"10 July 2012" Archive

MEF Empanelment for Bank Audit for 2012-13 Starts

ADVISORY FOR MULTIPURPOSE EMPANELMENT FORM (MEF) FOR THE YEAR 2012-13 - 1. Last date for submission of applications on the website www.meficai.org is 14th August 2012. 2. Please use Internet Explorer 6.0/ Mozilla Firefox 7.0 or later versions to fill MEF 2012-13. Members are advised to fill MEF well in advance to avoid last minute rush a...

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Posted Under: CA, CS, CMA | ,

Service Tax on remittance of foreign currency in India from overseas

Circular No. 163/14/2012 –ST (10/07/2012)

CIRCULAR NO. 163/14/2012-ST, Concerns have been expressed in various forums regarding the leviability of service tax on the remittance of foreign currency in India from overseas. 2. The matter has been examined and it is clarified that there is no service tax per se on the amount of foreign currency remitted to India from overseas. In the...

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Indian Legal System – Problems may not end soon?

A good legal system represents good governance in the Country. We may say that India is a vibrant democracy and we may further proudly say that Indian society reflects ‘Unity in Diversity’. There are critics of democracy and they show caste politics, purchasing votes in elections, leaders looting billions of public money and criminals...

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Posted Under: CA, CS, CMA |

Mere CA’s opinion cannot absolve assessee from penalty u/s 271(1)(c)

Darwabshaw B Cursetjee Sons Ltd Vs Income Tax Officer (ITAT Kolkata)

In any case, expert advice obtained by the assessee from Vakharia & Associates lacks credibility and just because the assessee’s claim is supported by a chartered accountant’s opinion, this fact per se cannot absolve the assessee from penalty under section 271(1)(c). In the case of CIT Vs Escort Finance Limited (328 ITR 44), Hon’bl...

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ITAT SB explains scope of assessment or reassessment u/s.153A(1)(b) & Sec. 80IA

All Cargo Global Logistics Ltd Vs Deputy Commissioner of Income-tax (ITAT Mumbai)

These appeals involving certain common grounds regarding interpretation of section 153A of the Income-tax Act, 1961, and claimed for deduction under section 80-IA (4) of the Act. The same are being discussed by us with reference to the facts of the case for assessment year 2004-2005 in the case of Allcargo Global Logistics Ltd....

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Mere Share speculation transaction not enough to treat capital gain as business profit

CIT Vs. Suresh R. Shah (Bombay High Court)

Tribunal after examining the evidence upheld the order of CIT(A) and concluded that the respondent was an investor in shares and entitled to be taxed under the head capital gains in respect of purchase and sale of shares. The Tribunal after examining the facts found that the respondent had not borrowed any funds for its investments and th...

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Proper reasons must be given for non-acceptance of additional evidence under rule 46A

Shri Dinesh Khemabhai Patel, Vs Income-tax Officer (ITAT Mumbai)

It is not the case of the assessee, at this stage, that the AO has not given sufficient opportunity; the case of the assessee is that the additional evidence produced before the CIT(A) ought to have been admitted under Rule 46A. If additional evidence is not admitted, the ld. CIT(A) ought to have furnished reasons for non-admission so th...

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Non submission of creditors details cannot be ground for making addition if books are seized by revenue

I.T.O. Vs M/s.Bajrangbali Engineering Co.Ltd. (ITAT Kolkata)

As regarding the other addition of Rs.34,82,972/- on account of Sundry creditors the ld. CIT(A) has deleted the same by relying upon the decision of the Hon’ble Apex Court in the case of CIT vs. Sugauli Sugar Works (P) Ltd. 236 ITR 518 (SC) without going into the facts of the case. In this case the assessee has not filed even the detail...

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Decision not merely mean the ‘conclusion’ it includes reasons forming basis for conclusion

Assistant CIT Vs. Shri Subhash Chander (ITAT Delhi)

The requirement of recording of reasons and communication thereof has been read as an integral part of the concept of fair procedure and safeguard to ensure observance of the rule of law. We may point out that a ‘decision’ does not merely mean the ‘conclusion’. It embraces within its fold the reasons forming basis for the conclusi...

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Australian Tax Office – How to work out if an arrangement is a tax avoidance scheme

Investigating tax-effective arrangements is a guide to help you recognise some of the common types of tax avoidance schemes so you can reject them and avoid the negative consequences associated with them. You should read this guide if you are considering entering into a tax-effective arrangement that will affect your tax liability....

