"10 September 2012" Archive

All about Investor Education & Protection Fund

The Preamble of the SEBI describes the basic functions is to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto. The SEBI only act as market regulator and control the irregular market practices....

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Posted Under: SEBI | ,

Right To Use –Tax Applicability & Tax Planning

Transfer of Right to use is a taxable event in the eye of law. A thin line of demarcation has been made as to when the activity will be covered under the provisions of Sales Tax law and when the same will be qualified as a service. To getting a clear understanding of the same, the provisions laid down are discussed here forth....

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Posted Under: SEBI | ,

MVAT- Latest Suspicious Dealers List of 1362 Dealers

The Department of Sales Tax, Maharashtra State has declared the List of Suspicious Dealers who has issued false bills without delivery of goods on their website http://mahavat.gov.in in Excel 2007 file containing 698 names firstly. An additional list making total 817 names was declared later and further list was updated covering 1009 name...

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Posted Under: SEBI |

Clarification on Reverse Charge Mechanism

The main question arise whether the service providers whose gross turnover is less than Rs. 10 lacs has to registered with service tax if they provide services mentioned under reverse mechanism....

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Posted Under: SEBI | ,

ST – Reverse Charge Applicability on entity with less than Rs. 10 Lakh Turnover

The threshold exemption limit (currently Rs. 10 lakh) is only available to service providers and not to service receivers. In this case, service tax under reverse charge is to be paid by service receivers from very first rupee paid to service providers (given that other exemptions are not available) and the amount of turnover of service r...

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Posted Under: SEBI | ,

Different Dimensions of Mergers & Demergers

The term ‘Amalgamation’ or ‘Merger’ or ‘De-merger’ is not defined in the Companies Act, 1956. Chapter V of Part VI of Companies Act comprising sections 390 to 396A contain provisions regarding Compromises, Arrangement and Reconstructions....

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Posted Under: SEBI | ,

ICAI to take action against those misusing name of CA firms

Cases of (1) alleged forged use of signatures and seal of members of the Institute / Proprietary concerns / firms of Chartered Accountants on various documents; (2) alleged false representation/practice as Chartered Accountants by non-Chartered Accountant (1) The Institute has been receiving complaints from members of the Institute, propr...

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Posted Under: SEBI | ,

Addition u/s. 68 cannot be made merely because of customers incomplete address

Citizen Co-op. Society Ltd. Vs Additional Commissioner of Income-tax (ITAT Hyderabad)

Amounts in the accounts maintained by the assessee are deposits of the customers and/or not under the control of the assessee, and therefore, provisions of section 68 are not applicable to the bank. ...

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Advance to Joint Venture company, allowed as bad debt on its being declared as sick

Gulf Oil Corpn. Ltd. Vs Assistant Commissioner of Income-tax (ITAT Hyderabad)

The assessee had participated in promotion of EECL, in order to safeguard its business of explosives and detonators in West Bengal. The assessee and EECL are in the same line of business and their activities are inter-connected, the assessee being one of the promoters of the former company. The purpose of giving advances to this related c...

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To claim bad debts,assessee need not prove that debt actually become bad

Additional Commissioner of Income Tax Vs M/s Pyarelal Coir Products Ltd. (ITAT Delhi)

Thus, as per the decision of Hon’ble Apex Court, for claiming the deduction of bad debts, the assessee need not prove that the debt has actually become bad. Mere writing off in the books of account is enough. ...

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