Fwd: TaxGuru : “An inadequate enquiry on the part of the AO would not, by itself, give occasion to the Commissioner to pass orders under s 263 merely because he has a different opinion on the matter” plus 39 more

---------- Forwarded message ----------
From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Fri, Aug 5, 2011 at 10:01 AM
Subject: TaxGuru : "An inadequate enquiry on the part of the AO would not, by itself, give occasion to the Commissioner to pass orders under s 263 merely because he has a different opinion on the matter" plus 39 more
To: palashbiswaskl@gmail.com

TaxGuru : "An inadequate enquiry on the part of the AO would not, by itself, give occasion to the Commissioner to pass orders under s 263 merely because he has a different opinion on the matter" plus 39 more

---

• An inadequate enquiry on the part of the AO would not, by itself, give occasion to the Commissioner to pass orders under s 263 merely because he has a different opinion on the matter
• Transfer Pricing – Comparable transaction prices obtained from customs authorities can be used for Arm's Length Pricing
• AO to record satisfaction regarding existence of undisclosed income before proceeding u/s. 153C of the Act
• Assessee is entitled to deduction 43B based on the tax audit report even though no supporting evidence for payment was produced before the AO
• Regarding Prohibition on Carrying rice in baggage by air passengers travelling to USA
• GMR challanges AAR ruling imposing service tax on MRO activities rendered within the SEZ in HC
• Corporate Identity Number (CIN) is mandatory for all types of companies registered in India
• Video Conferencing mandatory in Annual General Meetings (AGMs) of listed companies from financial year 2012-2013 and onwards
• No proposal to get the statutory auditors appointed by a Regulatory Authority in respect of listed companies
• India Have 156K dormant companies out of which maharashtra has 35K, Delhi Second with 28K
• Competition Law – CCI (Form and Time of Preparation of Annual Report) Amendment Rules, 2011 – Amendment in Schedule
• Vodafone – Overseas transactions between two foreign companies cannot be taxed in India under present Income Tax Act
• CBEC – Institution of an annual award for officers and trade to encourage knowledge acquisition and capacity building
• ICAI issues Know Your Client (KYC) norms for members in Practice
• ICWAI – President Message August, 2011
• Company Secretaries can also verify Company Information in Winding up Cases
• Investor can now file their complain on MCAs website
• ICAI put on hold its notice dated 23.06.2011 related to Period of validity of Registration in CA Course
• Supreme Court- Proviso to s. 14A bars reassessment but not original assessment on the basis of the retrospective amendment
• States FMs panel on GST to meet on Aug 19
• Sebi clears single-window clearance for prior approvals
• HDFC Bank starts income tax payment facility through ATMs
• EOI – Empanelment of External Experts for assistance in IS Audit Function
• SEBI – Processing of Investor Complaints in SEBI Complaints Redress System (SCORES)
• DGFT – ICD Merripalem, Guntur District, (AP) included under para 4.19 of HBP v.1 for availing export promotion benefits
• Availability of DEPB benefit on export of Cotton made on or after 01.10.2010
• DGFt – Restoration of DEPB benefit on export of 'Cotton yarn including Melange Yarn'
• DGFT – Quota of Skimmed and Whole Milk Powder under Tariff Rate Quota Scheme, amendment thereof – PUBLIC NOTICE NO.66 (RE-2010)/2009-2014
• Import policy of Worked monumental or building stone (except slate) and articles thereof, other than goods of heading 6801; mosaic cubes and the like, of natural stone (including slate), whether or not on a backing; artificially coloured granules, chippings and powder, of natural stone (including slate)
• RBI – Reconstitution of the Technical Advisory Committee on Monetary Policy
• DGFT – Policy for issue of import licenses of Rough Marble Blocks for the Financial year 2011-12
• DGFT – Export of Cotton [ITC (HS) Code 5201 and 5203] – obtaining of Registration Certificate – Notification No. 63 (RE-2010)/2009-2014
• DGFT – Re-import of perishable edible / food products for export again – Policy Circular No.35
• CBI arrests G.M. BCCL, Dhanbad, Jharkhand for offering bribe of Rs.5 lakh to an officer of CBI
• RBI – Policy Guidelines for issuance and operation of Prepaid Payment Instruments in India
• RBI – Security Issues and Risk mitigation measures related to Card Not Present (CNP) transactions
• CBI registers two cases relating to alleged irregularities in the funds allotted to the National Rural Health Mission
• PT Circular 12T of 2011 on Relief in Profession Tax to Mathadi Mandal, Mathadi kamgar etc in Maharashtra
• IRDA circular on Asset-Liability management and Stress testing for Non Life insurance and Reinsurance Companies
• IRDA circular on Asset-Liability management and Stress testing for Life insurance Companies

