Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Mar 31, 2011 at 9:52 AM
Subject: TaxGuru.in : Legal & Tax Updates
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TaxGuru.in : Legal & Tax Updates

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• CBEC – Settlement of Disputes between one Govt. Dept. and another and one Govt. Dept. and a Public Enterprise and one Public Enterprise and another
• KPMG Survey 2011 on Bribery and Corruption
• Empanelment form for examiners – Revised and ICAI President Message
• Tribunal can extend stay beyond 365 days if delay not attributable to assessee
• Company Law – Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter Schedules – Replacement of existing Schedule VI by new Schedule VI with effect from 1-4-2011
• Guidelines on Asset Classification and NPA Provision for finacial year ending 31st March 2011
• Bank Audit 2011-Categorization of a Borrowal Account as NPA – Ready Recokner
• Rate of exchange of conversion of each of the foreign currency with effect from 1st April, 2011
• Govt may roll back excise duty on branded garments
• Revaluation reserve not routed through Profit and Loss Account could not be added to net profit while computing the book profit for the purpose of MAT
• Frontier Issues on the Global Agenda Emerging Economy Perspective
• New Schedule VI – New Balance Sheet and Profit and Loss A/c format applicable from F.Y. 2011-12
• IT dept conducts raids on Kanakia Group- Sources
• The relevant market condition for testing a transaction under CUP is that of the market where the goods are sold and not the place of origin of the goods
• Documents not available in public domain at the time of assessment and first appeal that are essential for determining arm's length price can be admitted for consideration
• Transfer Pricing – ACIT vs. M/s. NGC Network (India) Pvt. Ltd.
• Mumbai Tribunal holds that segmental accounts should be considered for the computation of the Profit Level Indicator
• CBDT Order No 53 of 2011- Ad hoc promotion from DCIT to JCIT
• Risk adjustments can be given only on company to company basis and not as thumb rule
• Orissa VAT rate change in items taxable at 12.50 percent
• Expert Committee on Revenue Forecasting – Request for suggestions

CBEC – Settlement of Disputes between one Govt. Dept. and another and one Govt. Dept. and a Public Enterprise and one Public Enterprise and another Posted: 30 Mar 2011 07:23 PM PDT Please refer to D.O.F. No. 275/68/91-CX.8A (Pt.), dated 17.-1.1992 addressed by the Member (Central Excise) to all Principal Collectors, and to all Collectors of Customs and Central Excise vide which a copy of Cabinet Secretariat's O.M. No.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

KPMG Survey 2011 on Bribery and Corruption Posted: 30 Mar 2011 06:55 PM PDT Capital inflows, international trade and private and public enterprise have helped contribute significantly to India's growth since liberalisation. With the idea of understanding how corruption is impacting each of these pillars and eventually the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment form for examiners – Revised and ICAI President Message Posted: 30 Mar 2011 06:47 PM PDT would like to inform you all that Schedule VI will be applicable from the year commencing April 1, 2011. Further, I am glad to inform you that till date 31, 093 no. of queries/complaints/grievances have been posted in the "e-Sahaayataa" portal out... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tribunal can extend stay beyond 365 days if delay not attributable to assessee Posted: 30 Mar 2011 09:05 AM PDT "Whether in the facts and circumstances of the case where the delay in the disposal of the relevant appeals is not attributable to the assessee, the Tribunal can extend the stay already granted beyond the period of 365 days even after 01.1 0.2008 or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Company Law – Section 641 of the Companies Act, 1956 – Schedules, forms and rules – Power to alter Schedules – Replacement of existing Schedule VI by new Schedule VI with effect from 1-4-2011 Posted: 30 Mar 2011 06:28 AM PDT Whereas the Central Government in consultation with the National Advisory Committee on Accounting Standards framed the Companies (Accounting Standards), Rules, 2006 vide G.S.R. No. 739(E), dated the 7th December, 2006 and was subsequently amended... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Guidelines on Asset Classification and NPA Provision for finacial year ending 31st March 2011 Posted: 30 Mar 2011 06:17 AM PDT Guidelines on Asset Classification- All accounts need to be classified into four categories taking into account the degree of well defined credit weaknesses and extent of dependence on collateral security for realisation of the dues as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bank Audit 2011-Categorization of a Borrowal Account as NPA – Ready Recokner Posted: 30 Mar 2011 06:14 AM PDT Cash Credits and Overdrafts- A cash credit or overdraft account will be treated as NPA if the account remains out of order for a period of more than 90 days. An account is treated as "out of order" if any of the following conditions is satisfied:... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rate of exchange of conversion of each of the foreign currency with effect from 1st April, 2011 Posted: 30 Mar 2011 04:43 AM PDT Notification No. 24/2011 - Customs (N.T.), 29th March, 2011. S.O. (E). – In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and in supersession of the notification of the Government of India in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt may roll back excise duty on branded garments Posted: 30 Mar 2011 04:24 AM PDT The government is considering to roll back 10 per cent excise duty on branded garments, due to large scale protest by industry bodies in many parts of the country, including West Bengal, which goes to polls next month. "The excise duty on readymade... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Revaluation reserve not routed through Profit and Loss Account could not be added to net profit while computing the book profit for the purpose of MAT Posted: 30 Mar 2011 04:11 AM PDT Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of ITO v. Galaxy Saws P. Ltd. (ITA No.3747/M/2010) (Judgement Date: 11 March 2011, Assessment Year: 2005-06) held that revaluation reserve not routed through... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Frontier Issues on the Global Agenda Emerging Economy Perspective Posted: 30 Mar 2011 04:08 AM PDT In relative terms, both the Reserve Bank of India (RBI) and the Central Bank of Sri Lanka (CBSL) are young institutions. RBI was established in 1935, and we celebrated our Platinum Jubilee last year. Apart from relative youth, there are several... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New Schedule VI – New Balance Sheet and Profit and Loss A/c format applicable from F.Y. 2011-12 Posted: 30 Mar 2011 03:36 AM PDT NOTIFICATION [F. NO. 2/6/2008-C.L-V], DATED 30-3-2011. In exercise of the powers conferred by clause(a) of sub-section(1) of section 642 read with sub-section(1) of section 210A and sub-section (3C) of section 211 of the Companies Act,1956, (1 of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IT dept conducts raids on Kanakia Group- Sources Posted: 30 Mar 2011 12:43 AM PDT The income tax department has conducted a search operation on Mumbai-based Kanakia Group. The raids were conducted early morning, in Mumbai and Lucknow, for alleged tax evasion pursued by Kanakia Group, reports CNBC-TV's Ashwin Mohan quoting sources. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

