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Archive: 01 May 2013

Posts in 01 May 2013

DGFT Notifies SION for the export product “Verdyl Acetate” in the Chemicals and Allied Products Group

May 1, 2013 249 Views 0 comment Print

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol. I), the Directorate General of Foreign Trade hereby notifies a new SION bearing number A-3640 in respect of the export product “Verdyl Acetate”. The new entry would be as under.

S. 32 Depreciation allowable on software developed & installed by assessee

May 1, 2013 2200 Views 0 comment Print

The learned CIT(A) on proper examination of evidences and material rightly came to the conclusion that software is intangible asset and was loaded in the system of machine. The learned CIT(A) also rightly held that installation of software could be checked by the technical person whether it was loaded in the system or not. Therefore, the finding in the survey cannot be relied upon. Even the AO has accepted the fact that some of the software were developed locally and installed in the system.

Share issue expenses can be claimed against Interest earned on share application money

May 1, 2013 822 Views 0 comment Print

Assessee was statutorily required to keep share application money in the separate account till the allotment of shares was completed. Interest earned on such separately kept amount was adjusted towards expenditure for raising share capital. We are therefore, of the opinion that interest earned was inextricably linked with requirement of company to raise share capital and was thus adjustable towards the expenditures involved for the share issue. Line of decisions of Apex Court in case of Bokaro Steel Ltd. (supra), Karnal Co-operative Sugar Mills Ltd. (supra) and Bongaigaon Refinary and Petrochemicals Ltd. (supra), would closely match with the facts of the present case.

No Deemed Registration of Trust on expiry of Time-limit to pass decision on trust’s registration U/s. 12AA

May 1, 2013 1785 Views 0 comment Print

Time frame under sub-section (2) of Section 12AA of Income Tax Act is only directory. Tribunal was not right in holding that since the application for registration has not been disposed off within the limitation of six months, the Assessee Company was deemed to have been granted registration under Section 12AA of the Act.

I-T returns may require disclosure of all assets

May 1, 2013 8476 Views 0 comment Print

In a bid to counter tax evasion, the Finance Ministry is contemplating making it mandatory for individuals and Hindu Undivided Families (HUFs) to report Indian assets and liabilities in income-tax (I-T) return forms. “The government is considering to introduce a new income tax return form that will require individuals to disclose all their assets and […]

ST not leviable on issuance of reminder for renewal of premium as point of taxation doesn’t arise

May 1, 2013 585 Views 0 comment Print

CLARIFICATION IN RESPECT OF NOTICES/REMINDER LETTER ISSUED FOR LIFE INSURANCE POLICIES TRADE NOTICE NO. 901/01/2013/ST [F.NO.IV(16)30-105/STC/TECH./2013/NAGPUR], DATED 20-2-2013 Authority: – Circular No.166/1/2013-ST, dated 1-1-2013 issued by Technical Officer TRU, New Delhi. It has been represented by life insurance companies that in terms of the practice followed, reminder notices/letters are being issued to the policyholders to […]

ST not leviable on transportation of milk by rail or vessel as it is exempted by Notification No. 25/2012

May 1, 2013 552 Views 0 comment Print

SERVICE TAX ON SERVICES BY WAY OF TRANSPORTATION OF GOODS BY RAIL/VESSEL – TRANSPORTATION OF MILK TRADE NOTICE NO. 902/02/2013/ST [F.NO.IV(16)30-106/STC/TECH./2013/NAGPUR], DATED 20-2-2013 Authority:- Circular No. 167/2/2013-ST, dated 1-1-2013 issued by Technical Office TRU, New Delhi. Representation has been received from the Indian Railways seeking clarification as to whether service by way of transportation of […]

New Norms for XBRL Filing

May 1, 2013 2061 Views 0 comment Print

New norms have been put in place for Extensible Business Reporting Language (XBRL) filing with effect from 6th October, 2011 for select class of companies. For the financial years 2010-11 and 2011-12 a total of  2,90,39 and 2,57,86 companies respectively have filed their Balance Sheet using the revised XBRL norms. Giving this information in written […]

Penal Action Against Fraudulent Companies

May 1, 2013 1649 Views 0 comment Print

During last five years i.e. from 2008-09 to 2012-13 a total of 782 inspection reports in respect of companies were received in the Ministry of Corporate Affairs. Based on the findings in the inspection reports, penal actions have been taken against the companies and their directors/officers in default for violation of various provisions of the […]

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