"04 December 2012" Archive

All about Cost Audit and Compliance Report

Ministry of Corporate Affairs have come out with a number of circulars and notifications in the recent times relating to maintenance of Cost Accounting Records and Cost Audit. These circulars and notifications have not only brought remarkable changes in the applicability of cost accounting and audit rules but have introduced a number of n...

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Posted Under: Company Law |

Special Scheme for Tax Savings, Investments

Government of India has recently notified on 23rd November, 2011, Rajiv Gandhi Equity Savings Scheme (RGESS), 2012 for new retail investors (as announced in this year’s budget ) whereby investment made in RGESS shall allow investor for claiming deduction under new section 80 CCG of Income Tax Act in the computation of total income of t...

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Posted Under: Company Law |

An Overview of Energy Sector in India

CA Rajkumar S. Adukia Energy is derived from the Greek work ‘energia’ and is referred to as a scalar physical quantity that is a property of objects and systems which is conserved by nature. Energy is often defined as the ability to work. Energy is an important building block in human development, and, as such, […]...

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Amends Notification No.12/97-Customs (N.T.), Dated: 2.04.1997

Notification No. 107/2012-Customs (N.T.) (04/12/2012)

G.S.R.....(E).- In exercise of the powers conferred by clause (aa) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministr...

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Summary of MCA notifications issued on 30th Nov 2012 related to cost accounting records

1. The General Circular No 18/2012 dated 26th July 2012 said that the cost auditors & the companies shall file their cost audit report & compliance report in XBRL mode for the FY 11-12 onwards and that the reports submission dates have been postponed to 31st Dec 2012. ...

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Posted Under: Company Law |

Arbitral reference in respect of a claim which is made subject-matter of a creditor’s winding up petition would not operate as a bar on winding up proceedings

Sanjib Banerjee, J. Vs Maheshwary Ispat Ltd. (Calcutta High Court)

The parties are not to blame for this creditor's winding-up petition having lingered for an unnecessary length of time and there being a more protracted hearing than is ordinarily called for in a matter of this kind. It was only an observation of the court that led to a relatively innocuous matter being blown out of proportion upon the c...

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Secured creditor entitled to disbursement despite not participating in winding up proceedings

Gujarat Steel Tube Employees Union & 1 Vs O.L. of Gujarat Steel Tubes Ltd. (In Liqn.) & 7 (Gujarat high court)

Neither section 529 nor section 529A of the Act mandate that to claim priority and preferential payment under section 529A the secured creditors must join winding up and cannot stand outside the winding up and/or it must relinquish its security....

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Prima Facie Maintenance services of common area in Mall liable to service tax

Chennai City Centre Holding (P.) Ltd. Vs Commissioner of Service Tax, Chennai (CESTAT Chennai)

This argument of the ld. advocate is prima facie untenable as the appellants are recovering charges incurred for maintenance of the common areas from the individual shop owners. Ld. advocate himself states that the maintenance is done through service contractors who are providing the maintenance service and are also paying service tax. ...

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Penalty imposable for Accepting cash Loan without reasonable cause

Additional Commissioner of Income-tax Vs Madireddy Venkat Reddy (ITAT Hyderabad)

The assessee must prove beyond the shadow of the doubt there existed a reasonable cause for not complying with the conditions contained in section 269SS of the Act. Circumstances under which the cash was accepted must be explained. Unfortunately no cogent material was produced in that direction. ...

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Furnishing of additional information by AO is not expression of opinion

Gala Gymkhana (P.) Ltd. Vs Assistant Commissioner of Income-tax, Circle-4 (Gujarat High Court)

From such exchange of information between the Assessing Officer and the assessee, we need to gather whether the question of taxability of a receipt of Rs. 5,56,000/- from the members by the petitioner was under consideration by the Assessing Officer....

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