UPDATES FROM TAX GURU Concessions and Exemptions in Excise Duty provided by Union Budget 2009 The following concessions/ changes have also been made: i. Full exemption from excise duty has been provided to goods falling under Chapter 68 manufactured at the site of construction for use in construction work at such site. This was demand of the... Changes in Excise Duty Rates in Union Budget 2009 Changes in rate of Excise duty: - Chapter Product Change Remarks 27 motor spirit commonly known as petrol intended for sale with a brand name from '6% + Rs 5 per litre' to a specific rate of Rs 6.50 per litre. Therefore, total excise duty... PWC charged abnormally high fees for auditing Satyam's accounts In another blow to embattled audit firm Price Waterhouse (PW), the high powered committee formed by ICAI to investigate the Satyam fraud, has submitted its interimn report. According to sources, the report has found the auditors guilty of lapses... Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000 SEBI/CFD/DIL/DIP/36/2009/09/07    Dated: July 9, 2009 1. In exercise of the powers conferred under sub-section (1) of Section 11 of the Securities and Exchange Board of India Act, 1992, SEBI has amended the SEBI (Disclosure and Investor Protection)... Bombay High Court dismissed about 400 appeals of Income Tax department Posted: 11 Jul 2009 10:22 AM PDT The I-T department has lost the opportunity to recover revenues running into thousands of crores after failing to file its appeals before the Bombay High Court within the stipulated period of 120 days. The Bombay High Court has dismissed about 400... Complexity of income need to be considered, to decide under which head rental Income will be taxed SUMMARY OF CASE LAW No straitjacket formula can be devised to determine conclusively as to under which head income from immovable property should fall; all the relevant factors need to be necessarily looked into to decide the character of income;... Salary paid in cash to employees posted at Rigs for more then 15days can not be disallowed SUMMARY OF CASE LAW Where all the employees of the assessee-company were posted for a continuous period of 28 days on Rigs, which was more than the minimum period of 15 days stipulated in rule 6DD(j) and they were not maintaining any bank account... Assessment of Firm if Change in constitution SUMMARY OF CASE LAW When there is a change in the constitution of a firm, it is for the assessee to seek again the status of the "firm" for the purpose of assessment by filing a certified copy of the revised deed of partnership; it is... The contingent or non-existing liabilities which were claimed and allowed under section 143(1)(a) would amount to income escaping assessment CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `D' : NEW DELHI, In The case of: ITO v Jagdish Prasad Gupta, Appeal No.: ITA Nos. 3226 to 3230/ Del./2006,Decided on: JULY 22, 2008   RELEVANT PARAGRAPH 7. We have carefully considered the... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU Concessions and Exemptions in Excise Duty provided by Union Budget 2009 The following concessions/ changes have also been made: i. Full exemption from excise duty has been provided to goods falling under Chapter 68 manufactured at the site of construction for use in construction work at such site. This was demand of the... Changes in Excise Duty Rates in Union Budget 2009 Changes in rate of Excise duty: - Chapter Product Change Remarks 27 motor spirit commonly known as petrol intended for sale with a brand name from '6% + Rs 5 per litre' to a specific rate of Rs 6.50 per litre. Therefore, total excise duty... PWC charged abnormally high fees for auditing Satyam's accounts In another blow to embattled audit firm Price Waterhouse (PW), the high powered committee formed by ICAI to investigate the Satyam fraud, has submitted its interimn report.. According to sources, the report has found the auditors guilty of lapses.... Amendments to SEBI (Disclosure and Investor Protection) Guidelines, 2000 SEBI/CFD/DIL/DIP/36/2009/09/07    Dated: July 9, 2009 1. In exercise of the powers conferred under sub-section (1) of Section 11 of the Securities and Exchange Board of India Act, 1992, SEBI has amended the SEBI (Disclosure and Investor Protection)... Bombay High Court dismissed about 400 appeals of Income Tax department Posted: 11 Jul 2009 10:22 AM PDT The I-T department has lost the opportunity to recover revenues running into thousands of crores after failing to file its appeals before the Bombay High Court within the stipulated period of 120 days. The Bombay High Court has dismissed about 400... Complexity of income need to be considered, to decide under which head rental Income will be taxed SUMMARY OF CASE LAW No straitjacket formula can be devised to determine conclusively as to under which head income from immovable property should fall; all the relevant factors need to be necessarily looked into to decide the character of income;... Salary paid in cash to employees posted at Rigs for more then 15days can not be disallowed SUMMARY OF CASE LAW Where all the employees of the assessee-company were posted for a continuous period of 28 days on Rigs, which was more than the minimum period of 15 days stipulated in rule 6DD(j) and they were not maintaining any bank account... Assessment of Firm if Change in constitution SUMMARY OF CASE LAW When there is a change in the constitution of a firm, it is for the assessee to seek again the status of the "firm" for the purpose of assessment by filing a certified copy of the revised deed of partnership; it is... The contingent or non-existing liabilities which were claimed and allowed under section 143(1)(a) would amount to income escaping assessment CASE LAW DETAILS Decided by: ITAT, DELHI BENCH `D' : NEW DELHI, In The case of: ITO v Jagdish Prasad Gupta, Appeal No.: ITA Nos. 3226 to 3230/ Del./2006,Decided on: JULY 22, 2008   RELEVANT PARAGRAPH 7. We have carefully considered the... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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UPDATES FROM TAX GURU ICAI announced date of Result for Common Proficiency Test Posted: 10 Jul 2009 06:17 PM PDT Result of the Common Proficiency Test (Online) held in March, April and May 2009 and Common Proficiency Test (Paper Pencil Mode) held in June, 2009 is expected to be declared on Friday, the 17th July, 2009 around 2 P.M. The results of the Common... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Announcement of Examination Centers, Last date of form filing for PCE, IPCE and C.A. Final Examination Posted: 10 Jul 2009 06:10 PM PDT Applications for admission to Professional Competence Examination (PCE), Integrated Professional Competence Examination (IPCE) and Final Examination are required to be made in the prescribed forms. The application forms are priced at Rs. 100/- per... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] CPT Online Examiniation date, Center, Registration date, Eligibility date, last date announced Posted: 10 Jul 2009 05:58 PM PDT The next Common Proficiency Test (CPT) ( Paper-Pencil Mode) of the Institute will be held on 13th December, 2009 at the following centres : 1) Centres in India – Agra, Ahmedabad, Ahmednagar, Ajmer, Akola, Alappuzha, Aligarh, Allahabad,... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] Empanelment of Chartered Accountants with National Informatics Centre Services Inc for Internal Audit Posted: 10 Jul 2009 05:49 PM PDT Please visit the link http://www.taxguru.in/wp-content/uploads/2009/07/TenderDocumentInternalAuditor.pdf to download the tender document. The tender bids must reach the Managing Director, National Informatics Centre Services Incorporated, 6th... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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