"29 January 2013" Archive

Companies May Find It Difficult To Get Auditors For Filling Up The Casual Vacancy In Their Office

The existing provisions of the Companies Act, 1956 (hereinafter referred to as the Act) contemplate two situations, viz; (a) where the company has only one auditor; and (b) where it has more than one auditor. ...

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Posted Under: Company Law |

MAT U/s. 115JB is payable even if Assessee is entitled to deduction U/s. 80-IB

Sankhla Polymers (P.) Ltd. Vs Income-tax Officer, Ward 12(2), Bangalore (Karnataka high Court)

Section 115JB, in fact, in no way either denies the benefit given under Section 80-IB or reduces the same. While the appellant-assessee can claim the benefit under Section 80-IB of the Act and it is not denied per se to the appellant-assessee, in the given case, the provisions of Section 115JB may be attracted or may not be attracted depe...

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Public Notice No. 45 (RE-2012)/2009-14, Dated: 29.01.2013

Public Notice No. 45 (RE-2012)/2009-14 29/01/2013

Application for status recognition shall be filed with jurisdictional RA / Development Commissioner (DC). However, in cases where export performance of EOUs / SEZs is clubbed together with company /firm / Group Company in DTA, the same will be considered by jurisdictional RA of DGFT only. EHTPs and STPs shall file an application of Status...

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If Assessee without challenging S. 14A computed disallowance, it cannot object to addition U/s. 14A

Deputy Commissioner of Income-tax Vs Vinbros & Co. (ITAT Chennai)

The assessee had declared exempt income and on asking of the Assessing Officer, it had itself computed the disallowance amount of Rs. 4,83,414/- under Rule 8D of the Income Tax Rules and exactly the same very amount has been disallowed. In our opinion, once the assessee itself computed the disallowance, instead of challenging the very app...

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Cenvat credit is admissible on the basis of invoices issued by consignment agent

Mittal Pigments (P.) Ltd. Vs Commissioner of Central Excise (CESTAT Delhi)

In the case of Kushboo Plastics (P.) Ltd. v. CCE 2002 (149) ELT 694 (Tri.-Delhi), it was held that credit is admissible on the basis of invoices issued by the consignment agent who are registered as a dealer. Clarification issued by the Jaipur Commissionerate, which was based on the Chief Commissioner's letter dated 26.5.2000 was taken in...

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Cenvat credit admissible on Dismantling service of existing structure for renovation

Commissioner of Central Excise Vs Jindal Pipes Ltd. (CESTAT Delhi)

Hence, the Cenvat credit is admissible to the appellant of the service tax paid by them on the service of 'dismantling' as the same is duly covered under the definition of input service....

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Department appeal not valid if review committee not records its satisfaction for filing of appeal

Commissioner of Central Excise, Delhi-I Vs Kundalia Industries (Delhi High Court)

We are of the view that there should be a meaningful consideration which should be reflected on the note sheets in order to comply with the requirement of Section 35(2) of the Act. In this case, the file does not show any such satisfaction or opinion having been recorded by the Committee of Commissioners. On this ground itself this appeal...

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S. 54F do not differentiate between House in good or bad condition

Smt. Kuldip Kaur Chatha Vs Income-tax Officer, Ward 3(4), Chandigarh (ITAT Chnadigarh)

If Assessee Possess more than one house, it can result in denial of deduction under section 54F relief even if one of them is in bad condition. ...

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Financial Inclusion of Urban Poor in India

Though the Indian economy has witnessed tremendous growth lately, vast sections of our society have remained excluded from the India growth story due to various socio-economic factors. It is ironic that despite our cities seeing widespread affluence, large pockets of financial exclusion should exist right at the very heart of these cities...

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Posted Under: Company Law |

Statement of RBI Governor on 3rd Quarter Review of Monetary Policy 2012-13

Based on an assessment of the current macroeconomic situation, we have decided to reduce the policy repo rate under the liquidity adjustment facility (LAF) by 25 basis points from 8.0 per cent to 7.75 per cent....

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Posted Under: Company Law |

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