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Saturday | 25 May 2013

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Cost Accounting standards Board releases CAS-17 on interest and financing charges
Cost Accounting standards Board releases CAS-16 on depreciation and amortization
While raising demand for sec. 220 interest, CIT to consider circumstances which may reduce or waive off the interest
No ad hoc disallowance under sec. 14A if no exp. were incurred by assessee to earn exempt income
CIT can’t exercise revisionary power if order isn’t found to be prejudicial to revenue
HC directs ITAT to condone the delay as assessee repeatedly attempted to file appeal which caused such delay
Penalty not to be imposed if credit reversed by assessee was admissible
Concealment penalty upheld as return was not filed by assessee despite having taxable income
Interest paid on borrowings undertaken for expansion of existing plant is an allowable exp.
Cenvat credit taken on goods used for private purposes needs to be reversed
SEBI provides for mandatory audit of algorithmic trading system after every six months
Mere rejection of books of account doesn't mean compulsorily additions to returned income
Explanation 3 to sec. 43(1) isn't applicable if transaction to buy asset is genuine and not among related persons
Order without opportunity of personal hearing isn’t valid even if assessee is allowed to file written submission
Explanations to sec. 65(105)(zzq) and 65(105)(zzzh) are constitutionally valid
Royalty paid to AEs couldn’t be disallowed if assessee was not acting as its contract manufacturer
No TDS under sec. 194H on brokerage paid by an agent to sub-brokers for dealing in securities or mutual funds

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