The Government of India has enacted the Right to Information Act, 2005 (http://www.persmin.nic.in) which has come into effect from October 13, 2005. The Right to Information under this Act is meant to give to the citizens of India access to information under control of public authorities to promote transparency and accountability in these organisations. The Act, under sections 8 and 9, provides for certain categories of information to be exempt from disclosure. The Act also provides for appointment of a Chief Public Information Officer to deal with requests for information.
The Committee on Management Accounting (CMA) of ICAI will conduct 2nd Batch of Master in Business Finance Certificate Course (MBFCC). This is approximately One year course.Course coverage is extensively wide across various topics of advanced financial management like Capital Market, Investment Banking, Fund Raising & fund Management, Corporate Valuation, Merger Acquisition, Banking , Forex Market, Treasury Management, Risk Management etc. with an aim to provide knowledge and skill required for tomorrow’s CFO and high end consultancy in finance.Details available in ICAI website.
Kerala High Court has vide its order dated 16.06.2011 granted interim stay against any coercive steps of recovery of service tax or against any proceedings for imposing penalty for a period of two months on Restaurant and short term accommodation service.
CIT v Ashok Kumar Arora (Delhi High Court) Whether the ITAT has erred in deleting the additions which were made by the AO based upon documents/evidence detected during the course of operations u/s 132 of the Act and which was confronted to the assessee by way of recording of statement under the provision of 132(4) of the Act and on the basis of confessional statement u/s 132(4) of the Act given by the assessee at the point of search especially in view of judgment of Andhra Pradesh High Court in the case of CIT v. Ramdas Motor Transport (1999) 238 ITR 17
Sami Labs Ltd Vs DCIT (ITAT Bangalore) – Assessee had to incur cultivation expenses to ensure adequate and steady supply of coleus plants from the farmers which were an essential input for the continuous processing in research and development activities of the assessee. Thus, these expenses incurred by the assessee for a commercial expediency and were wholly and exclusively for the purpose of its business. In essence, the authorities were not justified in disallowing the cultivation expenses of Rs.90.64 lakhs claimed by the assessee.
Kumudam Printers Pvt Ltd Vs CIT (Madras high Court)- Whether capital gain arising out of the sale of land and building is liable to be included for computation of book profits under Section 115J – Whether when there is no failure on part of the appellant to disclose any material fact at the time of the original assessment and hence, the reopening of the assessment pursuant to a notice under Section 148 issued after the expiry of four years from the end of the relevant assessment year is liable to be annulled. – Assessee `s appeal allowed.
CIT Vs A Y Broadcast Foundation (Kerala High Court) – Generally, the activities refereed to therein i.e. production of television and radio programmes and telecasting and broadcasting of the same are commercial activities. Further the object clause provided for the assessee to act as an agent, broker, liasioner, introducer etc., which are purely commercial activities intended to make profit. Since the assessee is not holding any business in charity or distributing any surplus for charitable purposes, the question to be considered is whether the carrying on of the activities referred to in the object clause by itself constitute advancement of any object of general public utility within the meaning of Section 2 (15) of the Act.
Exxon Mobil Company India Pvt Ltd vs. DCIT (ITAT Mumbai)-A comparable cannot be eliminated just because it is a loss making unit. Similarly, a higher profit making unit cannot also be automatically eliminated just because the comparable company earned higher profits than the average. In other words, as a general principle, both loss making unit and high profit making unit cannot be eliminated from the comparables unless, there are specific reasons for eliminating the same which is other than the general reason that a comparable has incurred loss or has made abnormal profits.
It has been brought to the notice of the Head Office that, in some case of grant of exemption, funds have not been transferred to the PF trusts, subsequent to the grant of exemption/relaxation, by the Appropriate Authority. It is therefore requested that, the matter may be examined and wherever required, necessary action for transfer of funds to the PF trusts granted relaxation/exemption by the Appropriate Authorities may be initiated immediately. Details of all such cases along with the reasons for non- transfer of funds, also be submitted to Head Office within one week.
The CAG guidelines for a new government accounting system aimed at improving transparency and fixing the accountability of departments for managing state-owned assets will be unveiled on Tuesday. In line with the recommendations of the 12th and 13th Finance Commissions and the second Administrative Reforms Commission, the operational guidelines suggest shifting from the present cash-based accounting system to an accrual basis of accounting.
