Expenditure incurred for running the business or working it, with a view to produce profits is in the nature of revenue expenditure

Expenditure incurred for running the business or working it, with a view to produce profits is in the nature of revenue expenditure Posted: 03 Jan 2012 06:25 PM PST Airport Authority of India vs. CIT (Delhi High Court) - The Supreme Court has held in the case of Assam Bengal Cement Co. Ltd. Vs. CIT (1995) 25 ITR 34 that if the expenditure is made for acquiring or bringing into existence an asset or advantage... [[ This is a content summary only. Visit www.taxguru.in for full article.]] File validation Utility (FVU) version 3.3 for FY 2010-11 onwards and version 2.131 for upto FY 2009-10 released Posted: 03 Jan 2012 06:22 PM PST Key features of File Validation Utility (FVU) version 3.3 FVU 3.3 will be applicable for quarterly TDS/TCS statements pertaining to FY 2010-11 onwards Mandatory to quote Book Identification Number - BIN (in case of regular statement) for... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Book Your Train Reservation Ticket While on Move through Mobile Phone Posted: 03 Jan 2012 06:21 PM PST No Need to Carry Ticket Print-Out, Mere Display of Message on Mobile is Sufficient during Travel.To bring further convenience to the rail users, Indian Railways through Indian Railway Catering & Tourism Corporation (IRCTC), a Public Sector... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transfer Pricing – Non-Reference To TPO Renders Order 'Erroneous' and prejudicial to revenue Posted: 03 Jan 2012 06:20 PM PST Ranbaxy Laboratories Ltd vs. CIT (Delhi High Court) - Judgment of Special Bench in Aztec Software (supra) is not in conflict with Sony India (supra) once the validity of said instruction is upheld by this Court. The followup thereof is that the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] For disallowing interest AO must give a finding with regard to the nexus between the interest bearing funds available and interest free advances made during the year Posted: 03 Jan 2012 06:20 PM PST Amarpali International Vs. ACIT (ITAT Delhi) - Ld. counsel of the assessee submitted that assessee has adequate interest free funds available with the firm which have been used to make the advances during the year. She claimed that no nexus has... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transfer Pricing – ALP of Interest-Free Loan – ITAT Delhi Explains Law Posted: 03 Jan 2012 06:19 PM PST M/s Aithent Technologies Pvt Ltd. V/s. ITO (ITAT Delhi)- In its Transfer pricing study, the assessee adopted CUP method and justified the interest free loan on the basis that it had sufficient interest free funds. The TPO rejected the claim and... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Notification to Provide average Rates of Service Tax Refund for a wide Range of Goods Exported from India Posted: 03 Jan 2012 06:18 PM PST Central Government issues Notification to Provide average Rates of Service Tax Refund for a wide Range of Goods Exported from India; Adds to E-Enabled Service Delivery to Exporting Community, Limits Public interface and Reduces Transaction Costs in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] CBI Registers Case against Commissioner of Central Excise, Delhi, A Superintendent and Middlemen For Demanding Bribe Posted: 03 Jan 2012 06:17 PM PST The Central Bureau of Investigation has registered a case against a Commissioner, Central Excise, Delhi; a Superintendent, Central Excise, New Delhi; a middleman and others for demanding an illegal gratification of Rs. 60 Lakhs from a mobile phone... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Telecommunication Service – Clarification on taxability in respect of International Private Leased Circuit (IPLC) Charges and amendment in the Definition of Telegraph Authority under section 65(111) of the Finance Act, 1994 Posted: 03 Jan 2012 06:08 PM PST Letter [F. No. 137/21/2011 - Service Tax], Dated 19-12-2011 Section 65(109a) of the Finance Act, 1994 - Telecommunication service - Clarification on taxability in respect of International Private Leased Circuit (IPLC) charges and amendment in the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Savings a/c number portability – Change your bank without changing your Saving account Number Posted: 03 Jan 2012 05:59 PM PST The Finance Ministry is working on savings banks account number portability, which will allow a customer to retain his account number while changing his bank. [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICWAI President Communiqué January, 2012 Posted: 03 Jan 2012 05:30 PM PST Very rarely moments come into the life of a professional body, where a call is taken on the way forward, so as to realise its true potential. Such a moment came in December 2011, when emotions ran high amongst us, as to what will finally emerge... