"12 October 2014" Archive

Clause 49 of Listing Agreement On Corporate Governance

SEBI has made Amendments to Clause 49 of the Equity Listing Agreement pertaining to corporate governance vide circular dated April 17, 2014. This master circular will Supersede All Other Earlier Circulars issued by SEBI on Clauses 35B and 49 of the Equity Listing Agreement. The main object to review the provisions of the Listing Agreement...

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Posted Under: SEBI |

Tribunal can’t order pre-deposit of both duty as well as penalty at a time

Spandana Spoorthy Financial Ltd. Vs. Commissioner of Customs, Central Excise & Service Tax (Andhra Pradesh High Court)

Spandana Spoorthy Financial Ltd. (Petitioner) filed a writ petition against the order of the Hon’ble CESTAT, Hyderabad, dated July 10, 2013 by which the Hon’ble Tribunal has directed the Petitioner to make pre-deposit of the basic tax component as well as 50% of the penalty...

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Posted Under: SEBI |

Impact of Companies Act- 2013 & Rules on Statutory Auditors – Section- 139

PROCESS OF APPOINTMENT OF AUDITOR STEP 1. INTIMATION FOR APPOINTMENT BY COMPANY TO AUDITOR. Date of Such Intimation will be before the Date of Board Meeting in which Notice of AGM will be issue. STEP 2. CONSENT & CERTIFICATE BY AUDITOR TO COMPANY Date of Consent & Certificate will be after the Date of Letter […]...

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Posted Under: SEBI | ,

Be Careful…while making transactions in cash!!

Krishna, Today is 13th October last day for the promotion of Elections. In the chaos of election, crores of rupees were ceased. During this period Election Commission has laid many restrictions on cash transaction. But what are the provisions of cash transactions under Income Tax Act?...

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Posted Under: SEBI | ,

Concept of Contemporaneous Documentation in Transfer Pricing

Contemporaneous documentation means information, records and other documents which exist or brought into existence at the time the taxpayer is developing or implementing any arrangement that might raise transfer pricing issues. It is important that documentation on which assessee is placing reliance to establish arm’s length price shoul...

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Posted Under: SEBI |

Cenvat credit is available on capital goods used for manufacture of exempted intermediary products which are used in turn for manufacturing of dutiable final product

CCE, Noida Vs. Samsung India Electronic Ltd. and Others (Allahabad HIgh Court)

In the instant case, SEIITL only manufactured the chassis, which is only a part of a TV. It is not a finished product and is only an intermediary product. SEIITL supplied intermediary product to the Respondent, which manufactured the TV and paid duty on it....

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Posted Under: SEBI |

TDS deductible on Excess amount paid on Cacellation of Flat Purchase Agreement

The Income Tax Officer (TDS) Vs M/s Beacon Projects P Ltd (ITAT Cochin)

In the instant case, the amounts were paid in respect of an obligation in respect of purchase of flat through agreement, therefore, no fault can be found on the part of the AO for treating these charges as interest and liable for TDS u/s 194A of the Act. ...

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Reporting in new Form 3CD vis a vis ICAI Guidance Note – a Ready Reckoner

CA Rajesh Condoor I am herewith attaching a document on Reporting in New Form 3CD clause wise vis a vis ICAI revised Guidance Note in a tablular form with respect to each clause of the Form 3CD.  Will be useful as a Ready Reckoner for tax auditor and his team.  Download The Ready Reckoner on […]...

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Posted Under: SEBI | ,

TP adjustment cannot be made on issue of shares at a price lower than ALP or FMV

Vodafone India Services Pvt. Ltd Vs UOI (Bombay High Court)

In the instant case, the assesse has issued shares to its holding company at premium (INR 8591) amounting to INR 246.38 crores. The said transaction was reported in Form 3CEB, although assesse claimed TP Provisions are not applicable on income arising on such transactions. ...

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