Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Mar 29, 2011 at 10:11 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Disallowance U/s.14A can not be made for Depreciation and for deduction allowable to Assessee under chapter VIA of the Income Tax Act, 1961
• Companies Bill likely to be tabled in next Parliament session
• Simplification in Procedures and Rules to Bring Transparency in Service Delivery
• Sebi to outsource processing of investor complaints
• CBI to file first charge sheet against Raja, others
• Where shares are held as stock-in-trade no part of interest on borrowed funds can be disallowed u/s 14A as incurred in relation to Dividend income
• Mobile phones- A button to send emergency alerts!
• Transfer Pricing- ITAT Delhi held that for TNMM, interest on surplus and abnormal costs to be excluded
• ICAI International Study Tour to Karachi, Pakistan from 25th-28th July, 2011 (3 nights and 4 days)
• ICAI panel to guide, support cooperative sector
• Prosecution of Directors – General Circular No. 08/2011, Dated the 25th March, 2011
• Transfer Pricing – Prior Years' data cannot generally be relied upon to justify Arms Length Price
• Hasan Ali case-Apex court loses cool at ED report
• Hasan Ali's wife to be present in Supreme Court tomorrow
• The Budget Attains Finality

Disallowance U/s.14A can not be made for Depreciation and for deduction allowable to Assessee under chapter VIA of the Income Tax Act, 1961 Posted: 28 Mar 2011 08:39 PM PDT Depreciation is admittedly in the nature of allowance and, therefore, it cannot be subject matter of disallowance under section 14A, which must remain confined to expenditure incurred by the assessee. Similarly, as far as deduction under section 80D... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Companies Bill likely to be tabled in next Parliament session Posted: 28 Mar 2011 08:34 PM PDT Parliament is likely to take up the new Companies Bill , which seeks to replace a half-a-century-old Act, in the next session. Sources in the Ministry of Corporate Affairs said that the Companies Bill, 2009, will be brought for passage before... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Simplification in Procedures and Rules to Bring Transparency in Service Delivery Posted: 28 Mar 2011 08:34 PM PDT Simplification of issuing Director Identification Number (DIN) process: As per section 253 of the Companies Act, 1956, no person can be appointed as Director of the Company unless he has been allotted a DIN from the Government on his application. At... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi to outsource processing of investor complaints Posted: 28 Mar 2011 08:32 PM PDT Faced with the Herculean task of handling lakhs of investor complaints, market regulator Sebi plans to rope in third party agencies for processing and maintenance of these grievances. The decision to outsource processing and maintenance of investor... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI to file first charge sheet against Raja, others Posted: 28 Mar 2011 08:30 PM PDT The CBI will file this week its first charge sheet into the 2G spectrum scam against former Telecom Minister A Raja and some of his close aides besides a couple of real estate companies for allegedly defrauding the exchequer and entering into a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Where shares are held as stock-in-trade no part of interest on borrowed funds can be disallowed u/s 14A as incurred in relation to Dividend income Posted: 28 Mar 2011 08:27 PM PDT In the case of a trader where shares are held as stock-in-trade no part of interest on borrowed funds can be disallowed u/s 14A as incurred in relation to Dividend income. The interest on borrowed funds used for trading activity is an allowable... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mobile phones- A button to send emergency alerts! Posted: 28 Mar 2011 08:25 PM PDT In a bid to help pro-democracy campaigners, the US government is developing a mobile phone with a 'panic button' that can wipe out its address book and send emergency alerts. The new technology also includes a special application that can be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing- ITAT Delhi held that for TNMM, interest on surplus and abnormal costs to be excluded Posted: 28 Mar 2011 08:20 PM PDT Marubeni India Pvt. Ltd. v ACIT (I.T.A. No.919/Del/2009) (ITAT Delhi)- Interest income is to be excluded from operating revenue for computing the net profit from operating activity unless such interest income has nexus with the international... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI International Study Tour to Karachi, Pakistan from 25th-28th July, 2011 (3 nights and 4 days) Posted: 28 Mar 2011 08:17 PM PDT The Institute of Chartered Accountants of Pakistan (ICAP) is celebrating year 2011 as the Golden Jubilee Year of their Institute. To commemorate the occasion, they are organizing an International Conference on 26th July -27th July 2011 at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI panel to guide, support cooperative sector Posted: 28 Mar 2011 08:16 PM PDT The Institute of Chartered Accountants of India (ICAI) has formed a committee to guide and support the cooperative sector in streamlining their audit procedures and raise governance levels, President G Ramasamy said today. The ICAI has suggested... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prosecution of Directors – General Circular No. 08/2011, Dated the 25th March, 2011 Posted: 28 Mar 2011 08:14 PM PDT Prosecution of Directors - General Circular No. 08/2011, Dated the 25th March, 2011. Penal actions for defaults committed under the Companies Act, 1956 are either to be taken against an "officer in default" or a "director(s)" or "persons" as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing – Prior Years' data cannot generally be relied upon to justify Arms Length Price Posted: 28 Mar 2011 07:52 PM PDT The OECD guidelines are not of binding nature and even the Proviso to Rule 10B (4) provides that any subsequent year data cannot be considered. The contemporaneous data of relevant financial year is to be used for making the comparable analysis for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hasan Ali case-Apex court loses cool at ED report Posted: 28 Mar 2011 07:40 AM PDT The Supreme Court Monday was angry at the Enforcement Directorate's (ED) which submitted its second status report on money laundering by India's top tax evader Hasan Ali. A bench of Justice B. Sudarshan Reddy and Justice S.S. Nijjar said: 'When we... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hasan Ali's wife to be present in Supreme Court tomorrow Posted: 28 Mar 2011 07:34 AM PDT Rheema Khan, the wife of Pune-based stud farm owner Hasan Ali, would be present in the Supreme Court tomorrow when the Enforcement Directorate submits a status report of the probe into his alleged money-laundering activities. "Hasan Ali's wife would... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The Budget Attains Finality Posted: 28 Mar 2011 12:55 AM PDT Perhaps, for the first time in Indian history, we have a situation that the Union Budget is presented and passed by both the houses of the Parliament in less than a month. Not only this, that too in the current financial year itself. Thanks to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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