"03 September 2012" Archive

CA students to attend GMCS twice during articled training

This is to bring to your kind notice that the Council has decided that the General Management & Communication Skills (GMCS) Course, presently being organized for 15 days for the CA students shall be organized twice during the period of articled training as under:...

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Posted Under: CA, CS, CMA | ,

SEBI : Establishment of Connectivity with both depositories NSDL and CDSL – Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement

CIR/MRD/DP/23/2012 (03/09/2012)

It is observed from the information provided by the depositories that the companies listed in Annexure ‘A’ have established connectivity with both the depositories....

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Penalties for Non Compliance with Appointment of Cost Auditor

The period of August and September is normally very busy for the accounting as the finalisation of accounts is done by maximum companies in this period only. As the Finance heads are busy with the finalisations of the books of accounts, they may skip some of the important notifications which may have an implication on the finances and reg...

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Due date for filing e-form 23AC & 23ACA (non-XBRL) extended to 15-10-2012

General Circular No. 28/2012 (03/09/2012)

General Circular No. 28/2012 This Ministry had issued General Circular No. 21/2012, dated 2-8-2012 for extending time for filing e-form 23AC and 23ACA (non-XBRL) as per revised Schedule VI without any additional fees/penalty up to 15-9-2012 or within 30 days from the date of their AGM, which ever later. ...

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Procedure for registration/ applying importer exporter code (IEC)

To import in India or export out of India, IEC Code i.e. Importer Exporter Code is mandatory. IEC Code is unique 10 digit code issued by DGFT – Director General of Foreign Trade, Ministry of Commerce, Government of India. No person or entity shall make any Import or Export without IEC Code Number. ...

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No addition for renovation while calculating value of rent free accommodation

Scott R. Bayman Vs Commissioner of Income-tax (Delhi High Court)

In the present case, if the Assessing Officer had returned a finding that the premises were to be valued at market value (of the rental), in case it increased as a result of the renovations, the only prescribed mode was to apply the method indicated by Rule 3 (a) (iii) of the Valuation Rules. The AO could not have included the entire expe...

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No Tax to partnership on surrender of Tenancy Right held by partners

Income-tax Officer, 17(3)(1), Mumbai Vs Bombay Electrical Laundry (ITAT Mumbai)

In the instant case, no where the assessee-firm is considered as the tenant. In the partnership deed dated 4-4-1990 also, it is stated that all rights over trade name, goodwill license and permits shall belong to the partners. It is the legal heirs of 'A' and 'V', who have continued to hold the tenancy rights and have used the name of the...

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Wealth Tax not payable on house not fit for residence or incomplete house

Sunil B. Handa Vs Deputy Commissioner of Wealth-tax (ITAT Ahmedabad)

In the instant case, the fact of purchase of land, commencing of the construction of residential house on the said land and the sale of land is not in dispute. The only dispute is whether the land was an 'asset' within the meaning of section 2(ea) and, therefore, liable to wealth-tax or the land along with the superstructure can be consid...

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Interest u/s. 244A is also payable on interest portion of tax demand

Lohia Starlinger Ltd. Vs Commissioner of Income-tax (Allahabad High Court)

The question that arises for consideration in instant case is, whether the payment made by the assessee of Rs. 1.74 crore against the total amount of Rs. 3.61 crore, which included the interest of Rs. 1.83 crore under Section 220(2) and 234-B, was paid as tax or interest. ...

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While deciding non-resident status Incomplete day to not to be included in days of stay

Income Tax Officer (IT)-1(1) Vs Fausta C. Cordeiro (ITAT Mumbai)

As rightly pointed out by the Commissioner (Appeals), there was a mistake of taking number of days. Therefore, according to Assessing Officer's own method it should be 186 days. If the date of arrival was excluded as it was not a complete day, the stay of assessee was less than 182 days. Accordingly, there was no merit in the revenue appe...

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