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Clarification about eligibility of Indian Kabuli Chickpeas under FPS in FTP 2009-14

December 10, 2015 598 Views 0 comment Print

Clarification has been sought in respect of eligibility of benefit under Focus Product Scheme of FTP( 2009-1 4) to the Indian Kabuli Chickpeas under the item description, “EDIBLE VEGETABLES (EXCLUDING ONIONS) ALL ITEMS COVERED UNDER CHAPTER 07 (EXCEPT ONION COVERD UNDER CODES 0703 AND 0712)”. This item appeared at Sr. No. 248 of Appendix 37D, notified vide Public Notice No. 80(RE2010)/2009-14 dated 13.10.2011 and at Sr. No. 488 of FPS Table.

SEBI Guideline on Outsourcing by Depositories

December 9, 2015 1395 Views 0 comment Print

CIR/MRD/DP/19/2015 Core and critical activities of depositories shall not be outsourced. The core activities of the depositories shall include but not limited to the following: a. Processing of the applications for admission of Depository Participants (DPs), Issuers and Registrar & Transfer Agents (RTAs). b. Facilitating Issuers/RTAs to execute Corporate Actions. c. Allotting ISINs for securities.

SEBI: Review of Annual Custody / Issuer Charges

December 9, 2015 3855 Views 0 comment Print

SEBI vide circular No. MRD/DoP/SE/Dep/Cir-4/2005 dated January 28, 2005 has allowed the custody/issuer charges to be collected by the depositories from the issuers in the manner specified therein. Subsequently, the charges and the methodology were revised vide Circular Nos. MRD/DoP/SE/Dep/Cir-2/2009 dated February 10, 2009 and CIR/MRD/DP/05/201 1 dated April 24, 2011 respectively.

Labour Officer under Chhattisgarh Industrial Relations Act, 1960 has no jurisdiction to adjudicate rights of employee U/s. 30 (6) (b) of Act

December 9, 2015 1464 Views 0 comment Print

A conjoint reading of Sections 13, 15 and 17 of the Chhattisgarh Industrial Employment (Standing Orders) Act, 1961 makes it amply clear that the powers of Inspectors under the said Act are not adjudicatory and the Inspectors are not authorized to undertake the exercise of adjudication of the disputes, particularly the disputes regarding application and interpretation of the Standing Orders

Penalty U/s. 271(1) (c) not attracted on addition U/s. 14A on debatable issue

December 9, 2015 8550 Views 0 comment Print

ITAT Delhi held In the case of M/s. Mohair Investment and Trading Company (P) Ltd. vs. DCIT that it is clear that the present issue, related to application of section 14A, especially in relation to shares held as trading assets

MAT provision applicable on banking companies only prospectively w.e.f. AY 2013-14 onwards

December 9, 2015 5447 Views 0 comment Print

ITAT Kolkata held In the case of UCO Bank vs. DCIT that Sec.115JB will be applicable only where the assessee is required to show profit & loss account in accordance with schedule VI of Companies Act. As the banks are required to prepare Balance Sheet and Profit & Loss Account in accordance

No addition u/s 69 where investment along with its source recorded in seized documents

December 9, 2015 1054 Views 0 comment Print

ITAT Kolkata held In case of ACIT vs. M/s Prem Lal Jain that no addition could be made u/s 69 as the entire investments in shares made by the assessee have been duly recorded in the books of accounts of the assessee which are part of the seized documents

Disallowance of expenses where liability crystallized in the year but payment due later is not maintainable

December 9, 2015 6115 Views 0 comment Print

ITAT Kolkata held In the case of ICI India Ltd. vs. DCIT that it is clear that liability towards leave encashment is a definite liability which has accrued and arisen during the year. However, payment of the same does not fall during the relevant previous year but under the mercantile system

Payment made to Independent Consultants is liable for deduction u/s 194J and not 192

December 9, 2015 4747 Views 1 comment Print

Appeal filed by Assessee – The Assessee is a company incorporated under the provisions of Companies Act, 1956 and is engaged in running a Super Specialty Cardiac hospital. The assessee employs two types of Doctors, viz. Full time Consultants (herewith “FTCs)

4 Ways you can View Your Tax Credit online

December 9, 2015 4753 Views 0 comment Print

A Taxpayer can view his Tax Credit by any of the following four Methods- 1. Online view through E-filing Website 2.Online view through internet banking 3. Online view through TRACES 4.  Status of e-filing of TDS Statement by your deductor In this Article steps involved in all above 4 Methods to View Online Tax Credit […]

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