ACAE in association with IDTPF, STAR and TAXGURU announces its most awaited GST CERTIFICATE COURSE. This year’s course is on litigation and is titled LITIGATION SERIES. The Course will be held online on ZOOM from Aug 6th, 2024 to Aug 17th, 2024 (except 11th Aug and 15th Aug) from 5 PM to 7 PM. The […]
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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.
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 Tribunal (the Tribunal). Further the same cannot be a ground for making adjustment of refund of earlier years under Section 245 of the Act.
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 presupposes an issue was raised or argued but there is failure of the Tribunal to decide or adjudicated the same. In a given case, a substantial question of law may arise because of the facts and findings recorded by the Tribunal, but the said issue/question is not determined. In such cases, an appeal under Section 260A of the Act can be entertained.
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 up to 31.12.2011 or within 60 days of their due date of filing, whichever is la
Bindview India P. Ltd. Vs. DCIT (ITAT Pune)- In light of Pune bench’s decision in the case of Starent Networks (I) P. Ltd. Pune v. DCIT, the assessee’s claim for +/- 5% in order to compute arm’s length price in terms of erstwhile proviso to section 92C(2) of the Act is accepted. Provisions of sub-Rule (4) of Rule 10B are quite explicit and provide for analysing the comparability of an uncontrolled transaction with the international transaction in question on the basis of the data relating to financial year in which the international transaction sought to be tested has been entered into.
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 in Practice thereby enhancing the confidence of the various stakeholders.
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 details of cost records are required to be filed with the Government. If all the products/activities of a company, excluding the exempted categories, are covered under cost audit, then the company will not be required to separately file the compliance report.
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 for the purpose.
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, research & development, postal/courier services, etc. unless any of these have been specifically covered under any other Cost Accounting Records Rules.
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.
