ICWAI Demands Drop “Chartered” From ICAI, Blames CAs for Black money

ICWAI Demands Drop "Chartered" From ICAI, Blames CAs for Black money Posted: 15 Dec 2011 05:56 PM PST The President and members of the Council of the Institute of Cost and Works Accountants of India express their utmost unhappiness on the passing of the ICWAI Amendment Bill in the Rajya Sabha on 12th Dec 2011, by which the name was proposed to be... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] RBI swung into action to check slide in rupee value against dollar Posted: 15 Dec 2011 08:14 AM PST The Reserve Bank today swung into action to check slide in rupee value against dollar and speculations. It has imposed restrictions with immediate effect on forward trading in the local currency by Foreign Institutional Investors and traders and... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] No deduction of TDS u/s. 194-I on 'Rent' Without Control' Over Asset – ITAT Mumbai Posted: 15 Dec 2011 07:27 AM PST Chattisgarh State Electricity Board Vs. ITO (TDS) - in a situation in which the payment in made for the use of an asset simpliciter, whether with control and possession in its legal sense or not, the payment could be said to be for the use of an... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Whether assessment can be re-opened beyond four years when all primary facts for making the claim were disclosed to the AO Posted: 15 Dec 2011 06:39 AM PST Kimplas Trenton Fittings Ltd Vs ACIT (Bombay HC) - In the present case, admittedly, the reopening of the assessment is beyond a period of four years of the end of the relevant Assessment Year. The jurisdictional condition under Section 147 in such a... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Draft Bank Branch Auditors' Panel for the year 2011-12 Posted: 15 Dec 2011 02:19 AM PST We would like to inform that the draft Bank Branch Auditors' Panel for the year 2011-12 has been hosted at www.meficai.org and will be available till 20th December, 2011. In case of query, pl log a complaint at... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Companies Bill 2011- Major Highlights Posted: 15 Dec 2011 12:40 AM PST The Ministry of Corporate Affairs has today introduced the much awaited Companies Bill 2011in the Lok Sabha. The new bill is all set to replace the 55 year old Act. The promulgation of the new Act is a step towards globalization and is a successful... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Rupee hits all time low; trading at 54.23 Posted: 14 Dec 2011 11:47 PM PST The rupee breached the 54 mark to open at 54.20 against a dollar. The rupee had closed at 53.71 yesterday. Currently it is trading at 54.23. The general sense in the market is that the RBI does not want to throw good money after bad. The RBI data... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] HC upheld 25% addition for receipt of goods from the parties other than the persons who had issued the bills of such goods Posted: 14 Dec 2011 10:36 PM PST CIT Vs. Sanjaykumar Mansukhlal Dhabba (Gujrat HC)- In the said case of Sanjay Oilcake Industries [Supra], the Division Bench of this Court upheld the view of the Tribunal limiting the additions to 25%, where it was found that the goods were... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Tribunal may treat Appeal as un-admitted for non attendance with a right to appellant to make application for recall of order Posted: 14 Dec 2011 09:50 PM PST Bhagwan Dass Bansal Vs ITO (ITAT Delhi)- In the case of Commissioner of Income-tax vs. Multiplan India (P) Ltd.; 38 ITD 320 (Del), the appeal filed by the revenue before the Tribunal, which was fixed for hearing. But on the date of hearing nobody... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] NRIs remitting money back home to take advantage of decrease in value of Rupee against Dollar Posted: 14 Dec 2011 09:15 PM PST As the Rupee slides to new low against the dollar, NRIs are making a beeline to send the remittances back home. The leading bankers in Dubai say the expatriate Indians are opting for personal loans, cash advances through credit cards and salary... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICAI Announcement for Empanelment as a Technical Reviewer with the Quality Review Board Posted: 14 Dec 2011 09:04 PM PST The Government of India has, in exercise of the powers conferred by Sec. 28A of the Chartered Accountants Act, 1949, constituted a Quality Review Board to perform the following functions:- (a) to make recommendations to the Council with regard to... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] ICAI Indirect Taxes Committee submits Pre-Budget Memorandum, 2012 Posted: 14 Dec 2011 09:01 PM PST The Indirect Taxes Committee of the Institute has submitted the Pre-Budget Memorandum, 2012 relating to Indirect Taxes to the Ministry of Finance on 7th December, 2011. The Memorandum contains suggestions on various issues in the area of indirect... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] NPA of a Company defaulting in repayment of loan can be assigned for the debt Posted: 14 Dec 2011 08:59 PM PST Hindon River Mills Ltd. Vs. IFCI Ltd. & Anr. (Delhi HC) - Notwithstanding IFCI Bank Ltd. owing a fiduciary obligation towards the Company in its capacity as an Operating Agency and notwithstanding Kotak Mahindra Bank Ltd. owing a fiduciary... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Anand Sharma Rules Out Freezing of the Custom Duties at the Current Levels Posted: 14 Dec 2011 08:55 PM PST Anand Sharma, Commerce, Industry and Textiles Minister, clearly spelt out India's position on some of the new ideas that have been proposed in the current WTO round as a possible way forward. Ruling out any freezing of the custom duties at the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Allowability of commission paid to sole selling agent Posted: 14 Dec 2011 08:43 PM PST CIt Vs. Sayaji Industries Ltd (Gujarat High Court)- There were voluminous records suggesting that the LGDA is not only the sole selling agent of the assessee, but it also does not undertake any other task except to promote the sales of the assessee... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Employees' State Insurance Corporation Approves its Annual Report and Annual Accounts for The Year 2010-11 Posted: 14 Dec 2011 08:40 PM PST The Employees' State Insurance Corporation today in its 154th meeting approved its Annual Report and Annual Accounts for the year 2010-11. The Corporation also approved the Annual Report and Annual Accounts 2010-2011 of the Corporation for... