The new centralized web based software application of CBEC under the name Automation of Centralized Excise and Service Tax (ACES) is likely to be introduced shortly. The details of the same can be accessed at http:// www.aces.gov.in. It is designed...

Work distribution in Mumbai Service Tax Commissionerate- Streamlining of, based on name of assessee

Attention of the Trade is invited to Trade Notice No. 2/2005-S.T., dated 31-3-2005, No. 21/2005, dated 4-7-2005, etc., notifying the geographical area of Service Tax Divisions-I & II and the allocation of various taxable services under both the...

ICAI Committee for Members in Industry organizing Corporate Forum from 29th to 31st January 2010 in Mumbai

The companies participating will have to register online on placement portal www.cmii.icai.org. · The participation fees should be remitted at ICAI head office New Delhi only. · Access to the candidate database shall be allowed only after the...

Allowability of Interest liability discharged by way of issuance of shares

By issuance of shares the assessee cannot be said to have incurred any expenditure and hence, issuance of shares in lieu of interest liability cannot be considered to have been payment towards expenditure. Related posts:In mercantile method of...

Principle of Mutuality could be confined in respect of the income earned by the club from investments of its surplus funds

Before answering the first question viz., as to whether the interest income of the assessee received from its corporate members on the investments of surplus funds as Fixed Deposits or Debentures etc., is exempted from tax on the concept of...

Validity of notice u/s. 148 of the IT Act, 1961 by affixture when no material on record to show effort made by AO

Where there was no material on record to show or to suggest that any effort was made by the Assessing Officer to serve the notice in normal course before issuing the directions to serve the same by way of affixture; it could not be held that service...

Court fees is payable as per section 253(6)(d) of the IT Act, 1963 in case Assessee is assessed to loss

An appeal to the Appellate Tribunal shall be in the prescribed form and shall be verified in the prescribed manner and shall, in the case of an appeal made, on or after the 1st day of October, 1998, irrespective of the date of initiation of the...

Constitutional validity of provisions of section 245HA(1)(iv) r.w. section 245HA(3) of IT Act, 1961

The fixing of cut-off date under section 245D(4A)(1), the abatement under section 245HA(1)(iv) , making available the confidential information under section 245HA(3), as inserted by the Finance Act, 2007, would be clearly ultra vires the...

Medico-legal reports cannot be refused under the RTI Act

Medico-legal reports cannot be refused under the RTI Act, the CIC has held saying unlike normal medical cases, they are not prepared at the instance of the patient but are legal requirement."Medico legal cases (MLCs) are indeed legal requirements in...

Form for Intimating the ICAI about Engagements Accepted (after submission of Multipurpose Empanelment Application Form for the Year 2009-10

Association of the concern/any partner/proprietor with Public Sector Banks as Concurrent / internal / income and expenditure or revenue auditor/ stock auditor/ auditor of borrowers accounts etc. (other than as Statutory Bank Branch Auditors and...

PWC approached Delhi HC seeking quashing of proceedings against it, Clean Chit from ICAI

The Delhi-based franchise of audit firm PricewaterhouseCoopers today approached the Delhi High Court seeking quashing of proceedings initiated against it by the government in the aftermath of Satyam scam. It pleaded before the court that the...

Profession Tax Amnesty Scheme for defaulters in Maharashtra

The Amnesty Scheme is open for the period from 1st August, 2009 to 31st March, 2010 and is called "Profession tax Enrollment Incentive scheme 2009". Related posts:Frequently asked question on Profession Tax (PT) in Maharashtra Who is liable to pay...

S. 14A disallowance can be made with regard to partner's share of profits

The assessee, a partner in a firm, received 'share of profit' and 'salary' from the firm. While the 'share of profit' was exempt u/s 10(2A), the 'salary' was taxable as business income u/s 28 (v). The assessee claimed deduction for business...