I-T dept introduces new number for taxpayers for tax filing

NEW DELHI: Taxpayers will now have to procure a 'new number' for filing returns and making any communication with the Income Tax department.

The unique Document identification number (DIN), on the lines of numbers like PAN and TAN, will be quoted on "every" income tax-related communication, including returns to be filed next year for the financial year 2010-11.

According to the new guidelines brought out by the Central Board of Direct Taxes (CBDT), the DIN will be mandatory "in respect of every notice, order, letter or any correspondence" with the department, by the taxpayers.

"The DIN will be generated by the I-T department and will be useful, essentially, for error-free filing of tax returns, claiming refunds and other communication with the department  by Assesses will not be put to any trouble, as the numbers will be generated and allotted by the department itself.

I-T officials will also be allotted the numbers in order to streamline the process, the official said, adding, the number has to be produced thereon for every activity with the department.

Taxpayers and tax collectors are currently required to quote Permanent Account Number (PAN) and Tax Deduction and Collection Account Number (TAN) among others when returns are filed with the department.

According to section 282B of the Income Tax Act that deals with DIN, if the document sent to the tax authority does not bear this unique computer-generated number then "such document, letter or any correspondence shall be treated as invalid and shall be deemed never to have been received."

DIN is aimed at bringing more transparency in tax administration as the whole exercise involves a number of documents and proformas. Apart from regular filing of taxes, a taxpayer deals with the department for various other financial services, which DIN will help to ease, the official said.

RAMA KRISHNA
Sr.Executive - Accts & Preparing for IPCC
[ Scorecard : 350]

Renting Judgement In Favour of Govt. by P&H High Court - Bad News For Trade [1 Attachment]

---------- Forwarded message ----------
From: Rebecca Andrews rebecca.andrews88@yahoo.in

 

[Attachment(s) from Rebecca Andrews included below]

IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH.   CWP No. 11597 of 2010 (O&M)   M/s Shubh Timb Steels Limited-----Petitioner   Versus   Union of India and another----Respondents   Coram:Mr. Justice Adarsh Kumar Goel and Mr. Justice Ajay Kumar Mittal   Date of Judgment: 22.11.2010   Excerpts : It cannot be held that renting of property did not involve any service as service could only be in relation to property and not by renting of property. Renting of property for commercial purposes is certainly a service and has value for the service receiver. Even if it is held that transaction of transfer of right in immovable property did not involve value addition, the provision cannot be held to be void in absence of encroachment on List II.(Para 22) It is well settled that competent legislature can always clarify or validate a law retrospectively. It cannot be held to be harsh or arbitrary. Object of validating law is to rectify the defect in phraseology or lacuna and to effectuate and to carry out the object for which earlier law was enacted.  we do not find any ground to set aside giving of retrospective effect to the amendment from 1.6.2007 on which date levy was initially provided." FULL TEXT ATTACHED

__._,_.___

Attachment(s) from Rebecca Andrews

1 of 1 File(s)

Renting

.

__,_._,___

Service Tax Penalty - Either 76 or 78 But Not Under Both Sections

---------- Forwarded message ----------
From: CA. Rahul Bajaj ca.rahulbajaj@gmail.com

2010-TIOL-1241-CESTAT-MAD

IN THE CUSTOMS, EXCISE AND SERVICE TAX APPELLATE TRIBUNAL 
SOUTH ZONAL BENCH, CHENNAI

Appeal No.ST/103/2009

Arising out of Order-in-Appeal No.19/2009-(SLM)(ST) Dated : 29.1.2009 
Passed by the Commissioner of Central Excise (Appeals), Salem

Date of decision : 9.4.2010

M/s AR AS PV PV MOTORS ERODE (P) LTD

Vs

COMMISSIONER OF CENTRAL EXCISE, SALEM

Appellant Rep by: Shri M N Bharathi, Adv. 
Respondent Rep by: Shri C Rangaraju, Adv.

CORAM: Jyoti Balasundaram, VP

Service tax – Penalty – Penalty under Section 76 and 78 – Since the provisions of Section 76 and 78 are mutually exclusive, penalty under Section 76 is set aside and penalty under 78 reduced to 25% of the service tax determined.

Appeal partly allowed.

