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...

CBEC Gift- If Stay Application is Pending, Pay up Confirmed Amounts

CBEC Gift- If Stay Application is Pending, Pay up Confirmed Amounts Posted: 02 Jan 2013 07:14 PM PST CBEC has issued its first Central Excise Circular No. 967/01/2013 - CX, dated January 01, 2013 on eve of New Year 2013, for recovery of confirmed demands during pendency of Stay applications. The Circular has rescinded seven previous circulars on the subject matter. The said Circular has brought... XBRL Software Tool for e-filing of Cost Audit & Compliance Reports Posted: 02 Jan 2013 05:43 PM PST Towards a service to our members, the Institute has provided FREE OF COST to its members an XBRL Software Tool for creation of Instance Documents of Cost Audit Report and Compliance Report using Costing Taxonomy and Business Rules published by the Ministry of Corporate Affairs for e-filing of these... Pay due taxes, avail trade facilitation – Revenue Secy Posted: 02 Jan 2013 05:31 PM PST Government urged all tax assessees to make timely and correct payment of customs and central excise duties and service tax for continued trade facilitations. In a statement, Revenue Secretary, Sumit Bose said that the government is making all out efforts to felicitate trade and industry but a... No TDS on specified Nature of payment to Scheduled Bank Posted: 02 Jan 2013 05:06 PM PST Government hereby notifies that no deduction of tax under Chapter XVII of the said Act shall be made on the payments of the nature specified below, in case such payment is made by a person to a bank listed in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934), excluding a... Assessment of preceding years in search cases during election period Posted: 02 Jan 2013 05:01 PM PST As per provisions contained in section 153A and 153C of the Income Tax Act, 1961, the Assessing Officer is required to issue notice for assessing or reassessing the total income for six assessment years immediately preceding the assessment year relevant to the previous year in which search is... Commodity Codes under Gujarat VAT Posted: 02 Jan 2013 11:04 AM PST The State of Gujarat has shown significant interest in developing e-platform for Commercial Taxes (VAT) since last 2 years. Since December 2011, the e-Registration facility has been enabled and the procedure designed for online registration is absolutely clear and systematic approach. Not only that... Tax Residency Certificate (TRC) for Indian & Non Resident wef 01.04.2013 Posted: 01 Jan 2013 10:54 PM PST From 01.4.2013 the India Residents who earns Income from Countries with which India have a DTAA can obtain a Tax Residency Certificate from Income Tax Department. The same may be submitted to the Payer to claim DTAA Benefit. New Features on ACES New Website Posted: 01 Jan 2013 10:31 PM PST 1. A sub-menu Print Acknowledgement is available in each module to take a print of response/acknowledgment message at a later point of time. 2. Assessees can file ER7 return now through online, offline utility and xsd schema. Modifications in ST 1 & ST 2 & New Accounting Codes for existing & New registrants Posted: 01 Jan 2013 09:30 PM PST Existing registrants: Those assessees, who had registered with the department after 01.07.2012 under the 'Other than in the Negative List' (OTNL) category should amend the taxable service details now and opt for relevant description/s from the list of 120 services. After approval by the... CMA President Communique for January, 2013 Posted: 01 Jan 2013 08:32 PM PST The present day businesses are run by brands. It may be in the form of name, symbol, term, sign, design or any combination of these and signifies the services of any business and differentiates it from another. Branding is the visual voice of any enterprise. We CMAs have a glorious history of... Government Constitutes Fourteenth Finance Commission Posted: 01 Jan 2013 06:40 PM PST Fourteenth Finance Commission Constituted   As mandated by the Article 280 of the Constitution, the Government has constituted the Fourteenth Finance Commission consisting of Dr. Y.V.Reddy, former Governor Reserve Bank of India, as the Chairman and the following four other members,... FM Appeal to the People to Moderate the Demand for Gold as IT Leads to Large Imports of Gold Posted: 01 Jan 2013 06:39 PM PST FM Statement on Current Account Deficit (CAD); Confident to Finance the Cad Without Drawing Upon Reserves; Appeal to the People to Moderate the Demand for Gold as IT Leads to Large Imports of