records) Rules, 2011 shall only file a simple compliance report as per the notified Form-B (copy enclosed) and no other det...
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The Service Tax Commissionerate, New Delhi proposes to draw a panel of auditors for conducting special audit under Section 14 AA of the Central Excise Act as made applicable to Service Tax matters by the Chartered Accountants and the Cost Accountants.
Please find attached the scanned copy of the Notice for Expression of Interest issued f...
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General Circular No. 67/2011 -
(30/11/2011) -
That the Companies (Cost Accounting Records) Rules, 2011 are not applicable to:
(i) Wholesale or retail trading activities.
(ii) Banking, financial, leasing, investment, insurance, education, healthcare, tourism, travel, hospitality, recreation, transport services, business/professional consultancy, IT & IT enabled services, resea...
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India has received information on around 1,500 transactions from Denmark and Finland under Double Taxation Avoidance Agreements with these countries and the CBDT is looking into the data. ...
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As per extant Direct Investment (FDI) policy, as contained in ‘Circular 2 of 2011-Consolidated FDI Policy’, FDI, upto 100% is allowed under the automatic route, in ‘Construction development: Township, Housing Built-up infrastructure’, subject to compliance with the conditions of minimum area, minimum capitalization, lock-in period...
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