Discounting Charges are Not Interest – SC

Discounting Charges are Not Interest – SC Posted: 29 May 2012 08:15 PM PDT Payment of 'interest' presupposes borrowing of money or incurring of debt. Discounting of Bill of Exchange does not involve borrowing of money or incurring of debt. The Bill of Exchange were acquired by the purchaser at a discounted price and there was no debt or obligation incurred by the Taxpayer... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Expenditure on fully convertible debentures deductible Posted: 29 May 2012 07:58 PM PDT Expenditure on fully convertible debentures deductible, Export Sales Income Source cannot be said to be located or situated outside India . It is well settled that expenditure incurred in connection with the issue of debentures or obtaining loan is revenue expenditure. Reference in this connection... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS deductor only liable for Interest & Penalty not for TDS Posted: 29 May 2012 07:43 PM PDT Where tax has not been deducted at source, the short deducted tax cannot be realised from the deductor and the liability to pay such tax shall continue to be with the assessee direct, whose income is to be charged and a person who fails to deduct the tax at source, at best is liable for interest... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT launches Internship Programme in Foreign Tax Posted: 29 May 2012 07:23 PM PDT Internship Programme of Foreign Tax & Tax Research Division, Department of Revenue - The CBDT has launched an internship programme in the Foreign Tax & Tax Research Division. The objective of the programme is to enable the department to critically analyze various aspects of International... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No Reassessment u/s 147/148 for Legal Error / Illegality in Original Assessment Order Posted: 29 May 2012 06:37 PM PDT The assessee had filed and furnished all details and particulars relating to the royalty payment including agreements, calculation and the approval before the Ld. AO during assessment proceedings. There was no failure on the part of the assessee to furnish true and correct all material facts. The... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] HC allowed Migration of Student despite non payment of Fees Posted: 29 May 2012 06:16 PM PDT In the counter affidavit filed by the respondent No.2/SOL, it is stated that the student is not entitled to any relief in the present petition for the reason that as per the rules of the respondent No.2/SOL contained in the prospectus, only a bonafide student of a college is entitled to migration... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Networking Equipments Eliigible for Depreciation @ 60% Posted: 29 May 2012 06:10 PM PDT From the above note, it is clear that the above equipment primarily include the routers, switches, modems, etc. which are in the nature of input and output support devices which performs the functions including communication and control and, thus, they are computer hardware when they are used along... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Validity of Reopening u/s.147/148 on the basis of statement obtained during survey & retracted later? Posted: 29 May 2012 04:04 PM PDT When the statements made by the assessees here, later retracted, do not have any evidentiary value, there is no basis in holding that there are materials available before the Assessing Officer to make out cases of escapement of income. A reason must be formed by the Assessing Officer to reopen an... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] COP issued by ICAI etc can be considered as KYC document for proprietary concerns Posted: 29 May 2012 09:26 AM PDT Proof of the name, address and activity of the concern, like registration certificate (in the case of a registered concern), certificate/licence issued by the Municipal authorities under Shop & Establishment Act, sales and income tax returns, CST / VAT certificate, certificate / registration... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] FM to Inaugurate biggest office building of Income tax Department in India tomorrow Posted: 29 May 2012 09:09 AM PDT Union Finance Minister, Shri Pranab Mukherjee will inaugurate the biggest office building of the Income tax Department in India tomorrow. The building will house the offices of salary charges, non-corporate charges, International Taxation, Exemption and other allied charges, accommodating... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Criteria Declaring a Financial Institution as PFI U/s 4a of the Companies Act, 1956 Posted: 29 May 2012 09:02 AM PDT The Ministry of Corporate Affairs has after giving due consideration decided that any Financial Institution applying for declaration as PFI shall fulfil the following criteria:- (a) A company or corporation should be established under a special Act or the Companies Act, 1956 being a central act;... