| List of Banks which can accept Applications Supported by Blocked Amount (ASBAs) from investors in issues w.e.f January 1, 2010 Posted: 04 Jan 2010 06:41 PM PST SEBI, vide its press release dated December 10, 2009 had informed that ASBA facility shall be extended to all investors other than QIBs, in all public issues with effect from January 1, 2010. It was also informed that SEBI would be displaying names... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| RBI guideline on Internal assignments in banks by statutory auditors Posted: 04 Jan 2010 06:34 PM PST The issue relating to the internal assignments allotted to the audit firms at the time of their appointment as statutory auditors has been examined afresh and it has been decided as under: "Audit firms should not undertake statutory audit assignment... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Service Tax Notification in respect of services related manufacture or processing of alcoholic beverages Posted: 04 Jan 2010 06:25 PM PST during the course of manufacture or processing of alcoholic beverages by the service provider, for or on behalf of the service receiver, and that such services being a taxable service were liable to service tax under the said sub-clause (zzb) of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Central trade unions to oppose taxing of withdrawals from savings schemes Posted: 04 Jan 2010 05:58 PM PST The central trade unions will press for shelving of a proposal, that wants to tax withdrawals from savings schemes, including provident funds, at the pre-Budget meeting with Finance Minister Pranab Mukherjee on January 14. "(The) Finance Minister... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| GST exemption list covered item which cannot be taxed under GST Posted: 04 Jan 2010 05:52 PM PST If something is not taxable at all, can one exempt it? Obviously not. If one does it, it is conceptually meaningless and even absurd. Taking an excise example, it is like saying that free air is exempt. If free air is not taxable, it cannot be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Income tax department matching politicians poll affidavits with their Income Tax Return Posted: 04 Jan 2010 05:45 PM PST The finance ministry has quietly initiated the process of opening up the income tax files of politicians belonging to all parties and tallying their income statements with the affidavits filed by them with the Election Commission during the 2009... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Two major tax reforms to reduce transaction costs for exporters significantly Posted: 04 Jan 2010 05:39 PM PST Two major tax reforms due by next year promise to reduce transaction costs for exporters significantly. A simpler income-tax regime will put more money in the hands of businesses, which can invest these as they consider best. The Goods and Services... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Determination of ALP of an international transaction Posted: 04 Jan 2010 08:50 AM PST How much tax is paid by the foreign AE is not relevant in the determination of correct tax liability in the hands of the Indian enterprise; what is material is that the rightful tax payable in India should not suffer due to the adjustment of price... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Notification regarding investing Authority for Appeals to the Commissioner of Central Excise (Appeals), Bangalore-II Posted: 04 Jan 2010 08:46 AM PST G.S.R. (E).- In exercise of the powers conferred by sub-rules (1) and (2) of rule 3 of the Central Excise Rules, 2002, the Central Board of Excise and Customs hereby invests the Commissioner of Central Excise (Appeals) Mangalore with all the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| CBEC amends tariff value of Brass Scrap and Poppy seeds by Notification No. 188/2009-CUSTOMS (N. T.) Posted: 04 Jan 2010 08:42 AM PST In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| In penalty proceedings, assessee can always show that finding recorded in quantum proceedings is neither reliable nor sufficient to impose penalty Posted: 04 Jan 2010 08:23 AM PST On careful consideration of relevant facts, I am of the view that important fact stated by the assessee in his reply to penalty notice has not been considered in accordance with law. The revenue authority and the Tribunal in the quantum proceedings... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Any company whose principal business is banking or granting of loans and advances will not be attracted by explanation to section 73 of the IT Act, 1961 Posted: 04 Jan 2010 08:21 AM PST Merely because income/loss in dealing in shares in one particular year is more than income/loss from principal business of the assessee of granting loans and advances, it cannot be said that principal business of assessee is not that of granting... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Expenditure claimed as revenue in nature is allowable u/s 37(1) not u/s 35AB of the Income Tax Act, 1961 Posted: 04 Jan 2010 08:14 AM PST The expenditure covered u/s 35AB should be in the nature of capital expenditure because the scheme of the IT Act, 1961 is that all the revenue expenses are allowable while computing income from business or profession u/s 37(1). [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Live payment nexus in routing of income between employer and expatriate personnel must be established so as to attract section 163(1)(c) of Income tax Act, 1961 Posted: 04 Jan 2010 08:12 AM PST The decision in the case of CIT v. Ely Lilly & Co. (India) Pvt. Ltd. [2009] 178 Taxman 505 (SC) rendered by the Supreme Court nowhere envisages that where no live nexus is established between the person sought to be treated as an agent in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Section 92 of Income Tax Act, 1961 not applicable to advertisement expenditure incurred by assessee, a wholly owned subsidiary of an American restaurant company in India Posted: 04 Jan 2010 08:08 AM PST Section 92 is not applicable with regard to advertisement expenditure which has been borne by the assessee as a result of the Franchise Agreement with Indian franchises and the same has resulted into lesser profit/loss of the assessee and more... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| An order can't be treated erroneous simply because Assessing officer in his order not made elaborate discussion with reference to his satisfaction Posted: 04 Jan 2010 08:04 AM PST When the AO has reopened the same very issue which is under revision and has examined all the details and after verifying and being satisfied, has taken a plausible view, how can his order be treated as erroneous simply because in his order, he has... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| Section 176(3A) of the Income Tax Act would be applicable only when there is a discontinuance of business Posted: 04 Jan 2010 07:57 AM PST If there is a discontinuance of business then sum received by partners after discontinuation would be taxed as income in the hands of recipient; receipts under the arbitration award, by the partners after dissolution of the firm would ordinarily be... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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| New Decade of Auto Sector Posted: 04 Jan 2010 07:41 AM PST The Indian automobile industry is performing with a consistency cap on its head. It has again plucked off another feather to decorate its growth hat. The automobile sector in India surprisingly did well and outperformed our expectations in terms of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]] 
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