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Posted Under: CA, CS, CMA |

MVAT – List of beneficiary dealers against whom police complaints lodged after 01.04.2011

List of beneficiary Maharashtra VAT dealers against whom police complaints lodged after 01.04.2011 - Download List - Source - http://mahavat.gov.in/Mahavat/index.jsp ...

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Posted Under: CA, CS, CMA |

KYC once done by one branch of bank should be valid for transfer of account within the bank

RBI/2012-13/122 UBD.BPD (PCB) Cir. No. 3/14.01.062/2012-13 (10/07/2012)

It has been brought to our notice that some banks are insisting on opening of fresh accounts by customers when customers approach them for transferring their account from one branch of the bank to another branch of the same bank. In such cases, insisting on opening of a fresh account or subjecting the customers to the full KYC procedure a...

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RBI releases the gist of comments on the draft guidelines for licensing of new banks

The Reserve Bank of India released on its website today, the gist of comments and suggestions received on the draft guidelines for licensing of new banks in the private sector which were placed on its website on August 29, 2011. Comments and suggestions were received from general public, consultants, analysts, industrial / business houses...

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Posted Under: CA, CS, CMA |

Provisional assessment to imports of vitrified & porcelain tiles, originating in or exported from China

Notification No. 35/2012-Customs (ADD) (10/07/2012)

Notification No. 35/2012-Customs (ADD) Seeks to provide provisional assessment to imports of vitrified and porcelain tiles, originating in or exported from China PR by certain parties, pending the outcome of New Shipper Review...

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Sections 51, 63, 64, 65 of LLP Act,2008 notiifed

G.S.R (E). (10/07/2012)

Central Government hereby makes the following amendments in the notification number S.O. 891(E), dated the 31st March, 2009, namely:- 2. In the said notification,- (a) after serial number 5 and the entries relating thereto, the following serial number and entries shall be inserted, namely: 5A. Section 51 ...

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Limited Liability Partnership (Winding up and Dissolution) Rules, 2012

Notification No. F.No.1/7/2012-CL-V (10/07/2012)

Circumstances in which LLP may be wound up voluntarily.- (1) Any LLP may be wound-up voluntarily if the LLP passes a resolution to wind up the LLP with approval of at least three-fourths of the total number of its partners: Provided that where the LLP has creditors, whether secured or unsecured, the winding up shall not take place unless ...

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CL – Rules & Forms related to filing of petitions to Central Government (Regional Director)

Notification No. [F No. 1/1/2003-CL.V] (10/07/2012)

Notification [F No. 1/1/2003-CL.V], dated 10-7-2012 - Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2012 - INSERTION OF RULES 4BBB, 6C, 6D, 6E & 6F, FORM 24AAA and annexure 'e' - These rules may be called the Companies (Central Government's) General Rules and Forms (Amendment) Rules, 2012. (2) They shall co...

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Delegation of powers of Central Government to Regisrar of Companies

Notification No. S.O. 1538 (E) (10/07/2012)

Government hereby delegates to the Registrar of Companies, the power and functions vested in it under the following sections of the said Act, subject to condition that the Central Government may revoke such delegation of powers or may itself exercise the powers and function under the said sections, if in its opinion such a course of actio...

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Delegation of Powers of Central Government to Regional Director

Notification No. S.O. 1539 (E) (10/07/2012)

Central Government hereby delegates to the Regional Directors at Mumbai, Kolkata, Chennai, Noida, Ahmedabad and Hyderabad, the power and functions vested in it under the following sections of the said Act, subject to condition that the Central Government may revoke such delegation of powers or may itself exercise the powers under the sai...

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Notifying certain sections of Companies (Second Amendment) Act, 2012

Motification No. S.O. 1540(E) (10/07/2012)

S.O. (E).- In exercise of powers conferred by sub-section (2) of section 1 of the Companies (Second Amendment) Act, 2002 (11 of 2003), the Central Government hereby appoints the 12thday of August of 2012 as the date on which the provisions of sections 7, 8 (in relation to section 18 & 19 of the Companies Act, 1956), 20 and 25 (in relation...

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Download ITR 5 for A.Y. 2012-13 for online Return Filing

Who can use this Return Form -This Form can be used a person being a firm, LLPs, AOP, BOI, artificial juridical person referred to in section 2(31)(vii), cooperative society and local authority. However, a person who is required to file the return of income under section 139(4A) or 139(4B) or 139(4C) or 139(4D) shall not use this form. Do...

