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May 17, 2013

Transfer Pricing – FAQs on India Advance Pricing Agreement (APA) scheme

Transfer Pricing – FAQs on India Advance Pricing Agreement (APA) scheme

Posted: 17 May 2013 09:58 PM PDT

The APA rules provide that APA team would also include experts in economics, statistics, law or any other field as may be nominated by the DGIT (IT).Would such experts be included in each and every APA or would the need be analysed on a case to case basis?

Advance Pricing Agreement Guidance With Faqs – Free e-book

Posted: 17 May 2013 09:48 PM PDT

To bring about certainty and uniformity with regard to determination of arm's length price of the international transaction, the Finance Act, 2012 had inserted sections 92CC and 92CD in the Income Tax Act 1961 introducing the provisions of Advance Pricing Agreement (APA). The Ministry of...

If liability to pay Excise duty is not incurred, excise duty is not to be included in closing stock

Posted: 17 May 2013 09:08 PM PDT

Hon'ble Jurisdictional High Court in the case of Narmada Chematur Petrochemicals Limited (Supra) has held that, if the duty of Central Excise is not due and payable, it cannot be termed to be a cost in relation to the raw materials then such duty also cannot be termed to be a cost qua the...

Interest u/s 234B cannot be levied unless AO specifies in Assessment Order

Posted: 17 May 2013 08:59 PM PDT

Issue is squarely covered by the decision of the Apex Court in the case of Commissioner of Income Tax and others v. Ranchi Club Ltd., reported in (2001) 247 ITR 209. In the said decision, the Apex Court held that in absence of any specific direction giving reference to the section charging interest...

Reconstitution of Partnership Firm not amount to deemed gift

Posted: 17 May 2013 08:48 PM PDT

Under very similar circumstances, the Apex Court in the case of Sree Narayana Chandrika Trust Vs. Commissioner of Gift-Tax, reported in 261 I.T.R, page No.279, reversed the decision of the High Court and ruled in favour of the assessee by holding that such reconstitution of  a firm would not result...

Dena Bank – Concurrent Audit of Branches 2013-14 – Empanelment / Registration

Posted: 17 May 2013 07:09 PM PDT

The firm has to disclose whether it has been debarred by ICAI / RBI / Dena Bank in the past. In such cases, the firm is not eligible for appointment as Concurrent Auditor. The Partner / Auditor / Asst. of the Audit firm should visit the Branch for a specified number of days and a confirmation to...

Issue of equity shares under FDI scheme allowed under Government route

Posted: 16 May 2013 12:21 PM PDT

Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI scheme allowed under the Government route against pre-operative/pre-incorporation expenses

Transfer/sale of imported weapons (firearms) by shooters liberalized

Posted: 16 May 2013 11:46 AM PDT

Prior Permission of DGFT shall also not be required for transfer of weapon/s (firearm/s) imported by a Renowned Shooter (as defined in Policy Condition 3 of Chapter 93 of ITC(HS) 2012) for the purpose of his/her pursuing shooting as a sport to any upcoming shooter as certified either by the...

Format of ANF 3F (for Incremental Export Incentivisation Scheme)

Posted: 16 May 2013 11:39 AM PDT

This Aayat Niryat form (ANF 3F) as given in annexure to this Public Notice will be required to be filled up for claiming benefits of Incremental Export Incentivisation Scheme.

Regarding transfer of goods imported by licensee or by a sub-contractor of licensee

Posted: 15 May 2013 12:26 PM PDT

where the goods so imported by the licensee or a sub-contractor of the licensee are sought to be transferred, the importer produces to the Deputy Commissioner of Customs or the Assistant Commissioner of Customs, as the case may be, at the time of such transfer, the following, namely:-

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