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Apr 3, 2010

TaxGuru.in- Updates 04.04.2010

Financial, Legal & Tax Updates from TaxGuru (in this message: 8 new items)



In the case of difference between the sales as per books of accounts and the amount shown in TDS certificate only the profit element is taxable and not the entire amount

Posted: 03 Apr 2010 10:20 AM PDT

Cuttack bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of R.R. Caryying Corpn. v. ACIT [2009] 126 TTJ 240 (Cuttack) held that only the embedded portion of the profits is to be considered as taxable and not the entire amount...

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The initial assessment year for the purpose of claiming benefit under section 80-IA of the Act, is the year of commercial production not the year of trail production

Posted: 03 Apr 2010 10:11 AM PDT

Recently, the Delhi High Court in the case of ACIT v. Nestor Pharmaceuticals Limited [2010-TIOL-124-HC-DEL-IT] on the issue of whether the year in which trial production starts can be considered as initial Assessment Year (AY) for claiming benefit...

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Withdrawal of Circular no. 23 dated 23 July 1969 by CBDT is prospective in nature and will not apply to the pending cases

Posted: 03 Apr 2010 10:02 AM PDT

Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of DDIT v. Siemens Aktiengesellschaft (ITA no. 6133/Mum/2002, ITA No. 7589/Mum/2003) held that the withdrawal of circular no. Circular no. 23 dated 23 July...

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Banks and NBFCs got time up to April 2013 to adopt IFRS

Posted: 03 Apr 2010 09:48 AM PDT

The government has given two more years to banks and NBFCs to align their accounting practices with the international financial reporting standards (IFRS). The core group of the ministry of corporate affairs extended the deadline to April 2013 at a...

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SEBI directed stock exchanges to post all their regulatory orders and arbitration awards on websites from this fiscal

Posted: 03 Apr 2010 09:42 AM PDT

Market regulator Securities and Exchange Board of India has directed stock exchanges to post all their regulatory orders and arbitration awards on websites from this fiscal to ensure greater transparency for investors. The exchanges have also been...

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Not much success to ICAI in Satyam scam investigation

Posted: 03 Apr 2010 09:37 AM PDT

THE INSTITUTE of Chartered Accountants of India (ICAI) has so far made no headway in the proceed against the auditors for their alleged involvement in the Satyam scam.The disciplinary meeting was held on March 31,2010.

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Foreign Companies planning to move AAR to seek clarity in respect of Investment Via Mauritius

Posted: 03 Apr 2010 09:34 AM PDT

MORE than a dozen foreign entities, which invest in shares of Indian companies using the Mauritius route, are planning to move the Authority for Advance Rulings (AAR) for clarity on the issue of tax liability in India. AAR is a quasi judicial body...

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First Indian Depository Receipts (IDRs) Issue – Red Herring Prospectus filed with SEBI by Standard Chartered Plc- a discussion

Posted: 03 Apr 2010 09:14 AM PDT

On 30th March, 2010 Standard Chartered Plc (`STANCHART') filed its draft Red Herring Prospectus with SEBI for its proposed IDR issue. Lead Managers to the issue includes UBS Securities India Pvt. Ltd., Godman Sachs (India) Securities Pvt. Ltd, JM...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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