CA Final & CPT Result Likely on 21st January, 2013

CA Final & CPT Result Likely on 21st January, 2013

Posted: 11 Jan 2013 07:12 PM PST

Result of the Chartered Accountants Final Examination held in November, 2012 and Common Proficiency Test (CPT) held in December, 2012 are likely to be declared on Monday, the 21st January, 2013

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AAR cannot be approached for a ruling only on a part of a transaction

Posted: 11 Jan 2013 06:44 PM PST

A ruling pronounced by this Authority is binding on the applicant, in respect of the transaction in relation to which the ruling has been sought and on the Commissioner and the income-tax authorities subordinate to him. The ruling is in respect of the applicant and the transaction involved.

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HC stays CBEC's Circular on recovery of confirmed demand during pendency of stay application

Posted: 11 Jan 2013 06:19 PM PST

The High Court of Judicature of Andhra Pradesh has granted an interim stay against  Circular No.  967/01/2013 – CX,  Dated 1st January, 2013 issued by the CBEC, seeking the recovery of confirmed demand during pendency of stay application. Full text of the Order is as follows :- ANDHRA PRADESH HIGH...

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Direct Sales Association/Agents (DSA) of Banks taxable under 'Business Auxiliary Services'

Posted: 11 Jan 2013 05:45 PM PST

The terms and conditions of the relevant Agreements show that the appellant was, in fact, using their infrastructure, staff and expertise to market products of the Banks. In both the Agreements, the appellant was referred to as Direct Sales Association/Agent.

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CLB Chairman cannot transfer a case from one Regional Bench to another

Posted: 11 Jan 2013 05:38 PM PST

A reading of Regulation 3 of the CLB Regulations makes it clear beyond any doubt that the Chairman of the CLB is empowered by the Board to constitute the Benches of the Board as per the composition of Benches prescribed under Section 10E (4B) of the Act.

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Sanctity of order of court matters rather than higher bid offered at a later stage after the bid was accepted

Posted: 11 Jan 2013 05:31 PM PST

When an order passed by this Court it is to be considered by the public at large and the same concluded at the instance of this Court. Then it is the duty of this Court to give respect to its order by giving sanctity more than, over and above the highest bid.

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Ownership of land not necessary for builder to claim deduction u/s. 80-IB(10)

Posted: 11 Jan 2013 05:10 PM PST

The first issue before us is whether the assessee is a developer and builder and, thus, entitled to deduction u/s. 80IB(10) qua the Sadguru Krupa Project, or only a Contractor and, thus, not so entitled. No argument, much less materials, has been advanced or adduced before us

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Transfer Pricing Assessment without obtaining Assesses objections not valid

Posted: 11 Jan 2013 05:05 PM PST

It was incumbent on the AO to supply the information to the assessee, obtain its objections, if any, and pass order after taking into account the information and the objections of the assessee. This has not been done in respect of 20 comparables.

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Loading / unloading within factory premises of client is not cargo handling service

Posted: 11 Jan 2013 04:46 PM PST

It is undisputed in this case that the respondent is providing services for loading & unloading within the premises of M/s. J.M. Baxi & Co. The judgment of the Hon'ble High Court of Jharkhand categorically has settled law in as much, that any services provided within the factory premises...

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TPO not justified in rejecting computation of ALP made by assessee by applying CUP method if all comparables are fairly unrelated

Posted: 11 Jan 2013 11:08 AM PST

It is a fact on record that the assessee has adopted the CUP method for computing the Arms' Length Price for the international transaction entered into by it with its AE for the medical transcription service rendered by it to the AE. In this regard, the assessee has considered two external...

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Method adopted by Assessee for determining ALP cannot be rejected without showing fallacies in method adopted by Assessee

Posted: 11 Jan 2013 11:07 AM PST

TPO has not assigned any valid reason for rejecting the method adopted by the assessee for the determination of ALP with its transaction with ODSI. Where an assessee has followed one of standard methods of determining ALP, such a method cannot be discarded in preference over transactional profit...

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Section 10A(6)(ii) cannot be invoked in exemption period

Posted: 11 Jan 2013 11:03 AM PST

A perusal of the legislative history of the provision makes it clear that the same was incorporated in the "Act" with effect from 01.04.1981 by the Finance Act, 1981. Initially, it had provided tax holiday of five consecutive year beginning with the assessment year relevant to the previous year in...

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Tribunal may recall its order passed ex-party if Assessee gives sufficient reasons for the same

Posted: 11 Jan 2013 11:02 AM PST

Clause (i) of sub-section (2) of section 36 of the Act itself provides that the claim for deduction as bad debt would not be allowed unless such debt or part thereof has been taken into account in computing the income of the assessee of the previous year in which the amount of such debt or part...

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CBI Arrests Deputy Director Of DRI, Customs Superintendent In Alleged Bribery Case

Posted: 10 Jan 2013 05:59 PM PST

The Central Bureau of Investigation has arrested a Deputy Director of Directorate of Revenue Intelligence; a Superintendent of Customs and a representative of a Kolkata-based private firm in an alleged bribery case.

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Export of Pharmaceutical Grade / Specialty Sugar not required to registered with DGFT

Posted: 10 Jan 2013 05:55 PM PST

Export of Pharmaceutical Grade Sugar and Specialty Sugar will not be required to be registered with DGFT. Every other type of sugar would continue to be subject to registration before export.

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