"14 August 2012" Archive

Employee CA can engage article under him after 3 year of employment with the same firm

This is to inform all concerned that with the issuance of the Notification No.1-CA (7)/145/2012 on August 1, 2012, the period of employment of a paid assistant with the same firm of Chartered Accountants for the purpose of engagement of articled assistants has been increased from twelve months to three years with effect from August 1, 201...

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Posted Under: CA, CS, CMA |

S.54E exemption available on gain on sale of depreciable Assets

M/s. Jai Hind Rubber Products Pvt.Ltd. Vs The ACIT, Cir 5(2) (ITAT Mumbai)

Exemption under section 54E of the Income-tax Act cannot be denied to the assessee on account of the fiction created in section 50. It is true that section 50 is enacted with the object of denying multiple benefits to the owners of depreciable assets. However, that restriction is limited to the computation of capital gains and not to the ...

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Notification No. 74/2012-Customs (N.T.), Dated: 14.08.2012

Notification No. 74/2012-Customs (N.T.) (14/08/2012)

Notification No. 74/2012-CUSTOMS (N. T.) 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 amendment in the notification of the Government of India in the...

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Empanelment for internal audit with Can Fin Homes Ltd.

Can Fin Homes Ltd.(CFHL), invites applications from the eligible/interested Firms/ Companies for empanelment as External Auditors for conducting Internal Audit at half yearly intervals in the identified 13 branches as per Annexure 1 for the period from 01.07.2012 to 30.06.2015, subject to our norms. ...

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Posted Under: CA, CS, CMA |

Amendments Schedule-I (Imports) of the ITC(HS) Classifications of Export and Import Items, 2009-14

Notification No. 10 (RE- 2012)/2009-2014 (14/08/2012)

The 14 August, 2012 In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992, as amended, read with paragraph 1.3 and paragraph 2.1 of the Foreign Trade Policy – 2009-14, the Central Government hereby amends Schedule – I (Imports) of the ITC(HS) Classifications of Export and Import Items...

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Deduction u/s 54F available for flat purchased in minor daughters name

Shri N. Ram Kumar Vs ACIT (ITAT Hyderabad)

Hon’ble Delhi High Court in case of CIT vs. Ravinder Kumar Arora (supra) and also by the ITAT, Madras Bench in 33 TTJ 466 (supra), we hold that the assessee will be entitled for deduction u/s 54F for the flat purchased in the name of his daughter subject to the restrictions under the proviso to section 54F(1) of the Act. ...

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Accounting Standards Committee Final Report -August 2012

CBDT has constituted the present Committee to harmonise the Accounting Standards issued by the ICAI with the provisions of the Act for the purposes of notification under the Act and also to suggest amendments to the Act necessitated by transition to Ind-AS/IFRS. The Committee comprised of brilliant professionals and knowledgeable officers...

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Posted Under: CA, CS, CMA |

Last Date for MEF submission extended upto 31st August, 2012

This is to inform that Multipurpose Empanelment form for the year 2012-13 (including form for empanelment of Bank Branch Auditors for the year 2012-13) has been hosted on the website www.meficai.org. Last date for submission of online applications on www.meficai.org has been extended upto 31st August, 2012....

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Posted Under: CA, CS, CMA |

Sec 50C – Fair market value assessed by DVO cannot be adopted for computing capital gain

Income tax Officer Vs Mohinder Nath Sehgal & Sons (ITAT Chandigarh)

The only issue arising in the appeal was whether while computing the income from capital gains, the fair market value of the property on the date of sale could be adopted as against the sale consideration received by the assessee. In the facts of the instant case, the assessee had sold the property for a total consideration of Rs. 15.25 ...

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CIT can review registration granted u/s. 12A

Mumbai Cricket Association Vs Director of Income-tax (Exemption) (ITAT Mumbai)

CIT can review the grant of registration at any time because the words used in the provision are, and subsequently the Commissioner is satisfied, which means that registration can be reviewed at any given point of time. There is no question, that once the registration is granted, the issue of registration becomes functus officio. ...

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