Ganduri Koteshwaramma & Anr. Vs Chakiri Yanadi & Anr. (Supreme Court of India)- A Hindu woman or girl will have equal property rights along with other male relatives for any partition made in intestate succession after September 2005. under the Hindu Succession (Amendment) Act, 2005, the daughters are entitled to equal inheritance rights along with other male siblings, which was not available to them prior to the amendment.
Grasim Industries Ltd. Vs. Union of India (Supreme Court of India) Process of repair and maintenance of the machinery of the cement manufacturing plant, in which M.S. scrap and Iron scrap arise, has no contribution or effect on the process of manufacturing of the cement, which is the excisable end product, as since welding electrodes, mild steel, cutting tools, M.S. Angles, M.S. Channels, M.S. Beams etc. which are used in the process of repair and maintenance are not raw material used in the process of manufacturing of the cement, which is the end product. The issue of getting a new identity as M.S. Scrap and Iron Scrap as an end product due to manufacturing process does not arise for our consideration.
CIT vs. M/s BKI/HAM v.o.f. (Uttarakhand High Court)-Tribunal in the assessment order 1995-96 as well as the appellate authority in the assessment order 1994-95 have categorically given a finding of fact that the entire duration of the contract was from 27th December, 1993 till 26th June, 1994, i.e., less than six months. Article 5 (3) of the treaty provided that in order to constitute a permanent establishment such site or project should continue for a period of more than six months.
Special Bonus Benefit Scheme- It has been decided to introduce a new scheme to provide special assistance to specified sectors for 6 months as special assistance. The support is given to Engineering, Pharmaceutical and Chemical sectors. The scheme would cover 50 products. Some of the major items under Engineering are cast article of alloys steel and stainless steel, hand tools, gas compressors, motorcycles and goods vehicle. The list under chemicals and pharma include carbon black, potassium iodide, niacin amide, erythromycin and its derivatives, ciprofloxacine etc. The list of products at 6-digit/8 digit levels is given in the newly created Table 8 in the appendix 37D of the FPS Scheme.
ST-3 returns can be directly filled up online on ACES website or an XML schema can be downloaded, filled up, converted in to XML file and uploaded on ACES website. Once the return is being filed in either of the way, ACES displays an acknowledgement of ST-3 return filed. What are the threats then? There is no clarity whether any physical copy is required to be submitted to field authorities once the ST-3 return has been successfully uploaded on ACES. On experience it is found that different field authorities ask for different number of copies or few don’t ask for any physical copy at all.
DCIT Vs. Jindal Photo Limited (ITAT Delhi)- As per section 14A(2) of the Act, if the AO, having regard to the accounts of the assessee, is not satisfied with the correctness of the claim of the assessee in respect of expenditure incurred in relation to income which does not form part of the assessee ’s total income under the Act, the AO shall determine the amount incurred in relation to such income, in accordance with such method as may be prescribed, i.e., under Rule 8D of the I.T. Rules. However, in the present case, the assessment order does not evince any such satisfaction of the AO regarding the correctness of the claim of the assessee.
The Council has considered the issue regarding the working hours of the articled assistants. The Council is of the view that the article training is an important part of the CA curriculum and the same needs to be carried out in accordance with the scheme framed by the ICAI in this behalf. Accordingly, to clarify […]
Filing of Balance Sheet and P&L Account in XBRL XBRL filing is mandated for select class of companies vide “Companies (Filing of Documents and Forms in eXtensible Business Reporting Language) Rules, 2011”. For details visit, Ministry website http://www.mca.gov.in under the head “Notifications” Requisite eForms 23AC-XBRL and 23ACA-XBRL are now available on the MCA portal. For XBRL Taxonomy, Business rules, Filing Manual and Validation Tool, visit http://www.mca.gov.in/XBRL
he Union Finance Minister Shri Pranab Mukherjee is likely to raise the issue of exchange of information among different countries to fight against the menace of blackmoney and terror financing. Tax evasion and illicit flows have posed serious challenges to the world economy. Shri Mukherjee may impress on G-20 member countries to start exchanging information automatically for tax purposes on a voluntary basis including exchange of past banking information.
Stepping up efforts to check tax evasion and unearth black money, the Income Tax Department has started scrutinising high-value transactions. “The Central Board of Direct Taxes (CBDT) will verify all high-value transactions. Directorate of Revenue Intelligence has been given all powers under various sections of the Income Tax Act to collect information”, a senior Income Tax official said.
