AO cannot question genuineness of unregistered Will if attested by two witnesses

AO cannot question genuineness of unregistered Will if attested by two witnesses Posted: 16 Jun 2012 08:01 AM PDT In our considered view the contention of learned counsel for the assessee has substance inasmuch as Indian law does not prescribe registration of the Will, it should be in writing, attested by two witness; there is no requirement of any registration or notarization thereof. In this case the Will is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Cost Accountants Eligible for VAT Audit in Tamil Nadu Posted: 16 Jun 2012 04:20 AM PDT In the Tamil Nadu Value Added Tax Act, 2006, after section 63, the following section shall be inserted, namely:—63-A. Accounts to be audited in certain cases.—(1) Every registered dealer whose total turnover including zero-rate sale and sale in the course of inter-State trade or commerce as... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Govt removes situation of No Service Tax from 1.7.2012 Posted: 16 Jun 2012 04:12 AM PDT Upto 30.06.2012, the charging Section for the purpose of Service tax is Section 66 of the Finance Act, 1994 according to which service tax is levied at the rate of 12% on all taxable services. With effect from 01.07.0212, Section 66 will no longer be in force and a new charging section 66B will... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS on Salary Calculator for Govt employees for FY 2012-13 & AY 2013-14 Posted: 16 Jun 2012 02:49 AM PDT TDS on Salary Calculator for Central & State Govt employees for Financial Year 2012-13 / Assessment year 2013-14. Calculator Automatically Calculates your tax liability. It Generates From 16 and Form 10E with Annexure. Calculator also Calculate House Rent Exemption and have inbuilt HRA... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Certificate typographical errors- Cant result in denial of Deductions – HC Posted: 16 Jun 2012 01:52 AM PDT Assessee is engaged in the business of production and export of software from India to foreign countries and they are not in the business of providing technical services outside India, it is only producing and exporting software. The material on record clearly shows that except for these three... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Holding doctors conference of at a 5 star hotel cannot be grounds to deny registration u/s 12AA and/or u/s 80G to a trust Posted: 16 Jun 2012 01:44 AM PDT The main issue raised by the DIT(E) is in respect of holding of conference of doctors at a five star hotel and the fact that the donors are pharmaceutical companies and some of them have deducted TDS. Adverse inference has also been drawn from extravagance of expenses the fact that the conference... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] MVAT – Recindment of Notification No. VAT.1507/CR-44/Taxation-1 dated 6th December 2007 Posted: 16 Jun 2012 01:25 AM PDT No.-VAT: 1512/CR46/Taxation-1- In exercise of the powers conferred by sub-section (1) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby rescinds with effect from the 1st April 2012, the Government Notification, Finance Department, No.... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Status of Intervening Holidays by Articles during CA Examination Posted: 16 Jun 2012 01:22 AM PDT The Council of the Institute recently considered the issue regarding status of intervening holidays during CA Examinations and decided that the break in between examination days, though not holidays, be treated as period actually served under articles. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 14A disallowance applies to partner's share of profits but not to Depreciation Posted: 15 Jun 2012 11:49 PM PDT The instant case is that of the partner and therefore what is to be examined is whether the share income is excluded from his total income. The answer is obviously in the affirmative. In such a situation, provision contained in section 14A will come into operation and any expenditure incurred in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Bonus & commission paid to MD for services rendered as per appointment terms is allowable business expenditure Posted: 15 Jun 2012 11:27 PM PDT A was the managing director and in terms of the board resolution was entitled to receive commission for services rendered to the company. It was a term of employment on the basis of which he had rendered service. Accordingly, he was entitled to the amount. Commission was treated as a part and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No application of section 194H in respect of discount received on purchase of plots Posted: 15 Jun 2012 11:11 PM PDT In the instant case before us also, the assessee parted with a portion of his commission received from the builder for helping the intending buyers of flats. In other words, the purchasers received discount in the purchase price .There is nothing to suggest that the purchasers of flats rendered any... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Professional services rendered does not fall in the definition of 'royalty' Posted: 15 Jun 2012 10:38 PM PDT Looking to the nature of professional services rendered to the KPMG USA, it is evident that it does not fall in any of the terms of definition given for Royalty under Article 12 of Indo US DTAA. It was purely a professional service for consultancy which were rendered outside India and nor for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Fact that third party invoices are paid not necessarily means 'reimbursement' Posted: 15 Jun 2012 10:15 PM PDT Apart from arguing that the payments were in the nature of reimbursement of expenses, the assessee has not explained anything about the pricing of the services, for which the so-called reimbursements were made by the Indian subsidiary to the assessee company. It is the case of the assessee that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Merely because creditors were many years old & no interest been paid on loans, no addition can be made u/s. 41(1) Posted: 15 Jun 2012 09:12 PM PDT In the case before us, it is not been established that the assessee has written off the outstanding liabilities in the books of account. The Appellate Tribunal is justified in taking the view that as assessee had continued to show the admitted amounts as liabilities in its balance sheet the same... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] In absence of evidence to contrary, minutes of Board meetings would be proof of fact that directors had cleared misleading announcement made to Stock Exchange Posted: 15 Jun 2012 09:03 PM PDT The Australian Securities and Investments Commission (ASIC) may apply for a declaration of contravention of civil penalty provisions of the Corporations Act 2001, pecuniary penalty orders , compensation orders and orders disqualifying a person from managing corporations for a period . In... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Seeks to amend Notification No. 39/96-customs dated 23rd July, 1996 Posted: 15 Jun 2012 08:58 PM PDT Notification No. 41/2012-Customs e following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 38/96-Customs, dated the 23rd July, 1996, G.S.R. 290(E), dated the 23rd July, 1996, namely:- [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Custom Duty Notification to Amend 31 Notifications Posted: 15 Jun 2012 08:57 PM PDT Notification No. 40/2012-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby makes the following amendments in each of the notifications of the Government of India in the Ministry of Finance (Department of Revenue), specified in column (2) of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revised Special Provisions for International Workers (FAQs) Posted: 15 Jun 2012 05:53 AM PDT n International Worker (IW) may be an Indian worker or a foreign national. International Worker means: - - Any Indian employee having worked or going to work in a foreign country with which India has entered into a social security agreement and being eligible to avail the benefits under social... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Company Secretaries (Amendment) Regulations, 2012 Posted: 15 Jun 2012 04:20 AM PDT The Company Secretaries (Amendment) Regulations, 2012 (Published in the Gazette of India Extraordinary, Part III, Section 4 Dated June 04, 12 vide Notification No. 710/1(M)/2 dated 04.06.12) [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Redressal of complaints against Stock Exchanges & Depositories through SEBI Complaints Redress System Posted: 15 Jun 2012 04:01 AM PDT The complaints received by SEBI against SEs and Depositories shall be electronically sent through SCORES. You are advised to view the pending complaints at http://scores.gov.in/admin and submit the Action Taken Report (ATR) along with supporting documents electronically in SCORES. Please note that... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CCI issues Order against Chemist & Druggist Association, Goa for following anti-competitive practices Posted: 15 Jun 2012 03:48 AM PDT The Competition Commission of India (CCI) has found Chemist & Druggist Association, Goa (CDAG) in violation of the provisions of the Competition Act, 2002 which deals with anticompetitive agreements. The Commission has imposed penalty of Rs. 2 Lakhs @10% on the average of the receipts for... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Home Loans-Levy of fore-closure charges/ pre-payment penalty Posted: 15 Jun 2012 03:44 AM PDT The removal of foreclosure charges/prepayment penalty on home loans will lead to reduction in the discrimination between existing and new borrowers and competition among banks will result in finer pricing of the floating rate home loans. Though many banks have in the recent past voluntarily... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] IRDA Guidelines on Servicing of Orphan policies Posted: 15 Jun 2012 03:07 AM PDT 'Orphan life insurance policies'for the purpose of these Guidelines, means the policies initially effected by an individual insurance agent whose services were subsequently terminated or removed or deleted from the rolls of the insurer excluding those policies to which the effecting agent is... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Companies eligible for shifting from Trade for Trade Settlement to normal Rolling Settlement Posted: 14 Jun 2012 04:00 AM PDT The stock exchanges may consider shifting the trading in these securities to normal Rolling Settlement subject to the following: (a) At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] RBI Policy Guidelines for issuance & operation of Prepaid Payment Instruments in India- Amendments Posted: 14 Jun 2012 03:38 AM PDT The issue of semi-closed prepaid payment instrument upto Rs 10,000 without separate KYC being conducted by the issuer, for payment of utility bills/ essential services/ air and train travel under Para 6.4 (iii) was permitted on the premise that full KYC of the customer is already being done by the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment of SION E-125 under Food Product Group Posted: 14 Jun 2012 03:05 AM PDT In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby amends the description of import item Tonsil Bleaching Earth appearing at Serial No.2 of SION E-125 under... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding Procedure followed for import of Indian vessels and filing of Import General Manifest, Bill of Entry Posted: 13 Jun 2012 03:16 AM PDT Circular No. 16 /2012-Customs I am directed to invite your attention to the Board's instruction issued vide F.No.450/79/2010-Cus.IV dated 23.09.2010 which state that the requirement for filing Import General Manifest (IGM) and Bill of Entry should be complied with even in cases, where goods are... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] IRDA Guidelines for Pension Products – Clarification Posted: 13 Jun 2012 03:11 AM PDT The IRDA had issued guidelines for pension products vide references 1st and 2nd cited. Insurance companies have expressed certain concerns on the provisions in the cited Circulars and have also sought certain clarifications. In view of the above, the following clarifications are issued: [[ This is a content summary only. Visit my website for full links, other content, and more! ]]