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SEBI – Changes in Re-investment period of FII debt limit Posted: 03 Jan 2012 05:30 PM PST Withdrawal of the facility of re-investment - It has been decided that henceforth re-investment period shall not be allowed for all new allocations of debt limit to FIIs/sub-accounts. Thus, limits acquired in the bidding sessions henceforth shall... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Mere passage of 3 years will not mean that liabilities are no longer payable – Section 41(1) can not be ivoked for non trading Liabilities Posted: 03 Jan 2012 05:21 PM PST ACIT Vs. Afghan Crane Crusher (ITAT Delhi)- Upon assessee's appeal Ld. Commissioner of Income Tax (Appeals) noted that the aforesaid loans were duly recorded in the books of accounts and confirmations of loans were also filed before the Assessing... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Manner of increasing minimum public shareholding to comply with Securities Contracts Regulation (Rules), 1957 and Amendment to SEBI (Buyback of Securities) Regulations,1998 Posted: 03 Jan 2012 05:09 PM PST The following additional methods viz. Institutional Placement Programme (IPP) and Offer for Sale of Shares through the stock exchange for the purpose of compliance with SCRR requirements are being introduced. The broad features of the same are as... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Government decides to double strength of foreign tax division Posted: 03 Jan 2012 01:32 AM PST As part of efforts to fight black money, the government has decided to double the strength of the crucial foreign tax division in Finance Ministry which handles classified tax related information between India, tax haven nations and other countries. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Negotiated Dealing System (NDS) – Order Matching (OM) – Grant of membership to UCBs Posted: 03 Jan 2012 12:08 AM PST Please refer to circular UBD.BPD. (PCB). Cir. No. 24 /12.05.001/2010-11 dated November 16, 2010 in terms of which all licensed UCBs, other than those under all inclusive Directions issued under Section 35A of the Banking Regulation Act, 1949 (AACS),... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Exchange Traded Interest Rate Futures on 2-year and 5-year Notional Coupon Bearing Government of India Security Posted: 03 Jan 2012 12:04 AM PST Circular No. DNPD/8/2011, Dated 30-12-2011 -1. It has now been decided to permit the introduction of cash settled futures on 2-year and 5-year notional coupon bearing Government of India (GoI) security on currency derivatives segment of Stock... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Government not yet decided the final date of Union Budget for 2012-13 Posted: 02 Jan 2012 11:20 PM PST The Union Budget will be presented after the completion of elections in five states, but the government has not yet decided the final date of presentation, Finance Minister Pranab Mukherjee said today. [[ This is a content summary only. Visit www.taxguru.in for full article.]] RBI may reverse the tight monetary stance adopted by it since March 2010 Posted: 02 Jan 2012 11:18 PM PST Concerned over the declining growth, Reserve Bank Governor D Subbarao has indicated that the central bank could reverse the tight monetary stance adopted by it since March 2010 to tame inflation. [[ This is a content summary only. Visit www.taxguru.in for full article.]] SEBI launches toll free Helpline Service for Investors in 14 languages Posted: 02 Jan 2012 11:10 PM PST Toll-free Helpline Service for Investors Securities and Exchange Board of India (SEBI) has launched a toll free helpline service number 1800 22 7575 for investors on December 30, 2011. The service will be available to investors from all over India... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Seeks to amend notification no. 119/2010-Customs, dated 19th November, 2010 so as to revoke anti dumping duty on subject goods originating in or exported from Saudi Arabia Posted: 02 Jan 2012 10:46 PM PST Notification No.130/2011-Customs In exercise of the powers conferred by sub-section (1) read with sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), the Central Government hereby amends notification no. 119/2010-Customs,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No.27/2011-Customs, dated the 1st March, 2011- Notification No. 129/2011 – Customs Posted: 02 Jan 2012 10:43 PM PST Notification No. 129/2011 – Customs Following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No.27/2011-Customs, dated the 1st March, 2011, published in the Gazette of India,... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends notification no. 28/1995-Cus dated 16-03-1995, 105/1999-Cus dated 10-08-1999, 26/2000-Cus dated 15-03-2000, 76/2003-Cus dated 13-05-2003, 72/2005-Cus dated 22-07-2005, 57/2009-Cus dated 30-05-2009 so as to effect HSN changes Posted: 02 Jan 2012 10:38 PM PST Notification No. 121/2011-Customs, In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 21/2002-Customs, dated the 1st March, 2002 – Notification No. 120/2011-Customs Posted: 02 Jan 2012 10:37 PM PST Notification No.120/2011-Customs following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2002-Customs, dated the 1st March, 2002 which was published in the Gazette of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 69/2004-Customs, dated the 9th July, 2004 Posted: 02 Jan 2012 10:33 PM PST Notification No.119/2011 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), read with section 91 and 94 of the Finance (No. 2) Act, 2004 (23 of 2004), the Central Government, on... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 20/2006-Customs, dated the 1st March, 2006 Posted: 02 Jan 2012 10:31 PM PST Notification No.118/2011 – Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act,1962 (52 0f 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No 25/1999-Customs, dated 28th February, 1999, 22/2007-Customs, dated the 1st March, 2007 and 27/2011-Customs, dated the 1st March, 2011 Posted: 02 Jan 2012 10:29 PM PST Notification No. 117/2011-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 101/2007-Customs, dated the 11th September, 2007 so as to effect the HSN changes Posted: 02 Jan 2012 10:28 PM PST Notification No. 116/2011-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in the in the notification of the Government of India, in the Ministry of Finance... [[ 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 notifying tariff values of edible oils, brass scrap (all grades) and Poppy seeds Posted: 02 Jan 2012 10:26 PM PST Notification No. 89/2011 – Customs (N. T.) Central Board of Excise and Customs (CBEC), Department of Revenue has issued a Notification No.89/2011-Customs (N.T.) dated December 30, 2011 and thereby notifying tariff values of edible oils, brass scrap... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Appointment of Central Excise Officers in relation to service tax refunds arising out of Notification No. 52/2011-Service Tax, dated 30.12.2011 Posted: 02 Jan 2012 10:17 PM PST Notification No. 33/2011 – Central Excise (N.T.) In exercise of the powers conferred by sub-rule (1) of rule 3 of the Central Excise Rules, 2002 and rule 3 of the Service Tax Rules, 1994, the Central Board of Excise and Customs hereby appoints the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Central Excise Rules, 2002 – Notification No. 32/2011-Central Excise (N.T.) Posted: 02 Jan 2012 10:15 PM PST Notification No. 32/2011-Central Excise (N.T.) These rules may be called the Central Excise (Fifth Amendment) Rules, 2011. (2) They shall come into force on the 31st day of January, 2012. 2. In the Central Excise Rules, 2002, in rule 12, in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No.16/2011-Central Excise (N.T.), dated the 18th July, 2011 Posted: 02 Jan 2012 10:10 PM PST Notification No. 31/2011-Central Excise (N.T.) In exercise of the powers conferred by rule 12 of the Central Excise Rules, 2002 and sub-rule (7) of rule 9 of the CENVAT Credit Rules, 2004, the Central Board of Excise and Customs hereby makes the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 49/2008-Central Excise (N.T.), dated the 24th December, 2008 to affect the HSN changes w.e.f. 01.01.2012 Posted: 02 Jan 2012 10:09 PM PST Notification No. 30/2011-Central Excise (N.T) -Further amendments in the notification , No. 49/2008-Central Excise (N.T.), dated the 24th December, 2008 in the Table,- (i) S. No. 135 and the entries relating thereto shall be omitted; (ii) ... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No.21 /2005-Central Excise, dated the 13th May, 2005 to affect the HSN changes w.e.f. 01.01.2012 Posted: 02 Jan 2012 10:02 PM PST Notification No. 45/2011 - Central Excise , amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 21/2005-Central Excise, dated the 13th May, 2005 which was published in the Gazette of... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends Notification No. 26/2001-Central Excise, dated the 11th May, 2001 to affect the HSN changes w.e.f. 01.01.2012 Posted: 02 Jan 2012 10:01 PM PST Notification No. 44/2011-Central Excise following further amendments in the notification of the Government of India, in the Ministry of Finance (Department of Revenue), No. 26/2001-Central Excise, dated the 11th May, 2001, published in the Gazette... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amendment in Various Excise Notificationsto affect the HSN changes w.e.f. 01.01.2012 Posted: 02 Jan 2012 09:58 PM PST NOTIFICATION NO 43/2011-Central Excise - Amends Notification Nos. 74/1993-Central Excise dated the 28th February, 1993, 09/1996-Central Excise dated the 23rd July,1996, 03/2006-Central Excise, dated the 01st March, 2006, 4/2006-Central Excise, dated... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amends notification Nos. 62/1995-Central Excise, dated the 16th March, 1995 and 20/2005-Central Excise, dated the 13th May, 2005 to affect the HSN changes w.e.f. 01.01.2012 Posted: 02 Jan 2012 09:49 PM PST Notification No. 42/2011 - Central Excise, New Delhi, the 30th December, 2011-G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944) read with sub-section (3) of Section 3 of the... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Export of goods – Exemption to specified taxable services received by an exporter of goods for export of goods – Supersession of Notification No. 17/2009-ST, dated 7-7-2009 Posted: 02 Jan 2012 09:39 PM PST Notification No. 52/2011-Service Tax , on being satisfied that it is necessary in the public interest so to do, hereby exempts the taxable services specified in column (3) of the Table below (hereinafter referred to as specified services) falling... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transport of Goods by rail service – Abatement provisions – Amendment in Notification No. 9/2010-ST, dated 27-2-2010 – Exemption extended till 1-4-2012 Posted: 02 Jan 2012 09:30 PM PST Notification No. 51/2011-ST., dated 30-12-2011 - Section 65(105) (zzzp) of the Finance Act, 1994 - Transport of Goods by rail service - Abatement provisions - Amendment in Notification No. 9/2010-ST, dated 27-2-2010 - Exemption extended till 1-4-2012 [[ This is a content summary only. Visit www.taxguru.in for full article.]] Exemption to Transportation of specified commodities by rail service – Amendment in notification No. 8/2010-ST, dated 27-2-2010 – Exemption extended till 1-4-2012 Posted: 02 Jan 2012 09:26 PM PST Notification No. 50/2011-ST., dated 30-12-2011 - Section 65(105) (zzzp) of the Finance Act, 1994 - Transport of goods by rail service - Exemption to Transportation of specified commodities - Amendment in notification No. 8/2010-ST, dated 27-2-2010 -... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Transport of Goods by Rail Service – Exemption to transport of Goods by rail – Amendment in Notification No. 7/2010-ST, dated 27-2-2010 – Exemption extended till 1-4-2012 Posted: 02 Jan 2012 09:22 PM PST Notification No. 49/2011-ST., dated 30-12-2011 Section 65(105) (zzzp) of the Finance Act, 1994 - Transport of Goods by Rail Service - Exemption to transport of Goods by rail - Amendment in Notification No. 7/2010-ST, dated 27-2-2010 - Exemption... [[ This is a content summary only. Visit www.taxguru.in for full article.]] ICWAI and Accounting Institutes of USA and Australia agree for mutual recognition Posted: 02 Jan 2012 08:10 PM PST Ministry of Corporate Affairs has accorded approval to the proposal of the Institute of Cost and Works Accountants of India (ICWAI) to give membership to and charging of fees from the members of the Institute of Public Accountants (IPA), Australia... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Implementation of Section 51-A of UAPA, 1967 Updates of the UNSCR 1267(1999) and 1989( 2011) Committee's Al Q-aida Sanctions List – Circular No. DBOD. AML. No. 9855 /14.06.001/2011-12 Posted: 02 Jan 2012 08:05 PM PST DBOD. AML. No. 9855 /14.06.001/2011-12 Please refer to our circular DBOD. AML. BC. No. 70 /14.06.001/2011-12 dated December 30, 2011. We have since received from Government of India, Ministry of External Affairs, UNP Division copies of notes... [[ This is a content summary only. Visit www.taxguru.in for full article.]]