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Archive: 09 December 2011

Posts in 09 December 2011

S. 263 – AO’s acceptance of Jurisdictional HC Law may be ‘erroneous & prejudicial

December 9, 2011 1414 Views 0 comment Print

. These three pertain to the same assessee. While in one appeal, the assessee has challenged correctness of the revision order dated 19th October 2007, passed by the learned CIT under section 263 r.w.s. 143(3) of the Income Tax Act, 1961 for the assessment year 2003-04, the remaining two appeals are cross appeals against CIT(A)’s appellate order in the matter of assessment framed to give effect to learned CIT’s revision order. As these appeals involve somewhat interconnected issues arising out of common set of facts and as these three appeals were heard together, all the three appeals are being disposed of by way of this consolidated order.

GTL Infra admits undisclosed income of Rs 500 crore to Income Tax Dept in 2010

December 9, 2011 546 Views 0 comment Print

Telecom company GTL Infrastructure has admitted undisclosed income of more than Rs 500 crore to the Income Tax department, Parliament was informed today. In consequence to a search action conducted in 2010, a group (GTL Infrastructure) had admitted undisclosed income of Rs 500.65 crore, Minister of State for Finance S S Palanimanickam told Lok Sabha in a written reply today.

Case pending in a lower court cannot be forwarded to another court till the decision taken by the lower court

December 9, 2011 978 Views 0 comment Print

Ram Naresh Singh Vs. Lal Singh And Another (Allahabad High Court) – Assessment of giving precedence to cases on the facts and circumstances involved is better judged by the Court where the matter is pending so that there can be uniformity in disposal of cases by the Court below without giving precedence to a case which is not more urgent over other urgent cases. Such assessment can be made by the Court concerned and, therefore, it would be appropriate that the petitioner should file an appropriate application before the Court concerned in the case itself praying for expeditious disposal and give reasons for the same.

Cost Accounting Records (Telecommunication Industry) Rules, 2011

December 9, 2011 1932 Views 0 comment Print

These rules may be called the Cost Accounting Records (Telecommunication Industry) Rules, 2011. These rules shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, manufacturing, or rendering of telecommunication activities and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India:

Cost Accounting Records (Sugar Industry) Rules, 2011

December 9, 2011 2083 Views 0 comment Print

These rules may be called the Cost Accounting Records (Sugar Industry) Rules, 2011. These rules shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, or manufacturing of sugar activities and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India:

Cost Accounting Records (Pharmaceutical Industry) Rules, 2011

December 9, 2011 4308 Views 0 comment Print

Notification No. G.S.R. 874 (E) – These rules may be called the Cost Accounting Records (Pharmaceutical Industry) Rules, 2011. These rules shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, or manufacturing of pharmaceutical activities and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India:

Cost Accounting Records (Petroleum Industry) Rules, 2011

December 9, 2011 1677 Views 0 comment Print

These rules may be called the Cost Accounting Records (Petroleum Industry) Rules, 2011. These rules shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, manufacturing, or mining of petroleum activities and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India:

Cost Accounting Records (Fertilizer Industry) Rules, 2011

December 9, 2011 711 Views 0 comment Print

These rules may be called the Cost Accounting Records (Fertilizer Industry) Rules, 2011. These rules shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, manufacturing, or mining of fertilizer activities and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India:

Cost Accounting Records (Electricity Industry) Rules, 2011

December 9, 2011 3338 Views 0 comment Print

(1) These rules may be called the Cost Accounting Records (Electricity Industry) Rules, 2011.These rules shall apply to every company, including a foreign company as defined under section 591 of the Act, which is engaged in the production, processing, or manufacturing of electricity activities and wherein, the aggregate value of net worth as on the last date of the immediately preceding financial year exceeds five crores of rupees; or wherein the aggregate value of the turnover made by the company from sale or supply of all products or activities during the immediately preceding financial year exceeds twenty crores of rupees; or wherein the company’s equity or debt securities are listed or are in the process of listing on any stock exchange, whether in India or outside India:

Committee on Procedures & Performance Audit on Public Sercies (CPPAPS) – Report No. 2 – Compensation structure for delay in payment of interest and/or principal

December 9, 2011 1564 Views 0 comment Print

In this regard, we advise that as the interest rate on savings deposits have since been deregulated, the banks shall compensate the investors for the above mentioned financial loss at their own Saving Bank deposit rate for respective amounts (i.e. ` 1 lakh and over ` 1 lakh) without any discrimination.

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