Case law referred:

1. M/s. Safe Test Enterprises Vs Commissioner of Central Excise, Salem 2010–TIOL–355- CESTAT–MAD … … … Referred (Para 1)

FINAL ORDER NO.427/10

Per: Jyoti Balasundaram:

The plea of the appellants in this appeal is that penalty under Section 76 may be set aside and that the penalty under Section 78 of the Finance Act, 1994 may be reduced in the light of the Tribunal's order in M/s. Safe Test Enterprises Vs Commissioner of Central Excise, Salem 2010–TIOL–355-CESTAT–MAD as the entire service tax amount had been paid prior to the issue of the adjudication order.

2. Heard both sides. Since the provisions of Section 76 and 78 of Chapter V of the Finance Act, 1994 are mutually exclusive, and since the assessees have paid the penalty imposed under Section 78, I set aside the penalty imposed under Section 76 of the Finance Act, 1994. As regards penalty under Section 78, I accept the contention of the assessees that they are liable to pay only 25% of the penalty for the reason that they have paid the tax and interest even prior to the issue of the adjudication order and the first proviso to Section 78 stipulates that if the tax and interest are paid within 30 days from the date of communication of the adjudication order determining the tax, the amount of penalty liable to be paid under Section 78 shall be 25% of the service tax so determined.

3. In the result, the penalty under Section 76 is set aside and the penalty under Section 78 is reduced to 25%.

4. Appeal is partly allowed as above.

--
warm regards,
CA. Rahul Bajaj

Really - Amazing -Space Saving Furniture

It really amazing "Space Saving Furniture"

 

Click here to view the vedio : https://sites.google.com/site/cvpawar/announcement-files/SpaceSavingFurniture.wmv?

 

Authorised website id.

www.resourcefurniture.com

Regards,
-------
CA.C.V.PAWAR

0253-2319641. M-9423961209

Customs Frustrated - Accused's Morale High : Advocate Can Be Present During Interrogation

---------- Forwarded message ----------
From: Rebecca Andrews rebecca.andrews88@yahoo.in

Recording of Statement under Customs Act - Supreme Court allows presence of Advocate  2010-TIOL-98-SC-CUS IN THE SUPREME COURT OF INDIA Crlmp No.23956/2010 Writ Petition (CRL) No(s).122 of 2010 ANAND PRAKASH CHOUDHARI Vs UNION OF INDIA Altamas Kabir and Cyriac Joseph, JJ. Dated: November 24, 2010 Appellants Rep by: Mr Rupesh Sharma, Adv., Mr Gopal Balwant Sathe, Adv. Respondents Rep by: Mr Naresh kaushik, Adv., Mr B K Prasad, Adv., Mr Prashant Mishra, Adv. Customs – Section 108 – Interrogation to be done in the presence of Advocate who will stay at a visible but beyond hearing distance – It is directed that the interrogation, if any, of the petitioner under Section 108 of the Customs Act, 1962, in connection with file No. DRI/GRU/INV-02/2010-11, be conducted in the presence of his advocate, who would be entitled to stay at a visible but beyond hearing distance, from the place of interrogation. JUDGEMENT This application, Crl.MP No. 23956/10, has been filed on behalf of the writ petitioners, in pending Writ Petition (Crl.) No. 122/10, inter alia, praying for a direction that if the petitioner is to be interrogated under Section 108 of the Customs Act, 1962, such interrogation should be done in the presence of his learned advocate who could be placed at a visible but beyond hearing distance. After considering the submissions made on behalf of the petitioner as well as the Customs Authorities, we are inclined to allow the prayer made on behalf of the petitioner. Accordingly, we allow the application and direct that the interrogation, if any, of the petitioner under Section 108 of the Customs Act, 1962, in connection with file No. DRI/GRU/INV-02/2010-11, be conducted in the presence of his advocate, who would be entitled to stay at a visible but beyond hearing distance, from the place of interrogation. The application is allowed accordingly.   TIOL Reports : IN a landmark order delivered day before yesterday, the Supreme Court has permitted the presence of an advocate during interrogation under Section 108 of the Customs Act. The Supreme Court directed that the interrogation, if any, of the petitioner under Section 108 of the Customs Act, 1962, in connection with file No. DRI/GRU/INV-02/2010-11, be conducted in the presence of his advocate, who would be entitled to stay at a visible but beyond hearing distance, from the place of interrogation.

