Fwd: TaxGuru : “Exposure Draft of Indian Accounting Standard (Ind AS) 41 Agriculture (Comments to be received by 15 November 2011)” plus 16 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sun, Oct 2, 2011 at 9:50 AM
Subject: TaxGuru : "Exposure Draft of Indian Accounting Standard (Ind AS) 41 Agriculture (Comments to be received by 15 November 2011)" plus 16 more
To: palashbiswaskl@gmail.com

TaxGuru : "Exposure Draft of Indian Accounting Standard (Ind AS) 41 Agriculture (Comments to be received by 15 November 2011)" plus 16 more

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• Exposure Draft of Indian Accounting Standard (Ind AS) 41 Agriculture (Comments to be received by 15 November 2011)
• Amendment to Circular No.7/2007 regarding Procedure for refund of tax deducted at source under section 195 to the person deducting tax
• ICAI – President's Message – October 2011
• Despite specific & pointed queries in section 143(3) assessment, AO cannot be said to have formed any opinion if explicit opinion not recorded
• Despite disclosure of conversion of stock into investment and acceptance by AO, claim that gains is LTCG attracts s. 271(1)(c) penalty – Delhi HC
• PMS Fees not deductible against capital gains. Despite dissenting orders, reference to Special Bench not necessary – ITAT Mumbai
• ICWAI – President Communique for October, 2011
• XBRL – Registration of Certified Filing Centres (CFC)
• Proposed Amendment of the Articles of Agreement of the International Monetary Fund on Reform of the Executive Board approved
• CAG of India Appointed External Auditor OF IAEA and WIPO
• FDI Circular 2 of 2011 – Consolidated FDI Policy
• Services provided during Hindus' marriage ceremony not exempt from service tax
• Sebi revises bidding norms for FIIs in infra bonds
• Advances to State Co-operative Banks under Section I7 (4) (a) of the RBI Act, 1934 for general banking business
• MCA XBRL Validation Tool for validating XBRL instance documents has been released
• Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001
• Rate of exchange of conversion of each of the foreign currency with effect from 1st October, 2011

Exposure Draft of Indian Accounting Standard (Ind AS) 41 Agriculture (Comments to be received by 15 November 2011) Posted: 01 Oct 2011 09:51 AM PDT Exposure Draft Indian Accounting Standard (Ind AS) 41 Agriculture The following is the Exposure Draft of the Indian Accounting Standard (Ind AS) 41, Agriculture, issued by the Accounting Standards Board of the Institute of Chartered Accountants of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment to Circular No.7/2007 regarding Procedure for refund of tax deducted at source under section 195 to the person deducting tax Posted: 01 Oct 2011 08:47 AM PDT CBDT CIRCULAR NO-07/2011, The Board had issued Circular No.7/2007 and 23.10.2007 laying down the procedure for refund of tax deducted at source under section 195 of the Income Tax Act, 1961 to the person deducting tax at source from the payment to a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI – President's Message – October 2011 Posted: 01 Oct 2011 08:22 AM PDT Suggestions Submitted to MCA: We have sent our views on the proposed Forms 23 AC-XBRL and 23 ACAXBRL to be notified by the Ministry of Corporate Affairs, to the Ministry. We have also sent our views on the draft Companies (Auditor's Report to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Despite specific & pointed queries in section 143(3) assessment, AO cannot be said to have formed any opinion if explicit opinion not recorded Posted: 01 Oct 2011 08:19 AM PDT Dalmia Pvt Ltd vs. CIT (Delhi High Court) - It is well settled that audit objection on the point of fact can be a valid ground for reopening of assessment. In the case of New Light Trading Co. vs. Commissioner of Income Tax, (2002) 256 ITR 391... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Despite disclosure of conversion of stock into investment and acceptance by AO, claim that gains is LTCG attracts s. 271(1)(c) penalty – Delhi HC Posted: 01 Oct 2011 07:52 AM PDT CIT Vs Splender Construction (Delhi High Court) - When the land which was held as stock in trade for several years is converted into investment just before the sale, it can be said that the assessee did so to pay lesser taxes, and it amounts to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PMS Fees not deductible against capital gains. Despite dissenting orders, reference to Special Bench not necessary – ITAT Mumbai Posted: 01 Oct 2011 07:43 AM PDT Shri Homi K. Bhabha vs. ITO (ITAT Mumbai) – Ordinarily neither the assessee nor the Revenue can be allowed to reargue the same issue over and over again, when it has already been decided by a co­ordinate bench of the tribunal. If such a course... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI – President Communique for October, 2011 Posted: 01 Oct 2011 07:17 AM PDT The series of seminars on CARR and CAR continued during the month also, starting from Mysore Chapter on 4th September 2011 and followed by WIRC programme in Mumbai on 16th and 17th September. The XBRL meeting was kick started during the month with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

