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Nov 12, 2012

Time Limit u/s 11B not applies to Excise Duty Paid Twice mistakenly

Expense on worship of Hindu Gods & Temple maintenance cannot be regarded to be for religious purpose

Posted: 08 Nov 2012 05:57 PM PST

It cannot be said that Hindu is a separate community or a separate religion. Technically Hindu is neither a religion nor a community. Therefore, expenses incurred for worshipping of Lord Shiva, , Hanuman, Goddess Durga and for maintenance of temple cannot be regarded to be for religious purpose.

Reporting in a diverse EU banking regulatory environment – An overview

Posted: 08 Nov 2012 05:28 PM PST

Banking regulators control and monitor the financial state of affair of the banks through reporting mechanism. With the formation of European Union, banks operating in European region are expected to report under multi regulatory environment, where such reporting becomes complex and dynamic,...


Career as Cost & Management Accountant

Posted: 08 Nov 2012 05:22 PM PST

No doubt, Chartered Accountancy course has enjoyed wide popularity but CMA and CS courses too have been gaining popularity over the last few years. Particularly, growth in numbers of students enrolled for CMA is far more than any other course in India. This is because of cost awareness amongst the...

All about Intellectual Properties

Posted: 08 Nov 2012 05:13 PM PST

It can be concluded that registering INTELLECTUAL PROPERTIES will be a strong protection and a value addition to the corporate sector. It is as much an asset as any other property. Always we have to remember as said earlier, IF YOU HAVE A TRADEMARK, REGISTER IT and IF YOU HAVE REGISTERED A...

Gross direct tax collections for F.Y. 2012-13 up by 6.59%

Posted: 08 Nov 2012 04:22 PM PST

Gross direct tax collections during April-October of the Financial Year 2012-13 was up by 6.59 percent and stood at Rs. 3,02,810 crore as against Rs. 2,84,081 crore in the same period last year. Net direct tax collections was up by 14.63 percent and stood at Rs.2,50,866 crore, as compared to Rs....

Time Limit u/s 11B not applies to Excise Duty Paid Twice mistakenly

Posted: 08 Nov 2012 04:00 PM PST

In the present case, however, we find that the second deposit of the same amount on clearance of the same goods did not amount to deposit of excise duty and was a pure mistaken deposit of an amount with the Government which the revenue cannot retain or withhold. Such claim, therefore, would not...

Reference to DVO u/s. 142A without rejecting books of account not justified

Posted: 08 Nov 2012 03:18 PM PST

If we consider the facts of the case under consideration, we noticed that the A.O. did not reject the books of account regularly maintained by the assessee by invoking section 145(3) of the Act. The assessee raised the ground before the CIT(A) that reference under section 142A to the D.V.O. is...


Official Liquidator duty-bound to take expeditious steps for sale of assets of company

Posted: 08 Nov 2012 03:08 PM PST

The application for direction for sale was specially assigned to His Lordship. His Lordship should have disposed of the same either by dismissing it if His Lordship so feels it proper or allow it directing Official Liquidator to take expeditious steps for sale. Further directions for advertisement...

No deduction u/s. 80HHC on interest Income

Posted: 08 Nov 2012 02:31 PM PST

The investment with the sister-concerns had no nexus to the assessee's business activities. They were merely invested for the purpose of earning interest. The assessee has not even established that one of its business activities was to advance loans to third parties and/or to invest its funds and...


Trust Registration can't be cancelled for amendments in trust deed, if its objects remain charitable

Posted: 08 Nov 2012 02:25 PM PST

Objects of the appellant even after the amendment of the trust deed continue to be charitable. The amendment is a mere power conferred on the Trust or other institution. It has to be shown on facts that any amendment to the objects clause has resulted in the trust or institution becoming non...


S. 80HHC Calculation – Unrealised Export Sales will form part of Total Turnover

Posted: 08 Nov 2012 12:37 PM PST

Whether the Appellate Tribunal is right in law in holding that unrealised export turnover should be included in the Total Turnover while it is not treated as Export Turnover for purposes of computing the allowable deduction under Section 80HHC ?

MCA enlarges the list of cases where companies should get their cost records audited

Posted: 07 Nov 2012 09:39 PM PST

Order [F. No. 52/26/CAB-2010], Dated 6-11-2012 - Consequent upon notification of the Product or Activity Group classification published vide S.O. 1747(E) dated 7th August, 2012 and in supersession of the earlier Orders issued vide even number dated 2nd May 2011, 3rd May 2011, 30th June 2011 and...

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