Application of mind to material facts & arguments should manifest itself in order

Application of mind to material facts & arguments should manifest itself in order Posted: 21 Aug 2012 08:27 PM PDT As is apparent from the aforesaid observations in the impugned order, the ld. CIT(A) dismissed the appeal without even analyzing the issues or recording his specific findings on the said issues raised in the grounds of appeal before him . A mere glance at the impugned order reveals that the order... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tax need to be withheld if payer has right to terminate 'secondment' & not 'employment' Posted: 21 Aug 2012 08:13 PM PDT In present case the applicant just has the right to terminate the secondment agreement, hence, the amount paid by Indian WOS to foreign parent under the secondment agreement is not mere reimbursement and is income of the parent company. Therefore, the applicant is liable to withhold taxes from... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Banks can recover dues from sale of leased property mortgaged by tenant -SC Posted: 21 Aug 2012 07:45 PM PDT This is a typical case of the abuse of the process of the legal system by unscrupulous litigants. The person entitled in law to the possession of any immovable property, which is in the occupation of some other persons whether a tenant, licencee or trespasser can evict such tenant, licencee or... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Loss of FMV on RBI compliant permanent investment not allowed – HC Posted: 21 Aug 2012 07:30 PM PDT security can acquire the character of stock-in-trade if it is so held as part of trading stock and the assessee acts as such. In respect of securities which are held by way of permanent investment by the assessee-bank as part of the requirement of the law, then such securities is not and cannot be... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Company not having dominant position in relevant market can't abuse it Posted: 21 Aug 2012 07:19 PM PDT GAL is not enjoying the position of dominance in the relevant market on any of the parameters and factors given in section 19(4). GAL is not found to be in a dominant position in terms of the market share, market structure, size and resources, dependence of consumers etc. Thus, when the GAL is not... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 88E do not put any restriction for allowing rebate u/s.88E till income is positive Posted: 21 Aug 2012 11:47 AM PDT In the case of Ashika Stock Broking Ltd. (supra) it was held that once there was a net surplus from share dealing of market segment and future and option segments together and if there was a net profit therefrom the assessee was entitled for rebate of entire STT. In the case under consideration... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Consultancy charges paid to non resident for project outside India not deemed to accrue or arise in India Posted: 21 Aug 2012 11:45 AM PDT Here, the payments made by the assessee were to non-residents Indian who were working abroad. Assessee had made no deduction of tax at source whatsoever. As per the assessee, they were working for its business carried on in Nigeria and hence, by virtue of Section 9(1)(vii)(b) of the Act, the fees... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CS June 2012 Examination Result on 25th August, 2012 Posted: 21 Aug 2012 10:10 AM PDT Company Secretaries Examinations June, 2012 Result Would Be Declared On 25th August, 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, www.icsi.edu [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Unhappy with the rate of pass percentage of CAs – Kumar Mangalam Birla Posted: 20 Aug 2012 11:08 PM PDT Birla, a chartered accountant and an MBA himself, is not happy over the rate of pass percentage of CAs. The pass percentage during our time was 4 per cent. Now it is 17 per cent. The pass ratio should be 10 per cent," he said, emphasising on the need for better products. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] To impose Penalty u/s. 271(1)(c) receipt of amount in dispute must constitutes income of assessee Posted: 20 Aug 2012 09:26 PM PDT It is now settled law that in order to sustain a penalty under section 271(1)(c) the department must establish that the receipt of the amount in dispute constitutes income of the assessee and part from the falsity of the explanation given by the assessee, the department must have before it cogent... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Overseas Direct Investments – Rationalisation of Form ODI Posted: 20 Aug 2012 08:22 PM PDT A. P. (DIR Series) Circular No. 15 In terms of Regulation 15(iii) of the Notification ibid,an Indian Party is required to submit to the Reserve Bank through the Authorised Dealer every year within 60 days from the date of expiry of the statutory period as specified by the respective laws of the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Revisions to the Guidelines on Securitisation Transactions Posted: 20 Aug 2012 07:26 PM PDT In order to prevent unhealthy practices surrounding securitization viz; origination of loans for the sole purpose of securitization and in order to align the interest of the originator with that of the investors and with a view to redistribute credit risk to a wide spectrum of investors, it was... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBDT advocates introduction of deterrent penalties for tax offences Posted: 19 Aug 2012 11:09 PM PDT A Central Board of Direct Taxes (CBDT) panel on black money has suggested enactment of new laws, strengthening of existing legislation and introduction of deterrent penalties for tax offences to deal with the menace. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Judicial Standards and Accountability Bill do not Infringe on Independence of Judiciary Posted: 19 Aug 2012 10:56 PM PDT Several national dailies have carried a news item on 16.08.2012 conveying that Judicial Standards and Accountability Bill will impair the independence of judiciary. The Ministry of Law & Justice, Department of Justice, would like to state that this is not true. In fact, it seems that the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]