What is LIBOR and should it be scrapped Posted: 24 Oct 2012 08:41 AM PDT Libor is an average interest rate which is calculated from the interest rates given by key banks in London on a daily basis. It is controlled by the British Bankers Association in London. Libor is one of commonly used interest rate in the world for various loans & banking transactions. It is...  |
| Download Personal Affairs Diary in Excel Format for professionals Posted: 24 Oct 2012 08:35 AM PDT ABCAUS Personal Affairs Diary(PAD) is a digital record of your affairs and key information that can really help your spouse, family or any loved one you really don't want to be struggling or at a total loss in recovering important information, papers, money etc. in case of your untimely death or...  |
| Interest paid on sales tax under amnesty scheme is allowable as business expenditure Posted: 24 Oct 2012 08:07 AM PDT The issue before us is whether the interest paid on sales tax under the amnesty scheme is an allowable deduction as business expenditure. The law is well settled that the interest paid on sales tax is not of penal in nature and is therefore allowable as business expenditure. Therefore, in our...  |
| Even if assessee not earns any exempt income, disallowance u/s. 14A can be made Posted: 24 Oct 2012 08:01 AM PDT Assessing Officer has disallowed the interest of Rs. 72,83,21,913/- on the ground of borrowed funds were used by the assessee for making investment in shares. The contention of the assessee is that in the earlier Assessment Year 2006-07 where no dividend income was received by the assessee, the...  |
| Loan Disclosed under VDIS can be claimed as bad debt if same become irrecoverable Posted: 24 Oct 2012 07:55 AM PDT Amount written off was a loan advanced during the course of business and that the interest thereon had been taxed as business income by the Department in accordance with the assessee's declaration under VDIS. The Tribunal also recorded a finding that the certificate accepting the VDIS declaration...  |
| Time-limit of section 11B not applies for claiming refund under rule 5 Posted: 24 Oct 2012 07:23 AM PDT The issue whether the time-limit prescribed under Section 11B in respect of claim for refund of CENVAT credit under Rule 5 is applicable has been considered by the Tribunal in the case of Swagat Synthetics Ltd. v. CCE 2007 (220) ELT 949 (Trib. - Ahd.) and it was held that credit lying in RG23A...  |
| Notice issued u/s.158BC(a) cannot be equated to a notice issued u/s.148 to reopen an assessment Posted: 24 Oct 2012 07:17 AM PDT First proviso to Section 158BC (a) required no notice under Section 148 for making a block assessment, merely because the notice required to be issued under Section 158BC (a) calling for the block return is analogous to the notice under Section 148 to reopen an assessment, is without any basis,...  |
| Expenditure on development of software is a revenue expenditure & not a capital expenditure Posted: 24 Oct 2012 07:10 AM PDT ourt held that upgradation of computers by changing certain parts, thereby enhancing the configuration of the computers for improving their efficiency, was only a revenue expenditure. The said view was again followed by this Court in CIT v. Southern Roadways Ltd. [2007] 288 ITR 15.  |
| Section 132 – Assessing Officer has no authority to seize stock-in-trade Posted: 24 Oct 2012 07:03 AM PDT Section 132(1)(iii) empowers the authorized officer to seize any such books of account, other documents, money, bullion, jewellery or other valuable article or thing found as a result of such search which represent either wholly or partly undisclosed income or property of the person. However, the...  |
| Guarantee fee not results in asset or advantage of enduring nature Posted: 24 Oct 2012 06:57 AM PDT We are of the opinion, that the question is covered by the judgment in India Cements Ltd. (supra). In Kinetic Engg. Ltd. (supra) the Bombay High Court considered almost the same question and held that the bank guarantee commission paid by the assessee for securing timely repayment of the deferred...  |
| Section 10A does not contemplate any break in period of five assessment year Posted: 24 Oct 2012 06:50 AM PDT Sub-section (3) of section 10A either before or after its substitution does not contemplate a break in the five succeeding assessment years in relation to which an assessee is entitled to avail of benefit under section 10A of the Act. Thus, in case of an assessee who had already started availing...  |
| Taxability of Compensation for cancellation of right issue of fully convertible debentures & allotment of shares Posted: 24 Oct 2012 06:40 AM PDT Compensation - Where compensation was given to assessee for cancellation of right issue of fully convertible debentures as well as allotment of shares made in favour of assessee, nature of compensation therefor was to be decided by considering relevant background  |
