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Saturday | 28 Jan 2012
 
IT : VRS floated by assessee was in conformity with rule 2BA | ST : Where assessee provided service to its client but not behalf of said client, service tax could not be demanded from assessee under category of business auxiliary service | IT : Appeal under section 260A is not maintainable against order passed by Tribunal declining condonation of delay | IT : While computing book profits, no more deductions or allowances other than what are stated in Explanation 1 to section 115JB are permissible | Company Law : Section 233B of the Companies Act, 1956 - Audit of Cost Accounts in Certain Cases - Order under section 233B(1) | FEMA : External Commercial Borrowings (ECB) Policy - Infrastructure Finance Companies (IFCs) | FEMA : External Commercial Borrowings - Simplification of Procedure | SEBI : Guidelines for Consent Orders and for considering requests for composition of offences under SEBI Act, 1992, SC (Regulation) Act, 1956 and Depositories Act, 1996 do not confer a vested right in any person to insist on acceptance of a proposed settlement | IT : Various business expenses incurred by assessee could not be disallowed merely because expense vouchers were not in name of assessee-company | IT : Loss arising to assessee on sale of flat in course of its Civil Construction business is allowable | IT : Where assessee having entered into a joint venture (JV) for development of a property, contributed a piece of land to be developed by JV, it was not a case of transfer of land under section 2(47)
Company Law : Section 233B of the Companies Act, 1956 - Audit of Cost Accounts in Certain Cases - Order under section 233B(1) - ORDER [F.NO. 52/26/CAB-2010], DATED 24-01-2012  Read Morenew
FEMA : External Commercial Borrowings (ECB) Policy - Infrastructure Finance Companies (IFCs) - A.P. (DIR SERIES 2011-12) CIRCULAR NO. 70, DATED 25-01-2012  Read Morenew
FEMA : External Commercial Borrowings - Simplification of Procedure - A.P. (DIR SERIES 2011-12) CIRCULAR NO. 69, DATED 25-01-2012  Read Morenew
IT: Gold & Silver Rates; SBI Lending Rates  Read Morenew
FEMA : Master Circular on External Commercial Borrowings and Trade Credits - MASTER CIRCULAR NO.09/2011-12 (UPDATED AS ON 20-1-2012), DATED 01-07-2011  Read Morenew
IT : Clarification on Regulation of Interest Rates for Small Savings Schemes - CIRCULAR NO. DGBA.CDD. NO.H- 4836 /15.02.001/2011-12, DATED 20-01-2012  Read Morenew
SEBI : Trade controls in normal trading session for Initial Public Offering (IPO) and other category of scrips - CIRCULAR NO. MRD/DP/02/2012, DATED 20-01-2012  Read Morenew
Duty to Tax the Correct Income - Analysis of Sushil Kumar Das v. ITO [2011] 48 SOT 102/15 taxmann.c... - The power to tax is an incident of sovereignty. The Constitution of India being the supreme law of the land, all other laws including the Income-tax Act is subordinate to the Constitution and must be read and interpreted in the light of th... - SANDEEP BAGMAR R., ADVOCATE Read More
The Apex Court took the wider interpretation "of Unfair Labour Practice" - It very often happens that unions make enough sound, fury and fuse whenever employers resort to rationalizing and standardizing the job portfolios of their workmen in their establishments. An allegation of committing and engaging in unfair... - SHANTIMAL JAIN Read More
Accounting treatment of tax expense on deemed income under section 56(2)(viia) of the Income-tax Ac... - Section 56(2)(viia) of the Income-tax Act, 1961 provides as under that where a firm or a closely-held company ("company not being a company in which the public are substantially interested"), receives, in any previous year, from any person... - SRINIVASAN ANAND G., CA Read More
Revenue Recognition - Physical delivery not must sometimes at the time of recognition of revenue (A... - Accounting Standard 9 "Revenue Recognition" issued by The Institute of Chartered Accountants of India (ICAI) lays down the basis, timing and conditions for recognition of revenue in the Profit & Loss Account of the entities from the ordina... - VARUN KUMAR, CA Read More
Can outstanding creditors be brought to tax ? - In income-tax assessment, the tax officers examine the operating statements of the assessable unit and also the reliability of various items disclosed in the balance sheet. The financial strength is not reckoned in the context of a banker ... - V.K. SUBRAMANI, CA Read More
 
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