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Issue #105
Indian Parliament has gone paperless
With Digital India campaign, the parliament is set to go paperless from Thursday, 26th Nov 2015.From this session onwards all the reports and bills tabled in the House will be uploaded on the website of parliamnet. Lok Sabha Speaker Sumitra Mahajan said, MP’s will be provided an iPad along with undergoing a training programme.
Members/Firms to furnish PAN details to ICAI
Member/Firms are requested to submitt the following PAN details to teir concern regional office by or on 15th December 2015 in below formats.
- Member’s/Firm’s Name
- Membership/Firm’s registration number
- Name of the member incharge with membership number in terms of firm.
- PAN Number (Self attested copy to be enclosed)
Western Region: wropan@icai.in
South Region: sropan@icai.in
East Region: eropan@icai.in
Central Region: cropan@icai.in
North Region: nropan@icai.in
- New dedicated Chapter Helpdesk for queries related to members/students based in abroad- ICAI
- CD’s are considered as document and can be considered as a evidence under Law- SC
- RBI allows foreign investors to buy bonds in default.
- SEBI sets timeline for comodity exchnage
- CBDT takes fresh look at tax accounting standards
- Goverenment set up a agency to probe corporate accounting frauds.
- Govt says hopeful of rolling out GST in 2016
DCIT (TDS) Vs. M/s Reliance Communications Infrastructure Ltd.(ITAT-Mumbai)(25 May, 2015)
Held:Assessee-company is licence holder for providing broad band and internet services. It provides various data internet and premium content value added services under various brand names. Assessee charges the subscribers for providing the aforesaid services and pays certain amount called as ‘access charges’ to RCOM for use of their network. According to the AO, though the assessee made payments to RCOM, it has not deducted tax at source on the access charges paid to RCOM. appears that on a temporary basis Department Representatives are posted; only in the previous week the fact of non-availability of DR could be made known to the CCIT who has to make an alternative arrangement and then it is for the nominated DR, who is a 24 hour government servant, to collect the files from the office and go through the records properly to make an effective representation on Monday morning. The fact is that none appeared on behalf of the Revenue. However, court has gone through the record and since the AO passed an order under section 154 of the Act rectifying his earlier order passed under section 201(1) of the Act vis-a-vis access charges, assessee cannot be said to be in default (for non-payment of tax) and hence the issues raised by the Revenue in the appeals are of academic importance and hence deserve to be rejected. Appeals dismissed
Judgements/Tribunals
Content right to :eJurix
Commissioner Of Income Tax-Iv Vs. M/S. Group Ism P. Ltd. (Delhi)(29 May, 2015)
Held: It is evident that in the transaction between the assessee and Marble Arts & Crafts, the former (non-resident) acted as an agent of the assessee for the purposes of the latter’s dealings with the Works Department, Abu Dhabi, which included coordinating with the authorities in the said department and handling invoices for the assessee. As far as CGS International is concerned, it acts as a liaisoning agent for the assessee, and receives its remuneration from each client that it successfully solicits for the assessee. Facially, such services cannot be said to be included within the meaning of “consultancy services”, as that would amount to unduly expanding the scope of the term “consultancy”. Therefore, this Court does not accept the revenue”s contention that the services provided were in the nature of “consultancy services”. Consequently, the remittances made by the assessee would not come within the scope of the phrase “fees for technical services” as employed in Section 9(1)(vii) of the Act. Appeal dismissed.
VSE Stock Services Ltd. Vs. S.E.B.I & Anr. (SC)(4th Nov, 2015)
Held:The amalgamation was not on account of any compulsion of law. The compulsion of the appellant was a business compulsion to do business as a broker with NSE. Initially the Vadodara Stock Exchange Ltd. had chosen to form another subsidiary company limited by guarantee ignoring the circular of the SEBI dated 16.12.1999 and also the bye rules of NSE laying down conditions for membership but later it decided to have a subsidiary company which could get registration as a broker with NSE. Such decision was effected through amalgamation. Such a situation cannot be treated as a compulsion of law for amalgamation. Even if court accept the submission that the compulsion of law be given a liberal meaning so as to include orders and directions of the SEBI, in the present case it is not possible to accept that amalgamation was forced upon the appellant under orders or directions of the SEBI. Only because the appellant and the parent company Vadodara Stock Exchange Ltd. subsequently decided and opted to do business as a broker with NSE, they chose the path of amalgamation. They could have as well chosen the path of winding up of the earlier subsidiary company. In the facts of the case it is not possible to accept that there was any compulsion of law for the merger/ amalgamation of the VSE Securities Ltd. with the appellant. Appeal dismissed.
Blog
Intolerance…Is it good, bad or plain ugly??
Intolerance. It is in the air like the flavor of the season. No one particularly likes it yet no one does anything to lessen its impact.
We are a 130 crore+ nation with strong and sometimes unyielding ideas on life, likes, dislikes and the most contentious one of them all…religion. We are an ancient race which has seen life evolve for the last 5000+ years. This does one thing to people. It gives them baggage of the past to judge the present with the result that the future too is a reflection of the past.
Reality apart, should intolerance as an attitude be taken with such extreme emotions? It should, provided it leads to something good. And that good is when it leads to betterment of life. Intolerance towards corruption, intolerance or zero tolerance towards women’s abuse, intolerance towards bullying are some of the instances where by not tolerating, you actually do good!
Moving away from emotional and sensitive issues involving intolerance, even in the field of business, enterprise and economic pursuits, an
attitude of intolerance can be a great source of strength. We mention below a few scenarios where intolerance could actually be quite helpful.
1. Compliances: Be it paying taxes or filing sensitive information on time, there is no leniency and let-up. And why should it be? When it has clearly and unambiguously been stated that an organization or individual has to provide certain information, there should be no room for tolerance towards laxity or avoidance. And god-forbid if you do, the least you can expect are stiff penalties. Going forward if your intransigencies continue unabated willful or otherwise, it can also land you behind bars. If that happens, you lose all the way…money, reputation, goodwill…all. A brand gone bust. For what? An oversight!
This blunt and vocal espousal to the cause of tolerance and intolerance brings before us a question. When is it that we should tolerate the intolerable? After all we are humans and oversight could be termed a human trait. From one’s own experience and ideas garnered from the knowledgeable, one should tolerate only when:
- It is a case of pure, unintentional and unavoidable mistake/ oversight
- It happens at the hands of one new to the trade/ vocation
- It happens when the underlying circumstances and information show confusion and lack of clarity
- It happens in relationships which are very deep and meant for the long terms, like marriage.This brings us to the end of this topic.Remember, a word like Intolerance by itself is powerless. What powers it are the circumstances and context surrounding its usage!
For more information please visit
https://www.cadashboard.com/build/Intolerance.html#
Boy: The principal is so dumb!
Girl: Do you know who I am?
Boy: No...
Girl:I am the principal's daughter!
Boy:Do you know who I am?
Girl:No...
Boy:Good! *walks away*
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