Fwd: TaxGuru : “Thin Capitalization Rules – ‘Debt to Equity to Tax can no longer be tossed’” plus 23 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Jul 29, 2011 at 10:17 AM
Subject: TaxGuru : "Thin Capitalization Rules – 'Debt to Equity to Tax can no longer be tossed'" plus 23 more
To: palashbiswaskl@gmail.com

TaxGuru : "Thin Capitalization Rules – 'Debt to Equity to Tax can no longer be tossed'" plus 23 more

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• Thin Capitalization Rules – 'Debt to Equity to Tax can no longer be tossed'
• Blocking of DIN consequent to non-filing of Statement of Affairs (SOA)
• Draft Circular on Providing Gifts to shareholders during Annual General Meeting (AGM) of the Company – Comments Invited
• Foreign travel expenditure of the spouse of the Managing Director, pursuant to the board resolution, is allowable as business expenditure
• Bonus shares eligible for benefit u/s 115F of the Act if if original shares acquired in foreign currency – ITAT Mumbai
• Unabsorbed depreciation for and up to AY 1996–1997 could be carried forward and set-off against income chargeable under any head of income in any subsequent year
• Canvassing agent not business connection , Non-Resident, even with 'business connection', can be taxed only in respect of business operations carried out in India
• It is impermissible in a review petition for an assessee to re-argue and re-agitate the issues/questions which have been already considered and decided by the High Court
• ICAI – Campus Placement Programme for newly qualified Chartered Accountants, August-September, 2011
• Genuineness of transaction, being essentially a question of fact, cannot be lawfully raised for the first time before the Tribunal
• Download Free E-Book on 'The Process of E-filing of Income Tax Returns'
• Failure to issue a notice under s 143(2) does not render reassessment unsustainable when the assessment is in response to a notice under s 148
• CBDT Panel to curb black money to meet tomorrow
• In the absence of any satisfactory explanation for the late filing of the AIR , penalty can be imposed under s 271FA
• Chairman CBDT inaugurates special camp at Pragati Maidan, Hall No 12 and 12A
• Cabinet approves the Lokpal Bill, 2011
• CBDT Chairman – Tax collection targets for 2011-12 will be achieved
• India EU Reach an Understanding on Issue of Seizure of Indian Generic Drugs in Transit
• ICAI – Result of IRM on 8th August, 2011 held in May, 2011
• FEMA – FEM (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2011
• RBI – Relaxation to Trade and Industry in the State of Jammu and Kashmir extended up to March 31, 2012
• Rate of exchange of conversion of each of the foreign currency with effect from 1st August, 2011
• DGFT – Allocation of quantities of non-Basmati rice for export in terms of Notification No. 60 dated 19.07.2011
• ection 35AC, read with Explanation (B) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Subhag Mahila Utkarsh Trust, Gujarat etc.

