Three years after the multicrore Satyam accounting fraud came to light, the Institute of Chartered Accountants of India on Thursday found the chief financial officer of the erstwhile Satyam Computer Services Ltd guilty of professional misconduct. The ICAI also found Talluri Srinivas, partner, Price Waterhouse Coopers, then statutory auditors of Satyam guilty for not complying with professional standards.
Twinstar Jupiter Co-op. Hsg. Soc. Ltd. Vs ITO (ITAT Mumbai) – In the case of Sindh CHS Ltd (supra) the Honble High Court made it clear that in the said case the bye-laws provide that the amount has to be paid by the transferor Member. In the present case, nowhere it is the case of the A.O. that there is a provision that only the transferor has to bear the amount of the transfer fees. We, further, find that nowhere it is the case of the A.O. that no commerciality is involved in the objects or activities of the assessee society as the assessee has credited the amount to the general reserve funds to be used for the repairs and maintenance of the society. Their Lordships have also considered the Notification given by the Government of Maharashtra and the reference made is to only to extent of argument of the parties to the on Govt notification dated 9.8.2001. As per the notification dated 10.12.1989 if the bye-laws are amended then only the society could not charge what was set out in the notification.
Chadha Finlease Ltd. Vs. ACIT (ITAT Delhi) – At the time of hearing of the appeal, neither the assessee nor any of his authorized representative were present, although, the last notice for hearing the appeal on 11.08.2011 was sent at the address given by the assessee in form no.36. The same has not returned unserved. It is thus inferred that the assessee is not interested in pursuing the appeal. The appeal of the assessee is, therefore, dismissed as unadmitted.
Revised draft Bank Branch Auditors’ Panel for the year 2011-12 has been hosted at www.meficai.org and will be available till 10th January, 2012. MEF00001 to MEF10000 MEF10001 to MEF20000 MEF20001 to MEF30000
ITO Vs. Nasir Khan J. Mahadik (ITAT Mumbai)-Mumbai ITAT has in the following case deleted the additions made on account of opening balances of unsecured loans and the notional interest on such loans. The Tribunal held that only fresh loans or additions to the loans during the year in question can be considered for the purpose of addition. Previous years loans cannot be added to subsequent year’s income by claiming them to be unexplained.
In the biggest ever disclosure of black money stashed abroad, a Delhi-based businessman has disclosed and surrendered Rs 73 crores to the Income Tax department and also gave holding details of lockers in Swiss banks and the US. The disclosure by the businessman identified as Satish Swahney came today after a team of Income Tax(I-T) sleuths from the newly created Directorate of Criminal Investigation (DCI) carried out simultaneous searches at his posh Sainik Farms bungalow and South Extension-I premises.
The ISO 9000 family of standards relates to quality management systems and is designed to help organizations ensure they meet the needs of customers and other stakeholders (Poksinska et al, 2002 ). The standards are published by ISO, the International Organization for Standardization, and available through National standards bodies. ISO 9000 deals with the fundamentals of quality management systems , including the eight management principles (Beattie and Sohal, 1999; Tsim et al, 2002 on which the family of standards is based. ISO 9001 deals with the requirements that organizations wishing to meet the standard have to fulfill.
Chartered Accountant firms in the country with at least one full time FCA (Partner/Sole Proprietor) as on 1st January 2012 can apply for empanelment with the office of the CAG of India for allotment of audit of Public Sector Undertakings/Statutory Corporations for the year 2012-2013. The term full time for partner/sole proprietor /CA employee does not include: i) A partner/sole proprietor in other firm;
Present case appears to be one where prima facie the provisions of Section 22 of the SICA are taken undue advantage of. Therefore, at least in those cases where the reference was rejected in previous years on merits by the BIFR, guidelines can be issued to ensure that fresh references in subsequent years should not be mechanically entertained. Learned counsel for the respondent may be right in contending that while registering the references, the Registrar cannot act as quasi judicial authority which is the function of the Board.
Charges – Details The registered entities will have to pay a basic charge of 1,000 p.m. per user ID for the service. This basic charge will be paid in advance for 12 months at the time of registration. All registered users (except software based users) will have access to screen based query with a restriction of 750 PANs per day per user ID. Before the end of the 12th month, the entity should effect payment for the next 12 months for continuation of the service.
