Pitney Bowes India Pvt Ltd vs. CIT (Delhi High Court) – Assessee itself treated the expenditure as capital in the books of accounts. However, at the same time, it was maintained that since it was paid for loss of business that KOAL would suffer for non-compete fee, the same was treated as revenue in nature. Likewise, in Schedule 2 to the balance sheet disclosing ‘fixed assets’, payment of non‑compete fee is treated as ‘intangible assets’. This also shows that the assessee treats this as asset acquired, which is intangible in nature. The issue regarding forwarding of payment was discussed by the Special Bench of the Tribunal in M/s Tecumesh India Pvt. Ltd. (supra) in greater details and after applying the ratio of various judgments of different High Courts including jurisdictional Court as well as the Supreme Court, the Tribunal summarized in the following terms:
A.F. Ferguson & Co. Vs. The Asstt. Commissioner of Income tax – The dispute is regarding allowability of deductions on account of payments made by the assessee to the retired partners and wives of deceased partners while computing the total income. The payments had been made under the provisions of partnership deed.
In accordance with the decisions taken by the Government on the basis of the recommendations of the Committee for Comprehensive Review of National Small Savings Fund (NSSF), headed by Smt Shyamala Gopinath, the then Deputy Governor, Reserve Bank of India, Notifications on changes made in various small saving schemes except 10-Year National Savings Certificate, have already been issued on 25th November 2011.
Adjudication of offences under the Central Excises Act, 1944, or the Customs act 1962 or the Finance Act, 1994 (Service Tax) are important functions of the officers of the Central Excise, Customs and Service Tax competent to adjudge offences. It seeks to ensure that no economic loss is caused by the alleged contravention by the imposition of an appropriate penalty after an adjudication. If an innocent person is punished or the punishment is more than warranted by the nature of offence it may undermine the trust between the government and the public.
The policy cleared by Union Cabinet on 24th November stipulates that FDI in multi brand retail will be allowed upto 51% foreign equity through the government approval route, subject to adequate safeguards for domestic stakeholders.
Central Bureau of Investigation has caught red handed an Inspector of Central Excise, Range-III, Division-I, Ankleshwar for demanding and accepting a bribe of Rs.5000/- from the complainant. It was alleged in the complaint that the complainant had supplied some goods to a Company on 24.10.2011 and had to provide the intimation to Central Excise Office in writing by 25.10.2011.
RBI has exempted stock brokers registered with SEBI from registering itself as NBFC, upon compliance of certain conditions including that it shall not hold or accept public deposits as defined in paragraph 2(1)(xii) of the Notification No. DFC.118/DG(SPT)-98 dated January 31,1998.
1. Whether a cost accountant appointed as cost auditor can authenticate the Compliance Report also? The Rules provide for authentication of Compliance Report [vide Companies (Cost Accounting Records) Rules 2011] and certifying cost audit report [vide Companies (Cost Audit Report) Rules 2011].
Expenditure can be disallowed only in the event of non-deduction of tax at source, and not in the cases involving short deduction, TDS not required to be deducted on exchange rate difference if TDS already been deducted at the time of credit of amount
Based on the working population as per census 2001 data, the Insurance Regulatory and Development Authority (IRDA) has reported that the approximate total number of insurable persons in the country is 57,03,35,944.
