are right.
SATBIR SINGH
************"LEADERS ARE THE READERS,READERS ARE THE LEADERS*************
Thursday, August 14, 2008
Wednesday, August 13, 2008
Golden Quotes
"Problems in the world will increase; therefore, I should increase my capacity for dealing with problems...."
Monday, August 11, 2008
OH GOD!
OH GOD! HELP ME
Marina’s husband had just passed away to a terminal illness. Their savings had been spent to the last penny in trying to save him. She had a fourteen year old daughter and an eleven year old son. Marina’s world had just crumbled to bits. She had no work experience; she was totally a home-bird.Friends and relatives came to console her. Most of them offered, “If there is anything that we can do to help, do let us know”; “You are not alone, we will stand by you.”....A month later, Marina requested one of these friends to help her get a job as a receptionist at a local school. The friend said, “Actually Marina, they really won’t listen to anyone. I would have spoken to the Principal for you, but she is just not the obliging type....”A week later Marina applied for a job as a salesgirl, in a women’s garments store and asked a relative to put in a word for her. “You see Marina, the owner is my friend no doubt, but you are really not the type, I mean, you have to have a certain personality to look after such a job; but if there is anything else, I’m always willing to help.” This went on.... hollow words, meaningless endearments and lame excuses.Till one night, Marina broke down. The next instalment for the school fees of her children was due in a fortnight. The house rent was grossly overdue. Her expenses seemed to soar whereas her resources dwindled. She cried her heart out and prayed, “Oh God! Why did you do this to us? How shall I tend to my children? Please help me for I am absolutely alone.” She cried herself to sleep. In her dream she saw God smiling at her and blessing her.The next morning she found an advertisement in the newspaper for a walk-in-interview to fill the post of a warden for a Boarding school. She walked into the interview room with the confidence that stems only from God’s presence in you. She was offered the job, provided she could move into a residence at the hostel premises, for the warden was supposed to be present all day. The school provided free education to the wards of their employees! The school mess would also provide free meals to her wards and herself. With one stroke, all her problems were solved!
It is only God who stands by His words, when He asks you to surrender your problems to Him and forget about them. But, if you continue to worry about them, He does not take over. To surrender means, to turn your thoughts away from all your problems and leave everything into His hands saying, “Lord, Thy will be done.”When at last you realize that God is all you have left; it is then that you realize that God is all that you really needed!In one discourse Baba said, “Sometimes you feel that disasters increase instead of diminishing! Don’t get agitated. Close your eyes and tell me with faith, “Thy will be done. Thou think of it.” And when you thus speak I even accomplish a miracle when necessary. I always think of you, but I can only help you completely when you rely fully on Me.”
SANJAY TANDON
Recent Service Tax Cases
Service Tax - Nithyananda Electronics Versus Commissioner Of Central Excise Mangalore = 2008
Date of Decision: February 4, 2008 - CESTAT, BANGALORECommissioner (Appeals) rejected the refund claim & confirmed Order-in-Original on ground that the assessee is carrying on the business of marketing & distribution on behalf of M/s. Zee Turner in terms of their Distribution Agreement - appellants not produced OIO as well as the Agreement with M/s. Zee Turner even after giving sufficient opportunities – hence appeal cannot be heard - appeal is rejected granting liberty to the appellants to seek restoration after producing the same
Service Tax - TNS INDIA PVT. LTD. Versus COMMISSIONER OF CENTRAL EXCISE BANGALORE = 2008
Date of Decision: February 4, 2008 - CESTAT, BANGALOREViolation of Principles of Natural Justice – remand order of commissioner is under challenge - terms of reference for remand is beyond the terms of the Show Cause Notice - aspect pertaining to limitation is also not considered - citations relied upon by appelalnts have not been examined – Commissioner (Appeals) shall deal with all the grounds raised by the appellants - appeal is allowed by way of remand to the Commissioner (Appeals) for fresh hearing
Service Tax - Wiptech Peripherals Pvt. Ltd. Versus CCE Rajkot = 2008
Date of Decision: June 27, 2008 - CESTAT AHMEDABADInput credit of service tax denied on the ground that the service tax paid on cell-phone, land-line, courier service cannot be held to be input service for the output service “maintenance & repairs” – held that service tax paid on cell phones or land-lines used in connection with output services is available as credit - some of the cell phones in the name of individuals were not established that they were used in relation to the output services – matter remanded to verify above aspect