An inadequate enquiry on the part of the AO would not, by itself, give occasion to the Commissioner to pass orders under s 263 merely because he has a different opinion on the matter Posted: 04 Aug 2011 08:56 PM PDT Fab India Overseas Pvt. Ltd. Versus CIT (Delhi HC) - An inadequate enquiry on the part of the AO would not, by itself, give occasion to the Commissioner to pass orders under s 263 merely because he has a different opinion on the matter. Issues, in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing – Comparable transaction prices obtained from customs authorities can be used for Arm's Length Pricing Posted: 04 Aug 2011 08:35 PM PDT Coastal Energy Pvt. Ltd. Vs. ACIT (ITAT Chennai) - Tribunal emphasised that the essence of a CUP method is a free comparison of the variables in uncontrolled conditions. However, citing practical manifestation, the Tribunal agreed that a comparison... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

AO to record satisfaction regarding existence of undisclosed income before proceeding u/s. 153C of the Act Posted: 04 Aug 2011 08:03 PM PDT Beejay Security & Finance Ltd v ACIT (ITAT Mumbai) -Satisfaction is required to be arrived at by the AO of the person who was searched under s 132 of the Act regarding any undisclosed income of the person who was not subjected to a search to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessee is entitled to deduction 43B based on the tax audit report even though no supporting evidence for payment was produced before the AO Posted: 04 Aug 2011 07:46 PM PDT ACIT, New Delhi Vs Indian Farmer Fertilisers Coop Ltd (ITAT Delhi) - From the tax audit report, we also find that amount of Rs13,03,74,047/- has been shown as paid on or before due date for furnishing return of income for the previous year u/s... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Prohibition on Carrying rice in baggage by air passengers travelling to USA Posted: 04 Aug 2011 12:42 PM PDT Circular No.34 / 2011- Customs, Ministry of Agriculture, Department of Agriculture and Cooperation has informed that the U. S. Department of Agriculture, Animal and Plant Health Inspection Service (USDA – APHIS) has notified new phytosanitary... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