While making the presentation before the Parliamentary Committee on Finance on behalf of TIOL, I had submitted to the Hon'ble MPs;-

Any gazetted officer of the customs office is empowered to summon people to record their evidence and under the laws of India, a statement given before a customs officer is a valid piece of evidence. It is not like a statement given before a police officer which is not evidence. So, this summons and recording of statement power is very often misused. There are lot of allegations of people being summoned and beaten up and statements obtained. The next day they go and retract the statement. They are again called by summons and beaten up till they do not retract the statement. If they retract the statement after a month or two, the courts and higher appellate authorities take a view that 'you did not retract your statement in time; so it is an after-thought, so the statement stands'. And the statement given before a customs officer is a very valid piece of evidence.

The Hon'ble Chairman of the Standing Committee was surprised and he said,

I did not know about this aspect. I am surprised that a person who is recording the evidence is also, in a way, the prosecutor. In case of Police, they are not allowed to record the evidence because it is not acceptable in a court of law. The Police have to approach the Magistrate to record the evidence. Why is it that there is no third agency involved in this case? You have talked about the disadvantages of the present system. I am quite surprised as a common citizen that the Custom people have been allowed this authority whereas the Police have not been allowed to do so. Both are trying to prosecute the people whom they consider to be guilty. Let me know the background and whether there is any legal solution for this. Apart from prohibiting a Custom officer from recording the evidence, we should say that such and such person should be present at the time of recording the evidence or something like that. I f you have got any suggestion to ensure that this third degree method is not employed of if it is employed, their evidence is not accepted, please submit. You can send this information after due consideration, in writing.

We also added:

The experience has been that people are beaten up and usually police officers are badly accused of and publicised, as using third degree.

This provision has been made in the law assuming that the customs officers do not have lathis; they are not trained to beat people without the press seeing them. So, they get evidence by questioning or by other means. Third degree was believed to be not employable by the customs officers. But the experience is that in every case where the statement has been obtained,as the only evidence, the statement has always been obtained under duress, threat and pure unadulterated third degree. The courts have come to the rescue of some of these people some times. If the summoned person is a smuggler or he is a fraud or he is an evader, he has to be punished. It is okay. But he has to be punished within the law made by the Hon. Parliament of India. If I believe, somebody has evaded tax, I cannot beat him up; I cannot torture him. There are provisions under the law to bring him to punishment. The evidence has to be gathered by documents.

A leading lawyer recently wrote to us,

As a result of grant of evidentiary value for the statement recorded by the Customs and Excise officers, in any investigation, more emphasis is laid on recording statements, rather than collecting more corroborating evidences. This also leads to cases of extraction of statements under duress, though many such instances go un-complained for fear of consequences. Various degrees and methods of duress are often used by the officers to record confessional statements. It is usual for the investigating officers to recover substantial sums even during investigation, that too even when CENVAT credit was available, the assessees would be forced to pay in cash, which by itself would prove the existence of coercion and duress.

It really beats logic as to why any sane person would give a voluntary statement that he has smuggled and evaded.

The Supreme Court order comes in as a whiff of fresh air into the congested corridors of Customs offices. This order may not be universally applicable and maybe meant only for the applicant, but it still opens a new door for the harassed victims of misused power to record statements.

Please see 2010-TIOL-98-SC-CUS
Kind regards,

Rebecca Andrews

Revision in forms - MCA circulars

Revision in forms - MCA circulars

GSR 849(E) - Companies (Director Identification Number) Rules 2006, (Amendment),2010-Revision of Form DIN-1 and Form DIN-3, effective from 05-12-2010.

GSR 848(E) - Companies (Central Government's) General Rules and Forms (Third Amendment), 2010-Revision of Form No. 1 and Form No. 32, effective from 05-12-2010.

NRIs can now vote, Govt issues notification

A longstanding wish of millions of NRIs for voting right in India has come true with the Centre issuing a notification to this effect to enable them to exercise their franchise. Parliament had in the monsoon session passed the Representation of People (Amendment) Bill, 2010 to allow NRIs to vote in Indian elections and now government has issued a gazette notification in this regard.

