Replacement of parts of an existing machinery in the course of their working will be a revenue expenditure

Banks to issue demand drafts of Rs. 20,000/- and above with account payee crossing only Posted: 04 Nov 2011 08:48 PM PDT As banks are aware, instruments with account payee crossing are required to be credited to the payee's account and not paid in cash over the counter. However, some unscrupulous elements use demand drafts without any crossing for transfer of money as... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Bank will not make payment of cheques/drafts/pay orders/banker's cheques if they are presented beyond the period of three months from the date of such instrument w.e.f. 01.04.2012 Posted: 04 Nov 2011 08:46 PM PDT Reserve Bank is satisfied that in public interest and in the interest of banking policy it is necessary to reduce the period within which cheques/drafts/pay orders/banker's cheques are presented for payment from six months to three months from the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI liberalises FDI rules related to transfer of shares Posted: 04 Nov 2011 08:06 PM PDT Reserve Bank today said that transfer of shares between Indians and non-residents will not require its permission in several key areas like financial services. Amending the Foreign Exchange Management Regulations, the RBI said that its prior... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Satyam Scam – SC grants bail to B. Ramalinga Raju and his brother B. Rama Raju Posted: 04 Nov 2011 07:39 PM PDT The Supreme Court Friday granted bail to erstwhile Satyam Computers Services Ltd founder-chairman B. Ramalinga Raju, his brother B. Rama Raju and staffer V. Srinivas.  An apex court bench of Justice Dalveer Bhandari and Justice Dipak Misra said from... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Gujarat government decides to simplify the VAT (Value Added Tax) registration procedure Posted: 04 Nov 2011 07:23 PM PDT The new procedure will come into effect from December 1, said Minister of State for Finance, Saurabh Patel. Under the new procedure, a provisional VAT number will be generated and issued within three days of receiving the application, an official... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Replacement of parts of an existing machinery in the course of their working will be a revenue expenditure Posted: 04 Nov 2011 06:44 PM PDT CIT Versus Super Cassettes Industries Ltd. (Delhi HC) - It was contended that mould an necessary input for making the desired plastic components. These moulds have to be replaced over a period of time due to normal wear and tear. The assessee used... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Assessee can set off brought forward losses even if he do not file the return of subsequent years within time required u/s.139(1) Posted: 04 Nov 2011 05:51 PM PDT In our considered opinion, the authorities below were not justified in not granting the set off of the brought forward business loss for the reason that the requirement to file return within the time prescribed u/s.139(1) is for carrying forward the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Altered Will Must be Signed by Testator – SC Posted: 04 Nov 2011 05:32 PM PDT The Supreme Court has said that alterations made in the will by a person do not have legal sanctity unless corrections are executed in the same manner as was done in the case of the original documents. A SC bench said those claiming benefits under... [[ This is a content summary only. Visit www.taxguru.in for full article ]] RBI advised banks to issue Passbooks to Savings Bank Accountholders (Individuals) Posted: 04 Nov 2011 03:48 PM PDT It has come to our notice that some banks are not issuing pass books to their savings banks account holders (individuals) and only issue a computer generated account statement even when the customer desires pass book facility. Banks are, therefore,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Repayment of Term/Fixed Deposits in banks opened with operating instructions 'Either or Survivor' or with 'Former or Survivor' Posted: 04 Nov 2011 02:50 PM PDT In case the mandate is 'Former or Survivor', the 'Former' alone can operate/withdraw the matured amount of the fixed/term deposit, when both the depositors are alive. However, the signature of both the depositors may have to be obtained, in case the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] ICAI's reply to RTI application filed regarding 'Empanelment for Centralised Allotment of Tax Audit' Posted: 04 Nov 2011 04:23 AM PDT It is held that a matter regarding Empanelment for Tax Audit was discussed in the council at its 221st Meeting held on 6th , 07th and 08th December 2001 and council decided " It was decided that existing system of appointment of tax auditor by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] India pitching for consensus among G-20 nations on sharing of tax and banking information with retrospective effect Posted: 04 Nov 2011 03:40 AM PDT India is pitching for a consensus among G-20 nations on sharing of tax and banking information with retrospective effect, arguing that it was essential to deal with past cases of tax evasion.Stressing that the era of