Shri S. K. Goel joined Indian Revenue Service (Customs & Central Excise) in the year 1975. He has handled various assignments in the Department of Revenue under the Ministry of Finance all over the country. Prior to this appointment as Chairman, he has been working as Member (Customs) in CBEC, responsible for formulation of policy concerning administration of Customs Law, Customs Tariff and procedural matters relating to Customs duties.
In the last two decades, Indian economy has witnessed a transformational change and has emerged as one of the fastest growing economies of the world. Industrial development in Independent India was catalysed by three major industrial policy resolutions of Government of India in 1948, 1956 and 1991, which provided a strong industrial base. Economic reforms unveiled in 1991, have brought about a structural shift enabling the private sector to assume a much larger role in all sectors of economy. However, the growth of GDP in India has largely been enabled by a dynamic growth in the services sector.
Exposure Draft of Indian Accounting Standard (Ind AS) 113 Fair Value Measurement (Comments to be received by December 05, 2011) – (04-11-2011) Following is the Exposure Draft of the Indian Accounting Standard (Ind AS) 113 Fair Value Measurement, issued by the Accounting Standards Board of the Institute of Chartered Accountants of India, for comments. The […]
In the present case, the act of providing residential quarters by the manufacturer to its employees was voluntary. Providing further security service in such residential quarters was also an act voluntary in nature. No connection between the security service provided by the manufacturer in the residential quarters maintained for the workers as having any direct or indirect relation in the activity of manufacture of the final product. Revenue Appeal allowed
The Supreme Court Friday granted bail to erstwhile Satyam Computers Services Ltd founder-chairman B. Ramalinga Raju, his brother B. Rama Raju and staffer V. Srinivas. An apex court bench of Justice Dalveer Bhandari and Justice Dipak Misra said from the facts of the case and considering the totality of the circumstances, it was appropriate to […]
The new procedure will come into effect from December 1, said Minister of State for Finance, Saurabh Patel. Under the new procedure, a provisional VAT number will be generated and issued within three days of receiving the application, an official release said. Patel said that Permanent VAT number will be issued after physical verification of the workplace within 60 days of issuing the provisional number.
CIT Versus Super Cassettes Industries Ltd. (Delhi HC) – It was contended that mould an necessary input for making the desired plastic components. These moulds have to be replaced over a period of time due to normal wear and tear. The assessee used to purchase new injection moulding machine. Moulds purchased alongwith such new machines are capitalized by it alongwith the cost of new injection moulding machine. However, if moulds only are replaced then it claimed the expenses representing the value of replaced mould as revenue expenses
In our considered opinion, the authorities below were not justified in not granting the set off of the brought forward business loss for the reason that the requirement to file return within the time prescribed u/s.139(1) is for carrying forward the loss. Once loss is determined in the return file u/s.139(3), the assessee becomes eligible for set off against the income of the subsequent years irrespective of the fact whether the returns of such later years are filed u/s.139(1) or not. Sec. 80 read with sec. 139(3) requires the submission of return for loss before the due date.
Amendment in Employees’ Pension Scheme, 1995 and in Employees’ Deposit Linked Insurance Scheme, 1976 for submission of E-returns – HO No. Coord./40(1)2011/claim settlement/33462 dated 04/11/2011
It is held that a matter regarding Empanelment for Tax Audit was discussed in the council at its 221st Meeting held on 6th , 07th and 08th December 2001 and council decided ” It was decided that existing system of appointment of tax auditor by the respective assessee was satisfactory and there was no reason for any complain particularly in view of the fact that the government has been entrusting more and more responsibilities in the field of Direct Taxes to the Chartered Accountants.