"Gazette notification has been issued giving voting rights to Non-Resident Indians," Overseas Indian Affairs Minister Vayalar Ravi told Lok Sabha, replying to a question. An estimated 11 million NRIs are living in various countries across the world.
However, the person will be able to exercise the franchise only if he or she is present in the constituency on the polling day. Ravi said NRIs, "who have not acquired citizenship of any other country and are living abroad owing to employment, education or otherwise, are now eligible to register their names in the electoral rolls" in their places as mentioned in their passport.
He said the Election Commission is likely to soon finalise the rules and regulations prescribing modalities for entry of names of NRIs in electoral rolls. The Government had decided to allow the NRIs to participate in the democratic process to further boost the two-way engagement.
As per the existing rules, an NRI''s name gets deleted from the voters'' list if he or she stays outside the country for more than six months at a stretch. The new law will allow an Indian citizen residing abroad to enroll in voter''s list and exercise his franchise even if he or she remained away from place of residence in India for more than six months owing to employment, education or otherwise.
Prime Minister Manmohan Singh, addressing the Pravasi Bhartiya Divas earlier this year, had indicated that Indian passport holders living abroad could get voting rights by the time of next Lok Sabha elections in 2014.


Regards,
Parthiv Mehta

New Controversy - Service Tax on Residential Apartments

---------- Forwarded message ----------
From: Rebecca Andrews <rebecca.andrews88@yahoo.in>
Date: Thu, Nov 25, 2010 at 7:30 AM
Subject: {jalgaoncas} New Controversy - Service Tax on Residential Apartments
To:

Service Tax on Residential Apartments - Commissioner questions Board Circular - Agitated Assessees Approach Board  TIOL-DDT 1493  24.11.2010  Wednesday WE are informed that The Confederation of Real Estate Developers' Associations of India (CREDAI) has written to its members that the Commissioner, Service Tax,Tamil Nadu has issued notices to their members asking them to pay Service Tax on the sale of Residential Apartments / Houses for the period prior to 1/07/2010. It seems that the Vice-President of CREDAI along with another Member had met the JS, TRU, Service Tax and had a detailed discussion with him and showed him the SCN wherein the Commissioner has questioned the applicability of CBEC Circular No. 108/02/2009-ST dated 29/01/2009. The CREDAI is understood to have informed its members that the JS, TRU has dictated a letter addressed to the Chief Commissioner, Chennai advising him to investigate as to how Officers have dared to question the Board's directions and why they are not honouring the above Circular. He has also instructed to initiate action on the Officers who were harassing the Developers by not honouring the above Circular. It is not known whether the said dictated letter had been sent to the Chief Commissioner and if so, what the Chief Commissioner has done. In the above background, CREDAI has advised its members to wait for further communications and in case any Service Tax Commissionerate refuses to honour the Board Circular to inform the confederation so as to take up the matter with CBEC. The Confederation seems to be happy, but obeying the Board instructions is not really a favourite pastime in the field.

MCA UPDATES

MCA Circulars

The MCA has issued two circulars on following issues.

1. Reopening/revision of annual accounts after their adoption in the annual general meeting.- General Circular No.: 5/2010

2. Change in additional fee to be levied for delays in filing Forms.- General Circular No.4/2010

Income Tax Notification No. 84/2010 and Notification No. 85/2010

Income Tax Notification No. 84/2010 and Notification No. 85/2010

Income-tax (Eighth Amendment) Rules, 2010 - Amendment in Rule 2BB

Notification No. 85/2010 [F. No. 149/45/2010-S.O. (TPL)], dated 22-11-2010

In exercise of the powers conferred by section 295 read with clause (14) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rule further to amend Income-tax Rules, 1962, namely :—

1. (1) These Rule may be called the Income-tax (8th Amendment) Rules, 2010.

(2) They shall be deemed to have come into force retrospectively with effect from 1st day of September, 2008.

2. In the Income-tax Rules, 1962, in rule 2BB, in sub-rule (2), in the Table, against serial number 4, in column 4, for letters, figures and words "Rs. 6,000 per month" the letters, figures and words, Rs. 10,000 per month" shall be substituted.

_______________________________________________________

Tax Return Preparer (First Amendment) Scheme, 2010 - Amendment in paragraphs 2 and 11

Notification No. 84/2010 [F. No. 142/16/2010-S.O. (TPL)], dated 22-11-2010

In exercise of the powers conferred by sub-section (1) of section 139B of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby amends the Tax Return Preparer Scheme, 2006, published vide notification number S.O. 2039(E) dated the 28th November, 2006 namely :—

1. (1) This Scheme may be called the Tax Return Preparer (First Amendment) Scheme, 2010.

(2) It shall come into force from the date of its publication in the Official Gazette.

