"21 August 2012" Archive

CS June 2012 Examination Result on 25th August, 2012

Company Secretaries Examinations June, 2012 Result Would Be Declared On 25th August, 2012 At 11.00 A.M. The Results Alongwith Individual Candidate’s Subjectwise Break-Up of Marks Will Be Available on the Institute’s Website, www.icsi.edu...

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Posted Under: CA, CS, CMA |

Unhappy with the rate of pass percentage of CAs – Kumar Mangalam Birla

Birla, a chartered accountant and an MBA himself, is not happy over the rate of pass percentage of CAs. The pass percentage during our time was 4 per cent. Now it is 17 per cent. The pass ratio should be 10 per cent," he said, emphasising on the need for better products....

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Posted Under: CA, CS, CMA |

Refund of Service Tax paid ignorantly if its burden not passed on to customer?

Commissioner of Central Excise & Service Tax Vs Modest Infrastructure Ltd. (Gujarat High Court)

Tribunal were correct in taking the view that the refund was liable to be paid to the present respondents as service tax was not passed on to the buyers/customers and there was no unjust enrichment. ...

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To impose Penalty u/s. 271(1)(c) receipt of amount in dispute must constitutes income of assessee

Haren P Choksey Vs. DCIT (ITAT Mumbai)

It is now settled law that in order to sustain a penalty under section 271(1)(c) the department must establish that the receipt of the amount in dispute constitutes income of the assessee and part from the falsity of the explanation given by the assessee, the department must have before it cogent material or evidence from which it can be ...

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Dispute Resolution and Tax-Payer Services through Indirect Tax Ombudsman, Delhi

Public Notice No. 1/2012 21/08/2012

The post of Indirect Tax Ombudsman has been created with the objective of enabling resolution of complaints relating to grievances against Customs, Central Excise and Service Tax Department and facilitating settlement of such complaints with satisfaction of the complainant. Para 10 (III) of ‘the Guidelines’ explains as to who can come...

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Overseas Direct Investments – Rationalisation of Form ODI

RBI/2012-13/171 A. P. (DIR Series) Circular No. 15 21/08/2012

In terms of Regulation 15(iii) of the Notification ibid,an Indian Party is required to submit to the Reserve Bank through the Authorised Dealer every year within 60 days from the date of expiry of the statutory period as specified by the respective laws of the host country for finalization of the audited accounts of the Joint Venture (JV)...

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Validity of E-trip in Punjab

Excise and Taxation Department, Punjab has made it mandatory to furnish information regarding intra-state movement of goods (within Punjab) by all persons making sales of Rs. 3 Lakh or above in a single transaction except in the case of Iron and Steel where this threshold shall be Rs. 2 Lakh instead of Rs. 3 Lakh and above. ...

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Extended period of limitation not to be invoked if judiciary have taken different views

Commissioner of Central Excise, Customs & Service Tax Vs Kay Kay Press Metal Corpn. (Gujarat High Court)

The Tribunal was justified in recording the aforesaid findings. In the facts of the case, it was not possible to ascribe any wilful suppression or mis-statement on the part of the assessee for not paying excise duty because during the period in question, various decisions of the Tribunal were to the effect that the activity of cutting, be...

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Revisions to the Guidelines on Securitisation Transactions

RBI//2012-13/170 DNBS. PD. No. 301/3.10.01/2012-13 21/08/2012

In order to prevent unhealthy practices surrounding securitization viz; origination of loans for the sole purpose of securitization and in order to align the interest of the originator with that of the investors and with a view to redistribute credit risk to a wide spectrum of investors, it was felt necessary that originators should retai...

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ICAI exempts certain category of students from CPT Examination

The following categories of students shall be exempted from passing the Common Proficiency Test (CPT):- (A) Graduates or Post Graduates in Commerce having secured in aggregate a minimum of 55% of the total marks or its equivalent grade in the examination conducted by any recognised University (including Open University) by studying any th...

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