AO has not given any reason for disallowing the claim. We also find that the AO has simply followed the findings of earlier assessment years. As similar additions in earlier assessment year has been deleted by Ld. CIT(A) which has been accepted by the Revenue as Committee on Dispute declined to give permission to the department to proceed with the appeal , findings of the Ld. CIT(A) become final. As Ld. CIT(A) has rightly pointed out that after the amendment in Section 36(1)(vii), the assessee is not required to demonstrate that the debt is bad .
Notification No 42/2012 Service provided by a commission agent located outside India and engaged under a contract or agreement or any other document by the exporter in India, to act on behalf of the exporter, to cause sale of goods exported by him.
Encouraged by the success of the last year’s Pendency Reduction Drive, undertaken for reduction in pendency in the courts from 1st July 2011 to 31st December 2011, the Minister of Law & Justice, Shri Salman Khurshid, has requested the Chief Justices of all the High Courts to undertake another drive this year from 1st July 2012 to 31st December, 2012 .
From the date the Finance Bill 2012 was introduced on March 17, 2012 until date, there have been numerous amendments made in the service tax law. Several notifications have been issued over the last three months and many of them have already been superseded by a fresh set of notifications issued on June 20, 2012. In all 40 Notifications have been issued under service tax over the last three months.
Companies Bill 2011, if passed, will take the place of nearly 55 years old yet significant law Companies Act 1956. This act came into force when our fore fathers use to do the business but the things have changed now the number of companies in India in 1956 was 30,000 which is more than 7laks now. Although the companies act has gone nearly 24 amendments since its enactment, in order to adapt itself with the changing requirement it has not been able to been able to satisfy India Inc. It may be said that though there are many accolades but there are some brickbats too.
To give effect to the Budget proposals certain changes in the schedule entries under the Maharashtra Value Added Tax Act,2002 are made by the above referred notification. These changes in tax rates are effective from 1st April 2012 (except otherwise stated) and are briefly explained below.
Advocates were resisting being brought within the ambit of Service Tax by their argument that their basic function is to assist the Court in effective justice delivery system and while doing so they function more like officers of the Court than as service provides. They were assisting the litigants in obtaining justice and that charging of fees was just ancillary to the main object. However, appreciating the popular sense they have agreed to be so covered by the Finance Act 2012, albeit in a restricted manner.
Representation on Definition of Accountant in Direct Taxes Code Bill: As the members are aware, widening of the scope of the definition of accountant has been recommended by the Standing Committee in its 49th report on the Direct Taxes Code Bill. As the report is still under consideration of Parliament, we have submitted a representation to the Finance Minister to consider the proficiency of chartered accountants while reconsidering the definition of accountant in the Bill. Chartered accountants possess required expertise to deliver best of the services in the area.
