CBDT directs AOs to reconcile pending demands already paid Posted: 21 Jun 2012 08:15 PM PDT Circular No. 4 of 2012 The Board has been apprised that in certain cases the assessees have disputed the figures of arrear demands shown as outstanding against them in the records of the Assessing Officer. The Assessing Officers have expressed their inability to correct/reconcile such disputed... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Doctor certificate not enough to determine emergency Posted: 21 Jun 2012 12:22 PM PDT The CAT has held that a patient condition as an emergency case cannot be decided on the basis of the doctor's certificate always. Whether the case is of emergency nature or not is not always decided on the basis of the certificate of a doctor who treats the patient and performs the surgery," the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| How To Tackle Offshore Tax Evasion – OECD Posted: 21 Jun 2012 12:10 PM PDT The total number of signatories is growing rapidly and currently stands at 35. India has moved particularly quickly to both sign and ratify, with the result that the convention entered into force with respect to India on 1st June 2012. With your support many jurisdictions and developing countries... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Due date for filing of Form 49C by Non Resident, having liaison office in India, extended till 30-9-2012 Posted: 21 Jun 2012 04:00 AM PDT Section 285 of Income-tax Act and Rule 114DA of Income-tax Rules read with Circular No. 5 of 2012, dated 6-2-2012, prescribes that a specified categories of assessees having a (Liaison Office in India shall electronically file Form 49C, within 60 days from the end of financial year. The due date... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| ITAT has no power to condone delay in filing rectification petition u/s. 254(2) Posted: 21 Jun 2012 01:50 AM PDT Statute has either mentioned that the date on which the order sought to be appealed should be the date of communication, or the date when the order is served or the date of service of the notice of demand. However, the Statute has not given any such indication while drafting the language of section... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Implementation of Paradigm shift in Taxation of Services – New Notifications Posted: 21 Jun 2012 12:56 AM PDT Yesterday, the TRU has issued number of Notifications to give effect of implementation of Paradigm shift in taxation of Services –Budget 2012 by way of either rescinding or amending old Notifications including some of recently issued Notifications during the time of Budget 2012 i.e. 17th March,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| 20% TDS deduction is contrary to S.139A & discriminatory Posted: 21 Jun 2012 12:40 AM PDT Section 206AA of the Income Tax Act, which provides for furnishing a permanent account number, is contrary to Section 139A and discriminatory and therefore, read down from the statute for those persons, whose income is less than the taxable limit [A. Kowsalya & Others v. Union of India &... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Involvement in a scam cannot be ground for sustaining penalty imposed u/s. 271E Posted: 20 Jun 2012 11:30 PM PDT The expression 'reasonable cause' used in Section 273B is not defined under the Act. Unlike the expression 'sufficient cause' used in Section 249(3), 253(5) and 260A(2A) of the Act, the legislature has used the expression 'reasonable cause' in Section 273B of the Act. A cause which is reasonable... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Depreciation on Assets not used for the purpose of business – Allowability Posted: 20 Jun 2012 10:30 PM PDT Boskalis Dredging India P.Ltd, is a company incorporated in India on 5th January,1996. It is engaged in the business of undertaking inter alia capital and maintenance dredging projects and providing technical related services in dredging. However, during the relevant year, the income was earned... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Whether quota sale receipt covered U/s. Sections 28(iiia) to 28(iiie) or S. 28(iv) Posted: 20 Jun 2012 10:25 PM PDT In the said assessment year, the assessee had earned premium of Rs.12,26,140/- on sale of export quota. The Assessing Officer held that this premium is covered by Section 28 (iiia/b/c) and accordingly computed deduction under Section 80HHC but without giving benefit of provisos under sub Section... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Non-compete fee is a creative accounting tool to hide payment of goodwill to sister concern Posted: 20 Jun 2012 10:03 PM PDT The assessee has made an attempt to suppress the true colour of the payment towards the goodwill by stating that payments were made towards non compete fee, IPR on brand/brand value, etc. In fact the assessee as well as its sister concern M/s. Pentafour Technologies Limited do have a common CEO and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Rupee touches record low of 56.57 against dollar Posted: 20 Jun 2012 09:04 PM PDT At the interbank foreign exchange market, the rupee fell for the fourth-day in a row, tumbling 42 paise to a new record intra-day low of 56.57 against the US dollar. The rupee fell on increased capital outflows from the domestic equity markets, and rising dollar demand by importers, after the US... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| CCI Imposes penalty of more than six thousand crores on 11 Cement companies Posted: 20 Jun 2012 09:02 PM PDT The Competition Commission of India has found cement manufacturers in violation of the provisions of the Competition Act, 2002 which deals with anticompetitive agreements including Cartels. The order was passed pursuant to investigation carried out by the Director General upon information filed by... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Change In Constitution of DRP In Mumbai & Delhi Posted: 20 Jun 2012 09:02 PM PDT Order No. 5/FT&TR/2012 In partial modification of Order No. 4/FT&TR/2012, and in exercise of powers conferred under section 144C of the income-tax Act, 1961, the Board hereby reconstitutes the Dispute Resolution Panel (DRP) comprising of three Commissioners of Income-tax/Directors of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Ownership & Governance norms for Market Infrastructure Institutions Posted: 20 Jun 2012 09:01 PM PDT SEBI, is in the process of formulating the following:- a. Minimum listing standards:- SEBI shall separately prescribe minimum listing standards for listing of companies on stock exchanges. However, the stock exchanges can prescribe more stringent norms, if they so desire. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| RBI permits 'notional' short sale from the HFT portfolio Posted: 20 Jun 2012 09:00 PM PDT As per extant guidelines, banks are permitted to undertake 'notional' short sale whereby they can sell a security short from HFT portfolio even if the security is held under their AFS/HTM portfolio (circular RBI/2006-07/243 dated January 31, 2007). In view of the various scenarios under which a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Rate of exchange of conversion of each of foreign currency WEF 22nd June, 2012 Posted: 20 Jun 2012 09:00 PM PDT Notification No.52/2012 - Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| Anand Sharma Pushes for Favourable Terms for Pharma Export to Russia Posted: 20 Jun 2012 09:00 PM PDT In his bilateral meeting with Mr. D. Rogozin, Deputy Prime Minister of Russian Federation, at St Petersburg today, Shri Anand Sharma pushed opening up opportunities to Indian pharma companies for favourable joint venture partnerships in Russia. The Indian Minister pointed out that the Indian... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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| When order challenged in appeal before the Tribunal itself is not in existence, then appeal filed against the interim order in that appeal certainly not maintainable Posted: 20 Jun 2012 07:01 PM PDT This appeal is preferred by the revenue challenging the interim order of stay in particular the order directing the appellant to pay 10% of the demand as security while entertaining the appeal. The learned counsel for the respondent submits that in view of the amendment to the CENVAT Credit Rules... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 
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