XBRL – Registration of Certified Filing Centres (CFC) Posted: 01 Oct 2011 07:15 AM PDT Requests including from Professional Institutes have been received seeking re-opening the registration process of CFCs and allow enrolment of more CFCs so that the involvement of professionals in XBRL and peak filing can be expanded to a large... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Proposed Amendment of the Articles of Agreement of the International Monetary Fund on Reform of the Executive Board approved Posted: 01 Oct 2011 07:13 AM PDT The Union Cabinet today gave its approval to certain amendments to the IMF`s Articles of Agreement on Reform of the Executive Board of the IMF. The amendments are part of a package of reforms on quotas and governance in the IMF. Along with the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CAG of India Appointed External Auditor OF IAEA and WIPO Posted: 01 Oct 2011 07:11 AM PDT The Comptroller and Auditor General of India (CAG) has been appointed as the external auditor of two major UN organizations - the International Atomic Energy Agency (IAEA), Vienna and World Intellectual Property Organization (WIPO), Geneva. Both... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FDI Circular 2 of 2011 – Consolidated FDI Policy Posted: 01 Oct 2011 07:10 AM PDT DI into construction development activities in the education sector and in respect of old-age homes has been exempted from the conditionalities imposed on FDI in the construction development sector in general i.e. minimum area and built-up area... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Services provided during Hindus' marriage ceremony not exempt from service tax Posted: 01 Oct 2011 07:03 AM PDT The Hindus' marriage ceremony is not a religious but a social function and various kinds of service providers, including those erecting tents for it, are not exempted from paying service tax, the Delhi High Court ruled today. A bench of Chief... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi revises bidding norms for FIIs in infra bonds Posted: 01 Oct 2011 06:59 AM PDT Revising its norms for foreign institutional investors (FII) in the infrastructure debt bonds, the capital market regulator Sebi today lowered the minimum bidding and allocation amounts for such investors. As per the revised guidelines, no single... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Advances to State Co-operative Banks under Section I7 (4) (a) of the RBI Act, 1934 for general banking business Posted: 30 Sep 2011 09:46 PM PDT As you are aware, the interest on loans and advances granted by the Reserve Bank to State Co-operative Banks under Section 17 (4) (a) of the RBI Act, 1934 for the purpose of general banking business such as clearing adjustments, liquidity etc. is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

MCA XBRL Validation Tool for validating XBRL instance documents has been released Posted: 30 Sep 2011 09:20 PM PDT MCA XBRL Validation Tool for validating XBRL instance documents has been released. The same can be downloaded by stakeholders for validating the instance documents prepared by them. The stakeholders should also refer to the XBRL filing manual for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 36/2001-Customs(N.T) dated the 3rd August 2001 Posted: 30 Sep 2011 08:43 PM PDT Notification No. 71/2011-CUSTOMS (N. T.), Date- New Delhi, 30th September, 2011 S. O______ (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is... [[ 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 October, 2011 Posted: 30 Sep 2011 08:40 PM PDT Notification No. 70/2011-Customs (N.T.), Dated-  28th September, 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... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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