Recent Blogs Posts

Highlights

1. Foreign Direct Investment (FDI) in India - Issue of equity shares under the FDI scheme allowed under the Government route. - Cir. No. 120 Dated: May 8, 2012
2. Foreign investment in Commodity Exchanges and NBFC Sector - Amendment to the Foreign Direct Investment (FDI) Scheme. - Cir. No. 121 Dated: May 8, 2012
3. Clarification on Rate of Tax - regarding. - Cir. No. 158/9/ 2012 – ST Dated: May 8, 2012
4. Enforcement of Intellectual Property Rights on imported goods -

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News - Feeds

• Setting- up of Infrastructure Debt Fund Through Public Private Partnership Would Meet the Long Term Need of Infrastructure Sector Funding,Says FM; ICICI Bank, Bank of Baroda, CITI Bank and Life Insurance Corporation of India Sign an MoU to Set-Up India’s First Infrastructure Debt Fund.

• Registration of companies or LLPS which have one of their objects is to carry on the profession of chartered accountant, cost accountant, architect, company secretary etc.

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Highlights

1. Surrender of leasehold rights – Provisions of Section 50 C will apply on receipt of consideration on transfer of a property, being land or building or both, and not in case of transfer or surrender of tenancy rights. - Tri
   
2. Constitutional validity of the Cess Act - “Tax versus Fee“ - Building and Other Construction Workers Welfare Cess - The levy by the impugned Act is in effect a ‘fee’ and not a ‘tax’ - SC
   
3. Classification

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Highlights

1. Surrender of leasehold rights – Provisions of Section 50 C will apply on receipt of consideration on transfer of a property, being land or building or both, and not in case of transfer or surrender of tenancy rights. - Tri
   
2. Constitutional validity of the Cess Act - “Tax versus Fee“ - Building and Other Construction Workers Welfare Cess - The levy by the impugned Act is in effect a ‘fee’ and not a ‘tax’ - SC
   
3. Classification

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Highlights

1. Clarification regarding levy of Excise duty on branded precious metal jewellery - Cir. No. F.No.354/38/2011 -TRU Dated: March 2, 2012
   
2. Foreign Institutional Investor (FII) investment in ‘to be listed’ debt securities - Cir. No. 89 Dated: March 1, 2012
   
3. Registration of Companies or LLPs which have one of their objects is to carry on the profession of Chartered Accountant, Cost Accountant, Architect, Company Secretary etc. - Cir. No.

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Highlights

1. Expenditure incurred on closure of business of manufacturing activity - since the assessee had been doing other business activity also, namely, 'trading' it could not be said that the assessee had closed its business. - HC
   
2. Assessee in default - Time limitation - issuance of notice u/s 201 after a period of 4 years - though there is no period of limitation prescribed for exercise of that power, still such a power must be exercised within

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Highlights

1. Stricture against department - In the process, a person who is eligible to a tax holiday has not only been denied the benefit, but made him to contest the proceedings in three forums - The only way to bring reason to the department is by imposing costs, so that appropriate action may be taken against the person who has taken a decision to prefer an appeal and recover the same after inquiry- HC
   
2. Penal Charges paid to Sister Concern towards

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Highlights

1. Daily fine - Period of limitation - Default on submission of annual returns - default in filing the balance-sheet of the profit and loss of the Companies within the prescribed statutory period was a continuing offence. - HC
   
2. Depreciation on hotel building given on lease – Licence fee receivable taxable as business income - depreciation allowed - HC
   
3. Block Assessment - Set off or carry forward of loss for p/y years from the

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Highlights

1. Export commission payable to non-resident agents – No doubt the agents rendered services abroad and have solicited orders, but the right to receive the commission arises in India when the order is executed by the applicant in India. - Taxable in India - TDS liable to be deducted. - AAR
   
2. Penalty u/s 271C - Non deduction of TDS u/s 194A - Supreme Court in the case of Hindustan Coca Cola Beverage (P.) Ltd. v. CIT [2007 -TMI - 1676 - SUPREME

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News - Feeds

• Union Finance Minister’s Speech at Concluding Function of ESIC Diamond Jubilee.

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Circulars / Instructions / Orders

• DGFT - 53 (RE-2010)/2009-14 - dated February 23, 2012Operationalisation of provisions of Para 5.11.2 of Hand Book of Procedure Vol.-1 (2009-14) [RE: 2010].

• DGFT - 54 (RE-2010)/2009-14 - dated February 23, 2012Import of spares for the existing machinery procured indigenously under EPCG Scheme.

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Discussion ...

Highlights

1. Whether stamp duty is payable on the transfer of properties pursuant to the sanction of any scheme of amalgamation or demerger under the Companies Act, 1956 - Held yes - HC
   
2. Slump sale – it was not possible to attribute the consideration which was paid, towards the individual assets which form a component part of the transfer of the business hence not possible to compute any chargeable capital gain on the sale of the undertaking as a going

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Highlights

1. Section 119 of the Income-tax Act, 1961 - Instructions to subordinate authorities - Condonation of delay in filing return of income under section 119(2)(b) in case of applicants who have made investment in 8% Savings (Taxable) Bonds, 2003 issued by Government of India and opted for scheme of cumulat - Cir. No. 02/2012 Dated: February 22, 2012
   
2. Section 80-IA of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial infrastructure

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Highlights

1. Toll in the nature of ‘user charge’ or ‘access fee’ paid by roads users - regarding. - Cir. No. 152/3 /2012-ST Dated: February 22, 2012
   
2. Offence committed under Negotiable Instrument Act - non-payment of debts arising out of dishonour of cheques - sanction of a scheme u/s 391 of the Companies Act, 1956 - Scheme u/s 391 of the Companies Act cannot have the effect of overriding the requirement of any law. - SC
   
3. Penalty

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Highlights

1. Release of Foreign Exchange for Imports – Further Liberalisation. - Cir. No. 82 Dated: February 21, 2012
   
2. Bad debts versus Provisions for bad and doubtful debts - rural banking - Scope and ambit of the proviso to Section 36(1)(vii) - provisions of Sections 36(1)(vii) and 36(1)(viia) are distinct and independent items of deduction and operate in their respective fields - SC
   
3. Export of Goods and Services - Receipt of advance

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News - Feeds

• Status of Admission to Company Secretaries (CS) Executive Programme.

• Text of the speech of Finance Minister at the Platinum Jubilee Celebrations of the United India Insurance Company Limited.

• Text of the Speech of the Union Finance Minister at the Inauguration of Corporate Office of Oriental Bank of Commerce in Gurgaon and Celebrations of its 70th Foundation Day.

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Articles

• SHOW CAUSE NOTICE IS NOT REQUIRED TO BE ISSUED BEFORE FINALISATION OF PROVISIONAL ASSESSMENT

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