"11 April 2012" Archive

Commission to CMD for personal guarantee may be treated as ploy to divert funds

The commissioner of Income Tax Vs M/s United Breweries Ltd (Karnataka High Court)

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...

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Maharashtra LA Bill No.XVII of 2012

Maharashtra LA Bill No.XVII of 2012 (11/04/2012)

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...

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Loan Waiver Results in Reduction of Asset Cost for Depreciation

Steel Authority of India Ltd Vs Commissioner of Income Tax (Delhi High Court)

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 loa...

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National Advisory Committee on Accounting Standrads reconstituted

Notification No. S.O. 804(E) (11/04/2012)

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 fol...

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Excise – Applicability of Interest on refund of pre-deposit amount

Commissioner of Ex. Mumbai Vs Inters Cape (CESTAT Mumbai)

Interest on refund of pre-deposit amount is payable from the date of receipt of order of the tribunal by the commissioner. Interest to be paid on amount of pre deposit at the rate prescribed under the statutory provisions of the Act and not as per rate determined on equitable principles by Tribunal. ...

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Amends Notification No.12/97-Customs (N.T.) dated 2nd April, 1997

Notification No. 32/2012-Customs (N.T.) (11/04/2012)

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 ...

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ICAI Zone-shifting of candidates for May – 2012 CA Exams

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....

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Posted Under: Income Tax |

CORRIGENDUM to Notification No. 37/2003-Customs (N.T.) dated 3rd June, 2003

F.No. 437/138/2009-Cus. IV (11/04/2012)

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 D...

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Income Tax treatment of Gratuity

Gratuity’ is a retirement benefit. Gratuity Act, 1972 act envisages in providing retirement benefit to the workman who have rendered long and unblemished service to the employer. Gratuity is a reward for long and meritorious service. Earlier, it was not compulsory for an employer to reward his employee at the time of his retirement or r...

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Posted Under: Income Tax | ,

New One Page Form for New PAN Card or/And Changes or correction in PAN Data

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. ...

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Posted Under: Income Tax |
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