At time when query was raised under the head ‘Selling & Distribution Expenditure’, had there been insistence that TDS was required to be deducted and the amount specified to the tune of Rs. 22,70,869 was not required to be allowed as Trade Incentive without deducting TDS, the same ought to have been reflected somewhere in the computation of income and that would have bearing on the computation itself.
The ratio based on areas developed in SEZ and outside SEZ is not a good criterion for the purpose in question for various reasons. In the first place, Revenue will not be able to do verification of the measurements considering the activity involved vis-a-vis amount of refund to be granted. Further the quality of development and facilities provided inside SEZ and outside SEZ are likely to be very different.
Normally where a transaction is undertaken by a person who is a businessman, the question as to whether investment in shares is an income from the line of business could be taken as adventure in the nature of trade and it should not pose a problem, since such transactions would be either incidental or ancillary to the business, although the transactions undertaken may not have a direct bearing to the business already undertaken by the assessee.
MEFICAI has notified on December 17, 2012 ‘Draft Bank Branch Auditors’ Panel for the year 2012-13′ with reference to application for the multipurpose panel for the year 2012-13.
(1) These rules may be called the Companies (Central Government’s) General Rules and Forms (Seventh Amendment) Rules, 2012. (2) These rules shall come into force with effect from the 23rd December, 2012. 2. In the Companies (Central Government’s) General Rules and Forms, 1956, in Annexure ‘A’ for Form 23C, the following Form shall be substituted, namely:-
Coming to the applicability of most appropriate method, both the parties have agreed that TNMM Method should be most appropriate method for benchmarking the ALP. The contention of learned CITDR is that before the TPO, even though this plea of applicability of TNMM Method was taken by the assessee by way of corroborated method, has neither considered the same nor examined it properly.
SEBI has decided to realign the Base Minimum Capital (BMC) deposit requirements. The stock broker and trading members shall be required to provide BMC deposit based on their profiles i.e. whether trading on proprietary account only, or trading on behalf of clients only, or both including with or without algorithmic trading.
Tribunal has held that although the documents are not in the name of the assessee’s factory but same are in the name of the head office of the assessee and there is no dispute about the input service received by the assessee. Therefore, substantive benefit cannot be denied on procedural grounds.
The details of existing PSIA’s at Sl.No.12, 13, 16, 17 and 18 in Appendix-5 of Handbook of Procedures (Vol-I) as notified in Public Notice No.20 dated 1.10.2012 are amended / corrected to read as under.
The assessee, a chamber of commerce and industry, in the course of pursuing its objects rendered several services, such as, certification, committee room services, secretarial services and facilities, energy audit, etc. to its members and non-members for a fee. It was registered under section 12A. From the assessment year 1996-97 up to the assessment year 2005-06, it was granted exemption under section 11.
