"05 July 2012" Archive

Vehicles in the nature of professional equipment can be imported against SFIS scrips

Circular No. 18/2012-Custom Duty (05/07/2012)

Circular No. 18/2012-Cus It has been decided by the Board that the vehicles which are in the nature of professional equipment, illustratively mentioned in para (4) of the said Circular, may also include Ambulance, Sewage Disposal Truck, Refuse Disposal Vehicle, that are pre-designed structurally and pre-fitted with relevant devices and me...

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Verification of genuineness, of duty credit scrips issued under Chapter 3 of FTP, before registration

Circular No. 17/2012-Custom Duty (05/07/2012)

Circular No. 17/2012-Customs Attention is drawn to para 2 (e) of Circular No. 5/2010-Customs dated 16.03.2010, which reads - “ As regards the duty credit scrips issued under Chapter 3 of FTP, the verification of genuineness of scrips in terms of Para 3.11.3 of the HBP v.1 shall be done before allowing registration of such scrips. Furt...

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Declaration of dividend by UCBs – Revised criteria for declaring without prior permission of RBI

RBI/2012-13/113 UBD.BPD. (PCB). Cir.No. 4/12.05.001/2012-13 (05/07/2012)

It has now been decided to revise the criteria for declaring dividend without prior permission of the Reserve Bank. Accordingly, UCBs may henceforth declare dividend subject to compliance with the following parameters: i) Compliance with CRAR norms as prescribed by RBI . ii) Net NPA of less than 5% after making all necessary provisions (i...

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Buyback value of FCCBs shall be at a minimum discount of 5% on accreted value – RBI

RBI/2012-13/114 A. P. (DIR Series) Circular No. 1 (05/06/2012)

Reserve Bank will consider proposals from Indian companies for buyback of FCCBs under the approval route subject to: a) The buyback value of the FCCBs shall be at a minimum discount of five per cent on the accreted value. b) In case the Indian company is planning to raise a foreign currency borrowing for buyback of the FCCBs, all FEMA rul...

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Rate of exchange of conversion of each of foreign currency wef 6th July, 2012

Notification No. 56/2012-Customs (N.T.) (05/07/2012)

Notification No.56/2012 - Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 6th July, 2012 be the rate mentioned...

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CMA – President Communique for July, 2012

The Parliament passed the Amendment to The Cost and Works Accountants Act changing the name of the Institute to The Institute of Cost Accountants of India at the same time allowing the use of the designation ACMA and FCMA to denote the membership. Council passed resolution to rename all buildings of the Institute as “CMA Bhawan” ...

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Posted Under: Custom Duty |

ICAI Announces date of November CA exams

No. 13-CA (EXAM)/N/2012: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final examinations will be held on the date...

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Posted Under: Custom Duty |

Bogus Purchase cannot be subject matter of best judgment assessment

J.R. Solvent Industries (P.) Ltd. Vs CIT (Punjab and Hariyana High Court)

J.R. Solvent Industries (P.) Ltd. v. CIT Section 145 deals with method of accounting. However, under section 145(2) where the Income-tax Officer is not satisfied about the 'correctness' or 'completeness' of the accounts of the assessee or where no method of accounting has been regularly employed by the assessee then the Income-tax Officer...

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CS in Practice recognised to appear before Delhi Value Added Tax Authorities

We are pleased to inform you that the Government of Delhi has notified Delhi Value Added Tax (Second Amendment) Act, 2012 vide Notification No. F.14 (6)/LA-2012/cons2law/61 dated 15th June 2012 amending Section 82(1)(b)to include the Practising Company Secretaries to appear before the Delhi VAT authorities. By this amendment, Company Secr...

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Posted Under: Custom Duty |

View Solicited on MCA Exposure Draft on XBRL Taxonomy based on Revised Schedule VI

Ministry of Corporate Affairs (MCA) has come out with an Exposure Draft on XBRL taxonomy for Commercial and Industrial (C&I) entities for filing their Balance Sheet and Profit and Loss Account for the financial year 2011-12 based on Revised Schedule VI....

