Fwd: TaxGuru : “Kerala High Court grants interim stay on recovery of service tax on Restaurant and short term accommodation service” plus 15 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Tue, Jun 21, 2011 at 10:29 AM
Subject: TaxGuru : "Kerala High Court grants interim stay on recovery of service tax on Restaurant and short term accommodation service" plus 15 more
To: palashbiswaskl@gmail.com

TaxGuru : "Kerala High Court grants interim stay on recovery of service tax on Restaurant and short term accommodation service" plus 15 more

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• Kerala High Court grants interim stay on recovery of service tax on Restaurant and short term accommodation service
• Expenses incurred on cultivation for adequate and steady supply of medicinal plant are allowable even if no agricultural activities done by assessee directly
• Whether profits earned during the period of sickness and available for setting off under normal provisions of Income Tax are to be excluded from the ambit of book profit of non-sick years?
• Whether capital gain arising out of the sale of land and building is liable to be included for computation of book profits under Section 115J?
• Whether the activities of telecasting and broadcasting of TV and Radio programmes can also be said to be for advancement of general public utility, and thus qualify for registration as a charitable company?
• Transfer Pricing – Even Loss/High-Profit Companies Can Be Compared
• New CAG norms for govt accounting to be unveiled on Tuesday
• Denial of Interest on service tax refund specious – Bombay high court
• Direct tax collections crosses Rs one trillion in Q1
• FM to Address State Finance Ministers on Reforms in Financial Reporting
• SEBI – Periodical Report – Grant of prior approval to Credit Rating Agencies
• SEBI – Periodical Report – Grant of prior approval to Depository Participants
• SEBI – Periodical Report- Grant of prior approval to Bankers to an Issue
• SEBI – Periodical Report- Grant of prior approval to Debenture Trustees
• Shri P. Vijaya Bhaskar and Shri B. Mahapatra take charge as New EDs at RBI
• RBI – Challenges and Opportunities in a Trillion Dollar Economy

Kerala High Court grants interim stay on recovery of service tax on Restaurant and short term accommodation service Posted: 20 Jun 2011 08:46 PM PDT Kerala High Court has vide its order dated 16.06.2011 granted interim stay against any coercive steps of recovery of service tax or against any proceedings for imposing penalty for a period of two months on Restaurant and short term accommodation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Expenses incurred on cultivation for adequate and steady supply of medicinal plant are allowable even if no agricultural activities done by assessee directly Posted: 20 Jun 2011 08:18 PM PDT Sami Labs Ltd Vs DCIT (ITAT Bangalore) - Assessee had to incur cultivation expenses to ensure adequate and steady supply of coleus plants from the farmers which were an essential input for the continuous processing in research and development... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether profits earned during the period of sickness and available for setting off under normal provisions of Income Tax are to be excluded from the ambit of book profit of non-sick years? Posted: 20 Jun 2011 07:58 PM PDT Singareni Collieries Company Ltd Vs ACIT (ITAT Hyderabad) - Whether book profits is to be computed with reference to each assessment year - Whether profits earned during the period of sickness and available for setting off under normal provisions... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether capital gain arising out of the sale of land and building is liable to be included for computation of book profits under Section 115J? Posted: 20 Jun 2011 07:21 PM PDT Kumudam Printers Pvt Ltd Vs CIT (Madras high Court)- Whether capital gain arising out of the sale of land and building is liable to be included for computation of book profits under Section 115J - Whether when there is no failure on part of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Whether the activities of telecasting and broadcasting of TV and Radio programmes can also be said to be for advancement of general public utility, and thus qualify for registration as a charitable company? Posted: 20 Jun 2011 07:06 PM PDT CIT Vs A Y Broadcast Foundation (Kerala High Court) - Generally, the activities refereed to therein i.e. production of television and radio programmes and telecasting and broadcasting of the same are commercial activities. Further the object clause... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer Pricing – Even Loss/High-Profit Companies Can Be Compared Posted: 20 Jun 2011 06:37 PM PDT Exxon Mobil Company India Pvt Ltd vs. DCIT (ITAT Mumbai)-A comparable cannot be eliminated just because it is a loss making unit. Similarly, a higher profit making unit cannot also be automatically eliminated just because the comparable company... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

New CAG norms for govt accounting to be unveiled on Tuesday Posted: 20 Jun 2011 10:07 AM PDT The CAG guidelines for a new government accounting system aimed at improving transparency and fixing the accountability of departments for managing state-owned assets will be unveiled on Tuesday. In line with the recommendations of the 12th and... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Denial of Interest on service tax refund specious – Bombay high court Posted: 20 Jun 2011 09:59 AM PDT Shroff United Chemicals Limited. versus The Union of India - The Bombay high court last week described the denial of interest on refund of service tax by the deputy commissioner as 'specious' in the case, Shroff United Chemicals Ltd vs Union of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Direct tax collections crosses Rs one trillion in Q1 Posted: 20 Jun 2011 08:52 AM PDT Belying fears of moderation in economic activities, the direct tax collection ( personal income tax and corporate tax) grew by 23 per cent to Rs 101,600 crore in the first quarter of current financial year . The collection was Rs 82,300 crore in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FM to Address State Finance Ministers on Reforms in Financial Reporting Posted: 20 Jun 2011 08:38 AM PDT The Union Finance Minister Shri Pranab Mukherjee will inaugurate a national conference of the State Finance Ministers here tomorrow. The day-long conference, which includes participation from all stakeholders from Union and State Governments, aims... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Periodical Report – Grant of prior approval to Credit Rating Agencies Posted: 20 Jun 2011 08:35 AM PDT CIRCULAR NO. MIRSD/8/2011 Pursuant to the aforesaid notification, commencing from half year ended September 30, 2011, all CRAs shall report the following change(s) to SEBI while submitting the Action Taken Report in accordance with SEBI Circular No.... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Periodical Report – Grant of prior approval to Depository Participants Posted: 20 Jun 2011 08:33 AM PDT CIRCULAR NO. MIRSD/9/2011, Henceforth, the Depositories shall submit a periodical report to SEBI regarding the following changes, as per the format and in accordance with the guidelines given at Annexure A: a. Amalgamation, demerger, consolidation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Periodical Report- Grant of prior approval to Bankers to an Issue Posted: 20 Jun 2011 08:30 AM PDT CIRCULAR NO. MIRSD/11/2011, The requirement of taking prior approval by the Bankers to an Issue from SEBI for change in status or constitution has been dispensed with. However, the Bankers to an Issue would be required to take prior approval from... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI – Periodical Report- Grant of prior approval to Debenture Trustees Posted: 20 Jun 2011 08:28 AM PDT CIRCULAR NO. MIRSD/10/2011, With the said amendment, the requirement of taking prior approval by the Debenture Trustees from SEBI for change in status or constitution has been dispensed with. However, the Debenture Trustees are required to take... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Shri P. Vijaya Bhaskar and Shri B. Mahapatra take charge as New EDs at RBI Posted: 19 Jun 2011 10:09 PM PDT Shri P. Vijaya Bhaskar assumed charge as Executive Director of the Reserve Bank of India on June 13, 2011. As Executive Director, Shri Bhaskar will look after Central Security Cell, Department of Banking Supervision and Department of Non-Banking... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI – Challenges and Opportunities in a Trillion Dollar Economy Posted: 19 Jun 2011 09:30 PM PDT While the future growth outlook of the Indian economy looks promising, the challenge is to make it more inclusive. At the grassroots level, India continues to be a poor and less developed country in spite of years of financial and other support... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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