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Jul 12, 2012

Assessee can claim exemption u/s 54F & 54EC simultaneously

Assessee can claim exemption u/s 54F & 54EC simultaneously

Posted: 11 Jul 2012 08:51 PM PDT

ACIT v. Deepak S. Bheda The Assessing Officer denied the benefit claimed by the assessee under section 54 EC towards the investment made in REC bonds for a sum of Rs. 50 lakh out of total long-term capital gain of Rs. 3.40 crores. The Assessing Officer was of the view that once the exemption has...

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In the absence of cancellation of registration u/s. 12A Trust cannot be denied exemption u/s. 11

Posted: 11 Jul 2012 08:40 PM PDT

Provisions of section 12AA, which were inserted w.e.f. 01.04.1997 provides for procedure to be followed for registration under section 12AA. The provisions of section 12AA provides that the CIT shall pass an order in writing either granting or refusing to grant registration under section 12AA,...

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ITAT slam CIT for approving unnecessary appeals without examining additions made on flimsy grounds

Posted: 11 Jul 2012 08:40 PM PDT

ITO V. Shakti Insulated Wires (P.) Ltd.

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Mouse Pads are neither parts nor accessories of a computer mouse

Posted: 11 Jul 2012 07:28 PM PDT

Mouse Pads are generally flat products of different shapes and consist of different materials or combinations of materials such as plastics, rubber, hard rubber, etc. The characteristics and properties of these materials of which Mouse Pads are made of do not make the product indispensible for the...

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CA Final & CPT Exam Result likely to be declared on 18th July, 2012

Posted: 11 Jul 2012 07:13 PM PDT

The result of the Chartered Accountants Final Examination held in May, 2012 and Common Proficiency Test (CPT) held in June, 2012 are likely to be declared on Wednesday, the 18th July, 2012 around 2.00 P.M. and the same as well as the merit list (candidates securing a minimum of 55% and above marks...

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Clarification on Service tax on remittances from abroad to India

Posted: 11 Jul 2012 06:58 PM PDT

No service tax will be leviable on the amount of foreign currency remitted to India from abroad: Service has been defined under Section 65B (44) of the Finance Act, 1994. The definition specifically excludes a transaction in money or actionable claim. As the remittance of foreign currency from...

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RBI permits cancellation & rebooking of forward contract by residents involving Rupee as one of the currencies

Posted: 11 Jul 2012 04:14 PM PDT

Under the extant regulations, the facility of cancellation and rebooking is not permitted for forward contracts, involving Rupee as one of the currencies, booked by residents to hedge current and capital account transactions. However, forward contract(s), booked by residents to hedge capital...

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Requirement of affixing barcodes on packaging of export consignment of pharmaceuticals & drugs deffered

Posted: 11 Jul 2012 04:02 PM PDT

Public Notice No. 10 (RE-2012)/2009-2014 Earlier the requirement of affixing barcodes on Secondary level and Primary level packaging was to come into effect from 01.07.2012 and 01.01.2013 respectively. Now this time limit is being extended by 6 months each.

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DTA between India & Jersey

Posted: 11 Jul 2012 12:11 PM PDT

NOTIFICATION NO. 26/2012 Whereas, an Agreement between the Government of the Republic of India and the Government of Jersey for the exchange of information and assistance in collection with respect to taxes was signed at London on the 3rd day of November, 2011 (hereinafter referred to as the said...

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Reconstitution of DRP at specified areas – Order No. 6/FT&TR/2012

Posted: 11 Jul 2012 11:36 AM PDT

ORDER NO. 6/FT&TR/2012 [F.NO. 500/15/2011-FT&TR-I] Central Board of Direct Taxes hereby constitute the Dispute Resolution Panel at the areas of jurisdiction given under column (2) of the Table below comprising of three Commissioners of Income-tax as Members of the Panel as per the...

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Delegation of powers of Central Government to Regisrar of Companies

Posted: 10 Jul 2012 08:35 PM PDT

Government hereby delegates to the Registrar of Companies, the power and functions vested in it under the following sections of the said Act, subject to condition that the Central Government may revoke such delegation of powers or may itself exercise the powers and function under the said sections,...

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Delegation of Powers of Central Government to Regional Director

Posted: 10 Jul 2012 08:33 PM PDT

Central Government hereby delegates to the Regional Directors at Mumbai, Kolkata, Chennai, Noida, Ahmedabad and Hyderabad, the power and functions vested in it under the following sections of the said Act, subject to condition that the Central Government may revoke such delegation of powers or may...

