ADIT (E) Vs International Goudiya Vedanta Trust (ITAT Delhi)- The Hon’ble Punjab & Haryana High Court in the case of CIT vs Tiny Tots Education Society (supra) has held that the income of the assessee, being exempt, the assessee was only claiming that depreciation should be reduced from the income for determining percentage of funds which had to be applied for the purposes of the Trust and as such, it could not be held that double benefit was given in allowing the claim for depreciation for computing the income for purposes of Section 11 of the Act. Respectfully following the aforesaid decision of Hon’ble Punjab & Haryana High Court, we uphold the order of ld. CIT(A) and direct the AO to allow depreciation and reduce the same from the income of the trust for determining the percentage of funds which had to be applied for the purposes of the Trust. The order of the ld. CIT(A) is thus upheld.
In an effort to protect the interests of pre-paid mobile services users, telecom regulator Trai today said they can now get an itemised bill from service providers on request and at a price not exceeding Rs 50. The consumer can also get details of his tariff plan, available balance in his account and details of any value-added service activated on his telephone number at any time from the service provider, free of charge.
The government says it will soon notify 100 per cent foreign direct investment in single-brand retail. Secretary in the Department of Industrial Policy and Promotion (DIPP) P K Chaudhery said this in response of a question about issuance of notification of 100 per cent FDI in single-brand retail.
Union Finance Minister, Shri Pranab Mukherjee’s speech at Chennai Trade Centre “The global financial crisis and the current international economic environment has brought into focus significant challenges for governments across the world. India has also been impacted and continues to face challenges on several fronts. Yet, I would say that we have done well in maintaining the growth momentum in what have been uncertain and difficult times. More importantly, we have taken important steps in creating a policy framework for pursuing ‘inclusive growth’ as the core of our development agenda.
First issue involved in the appeal is whether the Cenvat credit available on raw materials and services used for non-excisable goods is admissible to the appellants. Under the Cenvat Credit Rules, input means all goods used in or in relation to the manufacture of final products whether directly or indirectly and whether contained in the final product or not and Cenvat credit can be availed on the duty paid on any input received in the factory of manufacture of the final product.
As you are aware, the Institute of Chartered Accountants of India is the regulator of chartered accountancy profession in India, having been set up by the Parliament under the Chartered Accountants Act, 1949. The Internal Audit Standards Board of the Institute of Chartered Accountants of India was constituted in 2004 to reinforce the primacy of the Institute of Chartered Accountants of India in the area of internal audit. The primary mission of the Board is to enable its members to provide more effective and efficient value added services relating to internal audit to the Industry and others by issuing Standards on Internal Audit, Guidance Notes and Industry Specific Technical Guides. For this purpose, the Board as identified in the Action Plan/ Road Map had a three pronged approach as follows:
The Central Bureau of Investigation has arrested an Enforcement Officer, Employees Provident Fund Organization, Fort Road, Kannur (Kerala) for demanding and accepting a bribe of Rs.30,000/- from the complainant.
The Central Bureau of Investigation had registered a case against officials of Chennai Customs and others U/s 120-B r/w 420 IPC and Sec. 13(2) r/w 13(1)(d) of Prevention of Corruption Act, 1988 on the allegation that during the period May-June, 2011, the Customs officials conspired with a private firm based at Chennai & others and in pursuance of the same, the Chennai Customs Officials sanctioned fraudulent & false claims of Refund made by the firm. A cheque for Rs.1,19,95,259/- was issued to firm and thus caused a wrongful loss to Customs Department & corresponding wrongful gain to the firm.
Notification No.4/2012-Income Tax Whereas an Agreement between the Government of the Republic of India and the Government of Georgia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income and on Capital was signed at New Delhi on the 24th day of August, 2011;
Notification No. 1/2012-Customs (ADD), Whereas, the designated authority vide notification No. 15/28/2010-DGAD, dated the 2nd September, 2011, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 2nd September, 2011, had initiated review, in terms of sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) and in pursuance of rule 23 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped Articles and for Determination of Injury) Rules, 1995 (hereinafter referred to as the said rules)