Thin Capitalization Rules – 'Debt to Equity to Tax can no longer be tossed' Posted: 28 Jul 2011 08:30 PM PDT Any and every business needs some kind of finance to invest in business opportunities and get rewards out of it in form of profits. Many Foreign Companies eye India as great business opportunity for expanding its operations and increase the kitty of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Blocking of DIN consequent to non-filing of Statement of Affairs (SOA) Posted: 28 Jul 2011 07:17 PM PDT GENERAL CIRCULAR No.56 /2011 It has been observed that companies are not filing Statement of Affairs (SOA) in time in terms of section 454 of the Companies Act, 1956. This delays the process of liquidation considerably. It has, therefore, been... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Draft Circular on Providing Gifts to shareholders during Annual General Meeting (AGM) of the Company – Comments Invited Posted: 28 Jul 2011 07:07 PM PDT Keeping the principle of good corporate governance view, it has been decided that no company shall offer any other thing except tea, coffee, soft drinks and snacks etc in the AGM. As a courtesy to the shareholders, the same may be made available... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Foreign travel expenditure of the spouse of the Managing Director, pursuant to the board resolution, is allowable as business expenditure Posted: 28 Jul 2011 06:45 PM PDT J. K. Industries Limited v CIT (HC of Calcutta) - The expenditure may not have been incurred under any legal obligation, but yet it is allowable as business expenditure if it was incurred on grounds of commercial expediency. Thus, the borrowed fund... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bonus shares eligible for benefit u/s 115F of the Act if if original shares acquired in foreign currency – ITAT Mumbai Posted: 28 Jul 2011 06:27 PM PDT Sanjay Gala vs. ITO (ITAT Mumbai)- In the present case, the assessee subscribed to shares in convertible foreign exchange and acquired the foreign exchange asset. In so far as this aspect is concerned, there is no dispute from the revenue... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Unabsorbed depreciation for and up to AY 1996–1997 could be carried forward and set-off against income chargeable under any head of income in any subsequent year Posted: 28 Jul 2011 06:25 PM PDT CIT v Kriti Resorts Pvt Ltd (High Court of Himachal Pradesh)- The assessee filed return for the year 1998-99 on 23.11.1998 and the interest income received by the assessee was declared to be income under the head 'profits and gains' of business and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Canvassing agent not business connection , Non-Resident, even with 'business connection', can be taxed only in respect of business operations carried out in India Posted: 28 Jul 2011 06:19 PM PDT ADIT vs. Star Cruise India Travel Services (ITAT Mumbai) - In the case of a business of which all the operations are not carried out in India, the income of the business deemed under this clause to accrue or arise in India shall be only such part of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

It is impermissible in a review petition for an assessee to re-argue and re-agitate the issues/questions which have been already considered and decided by the High Court Posted: 28 Jul 2011 06:14 PM PDT Ravina Khurana v CIT (Delhi HC)- The applicant wants to reargue and re-agitate the issues/questions which have been considered and decided by this Court in the decision dated 20th April, 2011. This is not permissible. The review application has no... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI – Campus Placement Programme for newly qualified Chartered Accountants, August-September, 2011 Posted: 28 Jul 2011 05:49 PM PDT The next Campus Placement Programme for newly qualified Chartered Accountants is scheduled to be held in August-September, 2011 at 17 centres in India. The Placement Programme of the Institute provides an excellent opportunity to peruse the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Genuineness of transaction, being essentially a question of fact, cannot be lawfully raised for the first time before the Tribunal Posted: 28 Jul 2011 05:34 PM PDT Hari Shankar Bhartia v CIT (High Court of Calcutta) - The genuineness of a transaction being essentially a question of fact and no such allegation about the genuineness having been levelled against the assessee by the Assessing Officer, such... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Download Free E-Book on 'The Process of E-filing of Income Tax Returns' Posted: 28 Jul 2011 04:44 AM PDT Direct Taxes Committee of ICAI by providing a handbook on the PROCESS OF E-FILING OF INCOME TAX RETURNS. This handbook would act as a ready referencer for our members for e-filing the income tax returns. The same can be downloaded from the link... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Failure to issue a notice under s 143(2) does not render reassessment unsustainable when the assessment is in response to a notice under s 148 Posted: 27 Jul 2011 11:13 PM PDT The Commissioner of Income Tax Versus Madhya Bharat Energy Corpn Ltd. (Delhi HC) - It is noted that the impugned assessment is in response to notice under Section 148 of the Act and the Act does not specifically provide that the assessment made... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Panel to curb black money to meet tomorrow Posted: 27 Jul 2011 11:05 PM PDT The committee that was set up to strengthen ways to curb black money in the country and is headed by CBDT chairman, will hold its second meeting tomorrow. According to official sources, the committee will review the mandate and discuss several... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

