Fwd: TaxGuru : “Maintenance of separate books of account for STP units is not a prerequisite to avail deduction under section 10A” plus 15 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Thu, Jul 21, 2011 at 10:39 AM
Subject: TaxGuru : "Maintenance of separate books of account for STP units is not a prerequisite to avail deduction under section 10A" plus 15 more
To: palashbiswaskl@gmail.com

TaxGuru : "Maintenance of separate books of account for STP units is not a prerequisite to avail deduction under section 10A" plus 15 more

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• Maintenance of separate books of account for STP units is not a prerequisite to avail deduction under section 10A
• CUP method not suitable to benchmark royalty payment in the absence of comparable uncontrolled transactions
• Pass Percentage and Analysis of Results of CA Final Examination held in May, 2011 and CPT(Paper Pencil Mode) held on June 19, 2011, CA Final Toppers
• CBI raids 7 Customs officials of Trivandrum Airport
• An assessee cannot be said to be a defaulter in payment of advance tax if he had no liability to pay any advance tax under s 208 on any of the due dates for payment of the advance tax
• DGFT – Validity of extension for export of 6,50,000 tons of wheat products upto 31.03.2012.
• ITAT Pune -Domestic segment cannot be regarded as a comparable for the export segment
• DGFT – Government allows export of non-basmati rice at USD 400 per tn MEP
• Delhi Vat department detects Tax evasion in sale of diamonds worth Rs 5,150 cr
• Activity of ONGC for providing its staff on deputation to DGHC for a remuneration in the form of reimbursement from DGHC, is chargeable to service tax under 'Manpower Recruitment or Supply Agency's Service'
• Amends Notification No. 64/95-Central Excise, dated the 16th March, 1995 – Vide Notification No. 34/2011-Central Excise
• Amends Notification No. 39/96-Customs, dated the 23rd July, 1996 – Vide Notification No. 64/2011-Customs
• Amends Notification No.21/2002-Customs, dated the 1st March, 2002 vide Notification No. 63/2011-Customs
• Amends Notification No. 41/2007-Customs, dated the 19th March, 2007 Vide Notification No. 62/2011-Customs
• Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts – RBI's Master Circular dated 1-7-2011,
• RBI's Master Circular dated 1-7-2011 on Loans and Advances – Statutory and Other Restrictions

Maintenance of separate books of account for STP units is not a prerequisite to avail deduction under section 10A Posted: 20 Jul 2011 08:00 AM PDT IBM India P. Ltd. v. DCIT (ITAT Bangalore)- Considering the second objection of the AO, namely, that separate books of account have not been maintained for the STP Units, his observation was that the objection of the AO arose on the premise that... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CUP method not suitable to benchmark royalty payment in the absence of comparable uncontrolled transactions Posted: 20 Jul 2011 07:30 AM PDT DCIT v. Cabot India Ltd. (ITAT Pune) - At the outset the Tribunal stated that the issue to be adjudicated upon is whether or not the royalty rate of five percent is arm's length, and not whether the increase vis-à-vis two percent is justifiable.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pass Percentage and Analysis of Results of CA Final Examination held in May, 2011 and CPT(Paper Pencil Mode) held on June 19, 2011, CA Final Toppers Posted: 20 Jul 2011 04:22 AM PDT The toppers of Chartered Accountants Final Examinations held in May, 2011 are from Bikaner, Mumbai and Pune. The details of the top three rank holders on all India basis for Chartered Accountants Final along with the marks secured by them are... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI raids 7 Customs officials of Trivandrum Airport Posted: 20 Jul 2011 03:33 AM PDT The Central Bureau of Investigation has registered a case against a Joint Commissioner; an Assistant Commissioner; four Supdts & one Inspector of Central Excise of Thiruvananthapuram Airport and one clearing agent for cheating and allegedly... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