Gold The text of the Union Finance Minister Shri P.Chidambaram's Statement about Current Account Deficit... Appointment of ACIT as DCIT vide Notification No. 1/2013 Posted: 01 Jan 2013 11:19 AM PST The following Assistant Commissioner of Income Tax (Junior Scale) are hereby appointed to officiate as Deputy Commissioner of Income (Senior Time Scale) in the Pay Scale of Rs. 15,600-39,100 (Plus Grade Pay of Rs. 6,600/- in Pay Band-3) with effect. from the date(s) indicated against each:- New Team of ICSI for 2013 Posted: 31 Dec 2012 11:37 PM PST CS M.S.SAHOO, a former officer of the Indian Economic Service (IES) takes over as the SECRETARY of the Institute of Company Secretaries of India (ICSI) w.e.f1st January 2013. CS Sutanu Sinha has taken over as the CHIEF EXECUTIVE of the Institute of Company Secretaries of India (ICSI) w.e.f 1st... Export of Goods and Services – Simplification and Revision of Softex Procedure at SEZs Posted: 31 Dec 2012 11:32 PM PST As per the revised procedure, a software exporter either under STPIs or SEZs/EPZs/100%EOU/DTA, whose annual turnover is at least Rs.1000 crore or who files at least 600 SOFTEX forms annually on all India basis, will be eligible to submit statements in revised excel format sheets as per enclosed... SEBI circular on Debt Allocation Mechanism for FII Posted: 31 Dec 2012 10:23 PM PST SEBI vide circular IMD/FIIC/1/2012 dated January 3, 2012 had provided the facility of re-investment of up to two years from the date of the circular or to the extent of twice the size of the debt portfolio, to those FIIs and sub-accounts that had already acquired limits and/or invested in debt in...

Regarding Recovery of confirmed demand during pendency of stay application

Regarding Recovery of confirmed demand during pendency of stay application Posted: 01 Jan 2013 06:43 PM PST It may be noted that a confirmed demand remains an order in operation till it is stayed. Mere preferment of appeal itself does not operate as a stay. Hon'ble Supreme Court in case of Collector of Customs, Bombay Vs Krishna Sales (P) Ltd [1994 (73) E.L.T 519 (S.C)] has observed that As is well... Mere filing of Appeal does not operate as a stay or suspension of Order appealed against Posted: 01 Jan 2013 06:41 PM PST If the authorities are of the opinion that the goods ought not to be released pending the appeal, the straight-forward course for them is to obtain an order of stay or other appropriate direction from the Tribunal or the Supreme Court, as the case may be. Without obtaining such an order they cannot... No service tax on transportation of milk by rail or a vessel from one place in India to another Posted: 01 Jan 2013 06:31 PM PST Representation has been received from the Indian Railways seeking clarification as to whether service by way of transportation of milk by rail is covered by Notification No.25/2012-ST dated 20.06.2012, serial number 20(i). Circular No.167/2/2013 - ST, New Delhi, 1st January, 2013 Reminder for insurance policies not being invoices would not invite levy of service tax Posted: 01 Jan 2013 06:26 PM PST It has been represented by life insurance companies that in terms of the practice followed, reminder notices/letters are being issued to the policy holders to pay renewal premiums. Such reminder notices only solicit furtherance of service which if accepted by policy holder by payment of premium... S. 147 Supply of recorded reasons after passing reassessment order renders the reopening void Posted: 01 Jan 2013 06:16 PM PST It is clear that the completion of assessment/re-assessment without furnishing the reasons recorded by the Assessing Officer for initiation of proceedings under section 147/148 of the Act is not sustainable in law as it is incumbent on the Assessing Officer to supply them within reasonable time as... Customs to install CCTV in Customs area for better security of imported & export goods Posted: 01 Jan 2013 03:58 PM PST Security of imported and export goods in Customs area is of utmost importance and any unauthorised access / entry should be prohibited at any cost. One methodology is to use video Cameras and CCTVs Systems. CVC has also emphasised the utility of video cameras and CCTVs Systems from the view point... Replacement of FDRs in respect of provisional Mega or Ultra-Mega Power Projects with Bank Guarantee Posted: 01 Jan 2013 03:49 PM PST I am directed to invite your attention to notification Nos. 12/2012-Customs (S.No.507) and 12/2012-Central Excise (S.No. 337 and 338), both dated 17-03-2012, granting exemption