| Issues and Procedures for Assessment of Search Cases Posted: 17 Feb 2010 06:38 PM PST Section 153C provides that where an Assessing Officer is satisfied that any money, bullion, jewellery or other valuable article or thing or books of account or documents seized or requisitioned belongs to a person other than the person referred to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Fewer students are passing the CA final exams, why? Posted: 17 Feb 2010 06:38 PM PST The low pass percentage in the latest CA final exams is causing the supply of good chartered accountants to stay low. Call it a result of the economic downturn, the Satyam effect or simply turning off the tap by the Institute of Chartered... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Wipro staff commits $4 Million fraud Posted: 17 Feb 2010 06:26 PM PST Bangalore: IT major Wipro has tightened internal control in the finance division after it was noticed that one of its employees embezzled crores of rupees in the last three years. The employee, who was working in the 'controllership' division within... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Three deputy sales tax commissioners suspended for involvement in sales Tax refund fraud Posted: 17 Feb 2010 06:22 PM PST Mumbai:-Three senior sales tax officers have been suspended for their alleged involvement in a Rs 50-crore scam. The three officers are deputy commissioners Lalitkumar Chavardol and Sadashiv Kulkarni and assistant commissioner Chandrakant Guthe. ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| ICAI will make transfer pricing software available to its member at low cost Posted: 17 Feb 2010 06:04 PM PST The Institute of Chartered Accountants of India (ICAI) plans to familiarise its members, especially the partners of small auditing firms, with the best transfer pricing methods to help them take up larger audit assignments involving companies that... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Allowability of reduction of depreciation as per Income-tax Rules while computing book profit under section 115J Posted: 17 Feb 2010 05:58 PM PST The assessee, a private limited company, provided for depreciation in its Profit & loss account by adopting the rates specified in the Income-tax Rules and computed its "book profits" u/s 115J on that basis. The AO recomputed the book profits... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CCI plans to introduce scheme of pre-merger consultation for companies considering mergers and acquisition Posted: 17 Feb 2010 05:47 PM PST "We are considering having pre-merger consultations clause for vetting mergers under sections 5 and 6 of the Competition Act," said CCI chairman Dhanendra Kumar at the Indo-US Economic Summit held in the capital. The provision of pre-merger... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBEC directed staff to take Revenue maximization measures and speed up recovery Posted: 17 Feb 2010 05:41 PM PST The Central Board of Excise and Customs (CBEC) has directed its field formations to expedite "non-duty-related measures" for augmenting revenue. To this effect, CBEC members held meetings last week. Officials said the priority was revenue... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Peer Review – Documentation – Tax Audit under Income Tax Act Posted: 17 Feb 2010 05:08 PM PST Peer Review Board was established by the Council of the Institute in March 2002 to conduct the system of PR. As you must be aware, it has been made mandatory for the auditors of the listed company to undergo PR on/before 31st March 2009. If they... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Design Clinic Scheme for Design Expertise to MSME Sector launched Posted: 17 Feb 2010 04:58 PM PST The first seminar on Design Clinic Scheme for Design Expertise, a component of National Manufacturing Competitiveness Programme was held here today. It is a unique and ambitious design intervention scheme for the country's large micro, small and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Transfer pricing regulation crucial to stopping MNCs from shifting profits out of India says Pranab Mukherjee Posted: 17 Feb 2010 04:54 PM PST Transfer pricing is a major international tax compliance issue as multinational entities tend to set transfer pricing on cross-border transactions to reduce taxable profits. Being organized by CBDT and OECD from 17th to 19th February 2010, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Shri Salman Khurshid reiterates the idea of making Corporate Social Responsibility quantifiable CSR exchange , CSR credits, Posted: 17 Feb 2010 04:48 PM PST Shri Salman Khirshid, Minister for Corporate Affairs, has reiterated the idea of making Corporate Social Responsibility (CSR) quantifiable and urged corporates to debate the possibility of establishing a CSR exchange to deal in CSR credits.... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Memorandum of Procedure for channeling transactions through Asian Clearing Union (ACU) Posted: 17 Feb 2010 04:43 PM PST Attention of Authorised Dealer Category-I (AD Category – I) banks is invited to the Memorandum containing detailed procedural instructions for channeling transactions through Asian Clearing Union (ACU) (Memorandum ACM) issued in April, 2003 and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Rectification of mistakes – whether permissible in case of subsequent contrary decision? Posted: 17 Feb 2010 06:08 AM PST Section 154 of the Income Tax Act, 1961 provides that any mistake apparent from the record can be rectified by the assessing authority within expiry of four years from the end of the financial year in which the order sought to be amended was passed. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Looking Beyond the Things: Mandap Keeper Posted: 17 Feb 2010 06:00 AM PST The Mandap Keeper Service was brought into the service tax scope from 1-7-1997.The service of Mandap keeper has also raised many issues. The main issue arises when the food is also provided along with the services of Mandap Keeper. One of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| DGFT notification on amendment in paragraph 4.1.6 related to Value Addition under Advance Posted: 16 Feb 2010 08:05 PM PST "Advance Authorisation necessitates exports with a minimum value addition of 15%, except for items specified in Appendix 11B of HBP v1 and for items in Gems & Jewellery Sector, for which value addition would be as per paragraph 4A.2.1 of HBP... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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