Indexed cost of gifted assets has to be determined with reference to previous owner – Bombay HC

New companies bill retained the provision for rotation of auditors every five years Posted: 28 Nov 2011 06:10 PM PST The government is likely to retain various contentious provisions in the new Companies Bill, like fixed term for independent directors and rotation of auditors every five years, despite concerns raised by industry. In the final draft of Companies... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Indexed cost of gifted assets has to be determined with reference to previous owner – Bombay HC Posted: 28 Nov 2011 05:22 PM PST The indexed cost of acquisition has to be determined with reference to the cost inflation index for the first year in which the capital asset was 'held by the assessee'. Since the expression 'held by the assessee' is not defined under Section 48 of... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Levy of Stamp Duty in India, Types of Stamp in India, Important Provisions of Stamp Duty and Bombay Stamp Act, 1958 Posted: 28 Nov 2011 05:09 PM PST Under the Constitution of India, the power to levy stamp duty is divided between the Union and the State. The Parliament (Central Government) has the power to levy stamp duty on the instruments specified in Article 246 read with Schedule VII, List... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Housing firm not responsible for encroachment after delivery of possession of the plot to buyer – Supreme Court Posted: 28 Nov 2011 02:37 PM PST Haryana Urban Development Authority Vs. Viresh Sangwan & ANR(SC)- The housing development authority cannot be held responsible for the encroachments made after possession of the plot had been delivered to the allottees.. Neither the original... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Daily wagers not entitled to regularisation but can claim monetary compensation for illegal retrenchment – SC Posted: 28 Nov 2011 01:44 PM PST Bharat Sanchar Nigam Ltd. Vs. Man Singh (Supreme Court) - The Supreme Court has stated that though the employer might have violated the retrenchment rules under the Industrial Disputes Act, daily wage employees who have worked for a long time in an... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Insurance company to pay compensation for death of youth if it fails to prove that youth was driving negligently – SC Posted: 28 Nov 2011 12:52 PM PST National Insurance Company Ltd. Vs. Sinitha & Ors. (Supreme Court) - The Supreme Court last week dismissed National Insurance Company's appeal against the award of compensation for the death of a youth, stating that the insurer has not proved... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Agreement to refer disputes to arbitration cannot be rendered void merely because of government rule – SC Posted: 28 Nov 2011 12:00 PM PST Union of India Vs. Col. L.S.N. Murthy & ANR. (SC) - An agreement to refer disputes to arbitration will not be void because a government instruction which makes the deal unprofitable. A contract in such cases will be valid unless it is... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Violations of Chartered Accountants Act Posted: 28 Nov 2011 07:45 AM PST Union Minister of Corporate Affairs Dr. M. Veerappa Moily today informed the Rajya Sabha that some instances of violations have come to the notice of the Institute of Chartered Accountants of India (ICAI) which is examining the same. ICAI is itself... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Investors Beware! Invest Cautiously Posted: 28 Nov 2011 06:19 AM PST Last week saw a series of financial scams in the state of Rajasthan and Jaipur in particular. The reason for all such financial scams is obvious – greed of making the quick buck at both ends. Investors as well as the company floating such schemes.... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Maharashtra Vat – Correction of mistakes made by the dealers or miscellaneous refunds of excess payment of taxes Posted: 28 Nov 2011 05:35 AM PST Trade Circular No.17T of 2011 The payment of tax under MVAT Act, 2002 and CST Act, 1956 by way of e-payment has been made from March, 2011. it has been reported to this office by some of the dealers that they have made certain mistakes while making... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] In case the AO finds that practically the land has been bought by the Developer and Developer has all dominant control over the project and has developed the land at his own cost and risks, the AO should allow the deduction to the assessee u/s 80IB(10) Posted: 27 Nov 2011 10:49 PM PST M/s. Rudraksh Developers Vs. ITO (ITAT Ahemdabad)- The facts involved in the case of the assessee are similar to the facts in the case of Radhe Developers (supra) and accordingly we are of the view that the assessee has acquired the dominant over... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Revision of Pension under PF Scheme Posted: 27 Nov 2011 08:43 PM PST The pension on fixed rates is provided to the employees retiring under the Provident Fund (PF) scheme. The Central Government had constituted an Expert Committee for reviewing the Employees Pension Scheme, 1995 entirely including revision of... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] CA Vijay Vaishnav and bouncers held after clash with lawyers in court Posted: 27 Nov 2011 08:42 PM PST November, 26th 2011 The Gurgaon police have arrested a Mumbai-based Chartered Accountant (CA) and three bouncers for allegedly assaulting an advocate inside the court premises on Friday. Vijay Vaishnav had come to the court with the bouncers to... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Steps taken by the Employees' Provident Fund Organisation to recover the outstanding amount Posted: 27 Nov 2011 08:40 PM PST The following steps have been taken by the Employees' Provident Fund Organisation to recover the outstanding amount: 1. Attachment and sale of movable and immovable properties of the defaulting establishments. 2. Appointment of receiver to... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] MCA released XBRL Validation Tool Version 1.1.1 with enhancements Posted: 27 Nov 2011 08:38 PM PST The following enhancements have been released. These enhancements do not impact the instance documents which have already been filed on the MCA21 portal. This version of the tool needs to be downloaded by only those stakeholders who are facing the... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Registration of Marriage Posted: 27 Nov 2011 08:35 PM PST The States of Andhra Pradesh, Arunachal Pradesh, Bihar, Chhattisgarh, Goa, Gujarat, Haryana, Himachal Pradesh, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Mizoram, Orissa, Rajasthan, Sikkim, Tamil Nadu and Tripura have already taken... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] RBI – Payment System Issues and Challenges Posted: 27 Nov 2011 08:31 PM PST Why so much ado about an 'efficient payment system'? Are Indian payment systems efficient? The importance of payment and settlement systems could be gauged from the IMF publication 'Central Banking Lessons from the Crisis' (May 27, 2010) which... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Implementation of bar coding on export consignments of pharmaceuticals and drugs with effect from 01.10.2011- Clarification regarding export of bulk drugs Posted: 27 Nov 2011 08:31 PM PST Policy Circular No. 48 (RE-2010)/2009-14 - Public Notice No. 59 (RE-2010)/2009-14 dated 30.06.2011 had stipulated incorporation of barcodes (1 D) encoding unique product identification code (GTIN), Batch Number, Expiry Date and Unique Serial Number... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Minimum Export Price of Onions – Notification No 86 (RE – 2010)/2009-2014 Posted: 27 Nov 2011 08:28 PM PST Notification No 86 (RE – 2010)/2009-2014 -Minimum Export Price (MEP) of all varieties of onions except Bangalore Rose Onions and Krishnapuram Onions will be US$ 250 per Metric Ton F.O.B. It was US$ 350 per Metric Ton as notified on 18.11.2011. For... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Seizure of foreign marked gold biscuits valued at Rs. 69 Lakh by DRI, Bangalore Posted: 27 Nov 2011 08:26 PM PST DRI, Bangalore Seizes 24 Nos. Of Foreign Marked Gold Biscuits (Weighing 2.4 Kgs), Valued At Rs. 69 Lakh, From Two Passengers Arriving At Bengaluru International Airport From Colombo On 25/26.11.2011. The Biscuits Were Concealed In Their Rectum. [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Seeks to impose anti dumping duty on imports of Hot Rolled Flat Products of Stainless Steel originating in, or exported from, European Union, Korea RP, South Africa, Taiwan and USA Posted: 27 Nov 2011 08:26 PM PST Notification No. 104 /2011-Customs Whereas in the matter of imports of Hot Rolled Flat Products of Stainless Steel of ASTM Grade 304 with all its variants,(hereinafter referred to as the subject goods), classified under Chapter 72 of the First... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Customs – Rate of exchange of conversion of each of the foreign currency with effect from 1st December, 2011 Posted: 27 Nov 2011 08:25 PM PST Notification No.82/2011 - Customs (N.T.) 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 India in the Ministry of Finance (Department of Revenue)... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Customs – Seeks to notify Customs (Provisional Duty Assessment) Regulations, 2011 Posted: 27 Nov 2011 08:23 PM PST Notification No. 81/2011 – Customs (N.T.) Conditions for allowing provisional assessment.- (1) Where- a) an importer or an exporter, as the case may be, is unable to make self-assessment under sub-section (1) of section 17 of... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Custom Duty – Seeks to notify Shipping Bill (Electronic Declaration) Regulations, 2011 Posted: 27 Nov 2011 08:22 PM PST Notification No. 80/2011 – Customs (N.T.) - (1) These regulations may be called the Shipping Bill (Electronic Declaration) Regulations, 2011.(2) They shall apply to export of goods from all customs stations where the Indian Customs Electronic Data... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Customs – Seeks to notify Bill of Entry (Electronic Declaration) Regulations, 2011 Posted: 27 Nov 2011 08:21 PM PST Notification No. 79/2011 – Customs (N.T.) These regulations may be called the Bill of Entry (Electronic Declaration) Regulations, 2011. (2) They shall apply to the import of goods through all customs stations where the Indian Customs Electronic Data... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com ]] Quarterly Report on Public Debt Management for the Quarter July -September 2011 Released Posted: 27 Nov 2011 08:18 PM PST The Central Government today released the sixth report pertaining to the quarter July-September 2011on Public Debt Management. Since September 2010, Department of Economic Affairs, Ministry of Finance is bringing out a quarterly report on debt... [[ This is a content summary only. Visit www.taxguru.in for full article. Visit our News Portal www.dailyindianews.com