CA Final & CPT Result Likely on 21st January, 2013

CA Final & CPT Result Likely on 21st January, 2013 Posted: 11 Jan 2013 07:12 PM PST Result of the Chartered Accountants Final Examination held in November, 2012 and Common Proficiency Test (CPT) held in December, 2012 are likely to be declared on Monday, the 21st January, 2013 [[ This is a content summary only. Visit my website for full links, other content, and more! ]] AAR cannot be approached for a ruling only on a part of a transaction Posted: 11 Jan 2013 06:44 PM PST A ruling pronounced by this Authority is binding on the applicant, in respect of the transaction in relation to which the ruling has been sought and on the Commissioner and the income-tax authorities subordinate to him. The ruling is in respect of the applicant and the transaction involved. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] HC stays CBEC's Circular on recovery of confirmed demand during pendency of stay application Posted: 11 Jan 2013 06:19 PM PST The High Court of Judicature of Andhra Pradesh has granted an interim stay against  Circular No.  967/01/2013 – CX,  Dated 1st January, 2013 issued by the CBEC, seeking the recovery of confirmed demand during pendency of stay application. Full text of the Order is as follows :- ANDHRA PRADESH HIGH... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Direct Sales Association/Agents (DSA) of Banks taxable under 'Business Auxiliary Services' Posted: 11 Jan 2013 05:45 PM PST The terms and conditions of the relevant Agreements show that the appellant was, in fact, using their infrastructure, staff and expertise to market products of the Banks. In both the Agreements, the appellant was referred to as Direct Sales Association/Agent. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CLB Chairman cannot transfer a case from one Regional Bench to another Posted: 11 Jan 2013 05:38 PM PST A reading of Regulation 3 of the CLB Regulations makes it clear beyond any doubt that the Chairman of the CLB is empowered by the Board to constitute the Benches of the Board as per the composition of Benches prescribed under Section 10E (4B) of the Act. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Sanctity of order of court matters rather than higher bid offered at a later stage after the bid was accepted Posted: 11 Jan 2013 05:31 PM PST When an order passed by this Court it is to be considered by the public at large and the same concluded at the instance of this Court. Then it is the duty of this Court to give respect to its order by giving sanctity more than, over and above the highest bid. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Ownership of land not necessary for builder to claim deduction u/s. 80-IB(10) Posted: 11 Jan 2013 05:10 PM PST The first issue before us is whether the assessee is a developer and builder and, thus, entitled to deduction u/s. 80IB(10) qua the Sadguru Krupa Project, or only a Contractor and, thus, not so entitled. No argument, much less materials, has been advanced or adduced before us [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Transfer Pricing Assessment without obtaining Assesses objections not valid Posted: 11 Jan 2013 05:05 PM PST It was incumbent on the AO to supply the information to the assessee, obtain its objections, if any, and pass order after taking into account the information and the objections of the assessee. This has not been done in respect of 20 comparables. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Loading / unloading within factory premises of client is not cargo handling service Posted: 11 Jan 2013 04:46 PM PST It is undisputed in this case that the respondent is providing services for loading & unloading within the premises of M/s. J.M. Baxi & Co. The judgment of the Hon'ble High Court of Jharkhand categorically has settled law in as much, that any services provided within the factory premises... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] TPO not justified in rejecting computation of ALP made by assessee by applying CUP method if all comparables are fairly unrelated Posted: 11 Jan 2013 11:08 AM PST It is a fact on record that the assessee has adopted the CUP method for computing the Arms' Length Price for the international transaction entered into by it with its AE for the medical transcription service rendered by it to the AE. In this regard, the assessee has considered two external... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Method adopted by Assessee for determining ALP cannot be rejected without showing fallacies in method adopted by Assessee Posted: 11 Jan 2013 11:07 AM PST TPO has not assigned any valid reason for rejecting the method adopted by the assessee for the determination of ALP with its transaction with ODSI. Where an assessee has followed one of standard methods of determining ALP, such a method cannot be discarded in preference over transactional profit... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Section 10A(6)(ii) cannot be invoked in exemption period Posted: 11 Jan 2013 11:03 AM PST A perusal of the legislative history of the provision makes it clear that the same was incorporated in the "Act" with effect from 01.04.1981 by the Finance Act, 1981. Initially, it had provided tax holiday of five consecutive year beginning with the assessment year relevant to the previous year in... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Tribunal may recall its order passed ex-party if Assessee gives sufficient reasons for the same Posted: 11 Jan 2013 11:02 AM PST Clause (i) of sub-section (2) of section 36 of the Act itself provides that the claim for deduction as bad debt would not be allowed unless such debt or part thereof has been taken into account in computing the income of the assessee of the previous year in which the amount of such debt or part... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CBI Arrests Deputy Director Of DRI, Customs Superintendent In Alleged Bribery Case Posted: 10 Jan 2013 05:59 PM PST The Central Bureau of Investigation has arrested a Deputy Director of Directorate of Revenue Intelligence; a Superintendent of Customs and a representative of a Kolkata-based private firm in an alleged bribery case. [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Export of Pharmaceutical Grade / Specialty Sugar not required to registered with DGFT Posted: 10 Jan 2013 05:55 PM PST Export of Pharmaceutical Grade Sugar and Specialty Sugar will not be required to be registered with DGFT. Every other type of sugar would continue to be subject to registration before export. [[ This is a content summary only. Visit my website for full links, other content, and more! ]]