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Material found in the search may be a ground for notice and assessment under Section 153A of the Act but that would not efface or terminate all the consequence, which has arisen out of the regular assessment or reassessment Posted: 14 Dec 2011 08:34 PM PST CIT v. Smt. Shaila Agarwal (Allahabad High Court ) - he second proviso to Section 1 53A of the Act, refers to abatement of the pending asssessment or re-assessment proceedings. The word 'pending' does not operate any such interpretation, that... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] International Customs Day 2012 to be celebrated on Friday, the 27th January, 2012 Posted: 14 Dec 2011 08:29 PM PST International Customs Day is celebrated on 26th January every year all over the world. This being the Republic Day of India, it is celebrated in India on either the previous or next working day. It has been decided that the International Customs Day... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Amendment to Public Provident Fund Scheme, 1968 (PPF, 1968) and Senior Citizens Savings Scheme, 2004 (SCSS, 2004) – Payment of commission to the agents Posted: 14 Dec 2011 08:29 PM PST We forward herewith a copy of Government of India Notification No. F.1/12/2011-NS-II dated November 25, 2011, on the captioned subject. The contents of the same are self-explicit. 2. In this regard, we advise that the contents of the Notification... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] FM to inaugurate Direct Taxes Regional Training Institute, Bangalore on 18th December 2011 Posted: 14 Dec 2011 08:26 PM PST The strength of the Indian economy and the capabilities of the Indian Income-tax Department are globally accepted today. The training sector of the Department has matched steps in this journey through constant re-skilling, value additions and... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Risk Management and Inter Bank Dealings – A.P. (DIR Series) Circular No. 58 Posted: 14 Dec 2011 08:26 PM PST Keeping in view the developments in the foreign exchange market, it has been decided by RBI to implement the following measures with immediate effect until further review. i. Under contracted exposures, forward contracts, involving the Rupee as one... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Deferment in the date of effect of one provision contained in Note-6 of Notification No. 82 of 31.10.2011 relating to export of meat Posted: 14 Dec 2011 08:25 PM PST Notification No. 89 (RE-2010)/2009-14 - The stipulation that raw material for export of meat and meat products must be sourced exclusively from APEDA registered abattoir/integrated abattoir will come into effect on 15.06.2012, instead of... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] DGFT notification on Export of empty Gelatin Capsule, to EU Posted: 14 Dec 2011 08:23 PM PST Notification No 90 (RE – 2010)/2009-2014 - For export of Empty Gelatin capsule to EU, CAPEXIL will be the competent authority for issuance of shipment clearance certificate. Post shipment Health certificate will be issued jointly by CAPEXIL and... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Formation of two new districts – Fazilka & Pathankot in the State of Punjab Assignment of Lead Bank responsibility Posted: 14 Dec 2011 08:22 PM PST The Department of Revenue & Rehabilitation, Government of Punjab vide their Gazette Notification No. 1/1/2011-RE-II(I)/14544 & 14554 dated July 27, 2011 has advised about the constitution of new districts viz. Pathankot and Fazilka ... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Guidelines on Outsourcing of Activities by Intermediaries Posted: 14 Dec 2011 08:20 PM PST Merchant Bankers/Registrars to An issue and Share Transfer Agents/Debenture Trustees/Bankers to An Issue/Underwriters/Credit Rating Agencies/Mutual Funds/Portfolio Managers/Venture Capital Funds/Collective Investment Schemes/Custodians [[ This is a content summary only. Visit www.taxguru.in for full article. ]] No proceedings can be brought against a non­existent person either natural or artificial Posted: 14 Dec 2011 08:20 PM PST CIT Vs. S R M B Udyog Ltd. (Kokata High Court) - Under the provisions of the Companies Act, 1956, effect of amalgamation is winding up of the transferor company. Moreover, from the terms of the amalgamation which have been accepted by this Hon'ble... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 Posted: 14 Dec 2011 08:17 PM PST Notification No. 87/2011 - Customs (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Enforcement Directorate questiones Unitech MD Sanjay Chandra Posted: 14 Dec 2011 08:15 PM PST Enforcement Directorate questioned Sanjay Chandra, Unitech MD and an accused in the 2G spectrum allocation scam recently over investments made in a tax haven abroad.Chandra, who was recently released on bail in the case, has been questioned by ED... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Whether section 40(A) (ia) is having retrospective operation or not? Posted: 14 Dec 2011 08:13 PM PST Supreme Court, as has been recorded by the learned Tribunal, in the case of Allied Motors Pvt. Ltd. and also in the case of Alom Extrusions Ltd., has already decided that the aforesaid provision has retrospective application. Again, in the case... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] SEBI (Debenture Trustees) (Second Amendment) Regulations, 2011 – Substitution of Regulation 7A Posted: 14 Dec 2011 07:36 PM PST NOTIFICATION No. LAD-NRO/GN/2011-12/30/37715, dated 14-12-2011 In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations to amend the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]] Expenses incurred by manufacturer and seller of pre-recorded audio cassettes and CDs on acquisition of intangible asset is to be treated as revenue expenditure Posted: 13 Dec 2011 09:22 PM PST DCIT Vs. M/s. Aditya Music (I) Ltd. (ITAT Hyderabad)- Facts of the case in brief are that the assessee company is a manufacturer and seller of pre-recorded audio cassettes and CDs. In Profit and Loss A/c. for the years under consideration, the... [[ This is a content summary only. Visit www.taxguru.in for full article. ]]