"19 November 2012" Archive

Computerisation programme for improving management of information about cases handled by CESTAT

F. No. 1(1)/CESTAT/Comp/SOFT/2012 (16/11/2012)

Computerisation programme for improving management of information about cases handled by CESTAT and also communication between CESTAT and litigants before CESTAT PUBLIC NOTICE F. No. 1(1)/CESTAT/Comp/SOFT/2012, dated 16-11-2012 CESTAT, New Delhi Bench is presently implementing a computerization programme to improve the management of infor...

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MVAT Refund through Electronic Clearing Service (ECS)

Trade Circular No. 20 T of 2012 (19/11/2012)

The facility of remittance of refund through ECS will be optional to all the dealers in Greater Mumbai. However, in future the department proposes to make ECS refund scheme mandatory. Therefore, all the dealers who do not have Bank account in an ECS enabled Bank are advised to open an account in an ECS enabled Bank....

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SEBI (Employee’ Service) (Second Amendment) Regulations, 2012

Notification No. LAD-NRO/GN/201243/22/M29 (19/11/2012)

1n exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Employees Service) Regulations, 2001...

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SEBI : Notification regarding establishment of Local Office of Board at Bhubaneswar

Notification No. LAD-N RO/GN/2012-1 3/23/5430 (19/11/2012)

In exercise of the powers conferred by sub-section (4) of section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board has established its Local Office at Bhubaneswar under the administrative control of its Eastern Regional Office at Kolkata....

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International Shipping Profit taxable in the country of residence of the assessee company

Assistant Director of Income-tax, Vs Mediterranean Shipping Co. (ITAT Mumbai)

Right or property in respect of which the shipping income is earned by the assessee i.e. ships cannot be said to be effectively connected with the permanent establishment in India . Such income, therefore, will not fall under Article 22(2) but will fall under Article 22(1) and accordingly shall be taxable only in the State of residence of...

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Validity of filtration criteria for selection process adopted by TPO to Compute ALP

Assistant Commissioner of Income-tax Vs Rhoida Chemicals India (P.) Ltd. (ITAT Mumbai)

The main issue, in the present case, revolves around the inclusion and exclusion of the various comparable companies by the assessee as well as by the TPO by applying different filtration criteria in search for the comparable companies. The assessee has adopted the criteria of filtration for search of the companies having sales trading le...

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Other than working capital finance, banks not permitted to finance purchase of gold

RBI/2012-13/296 DBOD.No.Dir.BC.57/13.03.00/2012-13 (19/11/2012)

In terms of extant guidelines, no advances should be granted by banks against gold bullion to dealers/traders in gold if, in their assessment, such advances are likely to be utilised for purposes of financing gold purchase at auctions and/or speculative holding of stocks and bullion. In this context, the significant rise in imports of gol...

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XBRL Validation Tool (for costing taxonomy) likely to be released on 24.11.2012

The MCA XBRL Validation Tool (for costing taxonomy) has been developed and is currently under testing. The tool is likely to be released on 24th November, 2012. Filing of the Cost Audit Report and Compliance report on the MCA portal shall be enabled thereafter....

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Posted Under: Service Tax |

CIT have no jurisdiction in respect of an issue considered by CIT (A)

K. Sera Sera Productions Vs Commissioner of Income-tax (ITAT Mumbai)

It is evident from the order of the ld. CIT(A) that the claim of cost of production of film was a subject matter of appeal before the ld. CIT(A) and ld. CIT(A) after consideration of remand report of the AO gave his finding. Therefore, this order of the AO, undisputedly had merged with the order of the ld. CIT(A) as far as the claim of co...

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TPO to consider objections of Assessee against the comparable selected by him to arrive at the ALP

Ecom Gill Cofee Trading (P.) Ltd. Vs Deputy Commissioner of Income-tax (ITAT Bangalore)

TPO as well as the DRP have not considered the objections raised by the assessee against the comparables selected by the TPO for arriving at the ALP. As seen from the submissions of the assessee, the glaring differences that appears to us are that India Products Ltd., is in the business of processing and trading in spices, whereas the ass...

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