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Unit in SEZ, EPZ, FTZ & 100% EOU exempt from mandatory cost audit Posted: 29 May 2012 08:28 AM PDT General Circular No. 11/2012, In partial modification of para (b) (iii) of the General Circular No. 67/2011, dated 30th November, 2011, it has been decided to extend exemption from mandatory cost audit to all units located in the specified Zones such as Special Economic Zones (SEZs), Export... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Construction Industry Exempt from applicability of Cost Accounting Records Rules Posted: 29 May 2012 08:26 AM PDT Cost Accounting Records Rules, 2011 do not visualize companies to change their cost accounting system if already in-place; but they are required to comply with the Generally Accepted Cost Accounting Principles and Cost Accounting Standards issued by the Institute of Cost Accountants of India, to... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt clears 25 FDI proposals worth 2,973.40 cr cleared Posted: 29 May 2012 08:23 AM PDT Government today said it has cleared 25 foreign direct investment, FDI proposals worth 2,973.40 crore rupees. The Finance Ministry said in a release that the applications were cleared after recommendations of the Foreign Investment Promotion Board,FIPB headed by Economic Affairs Secretary R Gopalan. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] When the award is opposed to public policy it is void Posted: 29 May 2012 12:08 AM PDT Learned Central Government Standing Counsel submitted that the award so far as the upholding the claims under claim Nos.8 to 75 are not seriously opposed and it need not be set aside, urging that the challenge to the award on the ground it is opposed to public policy is against the awarding of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] DIN 1 / DIN 4 Form – Photograph & Residential status included Posted: 28 May 2012 11:33 PM PDT These rules may be called the Companies (Director Identification Number) Amendment Rules, 2012. (2) They shall come into force with effect from 29th May, 2012. 2. In the Companies (Director Identification Number) Rules, 2006,- (a) after FORM NO. DIN 1, in Annexure 1, for item (i) and entries... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to amend Notification No.85/2004-Customs, dated 31st August, 2004 (Indo-Thailand Free Trade Area) Posted: 28 May 2012 08:49 PM PDT Notification No. 38/2012- 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 makes the following further amendments in the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to levy definitive anti-dumping duty on import of Aniline when originating in or exported from European union Posted: 28 May 2012 08:47 PM PDT Notification No. 30/2012-Customs (ADD) Whereas, in the matter of import of Aniline (hereinafter referred to as the subject goods), falling under sub-heading 292141 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) (hereinafter referred to as the said Customs Tariff Act),... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to withdraw anti-dumping duty on import of Acetone when originating in or exported from Chinese Taipei Posted: 28 May 2012 08:45 PM PDT Notification No. 29/2012-Customs (ADD) In exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975), read with rules 18 and 20 of the Customs Tariff (Identification, Assessment and Collection of Anti-dumping Duty on Dumped... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to levy definitive safeguard duty on import of Phthalic Anhydride Posted: 28 May 2012 08:43 PM PDT Notification No. 3/2012-Customs (SG) Now, therefore, in exercise of the powers conferred by sub-section (1) of section 8B of the said Act, read with rules 12 and 14 of the Customs Tariff (Identification and Assessment of Safeguard Duty) Rules, 1997, the Central Government after considering... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to rescind Notification No.1/2012-Customs (SG) dated 17-01-2012 Posted: 28 May 2012 08:41 PM PDT Notification No. 2/2012-Customs (SG), Central Government hereby rescinds the notification of the Government of India in the Ministry of Finance (Department of Revenue) no. 1/2012- Customs (SG), dated the 17th January, 2012, published in the Gazette of India, Extraordinary, Part II, Section 3,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CMA – For Attention of Members – Election Reforms Committee Posted: 27 May 2012 11:04 PM PDT The members of the Institute are kindly aware that the Election to the 18th Council of the Institute of Cost Accountants of India were held in 2011 in accordance with the Cost and Works Accountants (Election to the Council) Rules, 2006 read with the Cost and Works Accountants Act, 1959 and the Cost... 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