banking secrecy laws was over,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Penalty for concealment of Income can not leviable for Voluntary disclosure of Income after receipt of questionnaire in the absence of any detection or information in possession of the Revenue Posted: 04 Nov 2011 03:10 AM PDT CIT Vs. Harnarai (Delhi HC) - In the absence of any material on record to suggest that it was bogus or untrue. It is further evident that there was neither any detection nor any information in the possession of the Revenue which might lead to a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Travel Without E-Ticket Printout but with Copy on Laptop, Mobile etc. is acceptable by Railways Posted: 04 Nov 2011 02:38 AM PDT Rail passengers needn't carry a printout of their e-ticket anymore. They can travel by showing an SMS message of the ticket on their mobile phone or a screenshot of it on a laptop/iPad along with original identity proof to be shown to the ticket... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Two Income Tax officers suspended from service on graft charges Posted: 03 Nov 2011 11:52 PM PDT Two Income Tax officers, who were arrested on graft charges, have been suspended from service, officials said here today. I-T officer Kurdaram Verma was arrested last month by anti-corruption bureau while he was accepting Rs 50,000 bribe from a... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Women Chartered Accountant's Diamond Jubilee Conference at Pune Posted: 03 Nov 2011 10:58 PM PDT PUNE branch of WIRC of ICAI and Women's Cell of Pune Branch has organized ' WOMEN CHARTERED ACCOUNTANT'S DIAMOND JUBILEE CONFERENCE' on 13th November, 2011 at Pune. The Programme will also have CPE credit of 6 Hours and fees for Participation is Rs.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Gross direct tax collection up by 20.28 per cent during April-October 2011 Posted: 03 Nov 2011 10:47 PM PDT The gross direct tax collection jumped 20.28 per cent during the April-October period to Rs 2,84,081 crore, mainly on account of increase in corporate tax mop-up. The figure was Rs 2,36,176 crore in the same period in the previous fiscal. The gross... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Varun Gandhi files RTI to get info on MPs and other people having swiss bank account Posted: 03 Nov 2011 10:34 PM PDT BJP MP Varun Gandhi on Friday sought names of Members of Parliament and others who have allegedly stashed black money in the accounts of HSBC, Geneva, the details of which have recently been shared with the Finance Ministry. The young MP from... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Govt likely to make it mandatory for all micro-finance institutions to be registered with RBI Posted: 03 Nov 2011 09:58 PM PDT The government is likely to introduce a Bill that seeks to make it mandatory for all micro-finance institutions to be registered with the Reserve Bank of India and entrusts the task of regulating the sector to the central bank in the Winter Session... [[ This is a content summary only. Visit www.taxguru.in for full article ]] CBEC Observes Vigilance Awareness Week Posted: 03 Nov 2011 09:45 PM PDT The contribution of the CBEC towards nation-building, especially as the revenue collecting arm of the government should be appreciated in the correct perspective. He underlined the virtues of courage and commitment in the due discharge of the duties... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Union Finance Minister , Shri Pranab Mukherjee's Speech at the Ninth India today Chief Minister's Conclave Posted: 03 Nov 2011 09:43 PM PDT This event has become closely identified with the performance assessment of the state of Indian States on a number of well reasoned parameters. It gives this event certain glamour, some mystique and it may also be fuelling some exam like... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Collection of Account Payee Cheques by co-operative credit societies- Prohibition and Relaxations on Crediting Proceeds to Third Party Account Posted: 03 Nov 2011 09:38 PM PDT With a view to mitigate the difficulties faced by the members of co-operative credit societies in collection of account payee cheques, relaxation was extended vide our circular DBOD.BP.BC.No. 47/21.01.001/2010-11 dated October 1, 2010. In terms of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Interest subvention on pre-shipment and post-shipment rupee export credit is extended from April 1, 2011 to March 31, 2012 Posted: 03 Nov 2011 09:35 PM PDT UBD.BPD (AD) Cir.No.3/13.05.000/2011-12 Government of India has decided to extend interest subvention of 2% on rupee export credit on specified export sectors from April 1, 2011 to March 31, 2012. Accordingly, the interest subvention on pre-shipment... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Singapore-Spain Avoidance of Double Taxation Agreement To Come Into Force Posted: 03 Nov 2011 09:19 PM PDT Singapore's agreement with Spain for the avoidance of double taxation (DTA) will come into force on 1 February 2012. The agreement is Singapore's 68th DTA and will encourage and facilitate cross-border trade and investment between Singapore and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]