Fwd: TaxGuru : “Changing Inflation Dynamics in India” plus 30 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Wed, Aug 17, 2011 at 10:18 AM
Subject: TaxGuru : "Changing Inflation Dynamics in India" plus 30 more
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TaxGuru : "Changing Inflation Dynamics in India" plus 30 more

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• Changing Inflation Dynamics in India
• FM gives go-Ahead to Environment Strategy for Central Board of Excise and Customs
• Service Tax Refund to exporters through Indian Customs EDI System (ICES) – Draft circular calling for comments, views and suggestions
• No disallowance u/s 14A of interest expenditure if AO fails to show nexus between borrowed funds and tax-free investment
• For claiming Sec 80IB(10) benefits registered deed is not necessary
• ICWAI and MCA organising XBRL PROGRAM with no Participation Fees
• ICAI – Office in-charge can only be Partner or paid assistant in whole time employment who attends such office for a period of not less than 182 days
• Whether, for the purpose of making addition, the findings of Customs authorities would prevail over the sales tax assessment order?
• Interest paid on borrowed funds cannot be disallowed when the assessee had ample funds at the time of investing in the equity of subsidiary companies
• Maintainability of Assesses claim for deduction U/s. 80IA if he sets up windmills at different places in different years and also has brought forward losses from the business against the provisions of Sec 80IA(5)
• The Liaison Office (LO) of non-resident taxpayer would qualify as business connection PE in India if the activities of the LO not confined to purchase of goods in India for the purpose of export
• How does the Reserve Bank of India Conduct its Monetary Policy?
• ICAI issues Verification Status of May-2011 CA Final Examinations
• Transactions of sale of shares of a closely held company can be construed as transfer of land and short term capital gain is chargeable
• Whether the amount paid/payable by the Applicant to LSCL under the transaction mentioned in Annexure III in respect of Offshore supply of Equipments is liable to tax in India in the hands of LSCL, i.e. the recipient non-resident Korean company?
• Income from provision of sea logistic services taxable under presumptive scheme – AAR
• Repayment of capital to the partners in the form of uncrossed cheque would not be liable to penalty u/s 269T
• Whether the non-competition fee paid to the assessee allowable as revenue expenditure?
• Technology in Banking- In Pursuit of Excellence
• ICSI – Campus Placement for the fresher members for job and for students for 15 Months Training
• Forex market development-Issues and Challenges -Thoughts of a returning forex market regulator
• Anand Sharma meets Asean Economic Ministers Negotiators asked to Step up Efforts to Conclude Services and Investment Agreement
• CBDT Press Release on Direct Tax Collections April-July 2011
• Amends Notification No.55/2008-Customs, dated the 28th April 2008 – Notification No.75 /2011-Customs
• WB government urges Centre to reconsider excise duty of 10.3 per cent on branded garments and hosiery
• Regarding continuation of anti-dumping duty on Pentaerythritol, originating in, or exported from, Chinese Taipei – Notification No.74 /2011-Customs
• Initially there was unwillingness on the part of Mauritius to revise its DTAA with India
• ICSI – New Examination Centres at Dhanbad and Kota for CS Exams
• RBI Circular on Misuse of Banking Channels – Issue and Payment of Demand Drafts for Rs. 50,000/- and above
• Webcast on Tagging and other Technical Aspects of XBRL at ICSI Headquarters
• GFI estimates total value of illicit money that has flown out of India at 20.92 lakh crore

Changing Inflation Dynamics in India Posted: 16 Aug 2011 09:31 PM PDT The headline wholesale price index (WPI) inflation averaged 9.6 per cent in 2010-11 as compared with 5.3 per cent per annum in the previous decade. Similarly, the average consumer price inflation, measured by the consumer price index for industrial... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM gives go-Ahead to Environment Strategy for Central Board of Excise and Customs Posted: 16 Aug 2011 08:14 PM PDT In a first for any taxation department, the Union Finance Minister Shri Pranab Mukherjee has given his go-ahead to an 'Environment Strategy' for the Central Board of Excise and Customs (CBEC) that would change the way business is done by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax Refund to exporters through Indian Customs EDI System (ICES) – Draft circular calling for comments, views and suggestions Posted: 16 Aug 2011 07:07 PM PDT To sum up, the following measures are proposed: (i)Service Tax Refund will be processed in the ICES through the Custom Houses. (ii) Service Tax Refund will be given electronically to the exporter who opts for claiming STR based on schedule. In... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No disallowance u/s 14A of interest expenditure if AO fails to show nexus between borrowed funds and tax-free investment Posted: 16 Aug 2011 06:56 PM PDT CIT vs. K. Raheja Corporation Pvt Ltd (Bombay High Court) - Counsel for the Revenue could not point as to how interest on borrowed funds to the extent of Rs.2.79 crores was attributable to earning dividend income which are exempt under Section... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

