Fwd: TaxGuru : “Income earned by a non-resident by providing offshore service vessels on time charter basis is covered under Section 44BB” plus 15 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Wed, Aug 3, 2011 at 10:16 AM
Subject: TaxGuru : "Income earned by a non-resident by providing offshore service vessels on time charter basis is covered under Section 44BB" plus 15 more
To: palashbiswaskl@gmail.com

TaxGuru : "Income earned by a non-resident by providing offshore service vessels on time charter basis is covered under Section 44BB" plus 15 more

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• Income earned by a non-resident by providing offshore service vessels on time charter basis is covered under Section 44BB
• Loss from a 10A unit is to be adjusted against taxable profit of other units after allowing deduction under section 10A in respect of such eligible unit
• Inflation, Interest and Impact
• Comments invited from trade and industry for 'On-Site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011′
• DGFT – Export of Cotton [ITC (HS) Code 5201 & 5203], amendment in nature of restriction
• No penalty can be levied under s 271(1)(c) when there was only the CBDT Circular on the taxation of ESOP shares and where the assessee offered certain income in a particular year and paid taxes bona fidely and the AO taxed the same in another year
• FEMA – Exim Bank's Line of Credit of USD 4 million to the Government of the Co-operative Republic of Guyana
• Comprehensive Guidelines on Derivatives – Modifications
• SEBI- Stock exchanges to send details of transactions to the investors through SMS and E-mail alerts
• Custom Duty- Seeks to notify the Customs Tariff (Determination of Origin of Goods under the Comprehensive Economic Partnership Agreement between the Republic of India and Japan) Rules, 2011
• In the absence of any cogent evidence to show that the transaction was not genuine, the amounts received by an intermediary cannot be assessed in the hands of the assessee
• CPT (Paper- Pencil Mode) will be held on Sunday, 18th December, 2011
• Whether the Tribunal was justified in deleting the unexplained investment on the fact that there was no difference in the cost of construction declared by the Assessee and that worked out by the DVO
• Reason to believe — Reopening of the assessment is unsustainable if no reason exists to believe that the income chargeable to tax has escaped assessment
• Cases Pending in High Courts and Supreme Court on 30.06.2011
• CBI registers a case against the then Chief Postmaster General, Maharashtra and Goa for possession of Disproportionate Assests

Income earned by a non-resident by providing offshore service vessels on time charter basis is covered under Section 44BB Posted: 02 Aug 2011 09:41 PM PDT Bourbon Offshore Asia Pte. Ltd. v. DIT (AAR No. 937 of 2010) dated 12 July 2011 - The taxpayer is engaged in the business of providing offshore oil and gas marine subsea services. It also offers range of offshore oil service vessels to global oil... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Loss from a 10A unit is to be adjusted against taxable profit of other units after allowing deduction under section 10A in respect of such eligible unit Posted: 02 Aug 2011 09:26 PM PDT Capgemini India Pvt. Ltd. V. The Addl.Commissioner of Income-tax (ITAT Mumbai) - The provisions of section 1 0A of the Act were amended with effect from assessment year 2001-02 and as per the amended provisions, the profit and gains derived by an... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Inflation, Interest and Impact Posted: 02 Aug 2011 08:05 PM PDT The Reserve Bank's credit policy review in last week of July 2011 came with a shock to general public when RBI raised short term rates (repo rates) to 8 percent from 7.5 percent, just to curb inflationary pressures. The first and major outcome of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Comments invited from trade and industry for 'On-Site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011′ Posted: 02 Aug 2011 07:07 PM PDT CBEC solicits views, comments and suggestions on draft 'On-site Post Clearance Audit at the Premises of Importers and Exporters Regulations, 2011' from the trade and industry associations, departmental officers and others. The views, comments and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Export of Cotton [ITC (HS) Code 5201 & 5203], amendment in nature of restriction Posted: 02 Aug 2011 06:58 PM PDT Notification No. 62 (RE-2010)/2009-2014 The cap on export of cotton [ITC (HS) Code 5201 & 5203] has been removed. However, condition regarding registration of contracts with DGFT would continue to apply. A new procedure of registration is being... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No penalty can be levied under s 271(1)(c) when there was only the CBDT Circular on the taxation of ESOP shares and where the assessee offered certain income in a particular year and paid taxes bona fidely and the AO taxed the same in another year Posted: 02 Aug 2011 06:48 PM PDT ACIT v Vijay Kumar Jindal (ITAT Delhi) - There was no law on taxation of Esop shares for A.Y. 1999-2000. Only CBDT Circular no. 710 was there clause (iv) of the same provided that where shares have been offered only to the employees, the value of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FEMA – Exim Bank's Line of Credit of USD 4 million to the Government of the Co-operative Republic of Guyana Posted: 02 Aug 2011 06:31 PM PDT A.P. (DIR Series) Circular No. 07 Export-Import Bank of India (Exim Bank) has concluded an Agreement dated July 26, 2010 with the Government of the Co-operative Republic of Guyana, making available to the latter, a Line of Credit (LOC) of USD 4... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Comprehensive Guidelines on Derivatives – Modifications Posted: 02 Aug 2011 06:30 PM PDT DBOD.No.BP.BC. 27/21.04.157/2011-12 Please refer to our Circular DBOD No. BP. BC. 86/21.04.157/2006-07 dated April 20, 2007 on Comprehensive Guidelines on Derivatives. The guidelines with regard to suitability and appropriateness policy for offering... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI- Stock exchanges to send details of transactions to the investors through SMS and E-mail alerts Posted: 02 Aug 2011 06:24 PM PDT Circular No. CIR/MIRSD/15/2011 SEBI receives complaints from investors against stock brokers which include alleged unauthorized trading in their accounts. SEBI has taken steps in the past to address this issue. As an additional measure, it has now... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty- Seeks to notify the Customs Tariff (Determination of Origin of Goods under the Comprehensive Economic Partnership Agreement between the Republic of India and Japan) Rules, 2011 Posted: 02 Aug 2011 06:15 PM PDT These rules may be called the Customs Tariff (Determination of Origin of Goods under the Comprehensive Economic Partnership Agreement between the Republic of India and Japan) Rules, 2011. They shall come into force on the 1 st day of August, 2011. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

