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Archive: 18 November 2011

Posts in 18 November 2011

Empanelment of CA firms with CAG from 1st January to 15th February 2012

November 18, 2011 5271 Views 0 comment Print

Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for appointment as auditors of Government Companies/Corporations the year 2012-2013. The format of application will be available on our website: www.cag.gov.in from 1st January to 15 th February 2012. Chartered Accountant firms can apply/update the data showing the status of their firm as on 1st January 2012 and generate online acknowledgement letter for the year.

No Long Term Capital Gain Exemption if Asset is Converted to Stock in Trade – ITAT Delhi

November 18, 2011 2096 Views 0 comment Print

Smt. Alka Agarwal Vs. ADIT (ITAT Delhi) – once the assessee has converted a capital asset into stock-in-trade, the capital gain arising on such transaction of transfer shall be deemed to be the income of the previous year in which transfer took effect. That was the ordinary position where the capital gain would have been liable to tax in the AY 2005-06 itself. Now, the provisions of Section 45(2) make an exception to the generality of provisions of Section 45(1).

Capital gains on sale of Indian Companies shares by Mauritius Company to German Company not chargeable to tax in view of Article 13.4 of the India-Mauritius Tax Treaty

November 18, 2011 1846 Views 0 comment Print

Re -Ardex Investments Mauritius Ltd. (AAR) – Applicant was a tax resident of Mauritius and the Tax Residency Certificate produced in this behalf has to be accepted view of the decision in Azadi Bachao Andolan (263 ITR 706). The applicant, a company incorporated in Mauritius, was dealing with the shares it held in an Indian company and selling them to another company in Germany. Article 13 of the Treaty between India and Mauritius applied. According to paragraph 4 of the treaty, the capital gains derived by a resident of Mauritius from the alienation of shares would be taxable only in Mauritius and not in India in the absence of the applicant having a Permanent Establishment in India.

S.10(38) Exemption cannot be denied for delay in dematerialisation

November 18, 2011 1189 Views 0 comment Print

Admittedly, in the instant case the assessee had purchased the shares outside stock exchange directly from the broker in physical form though D-mat account was opened at a belated date with this explanation that at the time of purchase of shares, he was not having D-mat account and on opening of D-mat account, the shares were transferred.

CIC directs RBI to disclose names of top 100 loan defaulters

November 18, 2011 1234 Views 0 comment Print

The Central Information Commission has directed the Reserve Bank of India to make public the names and other details of top 100 industrialists of the country who have defaulted on loans from public sector banks. The Commission also directed the central bank to post on its website complete information on all such industrialists as part of suo motu disclosure mandated under section four of the RTI Act before December 31 and asked it to update it every year.

For Section 80-IB ‘workers’ need not be ’employees’ – Bombay HC

November 18, 2011 1994 Views 0 comment Print

CIT vs. Jyoti Plastic Works Pvt Ltd (Bombay High Court) – under Section 80IB(2)(iv) what is relevant is the employment of ten or more workers and not the mode and the manner in which the said workers are employed by the assessee. In other words, irrespective of the terms of employment, condition of Section 80IB(2)(iv) would stand fulfilled if the assessee in aggregate employs ten or more workers in its manufacturing activity. The fact that the employer – employee relationship between the workers employed by the assessee differs cannot be a ground to deny deduction under Section 80IB of the Act, so long as the workers employed by the assessee in aggregate exceed ten in number.

Section 194C vs 194-I on Transportation vs. Hire Contracts – ITAT Delhi

November 18, 2011 21834 Views 0 comment Print

Arrangement for transportation of petroleum products was essentially a contract for transportation of goods and not an arrangement of hiring of vehicles. In view thereof, tax is required to be deducted at source from the payments to the carrier in terms of provisions of sec. 194C of the Act and not u/s 194I of the Act.

Minimum Export Price of Onion – Notification No 85 (RE – 2010)/2009-2014

November 18, 2011 349 Views 0 comment Print

Minimum Export Price (MEP) of all varieties of onions excluding Bangalore Rose Onions and Krishnapuram Onions will be US$ 350 per Metric Ton F.O.B. It was US$ 475 per Metric Ton for general category onion as notified on 20.09.2011.For Bangalore Rose Onions and Krishnapuram Onions it will be US$ 400 per MT F.O.B instead of US$ 475 per MT as notified on 20.09.2011. Notification No 85 (RE – 2010)/2009-2014

Increase in FII debt limit in Government and Corporate debt category

November 18, 2011 385 Views 0 comment Print

Government vide press release dated November 18, 2011 has decided to: a. Increase the current limit of FII investment in Government Securities by US $ 5 billion raising the cap to US $ 15 billion. The incremental limit of US $ 5 billion can be invested in securities without any residual maturity criterion; b. Increase the current limit of FII investment in corporate bonds by US $ 5 billion raising the cap to US $ 20 billion. The incremental limit of US $ 5 billion can be invested inlisted corporate bonds.

Direct Access to Negotiated Dealing System-Order Matching (NDS-OM)

November 18, 2011 1056 Views 0 comment Print

With a view to widening the secondary market in Government Securities to more number of participants, it has been decided to extend direct access to NDS-OM to licensed Urban Co-operative Banks (UCBs) and Systemically Important Non-Deposit taking Non-Banking Financial Companies (NBFC-ND-SIs) falling under the purview of Section 45-I (c) (ii) of the Reserve Bank of India (RBI) Act, 1934 (i.e. NBFC-ND-SIs which carry on as their business or part of their business the activity of acquisition of shares, stock, bonds, debentures or securities issued by a Government or local authority or other marketable securities of a like nature). The financial criteria and other requirements for direct access to NDS-OM for the above entities are furnished in the Annex.

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