2. In the Tax Return Preparer Scheme, 2006, :—

(a) for the proviso to sub paragraph (f) of paragraph 2, the following proviso shall be substituted, namely :—

"Provided that a person being a person referred to in clause (ii) or clause (iii) or clause (iv) of sub-section (2) of section 288 shall not be entitled to act as Tax Return Preparer."

(b) for clause (xii) of sub paragraph (1) of paragraph II, the following shall be substituted, namely :—

"(xii) if he, after issue of Tax Return Preparer Certificate to him under clause (viii) of paragraph 4 of the Scheme, becomes a person referred to in clause (ii) or clause (iii) or clause (iv) of sub-section (2) of section 288 of the Act."

C & AG PANEL FOR YEAR 2011-12

OFFICE OF THE COMPTROLLER AND AUDITOR GENERAL OF INDIA

10, BAHADUR SHAH ZAFAR MARG, NEW DELHI 110124

Empanelment of Chartered Accountant firms for the year 2011-2012

Applications are invited online from the firms of Chartered Accountants who intend to be empanelled with this office for the year 2011-2012 for appointment as auditors of Government Companies/Corporations. The format of application will be available on our website: www.cag.gov.in from 1^st January 2011. Chartered Accountant firms can apply/update the data showing the status of the firm as on 1^st January 2011, till 31^st March 2011 and generate online acknowledgement letter for the year. Only firms who have generated online acknowledgement letter for the year 2011-2012 will be considered for empanelment.

Any changes in the constitution of the firm occurring after the cutoff date of 1^st January 2011 should continue to be updated by the CA firms in the website which will be available throughout the year. However, the changes in the firm occurring after 1^st January 2011 till the time of preparing the panel that will lead to a reduction in the rank of the applicant firm shall only be taken into account for ranking the CA firms.  

                                                                  

                                                                                                Sd/-

Director General (Commercial)

Regards,
-------
CA.C.V.PAWAR

0253-2319641. M-9423961209

ITR (TRIB) VOL 6 PART 4

ITR'S TRIBUNAL TAX REPORTS (ITR (TRIB))

Volume 6 : Part 4 (Issue dated : 22-11-2010)

SUBJECT INDEX TO CASES REPORTED IN THIS PART

Business income --Addition on account of difference between account balances of dealer and customer--Explanation of dealer that difference due to non-settlement of bills by customer--Reconciliation of difference in personal accounts not completely administered by dealer during assessment--Profit element alone taxable--Restriction of quantum addition justified--Income-tax Act, 1961-- Deputy CIT v. HVAC Systems P. Ltd. (Bangalore) . . . 346

Company --Book profit--Powers of Assessing Officer--Waiver of loan and interest thereon by Government of India approving capital restructuring plan not disclosed in books of account but disclosed in notes to account--Assessing Officer can consider--Waiver benefits already accrued to assessee to be included in computation of book profit --Income-tax Act, 1961, s. 115JA-- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407

----Book profit--Provision for bad and doubtful debts, ship repair bills and obsolescence of material classifiable under diminution in value of assets--Cannot be added back--Provision for liquidated damages and leave encashment--Ascertained liabilities--Cannot be added back--Provision for guarantee repairs--Similar to product warranty covered under contingent liability--To be added back--Income-tax Act, 1961, s. 115JA, Expln. (c)-- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407

Donations to charitable institutions --Special deduction--Approval of institution--Charitable purpose--Assessee providing education to poor and needy against nominal payments--Charitable activity--Registration granted to assessee under section 12A not withdrawn--Renewal of certificate under section 80G to be granted--Income-tax Act, 1961, ss. 2(15), 80G-- Gian Educational Society v. CIT (Delhi) . . . 350

Exemption --Foreign company--Foreign company deriving income from Indian concern under agreement for provision of licence for technology and intellectual property--Assessee fulfilling all conditions prescribed under section 10(6A)--Assessee entitled to exemption--Income-tax Act, 1961, s. 10(6A)-- ITO v. Shell Gas B. V. (Ahmedabad) . . . 353

Interest --Assessee not liable to pay advance tax--Interest not leviable--Income-tax Act, 1961, s. 234B-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391