In the absence of any cogent evidence to show that the transaction was not genuine, the amounts received by an intermediary cannot be assessed in the hands of the assessee Posted: 02 Aug 2011 06:05 PM PDT Sahney Kirkwood Pvt Ltd vs. ACIT (Bombay High Court) -In the absence of any cogent evidence to show that the transaction was not genuine, the amounts received by an intermediary cannot be assessed in the hands of the assessee. In the present case,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CPT (Paper- Pencil Mode) will be held on Sunday, 18th December, 2011 Posted: 02 Aug 2011 05:45 PM PDT No.13-CA (EXAM)/CPT/ December/2011: In pursuance of Regulation 22 of the Chartered Accountants Regulations, 1988, the Council of the Institute of Chartered Accountants of India is pleased to notify that the Common Proficiency Test (Paper- Pencil... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether the Tribunal was justified in deleting the unexplained investment on the fact that there was no difference in the cost of construction declared by the Assessee and that worked out by the DVO Posted: 02 Aug 2011 01:12 AM PDT CIT and Anr v R Hanumaiah Associates (Karnatka HC) - No addition can be made on account of the unexplained investment on the basis of the DVO findings when the assessee satisfactorily explains that the difference was on account of the construction... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reason to believe — Reopening of the assessment is unsustainable if no reason exists to believe that the income chargeable to tax has escaped assessment Posted: 02 Aug 2011 12:52 AM PDT Amar R Shanbhag v ITO (Mumbai High Court) - There was inordinate delay in obtaining commencement certificate and, therefore, the petitioner once again terminated the Development Agreement dated 17th September 2004. Thereupon, Matoshree Properties... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Cases Pending in High Courts and Supreme Court on 30.06.2011 Posted: 01 Aug 2011 10:33 PM PDT 57100 cases pending in SC; 42 lakh in HCs- Law Minister. As per latest available information, 57,179 cases were pending in the Supreme Court of India as on 30.6.11. The number of cases pending in the High Courts were 42,17,903 as on 30.9.2010.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI registers a case against the then Chief Postmaster General, Maharashtra and Goa for possession of Disproportionate Assests Posted: 01 Aug 2011 09:32 PM PDT It is alleged that the accused while working as Chief PostMaster General, Maharashtra and Goa, Mumbai had accumulated disproportionate assets by mis-using his official position which was disproportionate to his known sources of income. He is found... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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