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Posted Under: CA, CS, CMA |

Electronic Filing of Income Tax Returns

July is the month when most of us in the tax bracket need to file income tax returns, more so in case of individual assessees and where audit is not required. 31st July is the last date for filing income tax returns by all individuals, firms, HUFs, etc. whose books of accounts are not subject to audit under any law including income tax. ...

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The Bermuda Triangle Mystery Created by Negative List

After six years of uncertainties, finally section 66A of the Finance Act, 1994 has few more days to survive. 1.7.2012 is the day when this section will cease to exist. On this date, Export of Services Rules, 2005 and Taxation of services (Provided from outside India and received in India) Rules, 2006 will also extinguish. In place of thes...

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Hotel Industry – Negative List is Positive !!!

Service tax by way of Negative list is the beginning of a new era in the 18 years old Service tax law. Most of the existing provisions have been reviewed to line up them with the new scheme. Inspite of a no. of ambiguities regarding the negative list to be introduced w.e.f. 1.7.2012, the hotel industry is receiving positive signs therefro...

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Works Contract – Negative List- Unanswered Questions

Service tax on Works Contract was introduced on 1.6.2007. Starting with an attractive rate of 2% service tax on the composite value of both material & labour, today it has reached the rate of 4.8% w.e.f. 1.4.2012. Under the current scheme, the works contract covers only immovable properties, however, in order to bring it up to the propose...

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Mere discrepancy in mentioning vehicles nos. on gate pass cannot make Purchases bogus

CIT Vs Prestige Foods Ltd. (Madhya Pradesh High Court)

The AO has simply mentioned in the asstt. Order that on enquiry some of the vehicles shown to have been involved in the supply of seeds have been found to be two-wheelers and cars and not trucks & metadors, but has not given any specific instance. Therefore, the charge made by the AO to this extent cannot be verified by this office. Even ...

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Money withdrawn from joint a/c belongs to one who withdraws it

Klaus Otto Pflum Vs Commissioners for Her Majesty's Revenue and Customs (First Tier Tribunal Tax Chamber)

The monies held in the account must be regarded as being at the joint disposal of Mr and Mrs Pflum which means when the mandate is such that either party can draw on them, that either party is free to withdraw and spend them as he or she wishes. In practice most withdrawals were made by Mrs Pflum without reference to Mr Pflum. Thus when s...

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No cut off date for info available in public domain to be considered by TPO for computing ALP

Centillium India (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

After going through the above provisions of law, it is clear that the Act has not provided for any cut off date up-to which only the information available in public domain has to be taken into consideration by the TPO, while making the transfer pricing adjustments and arriving at arm's length price. The assessee as well as the Revenue is ...

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CA student can apply online for for Verification/Inspection/Supply of Copies of Evaluated Answer Books

Requests for verification/inspection/supply of copies of evaluated answer books of CA exams can be made either through handwritten applications or on-line from http://icaiexam.icai.org and the applicable fees can also be paid on-line, either through VISA/MASTER credit/debit card. ...

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Posted Under: CA, CS, CMA |

From today Tatkal Rail Ticket Booking to start at 10 A.M.

The Ministry of Railways has further streamlined the delivery of tickets under Tatkal Scheme and the new amendment in the scheme will come into effect from tomorrow i.e. 10th July 2012 (Tuesday). Under the new amendment the booking of Tatkal tickets will start at 10.00 hours on the previous day of journey from train originating station in...

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Posted Under: CA, CS, CMA |

Net Direct Tax Collections During April-June 2012 up by 47.16%

PRESS RELEASE NO. 402/92/2006-MC (13 OF 2012) (09/07/2012)

Gross Direct Tax collections during April-June of the Financial Year 2012-13 was up by 6.77 percent at Rs. 1,11,182 crore as against Rs. 1,04,135 crore in the same period during the last year. Gross collection of Corporate Taxes showed an increase of 3.48 percent and stood at Rs. 70,594 crore as against Rs. 68,223 crore in the same period...

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DTA between India & Jersey

Notification No. 26/2012-Income Tax (10/07/2012)

Notification No. 26/2012-Income Tax Whereas, an Agreement between the Government of the Republic of India and the Government of Jersey for the exchange of information and assistance in collection with respect to taxes was signed at London on the 3rd day of November, 2011 (hereinafter referred to as the said Agreement)...

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