Non-resident --Taxability in India--Composite contract with Metro Railways for supply of equipment on freight on board basis and provision of services--Consideration for offshore supply of equipment received outside India--Not relatable to rendering of services--No accrual of income in India--Sale to Indian party not sufficient to prove business connection in India --Not liable to pay tax in India--Double Taxation Avoidance Agreement cannot be invoked to create tax liability--Income-tax Act, 1961, ss. 5(2), 9(1)(i)--Circular No. 23, dated 23-7-1969--Instruction No. 1829, dated 21-9-1989--Double Taxation Avoidance Agreement between India and Australia-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391

Return --Interest--Return filed within due date--Interest cannot be charged--Income-tax Act, 1961, s. 234A-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391

Search and seizure --Assessment in search cases--Assessment of any other person--Seized documents not "belonging to assessee"--Assessments not pending on date of search--Original assessments not abated--Assessment under section 153A set aside--Original assessment revived--Income-tax Act, 1961, ss. 153A, 153C-- Meghmani Organics Ltd . v. Deputy CIT (Ahmedabad) . . . 360

----Assessment of third party--No amount of money, bullion, jewellery or other valuable article or thing or books of account or documents seized belonged to assessee--Assessing Officer does not assume jurisdiction for framing assessment under section 153C--Assessments to be cancelled--Income-tax Act, 1961, s. 153C-- Asst. CIT v. Gambhir Silk Mills (Ahmedabad) . . . 376

 

SECTIONWISE INDEX TO CASES REPORTED IN THIS PART

Income-tax Act, 1961 :

S. 2(15) --Donations to charitable institutions--Special deduction--Approval of institution--Charitable purpose--Assessee providing education to poor and needy against nominal payments--Charitable activity--Registration granted to assessee under section 12A not withdrawn--Renewal of certificate under section 80G to be granted-- Gian Educational Society v. CIT (Delhi) . . . 350

S. 5(2) --Non-resident--Taxability in India--Composite contract with Metro Railways for supply of equipment on freight on board basis and provision of services--Consideration for offshore supply of equipment received outside India--Not relatable to rendering of services--No accrual of income in India--Sale to Indian party not sufficient to prove business connection in India--Not liable to pay tax in India--Double Taxation Avoidance Agreement cannot be invoked to create tax liability--Circular No. 23, dated 23-7-1969--Instruction No. 1829, dated 21-9-1989--Double Taxation Avoidance Agreement between India and Australia-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391

S. 9(1)(i) --Non-resident--Taxability in India--Composite contract with Metro Railways for supply of equipment on freight on board basis and provision of services--Consideration for offshore supply of equipment received outside India--Not relatable to rendering of services--No accrual of income in India--Sale to Indian party not sufficient to prove business connection in India --Not liable to pay tax in India--Double Taxation Avoidance Agreement cannot be invoked to create tax liability--Circular No. 23, dated 23-7-1969--Instruction No. 1829, dated 21-9-1989--Double Taxation Avoidance Agreement between India and Australia-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391

S. 10(6A) --Exemption--Foreign company--Foreign company deriving income from Indian concern under agreement for provision of licence for technology and intellectual property--Assessee fulfilling all conditions prescribed under section 10(6A)--Assessee entitled to exemption-- ITO v. Shell Gas B. V. (Ahmedabad) . . . 353

S. 80G --Donations to charitable institutions--Special deduction--Approval of institution--Charitable purpose--Assessee providing education to poor and needy against nominal payments--Charitable activity--Registration granted to assessee under section 12A not withdrawn--Renewal of certificate under section 80G to be granted-- Gian Educational Society v. CIT (Delhi) . . . 350

S. 115JA --Company--Book profit--Powers of Assessing Officer--Waiver of loan and interest thereon by Government of India approving capital restructuring plan not disclosed in books of account but disclosed in notes to account--Assessing Officer can consider--Waiver benefits already accrued to assessee to be included in computation of book profit -- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407

S. 115JA, Expln. (c) --Company--Book profit--Provision for bad and doubtful debts, ship repair bills and obsolescence of material classifiable under diminution in value of assets--Cannot be added back--Provision for liquidated damages and leave encashment--Ascertained liabilities--Cannot be added back--Provision for guarantee repairs--Similar to product warranty covered under contingent liability--To be added back-- Hindustan Shipyard Ltd. v. Deputy CIT (Visakhapatnam) . . . 407

