"13 December 2011" Archive

ICAI – Clarification for reckoning the “specified number of tax audit assignments” conducted under section 44AB of the Income-tax Act, 1961

Various statutes prevailing in India like DVAT,2004 requires the assessee to furnish an audit report in a form duly signed and verified by such particulars as may be prescribed under section 44AB of the Income-tax Act, 1961 i.e. Form 3CB/3CD. This had lead to the doubts as to whether such audits would be included in the ceiling of 'specif...

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Posted Under: CA, CS, CMA | ,

Receipt of share application monies in cash did not amount to acceptance of loan or deposit by the company

The Commissioner of Income Tax Delhi IV Vs I.P. India Pvt. Ltd. (Delhi High Court)

CIT Vs. I.P. India Pvt. Ltd. (Delhi High Court) - Tt was held that a loan grants temporary use of money, or temporary accommodation, and that the essence of a deposit is that there must be a liability to return it to the party by whom or on whose behalf it has been made, on fulfilment of certain conditions. If these tests are applied to t...

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CA body asks the government to allow losses from forex rate fluctuations to be amortised over a longer period

With rupee hovering near record lows against the US dollar, India Inc is down with huge ‘notional foreign exchange losses'. However the companies, which had earlier approached the Institute of Chartered Accountants of India (ICAI) asking for an expansion of an existing flexible accounting treatment to accounting periods beyond March 201...

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Posted Under: CA, CS, CMA |

ITAT may dismiss appeal for non attendance by the Assessee

M/s Panwar Roshin & Turpentine Co. Ltd. Vs Income-tax Officer (ITAT Delhi)

M/s Panwar Roshin & Turpentine Co. Ltd. Vs ITO (ITAT Delhi)- The appeal was filed on 08.12.2010 when an acknowledgement cum- notice was served on the bearer under which the appeal was fixed for hearing on 10.02.2011. None attended on that date. Thereafter, another notice dated 07.10.2011 was served on the assessee through the official co...

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Compounding of Contraventions under FEMA, 1999 – A.P. (DIR Series) Circular No.57

RBI/2011-12/298 A.P. (DIR Series) Circular No.57 13/12/2011

As a measure of customer service and in order to facilitate the operational convenience, it has been decided to delegate the powers to the Regional Offices of the Reserve Bank of India mentioned below to compound the contraventions of FEMA involving (i) delay in reporting of inward remittance, (ii) delay in filing of form FC-GPR after al...

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Tribunal may allow additional documents to be produced or witness to be examined or affidavit to be filed or may allow such evidence to be produced

Pradeep Khanduja Vs Income-tax Officer (ITAT Delhi)

Pradeep Khanduja Vs ITO - ITAT Delhi - even after passing of the assessment order, the assessee did not move any application before the ld. CIT(Appeals) for admission of additional evidence, which has now been filed before us, and which is sought to be admitted. Rule 10 deals with filing of affidavit and states that where a fact, which ca...

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Revised format of Monthly Cumulative Report (MCR) incorporating investments in Infrastructure Debt Fund

Circuilar No. Cir/IMD/DF/21/2011 13/12/2011

Please refer to SEBI circular SEBI/IMD/CIR No. 3/124444/08 dated April 30, 2008 prescribing the format for Monthly Cumulative Report. 2. Since the SEBI(Mutual Funds) Regulations, 1996 have been amended to enable mutual funds to launch Infrastructure Debt Fund scheme/s (IDFs) in terms of Chapter VI-B of the Regulations, the format for MCR ...

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RBI is Closely Monitoring the Rupee Situation and will Do the Needful as Required,Says FM

The Finance Minister Shri Mukherjee was referring to the benchmark indices which lost 2.5 per cent as of 2 PM today as overseas markets declined on concerns over US' third quarter growth and high yields on Spanish bonds. He said that in India, a day ahead of the expiry of the November futures contract, trading remains choppy. Regarding th...

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Posted Under: CA, CS, CMA |

ICAI launches Self-Assessment Quiz for Common Proficiency Test (CPT)

The Board of Studies has launched Subject Wise Online Self-Assessment Quiz for the CPT Course to enable students make a self assessment of their preparation for the forthcoming examination with 50 questions to be answered within 1 Hour. The online system would generate a new Question Paper every time the quiz is taken by the student. Plea...

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Posted Under: CA, CS, CMA |

ICAI launches e-Learning Module on “Financial Analysis using MS-Excel 2010" for students

The Board of Studies has launched online e-Learning Module on “Financial Analysis using MS-Excel 2010” to provide Hands-On Practical Training (HoT) on use of MS-Excel 2010 for financial analysis for the benefit of students. Please click on the following links to access respective units:...

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Posted Under: CA, CS, CMA |

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