Normally vehicles changed hands from the manufacturer to the customers through the authorized dealers and the customers can arrange finance independently through any other person; if the third party has arranged the finance to the buyer of the vehicle, the services of the said third party would undoubtedly come under the business auxiliary services.
7. In the aforestated background now we may advert to the factual position in the instant case. In this case, after the processing of return under section 143(1) the Assessing Officer recorded reasons on 8-2-2006 to initiated proceedings under section 147/148 as under: ” the assessee filed return of income for the above noted assessment year declaring total income at Rs. Nil
Small and medium-sized firms that undertake the bulk of actual manufacturing for large companies may now have to forgo a part of their revenues upfront as tax deducted at source under new rules being considered by the government to widen the tax net and make revenue collections more efficient. The government is proposing changes to […]
India always got an Overweight Rating as compared to its Emerging Market Peers from FII’s Backed by its good corporate Governance (!!!) But the Biggest scandal(so called event from Satyam) among the indian corporates raised major questions about the auditing practices and principles that they were following at the moment.Moreover these auditing works are carried […]
Whether the contracts of IOCL and BPCL with L&T can be held to be divisible and therefore service tax can be levied on the services part as held by Member (Technical) or whether the contracts between the appellants and IOCL & BPCL to be held as not divisable and therefore not liable to service tax as held by Member (Judicial)? Whether the contract between GEB and the appellants
As an incentive for petroleum companies to go green by blending 10% ethanol with petrol, the government has exempted such fuel from excise duty. The Central Board of Excise and Customs through a recent notification has said such fuel, also known as E-10, will not attract any central excise duty. At present, a basic excise […]
The Reserve Bank Of India (RBI) has released a draft on Wednesday, proposing to review the definition of commercial real estate (CRE) exposure to be followed by banks to closely align it to Basel II definition. Any exposures towards a banks’ acquisition of units in SEZ may not be treated as CRE exposures, said RBI. […]
Qualified professionals of Indian origin, including doctors, dentists, pharmacists, engineers, architects, lawyers, chartered accountants can practise in India, Prime Minister Manmohan Singh said on Thursday, while inaugurating the 7th Pravasi Bharatiya Divas. “The Overseas Indian Citizenship Scheme, which had been announced in 2006, has elicited an overwhelming response. I am therefore happy to announce that […]
The Orissa government is mulling to raise the exemption limit for the payment of electricity duty for small scale industries (SSIs) to 25 mw from 5 Mw stipulated in the Industrial Policy Resolution (IPR), 2007. It is proposed to be made a part of the micro, small and Medium Enterprise (MSMEs) Development policy being finalised […]
The Institute of Chartered Accountants of India (ICAI) has said that the concerned partner who signed on Satyam Computers’ balance sheet will be held responsible and not the audit firm Price Waterhouse.