S. 153A --Search and seizure--Assessment in search cases--Assessment of any other person--Seized documents not "belonging to assessee"--Assessments not pending on date of search--Original assessments not abated--Assessment under section 153A set aside--Original assessment revived-- Meghmani Organics Ltd . v. Deputy CIT (Ahmedabad) . . . 360

S. 153C --Search and seizure--Assessment in search cases--Assessment of any other person--Seized documents not "belonging to assessee"--Assessments not pending on date of search--Original assessments not abated--Assessment under section 153A set aside--Original assessment revived-- Meghmani Organics Ltd . v. Deputy CIT (Ahmedabad) . . . 360

----Search and seizure--Assessment of third party--No amount of money, bullion, jewellery or other valuable article or thing or books of account or documents seized belonged to assessee--Assessing Officer does not assume jurisdiction for framing assessment under section 153C--Assessments to be cancelled-- Asst. CIT v. Gambhir Silk Mills (Ahmedabad) . . . 376

S. 234A --Return--Interest--Return filed within due date--Interest cannot be charged-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391

S. 234B --Interest--Assessee not liable to pay advance tax--Interest not leviable-- Xelo Pty. Ltd. v. Deputy Director of Income-tax (International Taxation) (Mumbai) . . . 391

 

 

CA RAJU SHAH

ICDR regulations amendment

---------- Forwarded message ----------
From: Mihir <mihiral@gmail.com>
Date: Mon, Nov 15, 2010 at 5:18 PM
Subject: {jalgaoncas} ICDR regulations amendment
To: Mihir <mihiral@gmail.com>

SEBI (ICDR) (Fourth Amendment) Regulations, 2010

 

Regards

Mihir Hindocha

Blog: mihiral.blogspot.com

 

Audit Empanelment: Sardar Swaran Singh National Institute of Renewable Energy (SSS-NIRE), Kapurthala (Punjab)

Tender for Audit
Tender Document for empanelment of Audit Firms for Internal & Statutory Audits. SSS-NIRE is an Autonomous Institution of the Ministry of New and Renewable ...
mnre.gov.in/tenders/current/audit-tender.pdf

 

Sardar Swaran Singh National Institute of Renewable Energy (SSS-NIRE), Kapurthala (Punjab)

Tender Document for empanelment of

Audit Firms for Internal & Statutory Audits

SSS-NIRE is an Autonomous Institution of the Ministry of New and Renewable Energy, Government of India. Sealed quotations are invited from Kapurthala, Jalandhar and Ludhiana based experienced audit firms to carry out internal and statutory audit functions of the Institute in the Financial Year 2010-11. The Internal audits of the Institute will be carried out monthly where as Statutory Audits annual basis.

Regional Conference of WIRC on 19th & 20th November, 2010

 

25th Regional Conference of WIRC
Days and Dates	:	FRIDAY, 19TH & SATURDAY 20TH NOVEMBER, 2010
CPE Credit	:	12 Hrs
Venue	:	Jamshed Bhabha Auditorium, NCPA, Nariman Point, Mumbai
Time	:	9.30 a.m. to 6.00 p.m. (Reg. 9.00 a.m. to 9.30 a.m.)
Fees	:	Rs.3500/- (inclusive of course material, breakfast & lunch) (Please add Rs.250/- towards CA Benevolent Fund as Voluntary Contribution) Note: DD/Cheque should be drawn on "WIRC OF ICAI"
Chief Co-ordinators   CA. Shriniwas Joshi 9821096079 CA. N. C. Hegde 9820423420 CA. Bhailal Patel 9825033927 CA. Dinesh Gandhi 9822547432 (Regional Council Members)     FRIDAY, 19TH NOVEMBER, 2010   Inauguration:   Chief Guest: Shri Chhagan Bhujbal, Dy CM of Maharashtra Guests of Honour: CA. Amarjit Chopra,   President, ICAI   CA. G. Ramaswamy   Vice President, ICAI First Technical Session : Accounting & Auditing Chairman: CA. N. P. Sarda,   Past President Paper Paper Writer Attest function & Quality Control CA. Khushroo B. Panthaky Fair Value Accounting CA. Venkataramanan Vishwanath Risk Management CA. Nandita Parikh - Essence of Internal Audit   Special Session I   Accounting Profession - Way Forward Eminent Speaker Second Technical Session: Business & Finance Chairman: CA. Y. M. Kale, Past President Keynote Address : Business Restructuring - New Trends CA. Gautam Doshi,    Past Chairman-WIRC Paper Paper Writer Cross Border Business Acquisitions & Synergies CA. Hiten Kotak Structured Financial Deals Shri. Paritosh Kashyap       SATURDAY, 20TH NOVEMBER, 2010   Third Technical Session: Taxation Chairman: CA.T. N. Manoharan,   Past President, ICAI Paper Paper Writer GAAR Provision in DTC CA. T. P. Ostwal Issues in EPC Contracts Shri Vaitheeswaran, Advocate,Chennai Sections 56(2) & 14A - Issues CA. Pradip Kapasi Special Session II   Corporate Governance CA.Y.M.Deosthalee, Whole Time Director & CFO,Larsen & Toubro Ltd Special Session III   State of Infrastructure Development Eminent Speaker Fourth Technical Session: Professional Development Chairman: CA. M. M. Chitale   Past President, ICAI Panel discussion :   Code of Ethics - Theory & Practice CA. Harish Motiwalla Non Accounting Areas & CAs CA. Sunil Sharma SMPs - Future CA. Milin Mehta CPE - Necessity/Usefulness CA. Sunil Kothare CAs as Business Leaders CA. Deepak Ghaisas Practice in Global Environment CA. Mitil Chokshi

