| 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | 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. [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
 | | 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... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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With Regards,
CA Sandeep Kanoi
Website: http://www.taxguru.in/
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