The relevant market condition for testing a transaction under CUP is that of the market where the goods are sold and not the place of origin of the goods Posted: 30 Mar 2011 12:05 AM PDT The Delhi bench of the Income-tax Appellate Tribunal ["The Tribunal"] recently pronounced its ruling in the case of Clear Plus India Private Limited v. DCIT [ITA NO. 3944/DEL/2010], wherein it upheld the transfer pricing methodology adopted by the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Documents not available in public domain at the time of assessment and first appeal that are essential for determining arm's length price can be admitted for consideration Posted: 29 Mar 2011 11:20 PM PDT Income Tax Appellate Tribunal ("The Tribunal"), Delhi Bench recently pronounced its ruling in the case of ACIT v. M/s NIT Limited (Appeal no. -2011-TII-1 6-I TA T-DEL-TP or ITA No.1844 & 1871/Del./2009) on various transfer pricing issues. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing – ACIT vs. M/s. NGC Network (India) Pvt. Ltd. Posted: 29 Mar 2011 10:59 PM PDT The Mumbai Bench 'L' of the Income Tax Appellate Tribunal (the "Tribunal"), on 23 February 2011, pronounced its ruling in the case ACIT vs. M/s. NGC Network (India) Pvt. Ltd., Mumbai, ITA No. 5307/M/2008. The Taxpayer's position under appeal filed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mumbai Tribunal holds that segmental accounts should be considered for the computation of the Profit Level Indicator Posted: 29 Mar 2011 10:45 PM PDT The Mumbai bench of the Income Tax Appellate Tribunal (Tribunal) recently pronounced its ruling in the case of M/s Tecnimount ICB Pvt. Ltd. Vs ACIT, Mumbai, ITA No. 7098/Mum/2010, on transfer pricing issues arising from equipment supplied and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Order No 53 of 2011- Ad hoc promotion from DCIT to JCIT Posted: 29 Mar 2011 10:20 PM PDT ORDER NO. 53 OF 2011- The President is pleased to appoint the following officers of Indian Revenue Service (Income Tax) to the grade of Joint Commissioner of Income Tax (OSD) purely on ad hoc basis in the PB 3-Rs. 15,600-39,100 +7,600/- with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Risk adjustments can be given only on company to company basis and not as thumb rule Posted: 29 Mar 2011 10:06 PM PDT The Hyderabad bench of the Income Tax Appellate Tribunal (Tribunal) recently pronounced its ruling in the case of ADP Private Limited v. Dy. Commissioner of Income Tax (Hyderabad Bench), ITA No: 155/Hyd/2009 , on transfer pricing issues arising from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Orissa VAT rate change in items taxable at 12.50 percent Posted: 29 Mar 2011 10:04 PM PDT Effective 01 April, 2011, the rate of VAT in Orissa has been enhanced, as mentioned below: Goods falling under Part III of Schedule B and liable to tax at 12.5% will be taxable at 13.50 % from 01.04.2011. Source: Notification No.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Expert Committee on Revenue Forecasting – Request for suggestions Posted: 29 Mar 2011 09:35 PM PDT Vision 2020 and Strategic Plan 2011-15 of the Income Tax Department lays emphasis on revenue optimization efforts of the Department, for which a scientifically developed revenue forecasting model is required to ascertain the potential tax base of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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