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Posted Under: Custom Duty |

Accounting for agreements for the construction of real estate [IFRIC 15 under IFRS]

On 3 July 2008, the International Financial Reporting Interpretations Committee (IFRIC) issued IFRIC 15 Agreements for the Construction of Real Estate. The Interpretation addresses the accounting for revenue and associated expenses by entities that undertake the construction of real estate directly or through subcontractors. Agreements wi...

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Posted Under: Custom Duty |

Service Tax on Renting – Immovable property do not include hotels, hostels, boarding houses, Residential House property

M/s Paradise Mehak Properties Pvt Ltd Vs Commissioner of Centra

Appellant has rented out / leased the land along with the entire building, swimming pool and restaurant, bar, parking etc. with all the facilities as provided in the base building and the amenities and facilities under an agreement on monthly rental basis and a hotel is being run in the said building by M/s. Royal Orchid Banjara Pvt. Ltd....

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In the absence of right to receive advance cannot be treated as Income

Income Tax Officer Vs Ms. Preeti Gobind Jhangiani (ITAT Mumbai)

Even though assessee is following the cash system of accounting, following the decision of the Hon'ble Supreme Court in the case of Commissioner of Income tax. v. Shoorji Vallabhdas & Co, 46 ITR 144 relied on by the Counsel before the Bench that mere advance received does not partake the character of income, it is necessary to examine whe...

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Interest on delayed receipt of compensation on land acquisition is liable to TDS

Rameshwar Vs Ujjain Development Authority (Madhya Pradesh High Court)

The acquisition is of the year 2001 while the compensation has been paid somewhere in the year 2009. Keeping in view the law laid down by the Apex Court in the matter of Bikram Singh v. Land Acquisition Collector [1996] 89 Taxman 119, it is to be held that interest received on delayed payment is a revenue receipt exigible to Income-tax. S...

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Deduction u/s. 80-IAB to SEZ developer allowable on income by way of lease rentals of developed area

Coimbatore Hitech Infrastructure (P.) Ltd. Vs Additional Commissioner of Income-tax (ITAT Chennai)

The assessee is an approved Developer of SEZ. The only activity carried on by the assessee is developing a sector specific SEZ. It has leased out the developed plots to the entrepreneurs who had obtained the letter of approval from the competent authority. Sec.80-IAB provides that setting up of a SEZ is the business of developing SEZ. The...

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CAs are capable of putting a stop to corruption & black money

Kicking off the golden jubilee celebration of Institute of Chartered Accountant of India’s (ICAI) Ahmedabad branch today Chief Minister Narendra Modi said that chartered accountants are capable of putting a stop to corruption and black money. They should come out for fulfill their obligation towards the nation and bringing transparency ...

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Posted Under: Custom Duty |

Taxability of BOT Contracts under Punjab VAT Act, 2005

In today’s Global Economy BOT Contracts are playing vital role in the Development of infrastructure but there is no proper legislation and pronouncements which clarifies the status of taxability on these type of transactions. It is very disappointing to point out that tax authorities in their enthusiasm to generate more revenue are tryi...

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Posted Under: Custom Duty |

Govt extends 1 pc home loan subsidy scheme by one year

The Union Cabinet today approved the proposal for extending the scheme of interest subvention of 1% on housing loans upto Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh for the year 2012-13 and to amend the operational part of guidelines for release of funds....

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Posted Under: Custom Duty |

Reduction of Time-line for Transfer of Equity Shares & Prescription of Time-line for Transfer of Debt Securities

Circular No. MIRSD/8/2012 (05/07/2012)

The listing agreement for equity shares prescribed under the Securities Contracts (Regulation) Act, 1956 inter alia specifies a period of one month for registering transfer of shares from the date of lodgment. With a view to expedite the transfer process in the interest of the investors, it has been decided, in consultation with Registra...

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Review of Regulatory Compliance and Periodic Reporting -SEBI

Circular No. CIR/MIRSD/7/2012 (05/07/2012)

In order to strengthen the compliance mechanism and the role of the Boards of Registrars to an Issue and Share Transfer Agents, it has been decided to review the norms and format for periodic reporting. The revised format as given in the Annexure includes the status of regulatory compliance and investor grievances red ressal....

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