"May, 2012" Archive

Amedment in duty rates on Brass Scrap (all grades), Poppy Seeds, Gold and Silver

Notification No. 47/2012-Customs (N.T.) (31/05/2012)

Notification No. 47/2012 - Customs (N. T.), Dated- 31st of May, 2012 S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendmen...

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Company Law – Notification amending Form 23AB

Notification No. G.S.R. 411(E) (31/05/2012)

In exercise of the powers conferred by sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules further to amend the Companies (Central Government’s) General Rules and Forms, 1956, namely: –1. (1) These rules may be called the Companies (Central Government’s) Gen...

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Cost Accountants Eligible for VAT Audit in Tamil Nadu

ACT No. 18 OF 2012. (31/05/2012)

In the Tamil Nadu Value Added Tax Act, 2006, after section 63, the following section shall be inserted, namely:—63-A. Accounts to be audited in certain cases.—(1) Every registered dealer whose total turnover including zero-rate sale and sale in the course of inter-State trade or commerce as specified in section 3 of the Central Sales ...

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MVAT – Recindment of Notification No. VAT.1507/CR-44/Taxation-1 dated 6th December 2007

Notification No.-VAT: 1512/CR46/Taxation-1 (31/05/2012)

In exercise of the powers conferred by sub-section (1) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby rescinds with effect from the 1st April 2012, the Government Notification, Finance Department, No. VAT.1507/CR-44/ Taxation-1, dated the 6th December 2007. ...

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Guarantors to pay if debtors default – SC

The guarantor of a loan is liable to pay it if the debtor fails to clear it, the Supreme Court has ruled, while maintaining that financial institutions too cannot act like property dealers in recovering the debts. The apex court gave the ruling on an appeal by one Ganga Kishun, who had stood as a guarantor to a bank loan, raised by one G...

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Posted Under: Custom Duty | ,

Corruption does not deserve sympathy or leniency – even if it’s Rs. 50 bribe – SC

Harjibhai Devjibhai Chauhan Vs State of Gujarat (Supreme Court of India)

Held - Where the minimum sentence is provided, we think it would not be at all appropriate to exercise jurisdiction under Article 142 of the Constitution of India to reduce the sentence on the ground of the so-called mitigating factors as that would tantamount to supplanting statutory mandate and further it would amount to ignoring the su...

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Today is last day to submit form to secure Unstructured CPE learning Hours

As per CPE learning which is eligible for CPE credit for Unstructured Learning Activities(ULAs), the members are required to submit their Self-declaration in the form enclosed once in a year before 31st May, to avail the CPE Hours Credit for the ULAs undergone by them in the previous year. These forms would have to be submitted to the con...

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Posted Under: Custom Duty |

Despite Retrospective amednment Royalty Not Taxable as DTAA prevails

B4U International Holdings Ltd. Vs. DCIT (IT) (ITAT Mumbai)

In this case Assessing officer has made disallowance u/s. 40(a)(i) on payment for hiring charges for transponder, paid to PanAmSat Limited on the ground that no tax has been deducted at source by the assessee, u/s. 195 of the Act. Argument of learned Departmental Representative that the amendment to the Finance Act, 2012 changes the posit...

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Rationalization measures in the Qualified Foreign Investors (QFIs) Scheme

In the Budget 2011-12, the Government, for the first time, permitted Qualified Foreign Investors (QFIs), who meet the KYC norms, to directly invest in Indian Equity Mutual Fund (MF) schemes and in MF debt schemes that invest in infrastructure. It was for the first time that this new class of investors was allowed to directly participate i...

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Posted Under: Custom Duty |

Mere claim of income without any enforceable right does not result into any income

Deep Drilling 1 Pte. Ltd. Vs Assistant Director of Income-tax (International Taxation) (ITAT Mumbai)

Under the mercantile system of accounting, deduction of expenses is allowed when liability to pay such expenses is incurred irrespective of the fact whether such an amount has been paid or remained unpaid at the end of the year. In the like manner, income, under such a method of accounting, is recognized on accrual basis. In other words,...

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