GMR challanges AAR ruling imposing service tax on MRO activities rendered within the SEZ in HC Posted: 04 Aug 2011 11:55 AM PDT The MAS-GMR Aerospace Engineering has approached the Andhra Pradesh High Court against the Authority for Advance Ruling's (AAR) order that held that maintenance, repair and overhauling (MRO) activities in the aerospace SEZ attracts service tax.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Corporate Identity Number (CIN) is mandatory for all types of companies registered in India Posted: 04 Aug 2011 11:46 AM PDT Corporate Identity Number The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the Corporate Identity Number (CIN) is mandatory for all types of companies registered in India and no company... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Video Conferencing mandatory in Annual General Meetings (AGMs) of listed companies from financial year 2012-2013 and onwards Posted: 04 Aug 2011 11:45 AM PDT The Ministry of Corporate Affairs has recognized participation by shareholders in the Annual General Meetings under the Companies Act, 1956 for all companies through video conference. Vide General Circular No. 35/2011 , Dated: 06.06.2011 issued by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No proposal to get the statutory auditors appointed by a Regulatory Authority in respect of listed companies Posted: 04 Aug 2011 11:40 AM PDT The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that the statutory auditors of the companies incorporated under the Companies Act are appointed u/s of the Act. Replying to a written question... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India Have 156K dormant companies out of which maharashtra has 35K, Delhi Second with 28K Posted: 04 Aug 2011 11:38 AM PDT The Minister of State in the Ministry of Corporate Affairs Shri R.P.N. Singh today informed the Lok Sabha that whether Government has enumerated or identified such registered companies which are inactive, dormant and have been in such mode for at... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Competition Law – CCI (Form and Time of Preparation of Annual Report) Amendment Rules, 2011 – Amendment in Schedule Posted: 04 Aug 2011 11:27 AM PDT NOTIFICATION NO. G.S.R. 398(E), DATED 24-5-2011 These rules may be called the Competition Commission of India (Form and Time of Preparation of Annual Report) Amendment Rules, 2011. They shall come into force from the date of their publication in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Vodafone – Overseas transactions between two foreign companies cannot be taxed in India under present Income Tax Act Posted: 04 Aug 2011 11:20 AM PDT Resuming its arguments against Rs 11,000-crore tax demand by the Income Tax (I-T) department, the British telecom giant Vodafone today contended before the Supreme Court that the present Indian income tax laws do not cover gains from overseas... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBEC – Institution of an annual award for officers and trade to encourage knowledge acquisition and capacity building Posted: 04 Aug 2011 11:14 AM PDT In order to bring excellence by promoting and enhancing the development of professional expertise in Customs administration, suggestions were called from Chief Commissioners and DGs. The Board received a large number of suggestions for bringing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI issues Know Your Client (KYC) norms for members in Practice Posted: 04 Aug 2011 11:01 AM PDT All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at it's 307th Meeting held on 13th July, 2011, which... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICWAI – President Message August, 2011 Posted: 04 Aug 2011 10:54 AM PDT The Central Council of the Institute has approved the release of Exposure Draft of Generally Accepted Cost Accounting Principles (GACAP) Document as recommended by the Cost Accounting Standards Board (CASB), the standard-setting body of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Company Secretaries can also verify Company Information in Winding up Cases Posted: 04 Aug 2011 10:49 AM PDT ICSI is pleased to inform that the Ministry of Corporate Affairs vide its General Circular No. 58/2011 dated 01.08.2011 has now modified clause (c) of General Circular no. 54/2011 dated 26.07.2011 providing that in each case the Official Liquidator... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Investor can now file their complain on MCAs website Posted: 04 Aug 2011 10:41 AM PDT Complainant is free to file fresh complaints on the Ministry's website - www.mca.gov.in/MCA21/, in respect of the unresolved complaints filed earlier on the website- www.investorhelpline.in. Further, the members of the public are informed that... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI put on hold its notice dated 23.06.2011 related to Period of validity of Registration in CA Course Posted: 04 Aug 2011 10:36 AM PDT In continuation of Institute's Announcement dated June 23, 2011 on Institute's website and in the Chartered Accountants Students Journal (July, 2011 issue) regarding Period of Validation of Registration in Chartered Accountancy Course, it is... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court- Proviso to s. 14A bars reassessment but not original assessment on the basis of the retrospective amendment Posted: 04 Aug 2011 12:23 AM PDT Honda Siel Power Products Ltd vs. DCIT (Supreme Court) - Re-opening of assessment is fully justified on the facts and circumstances of the case. However, on the merits of the case, it would be open to the assessee to raise all contentions with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

States FMs panel on GST to meet on Aug 19 Posted: 04 Aug 2011 12:12 AM PDT Empowered Committee of State Finance Ministers on GST, under its new chief Sushil Modi, will meet on August 19 to discuss various issues related with the roll out of the ambitious indirect tax regime. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi clears single-window clearance for prior approvals Posted: 04 Aug 2011 12:10 AM PDT CIRCULAR NO. MIRSD/14/2011, DATED 2-8-2011 Market regulator the Securities and Exchange Board of India (Sebi) today approved a single-window clearance system for market entities, including stock brokers, merchant bankers and credit ratings agencies,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

