"06 January 2013" Archive

RBI may stick to 6 crores limit for March 2013 Statutory Branch Bank Audits

As per internal Sources Reserve Bank of India has decided to stick to 6 crores limit for March 2013 Statutory Branch Bank Audits. As per the reliable source, in spite of clearance for 20 crores limit, RBI is going ahead with last year agreed limit of 6 crores. RBI shall finalize its Empanelment by the end of last week of January 2013/ Fi...

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Posted Under: CA, CS, CMA | ,

Prior to 1-4-2011 there was no requirement to maintain separate a/c for trading activities

Micro Labs Ltd. Vs Commissioner of Central Excise, Bangalore (CESTAT Bangalore)

It is not in dispute that the Bangalore office of the company was a registered input service distributor and it distributed input services under cover of valid invoices to the various manufacturing units, eight in number, which were engaged in the manufacture of pharmaceutical formulations (dutiable final products). ...

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Onus on revenue to prove that expense disallowed u/s. 40A(2)(b) were excessive or unreasonable

Deputy Commissioner of Income-tax Vs Ravi Ceramics (ITAT Ahmedabad)

It is not pointed out as to how the expenses incurred are excessive or unreasonable therefore, such expenditure can be disallowed by invoking the provisions of Section 40(A)(2) of the Act. In view of this matter, we do not find any infirmity into the order passed by Ld. CIT(A). Therefore the appeal filed by the Revenue is dismissed....

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Addition U/s. 50C justified even in case of depreciable Asset if Assessee not challenges the value adopted by stamp valuation authority

M/s. Rallis India Limited Vs The Addl. CIT Range 1 (3) (ITAT Mumbai)

Sections 50 & 50C operate in two different fields and if the value adopted by the stamp valuation authority is accepted by the purchaser/seller there cannot be any variation for limited purposes of computing the consideration received, under section 50C of the Income Tax Act, 1961....

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Chapter VI-A deduction admissible in computing undisclosed income or loss under block assessment

Commissioner of Income-tax Vs Anil Sarin (Allahabad High Court)

Proviso to Clause (a) of Explanation under section 158BB of the Act for the purpose of determination of undisclosed income or loss of each previous year for the purpose of aggregation is to be taken as the total income or loss computed in accordance with the provisions of the Act without giving effect to set off or brought forward losses ...

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Salient Features of Companies Bill, 2012 on Corporate Social Responsibility (CSR)

Every company having net worth of rupees five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of rupees five crore or more during any financial year shall constitute a Corporate Social Responsibility Committee of the Board consisting of three or more directors, out of which at least one director sha...

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Posted Under: CA, CS, CMA | ,

MVAT- Fresh Hawala Dealer List includes 361 new dealer

New 361 delaer has been added to Hawala List by VAT Department. We attached herewith updated list of Suspicious Dealers on 4th January 2013 totaling to 1915 nos Following dealer name excluded from the hawala dealer list.  27860101920V  -PUSHP HARI ELECTRICAL & ENGG. P LTD / Skysoft com. P. Ltd. VAT TIN Nos. of 7 […]...

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Posted Under: CA, CS, CMA |

Unless the assessment has been disputed, no refund can be sanctioned

Commissioner of Service Tax, Chennai Vs Hardy Exploration & Production (India) Ltd. (CESTAT Chennai)

Service provider, namely, M/s.Aban Offshore Ltd., has paid the impugned tax amount under the category of Mining Service without disputing the same. As pointed out by the learned JCDR, it is settled law that unless the assessment has been disputed, no refund can be sanctioned vide the Hon'ble Supreme Court's decision in the cases of Flock ...

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For S. 80IB deduction each residential block is a distinct ‘housing project’

Viswas Promoters (P.) Ltd. Vs Assistant Commissioner of Income-tax (Madras High Court)

Going by the definition of 'housing project' under section 80HHBA, to mean the construction of 'any building' and going by the deduction available under section 80-IB to be hundred per cent of the profits derived in the previous year relevant to the assessment year from such housing project complying with the condition, each block in the ...

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DGCEI makes detection of Rs 300 Cr evasion; Also makes windfall gain of Rs 100 Cr

During the current Financial Year (up to December, 2012), the Directorate General of Central Excise Intelligence, Ahmedabad Zonal Unit has detected Central Excise duty & Service Tax evasion to the tune of Rs.300.63 Crores and has recovered an amount of Rs.100.03 Crores on the spot voluntarily from various evaders of Central Excise duty as...

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Posted Under: CA, CS, CMA |

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