CIRCULAR NO. 04/2012-Cus Several references have been received in the Board highlighting divergent practices for calculation of iron contents from Iron Ore being followed at different Ports for charging Export duty. In this regard two types of calculation methods are being followed i.e. on the basis of Wet Metric Ton (WMT) and other on the basis of Dry Metric Ton (DMT).
In pursuance of Regulation 81(5) of the Chartered Accountants Regulations, 1988, read with Rule 4 of the Chartered Accountants Students’ Association Rules (as contained in Appendix No. (5) to the Chartered Accountants Regulation 1988), the Council of the Institute of Chartered Accountants of India is pleased to announce the setting up of Branch of Western India Chartered Accountants Students’ Association (WICASA) at Navi Mumbai with effect from February 1 , 2012.
Notification No. 9/2012-Income Tax In exercise of the power conferred by sub-section (IC) of section 139 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby exempts the following class of persons, subject to the conditions specified hereinafter, from the requirement of furnishing a return of income under sub-section (1) of section 139 for the assessment year 2012-13
Based on the assessment of the utilization of the limits to FIIs for investments in corporate debt long term infra category (with one year lock in and one year residual maturity clause), it has been decided to allocate the unutilized limits. The bidding of this limit shall be done on the NSE from 15:30 hrs to 17:30 hrs, on February 29, 2012, in terms of SEBI circular IMD/FII&C/37/2009 dated February 06, 2009, subject to the modifications stated below:-
it is high time we should realize the fallout of corruption. He said the fight against corruption is incomplete unless we recover the illegal assets and wealth amassed by corrupt persons. Shri Misra said the corrupt should be not only brought to book but their illegally amassed wealth should also be recovered & attached, as such property and wealth which is created through corrupt & illegal means is basically a fruit of crime. Secretary(Personnel) said that in his view, no fight against corruption is complete unless we recover and attach these illegal assets. Shri Misra commended the joint effort of INTERPOL and the Central Bureau of Investigation in organising this course.
ITO Vs. Kuber Chand Sharma, In our considered view, CIT(A) has admitted the additional evidence without fulfilling the categorical conditions laid down in Rule 46A, as explained by Hon’ble Delhi High Court in the case of Manish Build Well Pvt. Ltd.(supra). Consequently, his order on this issue is not tenable, however, the issue of merits remains. Besides, from the record it emerges that the assessee wanted to file only government records and revenue record about crops. In the entirety of facts and circumstances, the interest of justice will be served if the matter is set aside, restored back to the file of AO to decide the same afresh after affording the assessee sufficient opportunity of being heard.
Kuber Mutual Benefits Ltd. Vs. ACIT (ITAT Delhi) – It is not in dispute that assessee company is under liquidation and official liquidator stands already appointed by the order of the Hon’ble Court. As per Companies Act, 1956, no doubt, powers of liquidator which includes the power to defend legal proceedings, civil or criminal are to be in the name and on behalf of the company. Section 178 of the I.T. Act, 1961 recognizes the official liquidator as the concerned person in the case company is under liquidation. Similarly section 2 (7) defines the word assessee. It includes such persons also as assessee who are deemed to be an assessee under any provision of this Act.
Kama Holding Ltd. Vs. ACIT (ITAT Delhi)- Rule 8D has been held to be retrospective in nature and the dis allowance has been worked out by applying Rule 8D. Hon’ble Bombay High Court in subsequent judgment in the case of Godrej & Boyce Mfg. Co. Ltd. Vs. DCIT & Another (2010) 234 CTR (Bom) 1 has held Rule 8D to be prospective in nature. Thus, Rule 8D would not be applicable to the assessment year in question i.e. 2007-08. The Hon’ble High Court, however, has directed that indirect expenses which may be attributable on a reasonably proper basis can only be disallowed.
To know the status of PAN / TAN application filed with NSDL Assessee have to follow the following procedure:- 1. Visit the following Link :- https://tin.tin.nsdl.com/tan/StatusTrack.html 2. In The Application Type we have to choose out of the following two options :- PAN – New / Change Request TAN – New / Change Request
Works Contract has always been a matter of dispute for judiciary as well as professionals. The Complexity of transactions can briefly be gauged from the fact that applicable provisions include levy of Sales Tax (As per State Acts), Service Tax (As per Central Government), TDS and WCT Deductible (as required in most of state act) all on one single running bill of a Larger Work Contract. The Fact that one Single Works Contract may run into years and thereby resulting in transactions like Mobilisation advance, running bills and advances adds to the jargon.
