Stem Cell Banking – Exigible To Service Tax?

Stem Cell Banking – Exigible To Service Tax? Posted: 05 Oct 2012 08:32 PM PDT Stem Cell banking is an activity of collection, processing, testing and storage of stem cells to make the same available explicitly to person who owns the same, which is carried out by the Stem Cell banker for an individual at an agreed consideration. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Reassessment on the basis of information received under treaty is valid Posted: 05 Oct 2012 07:18 PM PDT It is difficult to appreciate the petitioner's objection that the information received from DAO-45, New Delhi, acting under Article 26 of the Indo-Japanese treaty for the Avoidance of Double Taxation, cannot constitute valid material on the basis of which the Assessing Officer can form even a... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Climate change mitigation & its importance for professionals Posted: 05 Oct 2012 07:07 PM PDT The Threat to the environment, posed by the global climate change is real. Human activities are increasing the atmospheric concentrations of greenhouse gases. All theoretical models predict that these increases in greenhouse gas concentrations will cause changes in climate, both regionally and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] No addition u/s. 69B merely because property is worth several crores Posted: 05 Oct 2012 06:48 PM PDT There is a fundamental fallacy in invoking the provisions of the Wealth Tax Act to the application of section 69B of the Income Tax Act, notwithstanding that both the Acts are cognate and have even been said to constitute an integrated scheme of taxation. Under the Income Tax Act, we are to find... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Assessee can CENVAT credit on the strength of xerox copy Posted: 05 Oct 2012 06:58 AM PDT Substantial benefit cannot be denied on the basis of mere technical violation. In this case, the respondents have made effort to obtain certified copy of the bill of entry which was also denied to them. Further it is not disputed that the goods have not suffered duty and they have not been used in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TDS deductible if Form 15G/ 15H are collected after 31st March Posted: 05 Oct 2012 06:54 AM PDT The assessee had not deducted tax at source on the ground that the depositors intended to file form No. 15G/15H in time but Form No. 15G/15H were not filed by the date on which the interest was credited/paid to the depositors. In section 40 the word shall not be deducted in computing the income... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Don't Believe Fraudsters – Mumbai Air Customs Posted: 04 Oct 2012 10:51 PM PDT It has been brought to notice that innocent citizens are made to believe that they have won/received some international prize/award/parcel and money is demanded to fulfill some Customs formalities. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Rates of Duty Drawback 2012-13 – Reg. Posted: 04 Oct 2012 09:56 PM PDT As in previous years, the drawback rates have been determined on the basis of certain broad parameters including, inter alia, prevailing prices of inputs, Standard Input Output Norms, share of imports in the total consumption of inputs, FOB value of export goods, the applied rates of central excise... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Loss due to Recession in Software Industry after 9/11 incident cannot be ignored in computing ALP Posted: 04 Oct 2012 09:24 PM PDT   The ld. AR has demonstrated before us that if at all it is to be assumed that the assessee has made excess payment to the AE then it should be confined to 1370 man hours since 2370 man hours could not be billed to clients as assessee could deploy only 10 persons in November [...] [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 14A Expenses incurred in relation to the income which does not form part of 'business profits' cannot be allowed as deduction Posted: 04 Oct 2012 09:22 PM PDT Learned AR argued that tax free securities were held by the assessee as stock-in-trade and hence the provisions of section 14A cannot apply to disallow any expenditure notwithstanding the fact that the interest income is exempt. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Whether benefit u/s. 72A could be granting by BIFR while granting scheme of amalgamation Posted: 04 Oct 2012 09:20 PM PDT Under Section 72 of the Income Tax Act, to give to the amalgamated company the benefit of the loss or, as the case may be, allowance for depreciation of the amalgamating company for the previous year in which the amalgamation was effected for the purposes of the Income Tax Act, the Central... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] S. 10A Exemption for subsequent year cannot be withdrawn, unless deduction for 1st year is withdrawn Posted: 04 Oct 2012 09:18 PM PDT Where a benefit of deduction is available for a particular number of years on satisfaction of certain conditions under the provisions of the Income Tax Act, then unless relief granted for the first assessment year in which the claim was made and accepted is withdrawn or set aside, the Income Tax... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Amendment of the Companies (Central Governments) General Rules & Forms (6th Amendment Rules,2012) for Form 23AC / 23ACA Posted: 04 Oct 2012 08:31 PM PDT G.S.R (E) In the notification of the Government of India, Ministry of Corporate Affairs published in the Gazette of India vide G.S.R (E) dated 21st September, 2012 relating to amendment of the Companies (Central Governments) General Rules and Forms (6th Amendments Rules, 2012) for Forms 23AC and... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Regarding Anti Dumping Duty on imports of Cold Rolled Flat Products of Stainless Steel Posted: 04 Oct 2012 08:09 PM PDT Whereas in the matter of imports of Cold Rolled Flat Products of Stainless Steel(400 Series) having width below 600 mm,(hereinafter referred to as the subject goods), classified under Chapter 72 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), originating in, or exported from,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Duty Drawback Rates in supersession of Notification No. 68/2011-Customs (N.T.) Posted: 04 Oct 2012 07:59 PM PDT Notification No. 92/2012 - Customs (N.T.) Ministry of Finance (Department of Revenue) No.68/2011-Customs (N.T.), dated the 22nd September, 2011 published vide number G.S.R. 712 (E), dated the 22nd September, 2011, except as respects things done or omitted to be done before such supersession, the... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] ICAI – Zone-shifting of candidates for November – 2012 CA Exams Posted: 04 Oct 2012 07:40 PM PDT Due to paucity of accommodation in some Zones opted by the candidates in the cities of Chennai, Indore and Mumbai some of the candidates have been allotted examinations centres in the zone other than the zone opted in the said cities. In view of this, it is not possible to accede to the requests of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfers & Postings of Commissioners/ Directors of Income-tax – Order No. 186 Posted: 04 Oct 2012 07:18 PM PDT Vide Order No. 186 dated 04.10.2012 the CBDT has ordered the transfers & postings of several officers in the grade of Commissioners/ Directors of Income-tax with immediate effect. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Public issues in electronic form and use of nationwide broker network of stock exchanges for submitting application forms Posted: 04 Oct 2012 12:20 PM PDT SEBI has decided to introduce an additional mechanism for investors to submit application forms in public issues using the stock broker network of Stock Exchanges, who may not be syndicate members in an issue.This mechanism can be used to submit ASBA as well as non-ASBA applications by investors. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Companies (Issue of Indian Depository Receipts) Amendment Rules, 2012 – Amendment in rule 10 Posted: 04 Oct 2012 12:18 PM PDT Notification [F. No. 5/55/2011-CL-V], dated 1-10-2012 In exercise of the powers conferred by clause (a) of sub-section (1) of section 642, read with section 605A of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following rules, further to amend the Companies (Issue of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] AGM can be held within the city, State or town of Registered Office of company or any place approved by Central Govt. Posted: 04 Oct 2012 12:16 PM PDT Notification [F. No. 9/1/2011 - CL.V], dated 1-10-2012 In exercise of the powers conferred by sub-section (1) of section 620 of the Companies Act, 1956 (1 of 1956), the Central Government hereby makes the following further amendments in the notification of the Government of India in the erstwhile... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]