Circular No. 33/2011-Customs – In order to reduce the transaction cost of the importers and expedite the time taken for customs clearance the Board has decided to make e-payment of duty mandatory for the importers paying an amount of Rupees one lakh or more per transaction. Additionally, for Accredited Clients under the Customs Accredited Client Programme irrespective of any amount of duty, the Customs duty will have to be paid through E- payment mode only. The date from which the E- payment will be made mandatory will be notified separately.
Institute of Charted Accountants of India, ICAI appeal ed the government to amend the Income Tax Act in order to empower Accountants to examine foreign bank accounts closely in black money cases. Briefing reporters in New Delhi on Friday G Ramaswamy, President of ICAI said that an empowered group has been setup to address the case of illegal money stashed in foreign banks and to accelerate the investigation. ICAI president also said that the newly constituted group will submit its report by next month.
The results of the Chartered Accountants Professional Competence and Integrated Professional Competence Examinations held in May, 2011 are likely to be declared tentatively on Monday, the 8th August, 2011 around 2 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks and upto the maximum of 50th Rank and in accordance with the decision of the Examination Committee) on all India basis will be available on the following website: http://www.caresults.nic.in
In order to encourage the student community to take to on-line applications, it has been decided to waive off the cost of application form (i. e, Rs 500/-) in respect of candidates who fill in their forms online at http://icaiexam.icai.org and remit the examination fee online by using either VISA or Master credit/debit card.Students may note the following:
Division Bench of the Hon’ble High Court of Delhi (Justice S.K. Kaul and Justice Rajiv Shakdher) in their interim order in Writ Petition No. 5237/2011 Kannu Aditya (India) Ltd. Vs. Union of India, made on 26th July, 2011 have ordered: It is directed that no allotment shall be made till the next date of hearing.
Transpek Si-lox Industry Ltd Vs Dy. CIT (ITAT Ahemdabad)- Mistake apparent from record must be obviously and patent and not something which can be established by a long drawn process of reasoning on points on which there may conceivably be two opinions. A decision on a debatable point of law is not a mistake apparent from the record as held by Honourable Supreme Court in the case of T.S. Balaram, ITO Vs. Volkart Brothers, 82 ITR 50 (SC).
Mother son Jones Limited Vs ITO (ITAT Delhi)- Since the assessee has already surrendered Rs.30 lacs in the four assessment years, three of which are preceding assessment years and during relevant assessment year, the assessee has disclosed Rs. 6,30,000/-.
ACIT Vs Hiren Jaswantrai Shah (ITAT Ahmedabad)- Derivative transactions carried out through stock exchanges from 1 April 2005 to 25 January 2006, which are recognised by the notification issued by the CBDT on 25 January 2006, would be eligible for being treated as non-speculative transactions within the meaning of clause (d) of proviso to s 43(5) and, accordingly, are available for set-off against regular business income.
It is the purpose or the proximity to the purpose, which would determine the character of the asset and, thus, that of the income arising there-from and, consequently, its assessability under the Act, going on to hold that where the amount was deposited in the bank to obtain a letter of credit for purchase of a capital asset (machinery), the interest thereon would only be a capital receipt, which shall go to reduce the cost of the relevant capital asset. The said decisions, in our view, full govern the present case, and the Revenue has misapplied the decisions by the hon’ble jurisdictional high court.
Weizmann Capital Ltd. Vs ACIT (ITAT Mumbai)- The income, which the Assessing Officer initially formed a reason to believe had escaped assessment, has as a matter of fact, not escaped assessment, it is not open to the Assessing Officer independently to assess some other income.
