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Apr 10, 2013

Loan paid by guarantor to lender on default by borrower is ‘capital receipt’ for borrower

Loan paid by guarantor to lender on default by borrower is 'capital receipt' for borrower

Posted: 10 Apr 2013 08:35 PM PDT

The sum paid was also not in the nature of compensation because there was no obligation on M/s Gillette Company USA, under any contract to compensate the assessee. Under these facts we do not find infirmity in the decision of the first appellate authority in treating the amount of Rs. 108.49 crores...

Transfer pricing – RBI approval do not partake the character of ALP

Posted: 10 Apr 2013 07:13 PM PDT

Press note issued regarding FDI policy and prescribing the percentage of the royalty to the  sales allowed under automatic route and cannot substitute as ALP to be determined under the provisions of the Act and Rules. FDI policy permitting certain percentage of payment of royalty is only for...

TP – Rate approved or deemed to be approved by RBI has to be considered as ALP

Posted: 10 Apr 2013 06:38 PM PDT

The fact of approval of the payment by the RBI has been succinctly recorded by the TPO in his order as well. He still chose to propose adjustment in respect of full payment. In our considered opinion, when the rate of royalty payment and fee for drawings etc. has been approved or deemed to have...

Major changes in MVAT & Notification amending MVAT & other laws

Posted: 10 Apr 2013 06:20 PM PDT

L.A. Bill No.XI of 2013 to amend certain tax laws in operation in the State of Maharashtra published. Major changes in MVAT laws are as follows - Single revised return for the year provided in case of revision as per the audit report u/s 61 or as per intimation u/s 63 Provision for issuing...

Taxable Service Category to be changed from CICS/CCS to WCS by contractors or builders

Posted: 10 Apr 2013 05:27 AM PDT

CA Ashish Gupta With the introduction of Negative List Approach under Service Tax Regime, the significance of categorization of taxable services was done away and all the services were grouped under two heads i.e. Taxable & Non-Taxable. Consequently, the payment of service tax was to be made...

Mere consent for transfer of tenancy rights from old to new tenant by landlord is not transfer

Posted: 09 Apr 2013 11:48 PM PDT

Clause 4 of the agreement indicates that the Smt Shah surrendered the tenancy rights along with the property to the assessee. If that is true, where is the need for Smt Shah to be the signatory to the agreement in giving the property on monthly rent to the new tenants and why should there be [...]

S.115JB Provision for doubtful debt to be added to Book Profit for MAT Calculation

Posted: 09 Apr 2013 11:35 PM PDT

Assessee is following the mercantile system of accounting and also preparing the accounts under the mercantile system. In this system, the income has recognized when it was credited in the books of account. The bills were raised on the basis of written power purchase agreement with the customer....

No penalty on income surrendered in survey proceedings which was disclosed in return of Income

Posted: 09 Apr 2013 10:50 PM PDT

There can be no concealment or non-disclosure, as the assessee had made a complete disclosure in the IT return and offered the surrendered amount for the purposes of tax and therefore no penalty under s. 271(1)(c) could be levied. The words 'in the course of any proceedings under this...

MCA – Due date to File forms without Payment of additional fees extended to 15.04.2013

Posted: 09 Apr 2013 07:30 PM PDT

Circular No: 08/2013 , Dated-10/04/2013 Sub: - Relaxation of additional fees and extension of last date in filing of various forms with the Ministry of Corporate Affairs-reg. In continuation of the Ministry's. General Circular No: 03/2013 dated 08-02­-2013 and 07/2013 dated 20-03-2013 on the...

Exchange Rate of Japanese Yen WEF 10.04.2013

Posted: 09 Apr 2013 07:23 PM PDT

Notification No. 36/2013 – Customs (N.T.),  Dated the 10th April, 2013             S. O…. (E). – In exercise of the powers conferred by Section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs hereby makes the following further amendments in the Notification...

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