HDFC Bank starts income tax payment facility through ATMs Posted: 04 Aug 2011 12:08 AM PDT Private sector lender HDFC Bank on Wednesday launched a service whereby its 115 lakh debit card holders can pay income tax through the bank's ATMs. With this facility, the bank has given its vast customer base the freedom from waiting in long... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

EOI – Empanelment of External Experts for assistance in IS Audit Function Posted: 04 Aug 2011 12:05 AM PDT Reserve Bank of India (Bank) invites expression of interest (EOI) to prepare a panel of reputed Information Technology (IT)/Information System (IS) Audit Agencies/Organizations for carrying out Information Technology/ Information System Audit of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Processing of Investor Complaints in SEBI Complaints Redress System (SCORES) Posted: 03 Aug 2011 10:12 PM PDT SEBI has commenced processing of investor complaints in a centralized web based complaints redress system 'SCORES'. The salient features of this system are: Centralized database of all complaints., Online movement of complaints to the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – ICD Merripalem, Guntur District, (AP) included under para 4.19 of HBP v.1 for availing export promotion benefits Posted: 03 Aug 2011 10:11 PM PDT Public Notice No.69 (RE-2010)/2009-2014, ICD Merripalem, Guntur District, (AP) is included under para 4.19 of HBP v.1 for availing export promotion benefits. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Availability of DEPB benefit on export of Cotton made on or after 01.10.2010 Posted: 03 Aug 2011 10:08 PM PDT PUBLIC NOTICE NO. 68 /2009-2014(RE 2010) DEPB benefit on export of 'Cotton' was withdrawn vide Public Notice No. 45 (RE 2010)/2009-14 dated the 31st March, 2011. Exports made on or after 01.10.2010 will now be entitled for DEPB benefit under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFt – Restoration of DEPB benefit on export of 'Cotton yarn including Melange Yarn' Posted: 03 Aug 2011 10:04 PM PDT PUBLIC NOTICE NO. 67 /2009-2014(RE 2010) DEPB benefit on export of 'Cotton yarn including Melange yarn' was withdrawn vide Public Notice No. 57/2009-14 dated the 21st April, 2010. Exports made on or after 01.04.2011 will now be entitled for DEPB... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Quota of Skimmed and Whole Milk Powder under Tariff Rate Quota Scheme, amendment thereof – PUBLIC NOTICE NO.66 (RE-2010)/2009-2014 Posted: 03 Aug 2011 10:04 PM PDT PUBLIC NOTICE NO.66 (RE-2010)/2009-2014 Quantity permitted for import of Skimmed and Whole Milk Powder under Tariff Rate Quota Scheme is increased from 30,000 MTs to 50,000 MTs, with immediate effect. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Import policy of Worked monumental or building stone (except slate) and articles thereof, other than goods of heading 6801; mosaic cubes and the like, of natural stone (including slate), whether or not on a backing; artificially coloured granules, chippings and powder, of natural stone (including slate) Posted: 03 Aug 2011 09:59 PM PDT Notification No. 65 (RE-2010)/2009-2014 Existing policy conditions (prior to this amendment) as available at page 474-475, for the Exim Codes 6802 10 00, 6802 21 10, 6802 21 20, 6802 21 90, 6802 91 00 and 6802 92 00 of Chapter 68 of ITC(HS)... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Reconstitution of the Technical Advisory Committee on Monetary Policy Posted: 03 Aug 2011 09:55 PM PDT With a view to strengthening the consultative process in monetary policy, the Reserve Bank of India had constituted a Technical Advisory Committee on Monetary Policy in June, 2009. The tenure of the Committee was up to June 30, 2011. However, it... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Policy for issue of import licenses of Rough Marble Blocks for the Financial year 2011-12 Posted: 03 Aug 2011 09:53 PM PDT Notification No. 64 (RE-2010)/2009-2014 Import policy of rough marble blocks for the year 2011-12 has increased the import quota from 3 lakh MT to 5 lakh MT with an MIP of US$ 325 per MT. