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Archive: 12 January 2012

Posts in 12 January 2012

Public Notice No. 91 (RE-2010)/2009-2014, Dated: 12.01.2012

January 12, 2012 253 Views 0 comment Print

In exercise of the powers conferred under Paragraphs 2.1, 2.4 and 2.29 of the Foreign Trade Policy, 2009-14, the Director General of Foreign Trade makes the following amendment in Public Notice No. 90 (RE-2010)/2009-2014 dated 6.1.2012.

Brought Forward business Loss can not be set off against Capital Loss on sale of Depreciable Business Assets

January 12, 2012 2247 Views 0 comment Print

Nandi Steels Limited Vs The ACIT (ITAT Bangalore)- It is not in dispute that the land, building and bore well sold by the assessee were used by the assessee for its business purposes. It is also not disputed that these assets were fixed assets of the assessee. The only argument of the assessee has been that they have direct nexus with the business carried on by the assessee and therefore, are business assets and any gains from the sale of such assets would also have the character of business income.

Delhi HC to Facebook, Google – Remove obscene content or face blocking as blocked in China

January 12, 2012 1028 Views 0 comment Print

The Delhi High Court warned social networking site Facebook India and search engine Google India that websites can be ‘blocked’ like in China if they fail to devise a mechanism to check and remove objectionable material from their web pages. ‘Like China, we will block all such websites,’ Justice Suresh Kait said while asking counsel for Facebook and Google India to develop a mechanism to keep a check and remove “offensive and objectionable” material from their web pages.

ICAI – Procedure for Providing Inspection or Certified Copies of Evaluated Answer Books

January 12, 2012 5344 Views 0 comment Print

Procedure for providing inspection/certified copies of evaluated answer-books to the concerned examinees 1. The procedure laid down hereinafter specifically applies to providing inspection/certified copies of answer books relating to November 2011 examinations and onwards only. 2. An application by an examinee seeking inspection of his/her evaluated answer books and/or certified copies thereof is independent of and distinct from an application made by him/her for verification of marks under the existing Regulation 39(4) of the Chartered Accountants Regulations, 1988 for which a process/procedure is already in place. For details visit www.icai.org

Despite Dependence, Arms’ Length Agent is Not Permanent Establishment (PE)

January 12, 2012 1365 Views 0 comment Print

The core issue that we are really required to adjudicate in this appeal is whether or not, on the facts and circumstances of this case, the assessee can be said to have a permanent establishment (PE)1 in India, and, if it is held that the assessee indeed has a permanent establishment in India how much profits can be taxed as being attributable to such a permanent establishment.

Status of various Bills Presented in Parliament or pending to be present

January 12, 2012 1145 Views 0 comment Print

On December 30, 2011, Shri Pawan Kumar Bansal, the Minister for Parliamentary Affairs spoke to the media and gave a detailed account of the Bills that were passed in one or both the Houses and the Bills that are pending for consideration. Of these, only the Lokpal and Lokayuktas Bill and the Whistle Blowers were passed by the Lok Sabha and are now before the Rajya Sabha. One Bill has been reported by the Standing Committee and other Bills are with the Standing Committee.

Performance of CBI in 2011

January 12, 2012 670 Views 0 comment Print

The year 2011 was marked by complex, specialized, high profile investigations conducted by the Central Bureau of Investigation, to probe corruption and crime. The Bureau’s investigations made national headlines in several cases, such as, the 2G Spectrum investigation; Bellary illegal mining Case, Bhanwari Devi abduction and murder case, Commonwealth Games related investigations, alleged irregularities in the implementation of National Rural Health Mission in Uttar Pradesh and alleged corruption in Mumbai’s Adarsh Housing Society case, among several others.

Comments/Suggestions for future XBRL Implementation

January 12, 2012 462 Views 0 comment Print

The Ministry of Corporate Affairs has formed a committee to develop the roadmap for future implementation of XBRL. The committee has its Terms of References as under: A. Identification of class of companies and various reports to be filed in XBRL in Phase-wise manner. B. Development of Taxonomies to be used by Corporates for their […]

Finance Minister holds Moderation in Inflation Would Continue in Coming Months

January 12, 2012 237 Views 0 comment Print

The Union Finance Minister Shri Pranab Mukherjee said that he is confident that moderation in inflation would continue in the coming months, though softening in the prices of manufactured goods, despite the rapid decline in non-food primary inflation, may be more gradual.

RBI – Export of Goods and Services – Forwarder’s Cargo Receipt

January 12, 2012 1502 Views 0 comment Print

Uthorized dealers may, at their discretion, also accept FCR issued by Shipping companies of repute/IATA approved agents (in lieu of bill of lading), for purchase/discount/collection of shipping documents even in cases, where export transactions are not backed by letters of credit, provided their ‘relative sale contract’ with overseas buyer provides for acceptance of FCR as a shipping document in lieu of bill of lading. However, the acceptance of such FCR for purchase/discount would purely be the credit decision of the bank concerned who, among others, should satisfy itself about the bona fides of the transaction and the track record of the overseas buyer and the Indian supplier since FCRs are not negotiable documents. It would be advisable for the exporters to ensure due diligence on the overseas buyer, in such cases.

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