Conditions mentioned in CBEC Circular on compliance of which Accreditation is dependent cannot be said to be arbitrary or violative of fundamental rights Posted: 22 Nov 2011 07:06 PM PST Shah Pulp & Paper Mills Limited Vs. UOI (Delhi HC) - In considering the challenge to the validity of paragraph 7(iii), it has become necessary for the Court to advert in some detail to the background underlying the promulgation of the scheme.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| While deciding penalty appeal, it is open to the Tribunal to look into the transaction to see as to whether the claim was bona fide or it was bogus and result of falsehood Posted: 22 Nov 2011 06:51 PM PST CIT Vs. Sumangal Overseas Ltd. (Delhi HC) - The Court held that where no appeal is preferred by the assessee against the quantum order, yet, while deciding the penalty appeal, it is open to the Tribunal to look into the transaction to see as to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| If two views were possible and the assessee claimed deduction on the basis of advice of consultants, penalty can not be imposed Posted: 22 Nov 2011 06:03 PM PST CIT Vs. Kas Movie Pvt. Ltd (Delhi HC) - For the purpose of claiming benefit under Section 80HHF of the Act, ownership of goods is not essential as held by the Supreme Court in the case of Sea Pearl Industries and Others Vs. Commissioner of Income... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| If shares held as investments than loss on the sale thereof is capital loss and not Business loss Posted: 22 Nov 2011 05:50 PM PST CIT vs. Moderate Leasing & Capital Services Ltd. (Delhi HC) - The Court, on the facts of the case held that where two portfolios are maintained by the assessee, i.e., investment portfolio and stock in trade, then, if the shares sold during... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Intent to arbitrate can be seen from conduct of parties – SC Posted: 22 Nov 2011 09:22 AM PST The disputes having arisen between the parties, the respondent, instead of challenging the existence of a valid arbitration clause, took the stand that the arbitration would not be cost effective and will be pre-mature. In view of the facts, this... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Recovery to be effected in due process of law and not by use of force – SC Posted: 22 Nov 2011 09:15 AM PST Citicorp. Maruti Finance Ltd. Vs. S. Vijayalaxmi (Supreme Court) – Even in case of mortgaged goods subject to Hire-Purchase Agreements, the recovery process has to be in accordance with law and the recovery process referred to in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Value of free issue materials – Commissioner to record a clear finding as to whether for the tubes cleared during the three relevant periods, the caps were supplied by the customers of the appellant free of cost – Supreme Court Posted: 22 Nov 2011 08:11 AM PST M/s. Essel Propack Ltd. Vs. Commissioner of Central Excise, Mumbai-III - (Supreme Court) - The Commissioner has not recorded any clear finding as to whether for the tubes that were cleared by the appellant during the relevant periods in respect of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| SC upholds cess on construction companies Posted: 22 Nov 2011 07:51 AM PST Interpreting the Act, SC ruled: "It is thus clear from the scheme of the BOCW Act that its sole aim is the welfare of building and construction workers, directly relatable to their constitutionally recognised right to live with basic human dignity,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Computer based Mock Common Proficiency Test (CPT) 26th November 2011 called off Posted: 22 Nov 2011 07:33 AM PST Due to unavoidable reasons, the computer based Mock CPT scheduled for 26th November 2011 has been called off. The examination fee paid by the students will be refunded shortly. Inconvenience caused is regretted. However, it is clarified that Paper... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| StCBs/DCCBs – Payment of Cheques/Drafts/Pay Orders/Banker's Cheques Posted: 22 Nov 2011 07:25 AM PST It has been brought to the notice of Reserve Bank by Government of India that some persons are taking undue advantage of the said practice of banks of making payment of cheques/drafts/pay orders/banker's cheques presented within a period of six... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Foreign Investments in Infrastructure Debt Funds – A.P. (DIR Series) Circular No. 49 Posted: 22 Nov 2011 07:22 AM PST Attention of Authorised Dealers Category – I (AD Category - I) banks is invited to Schedule 5 to the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident outside India) Regulations, 2000 notified vide Notification No. FEMA... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI monitoring Rupee depreciation – Finance Minister Posted: 22 Nov 2011 07:19 AM PST Finance Minister Pranab Mukherjee has said that the Reserve Bank of India is keeping a close eye on the value of rupee against dollar. Talking to reporters outside Parliament, Mr Mukherjee however said that RBI can not make much intervention as the... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| DGFT – Removal of names of the firms from list of defaulters for failure to export of cotton Posted: 22 Nov 2011 07:01 AM PST Attention is invited to Trade Notice No. 15 dated 10.08.2011 through which 117 firms were declared defaulters in export of cotton in terms of Policy Circular No. 09 dated 29.12.2010 read with Trade Notice No. 11 of 29.06.2011. In Trade Notice No. 15... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| All about Employee Pension Scheme in a brief Posted: 22 Nov 2011 12:14 AM PST Employee Pension Scheme - It is a a defined benefit plan and is also known as EPS. A part of the employer contribution at 542 per month, being 8.33% of the pay, is remitted towards the pension scheme. The pay for this purpose is limited to 6,500 per... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Tax implications on recognised provident funds Posted: 22 Nov 2011 12:08 AM PST The employer contributions (12% of pay less contribution to pension of 542 pm) is not considered taxable. The employee contributions (12% of pay) are entitled for a deduction of up to 1 lakh while computing the taxable income (under Section 80C).... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| ST : Road constructed in a petrol pump to facilitate filling of fuel is not liable to service tax under category of 'Commercial or industrial construction service' Posted: 21 Nov 2011 11:37 PM PST After carefully considering the submissions made by both the sides we find that it is an admitted fact by both the sides that the construction of road does not require payment of service tax. The Revenue's only appeal is that construction of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| LLP – Hints for successful DSC association of Designated Partners Posted: 21 Nov 2011 09:30 PM PST 1. On LLP website (www.llp.gov.in ), every designated partner has to associate his/her digital signature under the tab "Associate DSC" along with personal information like name, father's name, PAN, Date of Birth & email address. 2. If you have... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Black money – Enforcement Directorate issues notices to LGT bank account holders Posted: 21 Nov 2011 08:43 PM PST The Enforcement Directorate has issued foreign exchange violation notices to those individuals whose names have figured in the LGT Bank accounts for stashing illegal funds. The Central Board of Direct Taxes (CBDT) has referred 17 cases to the ED in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Empanelment of CA/ICWA for special audit of Service tax Assessees Posted: 21 Nov 2011 08:39 PM PST Empanelment of CA/ICWA for special audit of Service tax Assessees Download Related Press Release issued by Service tax Department of Delhi [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Maharashtra Value Added Tax – Common Error While Uploading the e-501 Posted: 21 Nov 2011 08:25 PM PST 1)Upload file is not proper please check version current version is 1.0.1. - While down loading the e-501 (version 1.0.2) , please delete all temporary files, cookies ,and caches from the system. Further down load the file on desktop and then fill... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| IASB and IFAC to enhance co-operation in developing private and public sector accounting standards Posted: 21 Nov 2011 08:16 PM PST The IASB is responsible for the development and promulgation of International Financial Reporting Standards (IFRSs), required or permitted for use by companies in more than 100 countries. IFAC supports the independent International Public Sector... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| RBI notification on Frauds – Classification and Reporting by Banks Posted: 21 Nov 2011 03:15 PM PST It has also been decided to amend para 3.2.6 of Master Circular DBS. FrMC. BC. No. 1/23.04.001/2011-12 dated July 01, 2011 on 'Frauds – Classification and Reporting' and henceforth banks need not forward a copy of circular on modus operandi of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| FEMA – Mid – Sea Trans-shipment of catch by Deep Sea Fishing Vessel Posted: 21 Nov 2011 03:14 PM PST In terms of the Comprehensive Marine Fishing Policy, the Ministry of Agriculture, Government of India, issues Letter of Permission (LOP) to wholly owned Indian Enterprises for acquisition of resource-specific fishing Vessels and regulates the...
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