UPDATES FROM TAX GURU 22.10.2009

UPDATES FROM TAX GURU  Change in method of valuation of closing stock allowed if such change is bona fide and assessee has proper reasons for such change Availability of exemption u/s 54F on acquisition of land appurtenant to the building or on the investment on land on which building is being constructed True basis of depreciation allowance is the character of the asset not the description of the same CLB cannot exercise its inherent powers to pass orders without jurisdiction Applicability of Service tax on billing and data processing done by CA firm for Power Distribution Company Government made available the facility for online registration and filing of Excise and service tax returns ICAI reports on Satyam have nothing new apart from repeating charges made by the CBI SEBI guidelines for setting up stock exchanges exclusively for SME soon Circular on value for payment of excise duty if goods are manufactured on job work basis Press Release on Economic Outlook for 2009-10 :- Highlights Change in method of valuation of closing stock allowed if such change is bona fide and assessee has proper reasons for such change Section 153A(1) contains non-obstante clause and hence provisions of this section will over-ride the provisions of section 139, section 147, section 148, section 149, section 151 and section 153 of the Act. Under section 153A(1) the assessing... Availability of exemption u/s 54F on acquisition of land appurtenant to the building or on the investment on land on which building is being constructed There is no rider under section 54F that no deduction would be allowed in respect of investment of capital gains made on acquisition of land appurtenant to the building or on the investment on land on which building is being constructed. Related... True basis of depreciation allowance is the character of the asset not the description of the same Even if an asset is described as goodwill but it fits in the description of section 32(1)(ii), depreciation is to be granted on the same; the true basis of depreciation allowance is the character of the asset and not it's description. Related... CLB cannot exercise its inherent powers to pass orders without jurisdiction The CLB cannot exercise its inherent powers to pass orders without jurisdiction or in utter disregard to orders passed by the Supreme Court or the High Court; an interim order passed by the CLB without jurisdiction and without giving reasons and in... Applicability of Service tax on billing and data processing done by CA firm for Power Distribution Company In terms of the Board's clarification dated 28-2-2006, the service rendered namely outsourcing of spot billing work by APCPDCL would come within the ambit of business support service which is liable to service tax only with effect from... Government made available the facility for online registration and filing of Excise and service tax returns The automation drive by the country's excise and service tax department took another step forward Wednesday with the access to online registration and filing of returns made available in the national capital and surrounding regions. 'The main... ICAI reports on Satyam have nothing new apart from repeating charges made by the CBI A report prepared by India's apex accounting body that is investigating the role of the auditors in the fraud at Satyam Computer Services Ltd doesn't shed any new light on the subject and, apart from repeating charges made by the Central Bureau of... SEBI guidelines for setting up stock exchanges exclusively for SME soon Market regulator Securities and Exchange Board of India (Sebi) would come up with guidelines for setting up stock exchanges exclusively for small and medium firms soon. "Sebi is working on it. The norms are being finalised and would be released... Circular on value for payment of excise duty if goods are manufactured on job work basis It has been brought to the notice of the Board that some manufacturers of Motor Vehicles are getting complete Motor Vehicles manufactured by sending the Chassis of the Motor Vehicles to independent body builders for building the body as per the... Press Release on Economic Outlook for 2009-10 :- Highlights The Indian economy weathered the financial turbulence well 6.7 % growth in 2008/09 – amongst the highest growth rates in the world. well calibrated adjustments in the monetary and fiscal policies Related posts:Major Highlights of Economic Survey... With Regards,  CA Sandeep Kanoi  Website: http://www.taxguru.in/  Get LEGAL & FINANCIAL UPDATES FROM TAX GURU delivered by emai

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