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25th Regional Conference of WIRC Days and Dates : FRIDAY, 19TH & SATURDAY 20TH NOVEMBER, 2010 CPE Credit : 12 Hrs Venue : Jamshed Bhabha Auditorium, NCPA, Nariman Point, Mumbai Time : 9.30 a.m. to 6.00 p.m. (Reg. 9.00 a.m. to 9.30 a.m.) Fees : Rs.3500/- (inclusive of course material, breakfast & lunch) (Please add Rs.250/- towards CA Benevolent Fund as Voluntary Contribution) Note: DD/Cheque should be drawn on "WIRC OF ICAI" Chief Co-ordinators   CA. Shriniwas Joshi 9821096079 CA. N. C. Hegde 9820423420 CA. Bhailal Patel 9825033927 CA. Dinesh Gandhi 9822547432 (Regional Council Members)   FRIDAY, 19TH NOVEMBER, 2010 Inauguration:   Chief Guest: Shri Chhagan Bhujbal, Dy CM of Maharashtra Guests of Honour: CA. Amarjit Chopra,   President, ICAI   CA. G. Ramaswamy   Vice President, ICAI First Technical Session : Accounting & Auditing Chairman: CA. N. P. Sarda,   Past President Paper Paper Writer Attest function & Quality Control CA. Khushroo B. Panthaky Fair Value Accounting CA. Venkataramanan Vishwanath Risk Management CA. Nandita Parikh - Essence of Internal Audit   Special Session I   Accounting Profession - Way Forward Eminent Speaker Second Technical Session: Business & Finance Chairman: CA. Y. M. Kale, Past President Keynote Address : Business Restructuring - New Trends CA. Gautam Doshi,    Past Chairman-WIRC Paper Paper Writer Cross Border Business Acquisitions & Synergies CA. Hiten Kotak Structured Financial Deals Shri. Paritosh Kashyap   SATURDAY, 20TH NOVEMBER, 2010 Third Technical Session: Taxation Chairman: CA.T. N. Manoharan,   Past President, ICAI Paper Paper Writer GAAR Provision in DTC CA. T. P. Ostwal Issues in EPC Contracts Shri Vaitheeswaran, Advocate,Chennai Sections 56(2) & 14A - Issues CA. Pradip Kapasi Special Session II Corporate Governance CA.Y.M.Deosthalee, Whole Time Director & CFO,Larsen & Toubro Ltd Special Session III   State of Infrastructure Development Eminent Speaker Fourth Technical Session: Professional Development Chairman: CA. M. M. Chitale   Past President, ICAI Panel discussion :   Code of Ethics - Theory & Practice CA. Harish Motiwalla Non Accounting Areas & CAs CA. Sunil Sharma SMPs - Future CA. Milin Mehta CPE - Necessity/Usefulness CA. Sunil Kothare CAs as Business Leaders CA. Deepak Ghaisas Practice in Global Environment CA. Mitil Chokshi

Regards,
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CA.C.V.PAWAR
Member of Western India Regional Council of
Institute of Chartered Accountants of India
The Chairman, Banking, Insurance and Pension Committee of WIRC of ICAI

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