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Jan 3, 2013

As per AS -19 Advance for lease should be recognized proportionately over the period of lease

As per AS -19 Advance for lease should be recognized proportionately over the period of lease

Posted: 03 Jan 2013 07:18 PM PST

Tribunal has on examination of the agreement dated 30-4-2003 entered into between 'R' and the assessee concluded that 'R' in terms of the agreement had only a right to use the network during the tenure of the 20 year agreement. Further, that the agreement was liable to be terminated at the sole...

Penalty should not be imposed in revenue neutral cases

Posted: 03 Jan 2013 07:04 PM PST

Assessee is a 100% EOU and the disputed service tax related to import of services from foreign based commission agent. The assessee was required to pay the tax as a deemed service provider in terms of Section 66A of the Finance Act. Since the services were clearly input services for the appellant,...

Insurance captive power plant is an input service eligible for Cenvat Credit

Posted: 03 Jan 2013 06:40 PM PST

In this case, since as discussed above, the Renusagar Power Plant is a captive power plant of the Appellant's manufacturing unit, the two have to be treated as one intergrated unit and therefore, the cenvat credit of service tax paid on insurance policy for the power plant would be admissible.

All services involving computers are not 'information technology service'

Posted: 03 Jan 2013 06:33 PM PST

Section 65(19) of the Act defines "business auxiliary service" and excludes 'information technology service'which is defined in the Explanation to the said section as "any service in relation to designing, developing or maintaining of computer software, or computerised...

IDBI Bank can accept deposits under Capital Gains Account Scheme

Posted: 03 Jan 2013 05:28 PM PST

In continuation to the earlier Notification No. G.S.R. 725(E), dated 22-6-1988 (See [1988] 172 ITR (St.) 54), and in pursuance of clause (e) of paragraph 2 of the Capital Gains Account Scheme, 1988, the Central Government hereby authorises all the branches (except rural branches) of IDBI Bank Ltd.,...

ICAI to conduct CPT Exams on 16th June, 2013 in Paper- Pencil Mode

Posted: 03 Jan 2013 05:06 PM PST

In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil Mode) will be held on Sunday, 16th June, 2013 in two sessions as below, at the following...

US court dismisses claims against former directors of Satyam Computers

Posted: 03 Jan 2013 04:46 PM PST

A US court has dismissed civil claims filed against former independent directors of Satyam Computer in a lawsuit over a one billion dollar accounting fraud. Hearing the petition, the US District Court Judge Barbara Jones of New York said there were insufficient allegations against the former...

LIC introduces 'New Jeevan Nidhi' – Deferred Pension Plan

Posted: 03 Jan 2013 08:38 AM PST

LIC's New Jeevan Nidhi Plan is a conventional with profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting. Salient Features: Risk Cover and Regular Annuity payments in a Single Plan. Guaranteed Additions @ Rs.50...

Income from chit fund to be recognized on 'contract completion' method

Posted: 03 Jan 2013 08:31 AM PST

Looked at from the angle of the subscriber, while there may be a certainty as to the dividend received every month for considering the same for assessment on accrual basis, as far as a company running the chit business is concerned, the dividend and the discount can properly be ascertained only at...

Deduction u/s. 80P available on Interest earned on deposits of non-statutory liquid ratio funds

Posted: 02 Jan 2013 09:20 PM PST

The question as to whether the business is derived from or attributable to SLR or non-SLR funds would not make any difference for the purposes of qualifying the interest earned by the cooperative bank under Section 80P(2)(a)(i) as the deposits of surplus idle money available from working capital,...

Extended period of limitation must be specifically invoked in SCN specifying grounds for such invocation

Posted: 02 Jan 2013 09:04 PM PST

The relevant show-cause notices were issued far beyond the normal period of limitation prescribed under Section 11A(i) of the Central Excise Act, without invoking the extended period of limitation. The operative part of one of these show-cause notices has been reproduced hereinbefore. The other...

Disallowance U/s.14A cannot be made if assessee has not incurred & claimed any expenditure against exempt income

Posted: 02 Jan 2013 08:45 PM PST

In our considered opinion. for making any disallowance u/s. 14A is to firstly examine the assessee's claim of having incurred some expenditure or no expenditure in relation to exempt income. If the AO gets satisfied with the same then there is no need to compute disallowance as per Rule 8D.

Income Tax officials seize Rs 28,000 cr worth 'US bonds'

Posted: 02 Jan 2013 05:44 PM PST

Income-Tax officials have seized documents believed to be US Treasury bonds worth Rs 28,000 crore during a raid on the premises of a businessman in neighbouring Tirupur district. The raids were carried out on the residence of Ramalingam at Upputhurai Palayam village on 31 December night, official...

Proposed Modification to Existing framework for buy back through open market purchase' -Discussion paper

Posted: 02 Jan 2013 05:32 PM PST

It has been observed that buy back through open market has failed to achieve its objectives in spirit, due to the following reasons: a) Section 77A(4) of the Companies Act, 1956 specifies that every buy back shall be completed within a period of 12 months. Companies, instead of fixing a definitive...

RBI releases Draft Report of its Working Group on Gold

Posted: 02 Jan 2013 05:29 PM PST

The Reserve Bank of India (RBI) today placed on its website, the Draft Report of the Working Group to Study the Issues Related to Gold and Gold Loans by Non-Banking Finance Companies (NBFCs) in India (Chairman: Shri K.U.B.Rao, Adviser, Department of Economic and Policy Research). The Reserve Bank...

Exchange Rate of Foreign Currency Relating to imported and Export Goods wef 4th January, 2013

Posted: 02 Jan 2013 05:06 PM PST

Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 4th January, 2013 be the rate...

MVAT – Delegation of power of Section 57 to JCST and Notification of Section 35

Posted: 02 Jan 2013 04:47 PM PST

No. Sr. D.C. (A & R)/PWR/1006/2/(Adm.-3)ADM.-8.----In exercise of the powers conferred by sub-section (5) of section 10 of the Maharashtra Value Added Tax Act. 2002 (Mah. IX of 2005), the Commissioner of Sales Tax, Maharashtra State, Mumbai, hereby amends the Notification No. Sr. D.C. (A and...

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