"25 May 2012" Archive

Unit in SEZ, EPZ, FTZ & 100% EOU exempt from mandatory cost audit

General Circular No. 11/2012 (25/05/2012)

In partial modification of para (b) (iii) of the General Circular No. 67/2011, dated 30th November, 2011, it has been decided to extend exemption from mandatory cost audit to all units located in the specified Zones such as Special Economic Zones (SEZs), Export Processing Zones (EPZs) and Free Trade Zones (FTZs) and also to the 100% Expo...

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Regarding Exemption from applicability of cost accounting records rules to construction industry

Instruction F. No. 52/1/CAB-2012 (25/05/2012)

Cost Accounting Records Rules, 2011 do not visualize companies to change their cost accounting system if already in-place; but they are required to comply with the Generally Accepted Cost Accounting Principles and Cost Accounting Standards issued by the Institute of Cost Accountants of India, to the extent these are found to be relevant a...

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SEBI : Amendment to Consent Circular dated 20th April 2007

CIR/EFD/1/2012 (25/05/2012)

The Consent order, containing the alleged misconduct, legal provisions alleged to have been violated, facts and circumstances of the case and the consent terms, shall be hosted on the website of SEBI....

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Charitable trust is not invalid merely because settlor or Poor Relative of settlor is one of the beneficiary

Manockjee Cowasjee Petit Charities Vs Director of Income-tax (Exemp.) (ITAT Mumbai)

A charitable trust is not invalid merely because that settlor is one of the beneficiaries as long as he is not the sole beneficiary. If settlor is the sole beneficiary, then the trust would be invalid on account of non-divesting of party. Where dominant object of the trust was to help the poor Parsis and to donate to educational instituti...

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DIN 1 / DIN 4 Form – Photograph & Residential status included

Notification No. G.S.R. (E) (25/05/2012)

These rules may be called the Companies (Director Identification Number) Amendment Rules, 2012. (2) They shall come into force with effect from 29th May, 2012. 2. In the Companies (Director Identification Number) Rules, 2006,- (a) after FORM NO. DIN 1, in Annexure 1, for item (i) and entries relating thereto, the following shall be sub...

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India and Netherlands sign Protocol Amending DTAC

The Convention between the Kingdom of Netherlands and the Republic of India for the avoidance of double taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital was signed on 30th July, 1988 (DTAC). Both India and Netherlands have concluded a Protocol to amend the Article 26 of the DTAC concerning E...

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Posted Under: Company Law |

Requirements for requesting information under the India-Switzerland tax treaty relaxed

India has entered into a tax treaty with Switzerland; Article 26 of the tax treaty which deals with exchange of information between the two countries was reworded by agreement between the two countries and simultaneously a new paragraph 10 was inserted in the Protocol to clarify the understanding of the operation of Article 26 (Notificati...

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Posted Under: Company Law |

S.68 If assessee fails to prove identity & credit worthiness of creditor than AO can treat the loan as income

Kaypan Exports Pvt. Ltd. Vs. Income tax Officer (ITAT Mumbai)

The dispute is regarding addition of Rs.14,60,052/- made by AO on account of unsecured loans from Shri Balwantbhai Grewal. There is no dispute that the said amount had been shown as loan in books of account of the assessee. Assessee could not produce any evidence to prove the identity and creditworthiness of Shri Balwantbhai Grewal who li...

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Agent not liable for tax on income earned on behalf of principal but only for charges received for his service

City & Industrial Development Corporation of Maharashtra Ltd. Vs. ACIT (ITAT Mumbai)

Assessee is an agent of Government of Maharashtra and also considering the fact that Hon’ble High Court granted stay to the assessee for the recovery of the demand when the appeal was pending before ld CIT(A), we hold that the assessee has a prima facie case for grant of stay for recovery of the dues pending disposal of appeal before th...

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International Worker definition narrowed – outbound assignees contributing to India PF excluded

Notification No. IWU/7(17)2009/2816 (25/05/2012)

Special Provisions in respect of International Workers included in the Employees' Provident Funds Scheme, 1952 as well as Employees' Pension Scheme, 1995 have been given effect from 15t October, 2008. Subsequently, certain amendments have also been carried out vide notification dated 11th September, 2010 and the same were circulated vide ...

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