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Sunday, June 19, 2011

Fwd: TaxGuru : “Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions?” plus 12 more



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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sun, Jun 19, 2011 at 9:58 AM
Subject: TaxGuru : "Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions?" plus 12 more
To: palashbiswaskl@gmail.com


TaxGuru : "Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions?" plus 12 more

Link to TaxGuru.in - Daily Tax and Corporate Law Update

Whether disallowance is warranted for the freight and cartage expenses incurred in cash without rejecting the books of account only on the basis of surmises and presumptions?

Posted: 18 Jun 2011 09:20 PM PDT

Just because of vouchers being doubted by the AO and not coming to correct conclusions on them, as he has resorted to only arbitrations in so far as he has presumed the rates of loading and unloading charges without bringing any material on record...

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Whether quantum of deduction under section 80IA is directly proportional to the profits of the undertaking and hence it has nothing to do with investment made in plant and machinery?

Posted: 18 Jun 2011 11:23 AM PDT

Mahanagar Telephone Nigam Limited Vs Addl.CIT (ITAT Delhi)- Whether proportionate deduction under section 80IA is permissible where major amount of profits is attributable to new setup and meagre amount is attributable to old set up in view of the...

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Assessee entering into separate agreements for supply of materials, erection and for civil work portion, etc.-No tax deducted on payment made for supply of materials-Applicability of section 194C

Posted: 18 Jun 2011 11:02 AM PDT

When parties enter into two separate contracts, one for material and one for labour, the transaction would not be one and indivisible, but would fall into two separate agreements, one of work or service and the other of sale. In such a case, the...

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Section 10(6C) of the Income-tax Act, 1961 – Fees for technical services to foreign companies – Notified foreign company – Rolls Royce Defense Services Inc.

Posted: 18 Jun 2011 10:47 AM PDT

NOTIFICATION NO. 34/2011 -In exercise of the powers conferred by clause (6C) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies that any income arising to M/s. Rolls Royce Defense Services Inc., with...

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Poultry Sheds used for the business of hatching constitutes 'Plant' for the purpose of depreciation under section 32

Posted: 18 Jun 2011 10:31 AM PDT

CIT v Shivalik Hatcheries Pvt. Ltd. - ITAT, on the basis of the material placed before it came to the conclusion that the building of the poultry shed has been specifically designed with a view to protect the birds from disease. It has been...

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Partners liable to prosecuted u/s. 278B if there are specific averments in complaint that they were responsible for every act or act of omission and commission of the firm at the time when offence was committed

Posted: 18 Jun 2011 10:24 AM PDT

Deepak Engineering Works and Others v CIT and Others (Patna High Court)- , section 278B, makes it clear that onus lies on the Partners or Directors to prove that they are not responsible for any of the offence committed by a firm / company. First...

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MCA issues Clarification on Dispute Between SEBI and Sahara Group

Posted: 18 Jun 2011 09:59 AM PDT

The Ministry of Corporate Affairs has clarified, that Sahara Prime City limited, a Sahara Group company intending to go for an IPO, had filed information about its group companies to SEBI in its Draft Red Herring Prospectus. SEBI as market regulator...

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Taxpayer's functional profile and place in the value chain can be a key determinant of the parameters of economic analysis

Posted: 17 Jun 2011 11:37 PM PDT

ITAT Delhi has recently pronounced its ruling in the case of ST Microelectronics Private Limited v. CIT(A), wherein it upheld the revenue's rejection of transfer pricing analysis undertaken by the taxpayer since the taxpayer had improperly...

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Nere inactivity for a limited period does not mean that business ceased to exist. Accordingly, expenditure is allowable even though no business income is earned during such period

Posted: 17 Jun 2011 11:24 PM PDT

Recently ITAT Mumbai in the case of Bechtel International Inc., USA v. ADIT held that mere inactivity for a limited period does not mean that the taxpayer's business ceased to exist or that it did not carry on any business at all. Expenditure...

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Repatriating foreign nationals permitted to retain India bank account

Posted: 17 Jun 2011 10:41 PM PDT

The Reserve Bank of India (RBI) has issued AP (DIR Series) Circular No. 70, dated June 9, 2011 permitting Authorized Dealer Category – I banks [AD] to re-designate resident accounts of repatriating foreign nationals as Non-Resident (Ordinary)...

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NBFCs – Non-Banking Financial Companies (Opening of Branch/Subsidiary/Joint Venture/Representative Office or Undertaking Investment Abroad by NBFCs) Directions, 2011

Posted: 17 Jun 2011 09:36 PM PDT

NOTIFICATION NO. DNBS.(PD)229/CGM(US)-2011, DATED 14-6-2011 1. No NBFC shall open subsidiaries/joint ventures/representative office abroad or shall make investment in any foreign entities without obtaining prior approval in writing from the Reserve...

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DGFT – DEPB Scheme will continue to be operative till 30th September, 2011

Posted: 17 Jun 2011 09:30 PM PDT

PUBLIC NOTICE NO. 54 (RE-2010) /2009-2014 In pursuance of the provisions of paragraph 2.4 of FTP, the Director General of Foreign Trade (DGFT) hereby notifies the compilation known as HBP v.1, HBP v.2 and Schedule of DEPB rates. These...

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Conditions and modalities for registration of contracts for additional quantity of 10 lakh bales(1,70,000 MTs ) of cotton with DGFT

Posted: 17 Jun 2011 09:30 PM PDT

Public Notice No. 55 (RE-2010)/2009-2014 - Through Notification No.57 of 09.06.2011, the cap on export of cotton in the current cotton year has been increased to 65 lakh bales from 55 lakh bales. For allocation of this additional quantity of 10...

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--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/

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मैं नास्तिक क्यों हूं# Necessity of Atheism#!Genetics Bharat Teertha

হে মোর চিত্ত, Prey for Humanity!

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Gorkhaland again?আত্মঘাতী বাঙালি আবার বিভাজন বিপর্যয়ের মুখোমুখি!

हिंदुत्व की राजनीति का मुकाबला हिंदुत्व की राजनीति से नहीं किया जा सकता।

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#BEEFGATEঅন্ধকার বৃত্তান্তঃ হত্যার রাজনীতি

अलविदा पत्रकारिता,अब कोई प्रतिक्रिया नहीं! पलाश विश्वास

ভালোবাসার মুখ,প্রতিবাদের মুখ মন্দাক্রান্তার পাশে আছি,যে মেয়েটি আজও লিখতে পারছেঃ আমাক ধর্ষণ করবে?

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THE HIMALAYAN TALK: PALASH BISWAS ON NEPALI SENTIMENT, GORKHALAND, KUMAON AND GARHWAL ETC.and BAMCEF UNIFICATION! Published on Mar 19, 2013 The Himalayan Voice Cambridge, Massachusetts United States of America

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Published on 10 Mar 2013 ALL INDIA BAMCEF UNIFICATION CONFERENCE HELD AT Dr.B. R. AMBEDKAR BHAVAN,DADAR,MUMBAI ON 2ND AND 3RD MARCH 2013. Mr.PALASH BISWAS (JOURNALIST -KOLKATA) DELIVERING HER SPEECH. http://www.youtube.com/watch?v=oLL-n6MrcoM http://youtu.be/oLL-n6MrcoM

Imminent Massive earthquake in the Himalayas

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