The asset classification of such accounts shall be determined with reference to the original date of NPA, (as if the account had not been treated as performing in the interregnum based on the aforesaid undertaking). On such down-gradation of the accounts, additional provisions as per the extant prudential norms should also be made.
A reference is invited to Section 6 (1)(f) of the Banking Regulation Act (B.R. Act), 1949 (AACS), in terms of which banks may also engage in managing, selling and realizing any property which may come into its possession in satisfaction, or part satisfaction, of any of its claims.
The assessee entered into a contract with Raytheon – Ebasco, a foreign company, and two of its’ foreign subsidiaries, for commissioning of a power plant. The assessee made payments to Raytheon for rendering technical services, providing ‘start-up’ services and taking ‘overall responsibility’ for the Project. The two foreign subsidiaries of Raytheon carried on onshore services
Refund audit of previous period: To become eligible under this Trade Circular, at least one refund audit of the claimant dealer should have been completed in respect of at least one previous period. This condition will however be not applicable to the newly registered dealers for refund claim of first year.
The Finance Ministry on Thursday defended the concept of gross assets tax proposed under the new direct taxes code, stating that it met both “efficiency” and “equity” considerations. The proposal to go in for a minimum alternative tax (MAT) based on gross assets may be “unconventional” for India, but certainly not from the point of […]
Empanelment status of C A Firms for conducting PSU Audit for the year 2009-10 can be viewed by visiting http://cagofindia.delhi.nic.in/caempanel/empstat-08.asp To check the empanelment status, please put name of applicant firm (at least three Characters ) or Online Acknowledgement Number or CAG’s Empanelment Number or Firm’s Station then click the submit button.
The long awaited Direct Tax Code Bill 2009 (‘Code’) was finally unveiled by the Finance Minister on August 12, 2009. The Code seeks to bring all direct taxes under one code and pave way for a single unified tax reporting system. The Finance Minister has indicated that the Code has been drafted on a clean […]
Cross appeals filed by the assessee, a State Govt. undertaking, and the department were dismissed by the Tribunal on the ground that the parties had not obtained the approval of the Committee on Disputes (“COD”). The assessee as well as the department challenged the decision of the Tribunal. HELD, reversing the decision of the Tribunal:
A ‘derivative’ is a security representing the value of the underlying stocks and shares and must be given the same treatment as that given to the stocks and shares. Also, s. 43 (5) uses the term “commodity” in a wide sense and covers ‘derivatives’.
As per section 195, tax is required to be deducted at source from payment to non-residents, if the same is chargeable to income-tax under the Income-Tax Act, 1961 (the Act). In this connection, it may be stated that as per the Instruction issued by the Reserve Bank of India (RBI), except in the case of certain personal remittances which have been specifically exempted, no remittance could be made to a non-resident, unless a No Objection Certificate (NOC) has been obtained from the Income-Tax Department.