| Income once assessed in a particular year cannot be assessed in any other year Posted: 24 Oct 2012 06:33 AM PDT If anything is assessed in the year under consideration that cannot be again assessed in any other year and this will be applicable in either condition. If any amount is not assessed in the year under consideration then that part of income will be assessable in relevant year and if something is...  |
| Mere breach of contract would not entitle one to claim damages Posted: 24 Oct 2012 06:26 AM PDT Consequences for breach of the contract are provided in Chapter VI of the Contract Act which contains three sections, namely, Section 73 to Section 75. As per Section 73 of the Contract Act, the party who suffers by the breach of contract is entitled to receive from the defaulting party,...  |
| Mere change in shareholding pattern not amounts to transfer of factory Posted: 24 Oct 2012 06:19 AM PDT From a perusal of Rule 8 of the Cenvat Credit Rules, 2002 , it will be seen that the same is applicable in three circumstances - (1) when the manufacturer of the final products shifts his factory to another site, (2) the factory is transferred from the existing owner to the another person on...  |
| Demand based on verification of worksheet submitted by assessee is valid Posted: 24 Oct 2012 06:03 AM PDT The demand has been issued based on figures taken from income tax returns where undisputedly the incomes were shown on accrual basis and not on the basis of realization of amounts. The learned advocate pointed out certain amounts were not received by the appellant company from their clients due to...  |
| Service Tax Not Applicable on Visa Service provided by Visa facilitators Posted: 24 Oct 2012 05:43 AM PDT Visa facilitators, merely facilitate the procurement of visa and directly assist individuals who intend to travel abroad, to complete the immigration formalities. Visa facilitators collect certain statutory charges like visa fee, certification fee, attestation fee, emigration fee, etc. from the...  |
| Place of removal in cases where duty is not payable on transaction value shall be place where duty is paid Posted: 24 Oct 2012 05:36 AM PDT In this case of specific rate of duty, prima facie, the ' place of removal' would be the ' place of removal' for the purpose of Rule 4 of Central Excise Rules, i.e. the places on removal from where the duty is liable to be paid, which in this case, is the factory gate of Sonadih factory, as the...  |
| Media Law of India – An Overview Posted: 24 Oct 2012 05:30 AM PDT Communication is the procedure, which we use to exchange information by various methods and media is the medium or instrument of storing or communicating information. 'Media' the popular term inter-alia used as 'Press' denotes the print & electronic information carriers –the News Papers &...  |
| IFRS in Indian context Posted: 23 Oct 2012 10:49 PM PDT International Financial Reporting Standards (IFRS) are principle based standards as against the rule based standards currently in force; that establishes recognition, measurement, presentation and disclosure requirements relating to transactions and events that are reflected in the financial...  |
| Disallowed under garb of HO expenses if it doesn't include executive or general admin expenses Posted: 23 Oct 2012 10:24 PM PDT Assessee has filed the details of apportionment of the expenses based on the percentage of gross sales of the Indian branch to total gross sales by the U.K. company. The assessee has also filed financial statements to show that the U.K. company has shown executive or general administration...  |
| Settlement Commission should examine application for settlement by lifting corporate veil Posted: 23 Oct 2012 09:41 PM PDT In a given case if such immunity is not granted the Department would proceed to prosecute the assessee in a jurisdictional court. Once prosecution is lodged the presumption is that there was mens rea on the part of the assessee to conceal the income by a smoke screen or evade tax. Thus the...  |
| Supply of Goods & Services by SEZs to Units in DTAs against payment in foreign exchange Posted: 23 Oct 2012 08:08 AM PDT The matter has since been reviewed in consultation with the Ministry of Commerce and Industry, Government of India and it has been decided to allow ADs to sell foreign exchange to a unit in the DTA for making payment in foreign exchange to a unit in the SEZ for the services rendered by it (i.e. a...
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