An assessee cannot be said to be a defaulter in payment of advance tax if he had no liability to pay any advance tax under s 208 on any of the due dates for payment of the advance tax Posted: 20 Jul 2011 02:54 AM PDT Emami Ltd. v CIT (High Court of Calcutta)- Where on the last date of the Financial Year preceding the relevant Assessment Year, the assessee had no liability to pay advance tax, he would be nevertheless asked to pay interest in terms of Section 234B... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Validity of extension for export of 6,50,000 tons of wheat products upto 31.03.2012. Posted: 20 Jul 2011 12:01 AM PDT Notification No. 61 (RE-2010)/2009-2014 otification No. 116 (RE-2008)/2004-09 dated 03.07.2009 has permitted export of 6,50,000 tones of wheat products upto 31.3.2010, which was earlier extended upto 31.3.2011 by Notification No. 41/2009-14 dated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ITAT Pune -Domestic segment cannot be regarded as a comparable for the export segment Posted: 19 Jul 2011 11:35 PM PDT Brintons Carpets Asia Pvt. Ltd v. DCIT (ITAT Pune) - The AO has to maintain the rule of consistency unless there is change facts materially. Comparable cases accepted by the department in the subsequent assessment year should be adopted for the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Government allows export of non-basmati rice at USD 400 per tn MEP Posted: 19 Jul 2011 10:55 PM PDT Notification No. 60 (RE-2010)/2009-2014 - The government has allowed export of one million tonnes of non-basmati rice through private trade and fixed the export price at USD 400 per tonne. The Empowered Group of Ministers on food, headed by Finance... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi Vat department detects Tax evasion in sale of diamonds worth Rs 5,150 cr Posted: 19 Jul 2011 10:26 PM PDT In a major haul, the city's tax department has detected tax evasion in undeclared sale of diamonds worth Rs 5,150 crore which were imported through the Delhi airport. Teams from trade and taxes department carried out raids at premises of 29... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Activity of ONGC for providing its staff on deputation to DGHC for a remuneration in the form of reimbursement from DGHC, is chargeable to service tax under 'Manpower Recruitment or Supply Agency's Service' Posted: 19 Jul 2011 09:58 PM PDT LETTER [F. NO.137/35/2011 - SERVICE TAX], DATED 13-7-2011 Representation has been received seeking clarification on applicability of service tax under Manpower Recruitment and Supply Service in respect of employees sent on deputation by ONGC to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 64/95-Central Excise, dated the 16th March, 1995 – Vide Notification No. 34/2011-Central Excise Posted: 19 Jul 2011 09:34 PM PDT NOTIFICATION No.34/2011-CENTRAL EXCISE - In exercise of the powers conferred by sub-section (1) of section 5A of the Central Excise Act, 1944 (1 of 1944), the Central Government, on being satisfied that it is necessary in the public interest so to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 39/96-Customs, dated the 23rd July, 1996 – Vide Notification No. 64/2011-Customs Posted: 19 Jul 2011 09:32 PM PDT NOTIFICATION NO. 64/2011-Customs., Dated: July 19, 2011 -In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No.21/2002-Customs, dated the 1st March, 2002 vide Notification No. 63/2011-Customs Posted: 19 Jul 2011 09:31 PM PDT Notification No. 63/2011-Customs In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the public interest so to do, hereby... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No. 41/2007-Customs, dated the 19th March, 2007 Vide Notification No. 62/2011-Customs Posted: 19 Jul 2011 09:30 PM PDT NOTIFICATION NO. 62/2011-Customs Whereas, the designated authority vide notification No. 15/20/2010-DGAD, dated the 9th December, 2010, published in Part I, Section 1 of the Gazette of India, Extraordinary, dated the 9th December, 2010, has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest Rates on Rupee Deposits held in Domestic, Ordinary Non-Resident (NRO) and Non-Resident (External) (NRE) Accounts – RBI's Master Circular dated 1-7-2011, Posted: 19 Jul 2011 09:29 PM PDT CIRCULAR NO. DBOD.NO.DIR.BC. 9/13.03.00/2011-12, Please refer to the Master Circular DBOD No. Dir. BC. 10/13.03.00/2010-11 dated July 1, 2010 consolidating the instructions/guidelines issued to banks till June 30, 2010 relating to Interest Rates on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on Loans and Advances – Statutory and Other Restrictions Posted: 19 Jul 2011 09:26 PM PDT CIRCULAR NO. DBOD.NO.DIR.BC. 6/13.03.00/2011-12, Please refer to the Master Circular DBOD. No. Dir. BC. 13/13.03.00/2010-11 dated July 1, 2010 consolidating the instructions/guidelines issued to banks till June 30, 2010 relating to statutory and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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