"07 February 2012" Archive

Eligibility to appear in May 2012 Integrated Professional Competence exam(IPCE)

The Council at its 312th meeting held from 25-27 December 2011 passed a Resolution under Regulation 205 to the effect that candidates who register for Integrated Professional Competence Course (IPCC) and complete eight months study course, as on the first day of the month in which examination is held would be eligible to appear in the IPC...

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Posted Under: CA, CS, CMA |

Amendment in Appendix – 30 A relating to Export Obligation Period under Advance Authorization/DFIA Schemes – Public Notice No. 96 (RE-2010)/2009-2014

Public Notice No.96 (RE-2010)/2009-2014 07/02/2012

Public Notice No. 96 (RE-2010)/2009-2014 Export Obligation Period for import of silk in any form is increased from six months to nine months....

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Assessee has right to plan its affairs in such manner which may result in payment of least tax possible

CIT Vs. Rajan Nanda (Delhi High Court)

CIT Vs. Rajan Nanda (Delhi HC) -Every assessee has right to plan its affairs in such a manner which may result in payment of least tax possible, albeit, in conformity with the provisions of Act. It is also permissible to the assessee to take advantage of the gaping holes in the provisions of the Act. The job of the Court is to simply loo...

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No Penalty for wrong / non furnishing of PAN in TDS return if Asseee files later revised return with Correct PAN

ITO (TDS) Vs. Bharat Electronics Ltd. (ITAT Chandigarh)

ITO (TDS) Panchkula Vs. Bharat Electronics Ltd. (ITAT Chandigarh) it is apparent from the record that the assessee deducted TDS correctly and revised the PAN and filed revised statement in Form No. 26Q, hence there was sufficient compliance of the provisions of section 139A of the Act. Even otherwise the assessee did not derive any benefi...

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Time to Invest Big in Infrastructure – Infrastructure Bonds

Mr. Suneet Maheshwari, CEO of L&T Infrastructure Finance Company Limited which opened Tranche 2 of its tax saving infra bonds, expects huge infrastructure investments in India over the next 5 years . While highlighting the strong future prospects of infrastructure sector in India, he said that Infrastructure bonds are a boon to the econom...

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Posted Under: CA, CS, CMA |

Hire-Purchase – In absence of bifurcation of EMIs into principal & interest indexing system of accounting is valid

Sri Chakra Financial Services Limited Vs The Commissioner of Income-tax (Andhra Pradesh High Court)

In the present case, there is no indication of the assessee's hire purchase agreements reflecting bifurcation of the EMIs into principal and interest components. In the absence thereof, the common and accepted usage of the indexing system of accounting in the hire-purchase trade must be held to be valid as otherwise the rate of interest u...

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Amendment to Income Tax (Appellate Tribunal) Rules, 1963

Notification No. F. 71-Ad(AT)/2012-Income Tax 07/02/2012

Notification No. F. 71-Ad(AT)/2012-Income Tax (1) These rules may be called the Income Tax (Appellate Tribunal) Amendment Rules, 2012. Amendment in Rule 2 Definition. For the existing Rule 2(ii)(b), the following shall be substituted:-(b) in relation to an income-tax authority who is a party to any proceedings before the Tribunal - (i) a...

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Provisions written back can not be added to income if provision was not allowed in the earlier year

Commissioner of Income Tax (Central)- I Vs Mohan Meakin Limited (Delhi High Court)

CIT VS. Mohan Meakin Ltd. (Delhi HC) - In the case of the uncashed cheques amount to Rs.1,97,758/-, the finding of the Tribunal is that that there was no claim for deduction in any of the earlier years and, therefore, the amount cannot be added under Section 41(1) of the Act. It is not in dispute, as it cannot be, that the amount of uncas...

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If relationship of principal and an agent exsit then TDS is deductible on Commission

CIT Vs. Mother Dairy India Ltd. (Delhi High Court)

CIT Vs. Mother Dairy India Ltd. (Delhi HC) - It is a well-settled proposition that if the property in the goods is transferred and gets vested in the concessionaire at the time of the delivery then he is thereafter liable for the same and would be dealing with them in his own right as a principal and not as an agent of the Dairy. The cla...

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No Service tax payable if benefit of service accrued to the foreign clients outside the Indian territory

Sgs India Pvt. Ltd. Vs Commissioner of Service Tax (CESTAT Mumbai)

In the instant case, the services rendered by the appellant were consumed abroad where the appellant's clients used the service of inspection/test/analysis to decide whether the goods intended to be imported by them from India conformed to the requisite specifications and standards. In other words, the benefit of the service accrued to th...

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