Join our free webinar on July 7 at 5 PM for insights into 10 recent High Court income tax judgments favoring assessees. Expert analysis by CA Dipak Dama.
Honorable high Court in this case on the issue of payment of Commission by United Breweries Ltd. To its Chairman Shri. Vijay Mallya held that though the chairman has stood as guarantor in his personal capacity, the bank has lent money not on personal Guaranty of the Chairman but on the Assets of the Company which are offered as a security to the bank. This personal Guarantee is adopted as a mean to pay remuneration to managing Director for which he was otherwise not entitled too.
LA Bill No.XVII of 2012 regarding the proposed amendments in Tax Laws according to Maharashtra Budget 2012 -Download Maharashtra LA Bill No.XVII of 2012
After the introduction of Explanation 10, it is no longer possible to contend that the subsidy given by the government, by whatever name called, cannot be reduced from the actual cost of the assets in terms of Section 43(1) of the Act for the purpose of allowing depreciation. But Explanation 10 does not cover the case of waiver of the loan. It covers only the grant of a subsidy or re-i mbursement by whatever name called. The case of the assessee may not, therefore, fall under Explanation 10, but having regard to the facts as found which we have alluded to earlier,
In exercise of the powers conferred by sub-section (1) of section -2T-fiA of the Companies Act, 1956 (1 of 1956), the Central Government hereby constitutes the National Advisory Committee on Accounting Standards, for a period up to the 28th February, 2013 with effect from the date of publication of this notification, consisting of the following persons to advise the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by companies or class of companies under the said Act, namely
Notification No. 32/2012 – Customs (N.T.) In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the Gazette of India, vide number G.S.R. 193(E), dated the 2nd April, 1997, namely:-
Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Delhi, Indore, Mumbai and Kolkatta, some of the candidates have been allotted examinations centres in other zones of the said cities where the accommodation is available.
F.No. 437/138/2009-Cus. IV dated the 11th April, 2012. In exercise of the powers conferred under the Notification No. 37/2003-Customs (N.T.) dated 3rd June, 2003 issued under sub-section (1) of section 4 of the Customs Act, 1962 (52 of 1962), the Board hereby makes the following amendment in the Order F.No.437/138/2009-Cus.IV dated 2nd December, 2009-
Income tax department has released a new form for New PAN Card or/And Changes or correction in PAN Data. the new form is simple then earlier form 49A and easy to fill. the form also have column to fill AADHAAR.number for the applicants who already have one.
Pursuant to representations received from the listed entities and the auditing fraternity regarding difficulties, faced in submission of annual financial results along with Q4 results, more specifically owing to the first time adoption of the revised Schedule VI format recently notified by the MCA for FY 2011-12 results, it has been decided to, as a one-time measure, for the purpose of submission of FY 2011-12 financial results, restore, the earlier provision for the time being and review the situation at a later stage.
Whether the transportation service, provided in the factory of the M/s. Tata Auto Comp. Systems Ltd., to their staff for pick up and drop from their residence to the factory and vice versa, was an input service, in or in relation to manufacture, whether directly or indirectly of the final products within the meaning and comprehension of Rule 2(1) of the Cenvat Credit Rules, 2004?
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