No addition for G.P. shortfall if assesee explains sales / Purchase difference

Company Secretaries Examinations December, 2011 Results on 25th February, 2012 Posted: 24 Feb 2012 09:49 AM PST Company Secretaries Examinations December, 2011 Result Would Be Declared On 25th February, 2012 At 11.00 A.M. The Results Alongwith Individual Candidate's Subjectwise Break-Up Of Marks Will Be Available On The Institute's Website. [[ This is a content summary only. Visit www.taxguru.in for full article.]] Immunity U/s. 271AAA(2) cannot be only because entire tax, along with interest, was not paid before filing of income tax return Posted: 24 Feb 2012 09:35 AM PST In our considered view, therefore, on the facts of the present case wherein entire tax and interest has been duly paid well within the time limit for payment of notice of demand under section 156 and well before the penalty proceedings were... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Payments to outside lawyers which was not claimed as deductions in computation of profits cannot be disallowed under section 40(a)(ia) Posted: 24 Feb 2012 09:29 AM PST There has been a lot of emphasis in the orders of the authorities below, as indeed in learned Departmental Representative's arguments before us, about the scope of assessee's obligations to deduct tax at source under section 194J. However, having... [[ This is a content summary only. Visit www.taxguru.in for full article.]] No addition for G.P. shortfall if assesee explains sales / Purchase difference Posted: 24 Feb 2012 08:31 AM PST The assessee is engaged in the business of trading in chemicals. The sales shown in the Profit & Loss Accounts were Rs. 3,15,85,478/- and against that purchases were shown as Rs. ,93,31,117/- on which gross profit of Rs. 7.95% was declared. The... [[ This is a content summary only. Visit www.taxguru.in for full article.]] India Ratifies the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and becomes the First Non-OECD, Non-Council of Europe Country to become A Party to the Convention Posted: 24 Feb 2012 08:10 AM PST India had signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters on 26th January, 2012. The Convention has been ratified by India by depositing the Instrument of Ratification as on 21st February, 2012. By this, India... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Amendments to the Combination Regulations – Relief to Corporate entities by making process of filings simpler Posted: 24 Feb 2012 08:06 AM PST The provisions of the Competition Act, 2002 relating to regulation of combinations and the Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulation, 2011 ("Combination Regulations") have... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Assessee entitled to claim deduction both under Sec.36(1)(vii) and Sec.36(1)(viia) of the Act but amount of deduction shall not exceed the amount by which such debt or part thereof exceeds the credit balance in the provision for bad and doubtful debts account Posted: 23 Feb 2012 08:58 PM PST Assessee is thus entitled to claim deduction both under Sec.36(1)(vii) and Sec.36(1)(viia) of the Act. The only limitation is that the amount of deduction shall not exceed the amount by which such debt or part thereof exceeds the credit balance in... [[ This is a content summary only. Visit www.taxguru.in for full article.]] Submission of Credit Information to CICs – Dissemination of Credit Information of suit-filed accounts Posted: 23 Feb 2012 08:44 PM PST Submission of Credit Information to Credit Information Companies – Defaulters of Rs. 1 crore and above and Willful Defaulters of Rs. 25 lakhs and above- Dissemination of Credit information of suit-filed accounts [[ This is a content summary only. Visit www.taxguru.in for full article.]] Union Finance Minister's Speech at Concluding Function of ESIC Diamond Jubilee Posted: 23 Feb 2012 07:57 PM PST The Employees' State Insurance Act, 1948 was the first major legislation in independent India for providing comprehensive Social Security to the workers in the organized sector. The first Prime Minister of India, Pandit Jawahar Lal Nehru inaugurated... [[ This is a content summary only. Visit www.taxguru.in for full article.]] SEBI (MUTUAL FUNDS) (AMENDMENT) REGULATIONS, 2012 – Amendment in regulations 2, 25, 30 and Eighth Schedule; substitution of regulation 47 and sixth Schedule and insertion of regulation 75A Posted: 23 Feb 2012 10:06 AM PST NOTIFICATION No. LAD-NRO/GN/2011-12/38/4290, dated 21-2-2012 . These regulations may be called the Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2012. 2. They shall come into force on the date of their publication... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DGFT – Import of spares for the existing machinery procured indigenously under EPCG Scheme Posted: 23 Feb 2012 09:41 AM PST Policy Circular No. 54 (RE-2010)/2009-14 Under Para 8.2 (c) of Foreign Trade Policy, Capital Goods can be procured indigenously upon invalidating an EPCG Authorization. However, domestically procured Capital Goods cannot be treated as 'imported... [[ This is a content summary only. Visit www.taxguru.in for full article.]] DGFT – Operationalisation of provisions of Para 5.11.2 of Hand Book of Procedure Vol.-1 (2009-14) [RE: 2010] Posted: 23 Feb 2012 09:38 AM PST Policy Circular No. 53 (RE-2010)/2009-14 Para 5.11.2 of the Hand Book of Procedure Volume – 1 (HBP V-I) permits re-fixation of Annual Average Export Obligation, in case the export in any sector/ product group decline by more than 5%. This implies... [[ This is a content summary only. Visit www.taxguru.in for full article.]]