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Nov 1, 2012

Know your Empanelment/ Audit Allotment Status with CAG

Know your Empanelment/ Audit Allotment Status with CAG

Posted: 31 Oct 2012 08:38 PM PDT

A CA firm who applied for empanelment with CAG for Financial Year 2012-13 can check the status of his Empanelment & Audit work allotted by following the procedure given below :-

Court cannot create tenancy without the consent of the landlord

Posted: 31 Oct 2012 07:17 PM PDT

The company-in-liquidation admittedly does not own the property. The Court cannot force respondent either to sell or let it out to 'W'. Interim arrangement was made at the stage of admission of appeal considering the balance of convenience and inconvenience. Such interim arrangement could not be...

HC dismisses petition Challenging Circular related to VAT on Builders

Posted: 31 Oct 2012 06:58 PM PDT

Writ petition in Builders case on Circular 14T of 2012 has been dismissed by Hon. Bombay High Court & Extension for administrative Relief and payment Date is also denied.

List of enhancements in MCA21 XBRL validation tool – Version 2.0.1

Posted: 31 Oct 2012 06:37 PM PDT

The following enhancements have been released in the validation tool. These enhancements do not impact the instance documents which have already been filed on the MCA21 portal. This version of the tool needs to be downloaded by only those stakeholders who are facing the below mentioned issues.

Central Bank Of India – Empanelment of Stock auditors

Posted: 31 Oct 2012 05:54 PM PDT

Central Bank Of India Last Date : 03/11/2012 Empanelment of Stock auditors Address: Central Bank Of India Jamnagar Regional office, 2nd Floor,Central Bank of India Building, Mandvi Tower Road, Jamnagar-361001.

Government to appoint auditor for state-run banks on its own – ICAI

Posted: 31 Oct 2012 05:21 PM PDT

Breakthrough in Our Efforts with Regard to Autonomy of Bank Audit: I am glad to communicate that, in a major breakthrough with regard to the autonomy of bank audit, the Government has agreed to handle the selection of auditors for state-run banks on its own instead of leaving it to the...

No Refund for Failure to Furnish Reco of Income as per TDS certificate & P/L a/c

Posted: 31 Oct 2012 12:54 PM PDT

 There is no material evidence on record to show that the assessee had produced any reconciliation statement of interest and contractual receipts as per TDS certificate compared to turnover credited in the P & L Account as per the audited statement. In view of the provisions of Section 237 of...

Pondicherry Act for protecting interests of small depositors is Valid – SC

Posted: 31 Oct 2012 12:18 PM PDT

The decision in K.K. Baskaran's case (supra) so far as it relates to protection of interests of depositors, cannot be ignored. In our view the decision rendered by the Madras High Court in K.K. Baskaran's case (supra) would be equally applicable to the facts of this case.

CA from Chennai acquitted in Cheating Case

Posted: 31 Oct 2012 12:08 PM PDT

The Additional Chief Metropolitan Magistrate, Egmore, Chennai has convicted Sh. S.M. A.K.Rahman (a private person) and sentenced him to undergo four years Rigorous Imprisonment with fine of Rs.4 lakhs in a cheating case.

CWA President Communique – November 2012

Posted: 31 Oct 2012 11:39 AM PDT

I am glad to inform the members that on incessant representations of the Institute, Ministry of Commerce and Industry, Department of Commerce vide its Public Notice No. 22 (RE-2012)/2009-14 dated 11th October, 2012 has authorized Cost Accountants for certification of various documents under...

If assessee advanced to sister concerns or others without interest for no business purpose, interest to that extent to be disallowed

Posted: 31 Oct 2012 11:33 AM PDT

Once it is borne out from the record that the assessee had borrowed certain funds on which liability to pay tax is being incurred and on the other hand, certain amounts had been advanced to sister concerns or others without carrying any interest and without any business purpose, the interest to the...

Market development fee paid to UK based company not taxable in India as fee for technical services

Posted: 31 Oct 2012 06:57 AM PDT

Giving marketing services outside India, even if we consider it as technical services, nothing was made available to the assessee in the nature of any technical knowledge, experience, skill know-how or processes.

Depreciation is to be allowed even if not claimed in Return

Posted: 31 Oct 2012 06:42 AM PDT

In view of Explanation 5 to section 32(1), the Assessing Officer was duty-bound to grant depreciation allowance, whether the same is claimed by the assessee or not, provided the conditions mentioned under section 32 are satisfied.

Statement under section 132(4) can be retracted

Posted: 31 Oct 2012 06:07 AM PDT

The case of the assessee is that the statement/admission was made under the mistaken belief of law that Rs. 50 lakhs represents the sale value of stock found short was undisclosed income of the assessee instead of the correct legal position that the gross profit on suppressed sale is the income of...

No prescribed time-limit for taking Cenvat credit

Posted: 31 Oct 2012 05:52 AM PDT

No where in the Central Excise Act as well as in the Cenvat Credit Rules not prescribed any period in which credit has to be taken. Although it is mentioned in the Cenvat Credit Rules that assessee can take the credit immediately, but there is no prescribed time limit neither in the Cenvat Credit...

Two or more Assessing Officers having territorial jurisdiction in respect of same income, can exercise concurrent jurisdiction

Posted: 30 Oct 2012 09:45 PM PDT

In the present case we find that the petitioner had changed his registered office w.e.f. 4th November, 1989 from first floor and 6376 Naya Bans Delhi to Y-192, Loha Mandi, Naraina, New Delhi, and thereafter w.ef. 3rd October, 2000 from Y-92 Loha Mandi, Naraina, Delhi to Room No.9, Y-3C, Loha Mandi,...

Notification No.96/2012 – Customs (N. T.) – Change in Tariff Value of RBD Palmolein, Brass Scrap (All Grades) Poppy Seeds, Gold &Silver Notified

Posted: 30 Oct 2012 08:26 PM PDT

Notification No.96/2012 – Customs (N. T.) New Delhi, 31th, October, 2012             S.O. ____ (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and...

section 80-IA(7) provides for determination of amount of deduction not for deduction actually allowable

Posted: 30 Oct 2012 01:20 PM PDT

A combined reading of the provisions of sub sec. 7 of sec. 80-IA and sec. 80AB would suggest that (a) the Profits and gains of an eligible business, to which the provisions of sec. 80-IA(1) shall apply, shall be restricted to the amount of income of that nature that is included in the Gross total...

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