from customs and excise duties for provisional mega and ultra-mega power projects. Regarding Classification of Cordless Infrared Devices for Remote Control Posted: 01 Jan 2013 03:45 PM PST The issue of classification of cordless infrared devices for the remote control was taken up for discussion in the May, 2012 Mumbai Conference of Chief Commissioners of Customs and Directors General. The entries in National Import Data Base (NIDB) in tariff item 84159000 (Parts of heading 8415), ... No penalty for quoting wrong PAN if caused by negligence of deductee Posted: 31 Dec 2012 09:03 PM PST In the instant case, the ITO(TDS) while going through the quarterly return in Form No.26Q, filed by the assessee noted that it has omitted to quote PAN/had quoted invalid PAN in 196 cases. As regards the reasonable cause,it was pleaded on behalf of the assessee that TDS was deducted and deposited... Interest Income not eligible for deduction u/s. 80IB Posted: 31 Dec 2012 08:33 PM PST A bare look at section 80-IB(4) would reveal that reference made to 'profits and gains derived from such industrial undertakings' and not to 'profit and gains derived from any business of the industrial undertaking'. A conjoint reading of Section 80-IB(l) and 80-IB(4) would reveal that the... AO must make a reference to Valuation Officer in terms of S. 50C(2) if assessee objects to stamp duty valuation Posted: 31 Dec 2012 08:26 PM PST Assessee has objected to the valuation adopted by the stamp valuation authority and has also filed the valuation report by an Approved Valuer in support of the actual fair market value. The provisions of clause (a) of sub-section (2) of section 50C, provides that where the assessee claims before... In case of inseparable contract, rent income from letting of property & Furniture is taxable as 'income from Other Sources' Posted: 31 Dec 2012 08:10 PM PST Letting out of the plant, machinery or furniture and the premises constituted a single, composite and inseparable letting is based on the tests laid down by the constitution bench of the Supreme Court in the case of Sultan Bros. (P.) Ltd. (supra). Deduction U/s. 54F to be disallowed on failure to complete construction within three years Posted: 31 Dec 2012 08:03 PM PST In the case before us, admittedly no plans were made, therefore, there is no question of getting the same approved. Apart from this, the ld. counsel of the assessee admitted that assessee has no evidence to prove that assessee wanted to start construction. If the tax is allowed to be postponed... Notification No. 68/2012-Customs, Dated- 31st December, 2012 Posted: 31 Dec 2012 07:52 PM PST Notification No. 68/2012-Customs, New Delhi, the 31st December, 2012 G.S.R 953 (E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India, in the Ministry of Finance (Department... Amendment in Concessional Duty rate of Goods imported into India from Malaysia Posted: 31 Dec 2012 07:44 PM PST Notification No. 67/2012 – Customs New Delhi, dated the 31st December, 2012             G.S.R. 952 (E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public... Amendment in Concessional Duty rate of Goods imported into India from Korea Posted: 31 Dec 2012 07:30 PM PST Notification No. 66/2012 – Customs New Delhi, dated the 31st December, 2012 G.S.R. 951 (E).—In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to... Amendment in Duty rate of Goods imported into India from Japan Posted: 31 Dec 2012 07:24 PM PST Notification No. 65/2012 – Customs, New Delhi, dated the 31st December, 2012 G.S.R. 950 (E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so... Duty Exemption to Crude Petroleum oils & oils obtained from bituminous minerals when imported from Brunei Darussalam Posted: 31 Dec 2012 07:06 PM PST Notification No. 63/2012-Customs Govt hereby exempts Crude Petroleum oils and oils obtained from bituminous minerals falling under the tariff item 2709 00 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975), when imported into India from Brunei Darussalam, from whole of the ... Amendment in Tariff value of Gold, Silver, Crude /RBD Palm Oil, Brass Scrap, Poppy seeds Posted: 31 Dec 2012 07:02 PM PST NOTIFICATION NO 115/2012-CUSTOMS (NT), Dated: December 31, 2012 In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the... Revised list of Items for Custom Duty Concession when imported from ASEAN Countries Posted: 31 Dec 2012 04:10 PM PST  Notification No. 64/2012 – Customs,  dated the 31st December, 2012 G.S.R. 949 (E).— In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do,...