When assessee follows project completion method as per AS-7, it is entitled to set off receipts from sale of TDR against costs of work-in-progress and such amount taxable in the year of receipt Posted: 17 Oct 2011 09:04 PM PDT ACIT Vs M/s Skylark Build (ITAT Mumbai)- Approach adopted by the Assessing Officer for assessing the income from TDR independently without deducting the expenses incurred is not justified. The assessee has been following project completion method... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Failure of the AO to consider the applicability of the provisions of book profit, renders the assessment erroneous and prejudicial to the interest of revenue Posted: 17 Oct 2011 08:46 PM PDT Southern Petrochemical Industries Corporation Ltd Vs JCIT (ITAT Chennai ) We have perused the orders and heard the rival contentions. No doubt, vis-à-vis the issue of depreciation there was a disallowance of Rs. 6,40,000/- made by the A.O. at para... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Deduction u/s 80IA and 80HHC are to be calculated independently on the eligible profits Posted: 17 Oct 2011 08:30 PM PDT Systematic Exports Vs ACIT (ITAT Mumbai) - S. 80-IA (9) cannot be interpreted to mean that s. 80-IA deduction has to be reduced for computing s. 80HHC deduction. S. 80-IA (9) inserted w. e. f. 1.4.1989 provides that where any amount of profits and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC asks retailers to pay 50% of outstanding service tax Posted: 17 Oct 2011 08:01 PM PDT Supreme Court on 14.10.2011 modified it's earlier stay order of 28.9.2011 in the SLP filed by petitioners Retailers Association of India v. UOI against the Bombay High Court order that had upheld renting as a service with retrospective... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Penalty U/s. 271(1)(c) can not be imposed Without AO's Finding on 'Inaccurate Particulars' Posted: 17 Oct 2011 07:28 PM PDT CIT vs. Mahanagar Telephone Nigam Ltd (Delhi High Court) A.O. having failed to record a finding that the assessee had furnished inaccurate particulars, the imposition of penalty under Section 271(1)(c) of the I.T. Act was a complete non-starter.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Person facing criminal cases cannot be considered suitable for appointment in government service – Supreme Court Posted: 17 Oct 2011 07:03 PM PDT State Of West Bengal & Ors. Vs. Nazrul Islam (Supreme Court) A person facing criminal cases cannot be considered suitable for appointment in government service unless acquitted of the charges, the Supreme Court has held. Quashing the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBDT releases discussion Paper on Tax Accounting Standards Posted: 17 Oct 2011 06:05 PM PDT Section 145 of the Income-tax Act, 1961 provides that the method of accounting for computation of income under the head 'Profits and gains of business or profession' and 'Income from other sources' can either be the cash or mercantile system of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| India and Philippines to Sign DTAA Soon – FM Posted: 17 Oct 2011 04:29 PM PDT Union Finance Minister Shri Pranab Mukherjee said that there is a need for transparent arrangement with a legal framework for exchange of information between India and Philippines relating to banking and tax related matters. The Finance Minister... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| MCA in favour of introducing a corporate governance index Posted: 16 Oct 2011 10:34 PM PDT The Ministry of Corporate Affairs (MCA) today said it was in favour of introducing a corporate governance index that would offer rankings to companies adopting governance standards. [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| DGFT – Import of Radioimmunoassay kits (Medical equipments containing radioactive isotopes) Posted: 16 Oct 2011 10:06 PM PDT Notification No. 80 (RE-2010)/2009-2014 In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 2.1 of the Foreign Trade Policy, 2009-2014, the Central Government hereby makes the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Taxation of works contract services under Service Tax Posted: 16 Oct 2011 09:41 PM PDT Works contract services were brought into service tax net by the Finance Act, 2007, w.e.f 01-06-2007 vide notification No. 23/2007-ST, dated 22-05-2007. Works contract in general terms can be understood as a contract which involves transfer of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SBI to accept VAT payment from dealers filing half yearly returns in Maharashtra and to remit online to state Govt. Posted: 16 Oct 2011 09:32 PM PDT Kindly be informed that as per SBI letter Ref. No. GBD/SCC/974 dtd. 21-09-2011 SBI has agreed to accept payment from half yearly dealers & remit online to Government of Maharashtra. The said letter has been placed on the website of the sales tax... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| DGFT simplifies Procedure for sale or transfer of imported firearms and prior permission from DGFT is dispensed with in respect of some categories Posted: 16 Oct 2011 09:28 PM PDT Public Notice No. 82 /2009-2014 (RE-2010), Dated 17th October 2011 Subject: Amendment of Para 2.43.2 of the Handbook of Procedures, Vol. I, 2009-2014, regarding Transfer of Imported Firearms. In exercise of the powers conferred under Paragraph 2.4... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| DGFT allows import of 'Liquid Paraffin' as an alternate input for manufacture of certain export products in Plastic Product Group Posted: 16 Oct 2011 09:27 PM PDT PUBLIC NOTICE NO. 81 /(RE-2010)/2009-2014 In SION No. H-532, H-533, H-534 and H-535 of Plastic Product Group (Product Code H), the description of Import Item 'Mineral Oil' is amended to read as "Mineral Oil / Liquid Paraffin. There is no change in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| KYC – Letter issued by UIDAI containing details of name, address and Aadhaar number Posted: 16 Oct 2011 09:20 PM PDT RPCD.CO.RCB.AML.BC.No.23/07.40.00/2011-12 A reference is invited to paragraph 5 of our RPCD.CO.RCB.AML.BC. No.63/07.40.00/ 2010-11 dated April 26, 2011, wherein it was stipulated that when bank relies exclusively on the Aadhaar letter as complete... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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