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Export of Cotton [ITC (HS) Code 5201 and 5203] – obtaining of Registration Certificate – Notification No. 63 (RE-2010)/2009-2014 Posted: 03 Aug 2011 09:48 PM PDT Notification No. 63 (RE-2010)/2009-2014 Exporters intending to export cotton [ITC (HS) Codes 5201 and 5203] will apply to the Regional Authority (RA) for grant of Registration Certificate (RC) subject to the following conditions - (i) The applicant... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Re-import of perishable edible / food products for export again – Policy Circular No.35 Posted: 03 Aug 2011 09:44 PM PDT Policy Circular No.35 (RE-2010)/2009-2014 Representations have been received seeking a clarification on the applicability of condition of shelf life of 60% stipulated under Para 13 of Chapter 1A (General notes regarding Import Policy) of ITC(HS) in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI arrests G.M. BCCL, Dhanbad, Jharkhand for offering bribe of Rs.5 lakh to an officer of CBI Posted: 03 Aug 2011 09:37 PM PDT The Central Bureau of Investigation has today arrested General Manager, BCCL, Dhandbad, Jharkand while abetting and offering bribe of Rs. 5 lakh (five lakh) to an officer of the CBI for getting favours in the matter of on-going joint surprise check... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Policy Guidelines for issuance and operation of Prepaid Payment Instruments in India Posted: 03 Aug 2011 09:37 PM PDT DPSS.CO.PD.No. 225/02.14.006/2011-12 Prepaid payment instruments can be issued only to corporate entities listed in any of the stock exchanges in India; Verification of the identity of the employee shall be the responsibility of the concerned... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Security Issues and Risk mitigation measures related to Card Not Present (CNP) transactions Posted: 03 Aug 2011 09:34 PM PDT DPSS.PD.CO. No.223/02.14.003/2011-2012 Based on the feedback from the stakeholders and keeping in view the interest of card holders the following directions are issued: It is mandatory to put in place additional factor of authentication for all CNP... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI registers two cases relating to alleged irregularities in the funds allotted to the National Rural Health Mission Posted: 03 Aug 2011 09:30 PM PDT The Central Bureau of Investigation has registered two cases relating to alleged irregularities in the funds allotted to the National Rural Health Mission on the directions of Honorable High Court of Judicature at Allahabad, Lucknow Bench passed in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PT Circular 12T of 2011 on Relief in Profession Tax to Mathadi Mandal, Mathadi kamgar etc in Maharashtra Posted: 03 Aug 2011 09:30 PM PDT PT Circular 12T of 2011 on Relief in Profession Tax to Mathadi Mandal, Mathadi kamgar etc. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA circular on Asset-Liability management and Stress testing for Non Life insurance and Reinsurance Companies Posted: 03 Aug 2011 09:25 PM PDT CEOs of all Non-life Insurers and Reinsurers ALM being the critical area of managing the finances of the insurers, Authority vide its Circular No: IRDA/ACT/CIR/MISC/081/05/2010, May 13, 2010, has mandated all the non-life insurers to provide the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA circular on Asset-Liability management and Stress testing for Life insurance Companies Posted: 03 Aug 2011 09:20 PM PDT As Asset Liability Management and Stress testing plays a vital role in the sound management of the insurance business, the Authority prescribes the following additional guideline to the existing framework which is already prescribed in the Appointed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

You are subscribed to email updates from TaxGuru.in - Daily Tax and Corporate Law Update To stop receiving these emails, you may unsubscribe now.	Email delivery powered by Google
Google Inc., 20 West Kinzie, Chicago IL USA 60610

--
Palash Biswas
Pl Read:
http://nandigramunited-banga.blogspot.com/