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Archive: 21 February 2012

Posts in 21 February 2012

Live Course on Appeal, Pleading & Drafting under GST by CA Sachin Jain

May 15, 2024 7176 Views 0 comment Print

oin us for an immersive live course led by renowned expert CA Sachin Jain, as we delve into the intricacies of appeal, pleading, and drafting under GST.

SEBI (MUTUAL FUNDS) (AMENDMENT) REGULATIONS, 2012 – Amendment in regulations 2, 25, 30 and Eighth Schedule; substitution of regulation 47 and sixth Schedule and insertion of regulation 75A

February 21, 2012 559 Views 0 comment Print

NOTIFICATION No. LAD-NRO/GN/2011-12/38/4290, dated 21-2-2012 . These regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2012. 2. They shall come into force on the date of their publication in the Official Gazette.

Appointment & Posting of 13 Newly Appointed Hon’ble ITAT Members

February 21, 2012 2347 Views 0 comment Print

Notification No. u/s 252-Income Tax Vide Notification dated 21.02.2012 issued u/s 252 of the Income Tax Act, 1961, the Central Government has appointed the following persons as Judicial Member / Accountant Member of the Income Tax Appellate Tribunal with effect from the dates as mentioned against their names and until further orders. Consequent to their joining as Members, the said persons have been posted to the paces mentioned against their names vide Order dated 21.02.2012

S. 80-IA – Prasad Technology Park Private Limited- Industrial undertakings Notified

February 21, 2012 1845 Views 0 comment Print

Notification No. 10/2012-Income Tax WHEREAS the Central Government in exercise of the powers conferred by clause (iii) of sub-section (4) of section 80-IA of the Income-tax Act, 1961 (43 of 1961) (hereinafter referred to as the said Act), has framed and notified a scheme for industrial park, by the notifications of the Government of India in the Ministry of Commerce and Industry (Department of Industrial Policy and Promotion) vide number S.O. 193(E), dated the 30th March, 1999, for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2002 and vide number S.O. 354(E) dated the 1st day of April, 2002, for the period beginning on the 1st day of April, 1997 and ending on the 31st day of March, 2006;

CBI arrests service tax superintendent in bribery case

February 21, 2012 639 Views 0 comment Print

The Central Bureau of Investigation has arrested a Superintendent, Service Tax, IAP-X, Bangalore for demanding & accepting a bribe of Rs.25,000/-from the complainant. A case was registered against him U/s 7 of Prevention of Corruption Act, 1988 on the allegation of demanding a bribe from the complainant as a motive or reward for not imposing heavy service tax penalty and also to allegedly close the file.

IDBI Bank provides account portability facility to customers

February 21, 2012 2344 Views 0 comment Print

IDBI Bank has been providing account portability facility to its customers since February 2010. Accordingly, customers can transfer their account from one service outlet (branch) to another in any city without changing the bank account number.

Tippers, vibrator & vibrator soil compactor are commercial vehicle

February 21, 2012 15427 Views 1 comment Print

Commercial vehicle is to include heavy goods vehicle, heavy passenger motor vehicle, light motor vehicle, medium goods vehicle but is not to include maxi-cab, motor-cab, tractor and road-roller. Therefore, the question which falls for consideration is whether Tippers, Vibrator and Vibrator Soil Compactor would be covered by the expression ‘commercial vehicle’ or such vehicles have to be regarded as plant and machinery to attract less percentage of depreciation. The reasoning adopted by the Tribunal would not suffer from any legal infirmity because the Tippers are registered under the Motor Vehicles Act, 1988 (for brevity ‘the 1988 Act’) as road transport vehicle as would be vibrator and vibrator soil compactor.

If facts are similar, Tribunal directs CIT(A) to re-decide the appeal in line with direction issued by Tribunal in its earlier order

February 21, 2012 417 Views 0 comment Print

At the time of hearing, the learned AR submitted that the assessee company has not received assessment order passed by the Assessing Officer u/s 148 r/w section 143(3) for the assessment year 2002-03 as stated by the Assessing Officer that the order was dispatched by speed post on 31st December, 2009. The company received notice u/s 220(1)(i) of the Act for the outstanding payment and thereafter the assessee informed the Assessing Officer that he has not received the order and requested for certified copy.

B/F business loss &unabsorbed depreciation should not be adjusted before computing deduction u/s. 10A

February 21, 2012 2312 Views 0 comment Print

CIT v. Tyco Electronics Corpn. India (P.) Ltd. As deduction under section 10-A has to be excluded from the total income of the assessee, the question of unabsorbed business loss being set off against such profit and game of the undertaking would not arise.

Ambit of service tax to be widened – State FMs to meet to cover more services

February 21, 2012 787 Views 1 comment Print

Ahead of the Union Budget, the state Finance Ministers will meet here on March 3 and suggest steps for increasing the ambit of the service tax net with a view to garnering more resources. The state Finance Ministers have decided on the negative list and are expected to sort out issues concerning definition of services so that more economic activities could be brought under the tax net.

Transfer of shares within promoter group of a company would be considered as an equity sale – SEBI

February 21, 2012 4747 Views 0 comment Print

Capital market regulator Sebi has said that any transfer of shares even within the promoter group of a company would be considered as an equity sale, when it comes to promoters getting a preferential treatment for allotment of fresh shares or warrants. Accordingly, the promoters of a listed company would not be eligible for preferential allotment of shares or warrants, if there has been been any inter-se transfer of shares among the promoter group firms in last six months, Sebi said.

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