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Notifying certain sections of Companies (Second Amendment) Act, 2012

Posted: 10 Jul 2012 08:30 PM PDT

S.O. (E).- In exercise of powers conferred by sub-section (2) of section 1 of the Companies (Second Amendment) Act, 2002 (11 of 2003), the Central Government hereby appoints the 12thday of August of 2012 as the date on which the provisions of sections 7, 8 (in relation to section 18 & 19 of...

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Company Law Board (Fees on Application and Petitions) (Amendment) Rules, 2012

Posted: 10 Jul 2012 08:25 PM PDT

These rules may be called the Company Law Board (Fees on Application and Petitions) (Amendment) Rules, 2012. (2) They shall come into force with effect from 12th August, 2012. 2. In Company Law Board (Fees on Application and Petitions) Rules, 1991, in the Schedule, serial numbers 1, 2, 3, 13, 18...

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Import of goods & services – Master Cir. No. 13/2012-13

Posted: 10 Jul 2012 08:07 PM PDT

MASTER CIRCULAR NO.13/2012-13, DATED 2-7-2012 Import of Goods and Services into India is being allowed in terms of Section 5 of the Foreign Exchange Management Act 1999 (42 of 1999), read with Notification No. G.S.R. 381(E) dated May 3, 2000 viz. Foreign Exchange Management (Current Account)...

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External Commercial Borrowings and Trade Credits – Master Cir. No. 12/2012-13

Posted: 10 Jul 2012 08:04 PM PDT

MASTER CIRCULAR NO. 12/2012-13 External Commercial Borrowings and Trade Credits availed of by residents are governed by clause (d) of sub-section (3) of section 6 of the Foreign Exchange Management Act, 1999 read with Notification No. FEMA 3/2000-RB viz. Foreign Exchange Management (Borrowing or...

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SEBI allows MCX-SX to operate as full-fledged stock exchange

Posted: 10 Jul 2012 07:59 PM PDT

The Securities and Exchange Board of India SEBI has granted permission to Multi commodity exchange MCX-SX to operate as a full-fledged stock exchange, a development that ends nearly four-year-long wait of the bourse and will bring in more competition in markets.

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Just because a claim is supported by a CA's opinion, it cannot absolve assessee from penalty u/s 271(1)(c)

Posted: 10 Jul 2012 04:34 AM PDT

In any case, expert advice obtained by the assessee from Vakharia & Associates lacks credibility and just because the assessee's claim is supported by a chartered accountant's opinion, this fact per se cannot absolve the assessee from penalty under section 271(1)(c). In the case of CIT Vs...

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Amends Notification Nos. 92/2009-Cus, 93/2009-Cus, 94/2009-Cus, 95/2009-Cus & 104/2009-Cus

Posted: 09 Jul 2012 10:29 PM PDT

Notification No. 44/2012-Customs - 92/2009-Customs,dated the 11th September, 2009 [Vide number G.S.R. ­­­­­­658 (E), dated the 11th September, 2009] - In the said notification, in the opening paragraph, in condition (ii), for the words goods, but for this exemption;, the words and figures...

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Regarding Exemption under Vishesh Krishi and Gram Udyog Yojana (VKGUY)

Posted: 09 Jul 2012 07:49 PM PDT

Notification No. 32 /2012 - Central Excise Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), when cleared against a...

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Regarding exemption under Status Holder Incentive Scrip (SHIS) scheme

Posted: 09 Jul 2012 07:48 PM PDT

Notification No. 33 /2012 - Central Excise Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts capital goods specified in the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), when cleared against a...

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Regarding Exemption under Agri. Infrastructure Incentive Scrip

Posted: 09 Jul 2012 07:46 PM PDT

Notification No. 31/ 2012 - Central Excise Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts capital goods specified in the Table annexed hereto, when cleared against an Agri. Infrastructure Incentive Scrip duty credit scrip issued to an...

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Duty exemption when cleared against a Focus Market Scheme duty credit scrip issued to an exporter

Posted: 09 Jul 2012 07:35 PM PDT

Notification No. 30/2012 - Central Excise Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), when cleared against a Focus...

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Regarding exemption under Focus Product Scheme (FPS)

Posted: 09 Jul 2012 07:25 PM PDT

Notification No. 29/ 2012 - Central Excise, Central Government, on being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in the First Schedule and the Second Schedule to the Central Excise Tariff Act, 1985 (5 of 1986), when cleared against a Focus...

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