For claiming Sec 80IB(10) benefits registered deed is not necessary Posted: 16 Aug 2011 06:50 PM PDT ACIT Vs M/s Yug Corporation (ITAT Ahemdabad)- The learned Counsel for the assessee referred to the terms of the development agreements and the agreement to sell (copies filed on record) with both the societies, according to which the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI and MCA organising XBRL PROGRAM with no Participation Fees Posted: 16 Aug 2011 06:37 PM PDT India is also moving towards this revolution. The Ministry of Corporate Affairs vide General Circular No.37/2011 dated June 7,2011, has made it mandatory for all the companies listed in India and their subsidiaries, all companies having a paid up... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI – Office in-charge can only be Partner or paid assistant in whole time employment who attends such office for a period of not less than 182 days Posted: 16 Aug 2011 06:33 PM PDT A member designated In-charge of an office of a chartered accountant in practice or a firm of such chartered accountants should be associated with the concerned chartered accountant/firm of chartered accountants as a partner or as a paid assistant,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether, for the purpose of making addition, the findings of Customs authorities would prevail over the sales tax assessment order? Posted: 16 Aug 2011 06:25 PM PDT Bhuwania Steel & Metal Pvt Ltd Vs ITO (ITAT Mumbai)- On investigation of the assessee's purchases, it was noticed that the same were from Shri Shivkaran Goel who admitted before the Customs authorities as well as AO that he had not supplied any... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest paid on borrowed funds cannot be disallowed when the assessee had ample funds at the time of investing in the equity of subsidiary companies Posted: 16 Aug 2011 06:15 PM PDT Mid-Day Multimedia Ltd Vs Dy.CIT (ITAT Mumbai)- The provisions of rule 8D of the Rules which have been notified with effect from March 24, 2008, would apply with effect from assessment year 2008-09. Even prior to assessment year 2008-09, when rule... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Maintainability of Assesses claim for deduction U/s. 80IA if he sets up windmills at different places in different years and also has brought forward losses from the business against the provisions of Sec 80IA(5) Posted: 16 Aug 2011 05:50 PM PDT Pidilite Industries Limited Vs DCIT (ITAT Mumbai) - Section 80-IA(5) provides that notwithstanding anything contained in provision of this Act, the profits and gains of an eligible business to which the provisions of sub-section (1) apply, shall for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The Liaison Office (LO) of non-resident taxpayer would qualify as business connection PE in India if the activities of the LO not confined to purchase of goods in India for the purpose of export Posted: 16 Aug 2011 05:19 PM PDT Columbia Sportswear Company Vs. DIT (International Taxation), Bangalore - (Advance Ruling Authority) - In addition to the activities relating to the purchase of goods, the Liaison Office was carrying out various activities such as ensuring the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How does the Reserve Bank of India Conduct its Monetary Policy? Posted: 16 Aug 2011 12:43 PM PDT Monetary policy as an arm of public policy has set objectives and priorities. These objectives are derived from the respective mandates of central banks. It ranges from a single objective of price stability, considered to be the dominant objective... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI issues Verification Status of May-2011 CA Final Examinations Posted: 16 Aug 2011 07:52 AM PDT Verification Status of May-201 1 Examinations (Final) 1) Roll Numbers of candidates where no change in marks found Click Here All these candidates have been intimated by post. 2) Roll Numbers of candidates where change in marks... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transactions of sale of shares of a closely held company can be construed as transfer of land and short term capital gain is chargeable Posted: 16 Aug 2011 06:53 AM PDT Bhoruka Engineering Inds. Ltd. v. DCIT (ITAT Bangalore)- The whole transaction has been arranged in a sequential manner with M/s. Bhoruka Steel Ltd selling its landed property to BFSL for a nominal value of Rs. 3.75 crores ; BFSL never before... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether the amount paid/payable by the Applicant to LSCL under the transaction mentioned in Annexure III in respect of Offshore supply of Equipments is liable to tax in India in the hands of LSCL, i.e. the recipient non-resident Korean company? Posted: 16 Aug 2011 05:43 AM PDT Deepak Cables (India) Limited Vs. DIT (International Taxation), Bangalore (Advance Ruling Authority) - It is the case of the applicant that transfer of the goods by LS Cables, Korea to the applicant being outside India, there is no territorial nexus... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income from provision of sea logistic services taxable under presumptive scheme – AAR Posted: 16 Aug 2011 04:50 AM PDT Siem Offshore Inc.Versus Commissioner concerned Director of Income-tax, - Advance Ruling Authority - The payment for hire of vessels provided by the Applicant to Transocean would be covered under the definition of 'plant' as defined under section... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Repayment of capital to the partners in the form of uncrossed cheque would not be liable to penalty u/s 269T Posted: 16 Aug 2011 04:04 AM PDT ITO Vs M/s Universal Associates (ITAT Ahemedabad) - Considering the facts of the case in the light of the above decisions, we are of the view that the at least the assessee has been able to explain reasonable cause for failure to comply with the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether the non-competition fee paid to the assessee allowable as revenue expenditure? Posted: 16 Aug 2011 01:52 AM PDT Procter & Gamble Distribution Co Ltd Vs JCIT (ITAT Mumbai) – Whether the non-competition fee paid to the assessee is allowable as revenue expenditure – Whether the amount paid for licence fee is revenue expenditure for the rights granted... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Technology in Banking- In Pursuit of Excellence Posted: 15 Aug 2011 10:41 PM PDT Technology adoption has changed the face of banking in India. What started as a mere automation of some routine work processes in banks in the mid 80's has moved on to become business process re-engineering which has resulted in making banking... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI – Campus Placement for the fresher members for job and for students for 15 Months Training Posted: 15 Aug 2011 10:21 PM PDT The Placement Cell of the ICSI is organizing a Campus Placement for the fresher members for job and for students for 15 Months Training on Tuesday, the 30th August 2011 at 10.00 A.M. at ICSI-CCGRT, Plot NO.101, Sector-15, Institutional Area, CBD... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Forex market development-Issues and Challenges -Thoughts of a returning forex market regulator Posted: 15 Aug 2011 10:15 PM PDT I am delighted to be in your midst after a long gap of a decade. The occasion brings back reminiscences of late 1990s and the early years of this century when the forex market in India was quite different from what exists today. A nascent market... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Anand Sharma meets Asean Economic Ministers Negotiators asked to Step up Efforts to Conclude Services and Investment Agreement Posted: 15 Aug 2011 10:09 PM PDT Shri Anand Sharma, Commerce, Industry & Textiles Minister of India met Trade/Commerce Ministers from the ten ASEAN countries at Manado, Indonesia on 13 August 2011 to review, among other matters, the India-ASEAN Services & Investment... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Press Release on Direct Tax Collections April-July 2011 Posted: 15 Aug 2011 10:01 PM PDT Gross direct tax collections during the first four months of the current fiscal (April - July 2011) were up by 26.63 percent at Rs.132,542 crore as against Rs.104,668 crore. While gross collection of corporate taxes was up 29.56 percent (Rs.85,222... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No.55/2008-Customs, dated the 28th April 2008 – Notification No.75 /2011-Customs Posted: 15 Aug 2011 09:41 PM PDT Notification No.75 /2011-Customs - Date- 12th August, 2011 G.S.R. (E). -In exercise of the powers conferred by sub-section (1) and sub-section (5) of section 9A of the Customs Tariff Act, 1975 (51 of 1975) read with rules 18 and 20 of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

WB government urges Centre to reconsider excise duty of 10.3 per cent on branded garments and hosiery Posted: 15 Aug 2011 09:35 PM PDT We have asked the Centre to reconsider the central excise duty of 10.3 per cent on branded garments and hosiery as it was affecting the viability of manufacturing units, Minister for Textiles and Small-Scale industry Manas Bhunia said today. But... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding continuation of anti-dumping duty on Pentaerythritol, originating in, or exported from, Chinese Taipei – Notification No.74 /2011-Customs Posted: 15 Aug 2011 09:32 PM PDT Notification No.74 /2011-Customs, Date- 12th August, 2011 - G.S.R. (E). – Whereas, the designated authority vide notification No. 15/10/2010-DGAD, dated the 22nd June, 2010, published in the Gazette of India, Extraordinary, Part I, Section 1,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Initially there was unwillingness on the part of Mauritius to revise its DTAA with India Posted: 15 Aug 2011 09:30 PM PDT The government today said there was unwillingness on the part of Mauritius to revise its double tax avoidance treaty with India, but the two countries have now agreed to hold further talks on the issue. In a written reply to a query in the Rajya... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI – New Examination Centres at Dhanbad and Kota for CS Exams Posted: 15 Aug 2011 09:30 PM PDT The Institute is pleased to announce opening of two new Examination Centres at Dhanbad (JHARKHAND), and Kota (RAJASTHAN) for conduct of 'Company Secretaries' examinations, on an experimental basis beginning from December, 2011 examination onwards. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Circular on Misuse of Banking Channels – Issue and Payment of Demand Drafts for Rs. 50,000/- and above Posted: 15 Aug 2011 09:30 PM PDT RPCD.CO.RRB.BC.No.17/03.05.33/2011-12 Please refer to our circular RPCD.No.NB.BC.124/RRB.16/90-91 dated May 29, 1991 in terms of which demand drafts, mail transfers, telegraphic transfers and travellers cheques for Rs.50,000/- and above should be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Webcast on Tagging and other Technical Aspects of XBRL at ICSI Headquarters Posted: 15 Aug 2011 09:28 PM PDT he ICSI is organizing MCA-ICSI Webcast on Tagging and other Technical Aspects of XBRL at ICSI Headquarters, New Delhi on Wednesday, August 17, 2011 at 11.00 AM. The programme would be live Webcast at the following URL from 11.00 AM onwards on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GFI estimates total value of illicit money that has flown out of India at 20.92 lakh crore Posted: 15 Aug 2011 09:26 PM PDT A report of Global Financial Integrity (GFI) has estimated the total value of illicit money that has flown out of India at USD 462 billion (about Rs 20.92 lakh crore), Parliament was informed today. The present value of India's total illicit... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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