"28 July 2015" Archive

SEBI cancels Registration of Sahara Mutual Fund

Press Release No. 193/2015 (28/07/2015)

ahara Mutual Fund/ Sahara Asset Management Company Private Limited (Sahara AMC) shall not take any new subscription from the investors (including existing investors in Systematic Investment Plans (SIP)/ Systematic Transfer Plans (STP). Further, the Sahara Mutual Fund shall not levy any penalties/ loads on the SIP/ STP investors for not de...

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Inclusion or non- inclusion of bought out items in the assessable value for payment of duty under Central Excise

In Union Budget for the year 2000-2001, the Finance Minister changed the valuation concept altogether. Before amendment in Sec. 4 valuation used to be done as per Normal Price basis but after amending the section “Transaction Value” has been taken as base for assessment purpose....

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Posted Under: SEBI |

CCI Hyundai, Reva and Premier to be in Contravention of Competition Law

Competition Commission of India Finds Hyundai, Reva and Premier to be in Contravention of the Competition Law The Competition Commission of India (‘the Commission’), in its order dated 27.7.15 has found 3 Car Companies, namely, Hyundai Motor India Ltd. (Hyundai), Mahindra Reva Electric Car Company (P) Ltd. (Reva) and Premier Ltd. (Pre...

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Posted Under: SEBI |

Theoretical Gist on SA 700, 705, 706

SA 700 (Revised) FORMING AN OPINION AND REPORTING ON FINANCIAL STATEMENTS. SA 705 MODIFICATIONS TO THE OPINION IN THE INDEPENDENT AUDITOR’S REPORT. SA 706 EMPHASIS OF MATTER PARAGRAPHS AND OTHER MATTER PARAGRAPHS IN THE INDEPENDENT AUDITOR’S REPORT...

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Posted Under: SEBI |

Department cannot take different view on same issue in absence of change in facts

CIT Vs Om Prakash Khaitan (Delhi High Court)

The Hon’ble Delhi High Court in the case of CIT vs. Om Prakash Khaitan held that In the absence of change in system of accounting consistently followed by the assessee and accepted by the department, the department cannot take different stand for the subsequent years....

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Sec. 9(1)(vii) Commission for procuring order & recovering payments is not a Technical services

ACIT, Kanpur Vs M/s Northern Tannery (ITAT Lucknow)

ITAT Lucknow in the case of ACIT vs. M/s Northern Tannery held that The commission paid to the non- resident agent for procuring order and recovering payments on the behalf of assessee could not be treated ...

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Refund of excise and custom duties on Purchase of Raw Material and Capital Equipment used in Capital WIP is Capital Receipt

CIT Vs Maithon Power Ltd (Delhi High Court)

Delhi High Court in the case of Maithon Power Ltd. vs. CIT held that The expenditure incurred to set up operations forms the part of capital work in progress and thus, the subsequent reimbursement of any part thereof would be a capital receipt which will get reduced from the amount capitalized under the capital WIP. ...

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Empanelment of CA Firms with SFIO

Serious Fraud Investigation Office (SFIO) invites applications from eligible Chartered Accountant Firms for empanelment to take up assignments relating to forensic audit, analysis of financial data, interpretation of financial statements etc. in connection with investigations under the provisions of Companies Act, 2013....

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Posted Under: SEBI |

Income from subletting of property is to be assessed as business income

Bhuvan Leasing and Infrastructures  Vs ITO (ITAT Mumbai)

In the case of Bhuvan Leasing and Infrastructures Vs ITO, ITAT Mumbai has held that where it is the intention of the assessee to lease out various premises and then sublet the same on leave and licence basis to different parties...

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Deduction u/s 80IA(4) cannot be disallowed, merely on the ground that assessee is not the owner of infrastructure facilities

En-Vision Enviro Engineers (P) Ltd. Vs DCIT (ITAT Ahmedabad)

In the case of En-Vision Enviro Engineers (P) Ltd. Vs DCIT, it was held that deduction u/s 80IA(4) cannot be disallowed, merely on the ground that the assessee must be owner of the infrastructure facilities and the assess should be a developer and not contractor....

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