"01 May 2013" Archive - Page 3

Under-Recovery on Diesel effective 1.5.2013 declines sharply to Rs 3.80 per litre

Under-Recovery on Diesel effective 1.5.2013 declines sharply to Rs 3.80 per litre OMCs incurring Daily Under-Recovery of Rs 256 Crore Under-recoveries on Domestic LPG and PDS Kerosene lower at Rs 378.38 per cylinder & Rs. 27.93 per litre respectively Total Under-Recoveries during 2012-13 significantly higher at Rs 1,61,029 crore Daily...

Read More
Posted Under: Finance |

Powers of High Court under Article 226 cannot be invoked in the matter of recovery of dues

T.P. Vishnu Kumar Vs Canara Bank (Supreme Court of India)

Powers, which were conferred on the civil court, now stands conferred on a Tribunal under Section 17 of the Act thereby it can deal with applications from banks and financial institutions for recovery of debts due to such banks and financial institutions. We are of the view when a specific remedy is made available to the aggrieved party u...

Read More

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

Public Notice No. 7 (RE: 2013)/2009-2014 (01/05/2013)

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....

Read More

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

Commissioner of Income Tax- IV Vs Shree Rama Multi Tech Ltd. (Gujarat High Court)

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 ...

Read More

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

Commissioner of Income Tax- IV Vs Shree Rama Multi Tech Ltd. (Gujarat High Court)

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 c...

Read More

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

Commissioner of Income-tax Vs Karimangalam Onriya Pengal Semipu Amaipu Ltd. (Madras High Court)

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....

Read More

I-T returns may require disclosure of all assets

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 al...

Read More
Posted Under: Finance |

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

TRADE NOTICE NO. 901/01/2013/ST (20/02/2013)

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 ...

Read More

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

TRADE NOTICE NO. 902/02/2013/ST (20/02/2013)

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 India...

Read More

New Norms for XBRL Filing

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...

Read More
Posted Under: Finance |

Search Posts by Date

September 2020
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930