In the absence of any satisfactory explanation for the late filing of the AIR , penalty can be imposed under s 271FA Posted: 27 Jul 2011 10:54 PM PDT State of Rajasthan v Dy. CIT (Rajasthan High Court)- In the absence of any satisfactory explanation for late filing of the annual information return, the respondent imposed a penalty of 20,200/- at the rate of 100 per day, during which the default... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Chairman CBDT inaugurates special camp at Pragati Maidan, Hall No 12 and 12A Posted: 27 Jul 2011 10:53 PM PDT In furtherance of Income Tax Department's commitment towards providing better tax payer services, the Income Tax Department, New Delhi has organized a special camp to facilitate filing of returns of salaried and pensioner assessees at Hall no. 12... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cabinet approves the Lokpal Bill, 2011 Posted: 27 Jul 2011 10:51 PM PDT The Union Cabinet today approved the proposal for the enactment of a new legislation in the form of the Lokpal Bill, 2011. The Bill provides for the establishment of the institution of Lokpal to inquire into allegations of corruption against certain... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBDT Chairman – Tax collection targets for 2011-12 will be achieved Posted: 27 Jul 2011 10:09 PM PDT Allaying fears of sluggish economic growth impacting tax collections, Central Board of Direct Taxes (CBDT) Chairman Prakash Chandra today exuded confidence that revenue targets for 2011-12 will be achieved. We have got no indication (of slowdown... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India EU Reach an Understanding on Issue of Seizure of Indian Generic Drugs in Transit Posted: 27 Jul 2011 10:01 PM PDT European Union has proposed a settlement of the dispute by confirming the detailed principles agreed in the Understanding to guide border enforcement of intellectual property in the EU. In addition, EU agreed to India's request for adoption of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI – Result of IRM on 8th August, 2011 held in May, 2011 Posted: 27 Jul 2011 09:55 PM PDT The result of the Insurance and Risk Management [IRM] Examination held in May, 2011 is likely to be declared on 8th August, 2011 around 2 P.M. at the Institute's office at New Delhi. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FEMA – FEM (Foreign Currency Accounts by a Person Resident in India) (Amendment) Regulations, 2011 Posted: 27 Jul 2011 09:35 PM PDT NOTIFICATION No. FEMA/219/2011-RB/G.S.R. 491(E), DATED 3-6-2011 In the Foreign Exchange Management (Foreign Currency Accounts by a Person Resident in India) Regulations, 2000, dated May 3, 2000 as amended from time to time, viz. : (a) in regulation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Relaxation to Trade and Industry in the State of Jammu and Kashmir extended up to March 31, 2012 Posted: 27 Jul 2011 09:30 PM PDT DBOD.No.BP.BC. 25 /21.04.012/2011-12 Please refer to our circular DBOD.No.BP.BC.100/21.04.012/2009-10 dated April 29, 2010 extending the period of concessions/credit relaxations to borrowers / customers in Jammu & Kashmir up to 31 March 2011.... [[ 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 August, 2011 Posted: 27 Jul 2011 09:30 PM PDT Notification No.51/2011-Customs (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Allocation of quantities of non-Basmati rice for export in terms of Notification No. 60 dated 19.07.2011 Posted: 27 Jul 2011 09:26 PM PDT Trade Notice No. 13 dated 27th July, 2011 DGFT has published the list of successful allottees for allocation of 10,00,000 MTs of non-Basmati rice for exports as notified in Notification No. 60 dated 19.07.2011 along with the 1st waiting list. The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ection 35AC, read with Explanation (B) thereto, of the Income-tax Act, 1961 – Eligible projects or schemes, expenditure on – Notified eligible projects or schemes – Subhag Mahila Utkarsh Trust, Gujarat etc. Posted: 27 Jul 2011 07:32 PM PDT NOTIFICATION NO. 50/2011 In exercise of the powers conferred by sub-section (1) read with clause (b) of the Explanation to section 35AC of the Income-tax Act, 1961 (43 of 1961), the Central Government, on the recommendations of the National... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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