Service Tax - Sundaram Brake Linings Ltd. Versus CCE Chennai = 2008
Date of Decision: February 6, 2008 - CESTAT CHENNAIWhether service tax is leviable in the category of “Consulting Engineer’s Service” on the technical know-how fee paid by the appellants to their foreign collaborators for the period 28.2.99 to 31.3.03 - issue is no longer res integra as it stands settled in favour of the assessee by a line of decisions of this Tribunal - Following the consistent view taken by this Tribunal, I set aside the impugned order, wherein tax was demanded in respect of transfer of technical know-how for above period
Service Tax - M/s Industrial Security Agency Versus CCE, Allahabad = 2008
Date of Decision: May 12, 2008 - CESTAT NEW DELHI“Security Agency” service - failure to pay the tax - Commissioner (Appeals) upheld penalty u/s 77 but imposed penalty u/s 76 & 78 by modifying the OIO - appellant was under bonafide belief that it was liable to pay Service Tax only on receipt of the amount from the recipient – impugned order of commissioner (A) is modified further – held that penalty of Rs.1 lac u/s 76 and Rs.1,000 u/s 77 are justified – but penalty u/s 78 is not justified - appeal stands allowed partly
Service Tax - M/s Kurele Industries Versus CCE, Kanpur = 2008
Date of Decision: May 27, 2008 - CESTAT, NEW DELHIDemand - Clearing and Forwarding Agent - During the pendency of the matter before the Commissioner (Appeals), CCE revised Adjudication order & enhanced penalty - Commissioner (Appeals) held that the Appellants are “Commission Agent” not “C/F Agent”, so demand is not sustainable - order of the Commissioner (Appeals) was not challenged by the Revenue before the Appellate Authority - As the demand is not sustainable, enhancement of penalty by the Revision order is also not maintainable
Service Tax - CCE, Allahabad Versus M/s New Govindgarh Steel = 2008
Date of Decision: May 27, 2008 - CESTAT NEW DELHITransportation of goods by road - delay in payment of tax – non-submission of return within the stipulated period - out of penalty imposed u/s 76 & 77, commissioner set aside penalty u/s 77 - Revenue submits that waiver of penalty under Section 77 of the Act is ultra wires – commissioner has dropped penalty u/s 77 only after considering the facts and circumstances of the case, so contention of revenue is not correct - appeal filed by the Revenue is rejected
Central Excise - STRIDES RESEARCH & SPECIALITY CHEM. LTD. Versus C.C.E., MANGALORE = 2008
Date of Decision: June 14, 2007 - CESTAT, BANGALORECenvat credit - Mere for the reason that dealer mentioned incorrect address of appellant factory in invoice, it can’t be said that appellant availed credit irregularly – moreover, dealer has addressed a letter to appellant-assessee that by mistake he put incorrect address in invoice - there is sufficient record to establish that credit had not been availed irregularly – credit not deniable
====================
Income Tax Cases
Income Tax - Geoconsult ZT GmbH = 2008
Date of Decision: August 5, 2008 - AUTHORITY FOR ADVANCE RULINGS
Applicant a foreign company has entered into a JV with two Indian companies. Applicant is providing consulting services in Himachal Pradesh from Austria and for the purpose of coordinate, an engineer was deputed to visit sites in HP - held that the income of applicant is taxable in the capacity of Association of Persons (AOP)
Income Tax - RAJENDRA PRASAD BORAH Versus INCOME-TAX APPELLATE TRIBUNAL AND OTHERS = 2008
Date of Decision: April 3, 2008 - GAUHATI HIGH COURT Tribunal by the impugned order dismissed the appeals solely on the ground that the appellant-assessee had failed to appear before it on the date fixed for hearing – even if the appellant-assessee was absent before the Tribunal, the only course open to it was to dispose of the appeal on the merits - impugned order of the learned Tribunal is interfered with and is quashed
Income Tax - COMMISSIONER OF INCOME-TAX Versus GURUVIJAYA KURI CO. LTD. = 2008
Date of Decision: January 21, 2008 - KERALA HIGH COURT
Penalty u/s 271 - assessee derived income from chitty business & showed credit balance in balance-sheet in respect of kuries terminated during 1977 to 1983 – AO opined that amount of auction discounts forgone by defaulter subscribers was income of assessee – assessee failed to offer any explanation – assessee was aware that impugned amount didn’t represent liability – burden is not on department to prove concealment - penalty is justified for concealment of income
Income Tax - COMMISSIONER OF INCOME-TAX Versus RAVINDRA PLATINUM P. LTD. = 2008
Date of Decision: May 13, 2008 - RAJASTHAN HIGH COURTBusiness expenditure – assessee was not required to pay to Govt. the sales tax collected by it under Tax Deferment Scheme – during this interregnum the amount of sales tax collected was deemed to have been actually collected by Govt and disbursed as loan to assessee – assessee had certificate issued, showing that certain amount of tax collected had been converted into loan, hence assessee is entitled to deduction, as the sum was to be treated as paid for purpose of section 43B
BE POSITIVE
BE POSITIVE
Father : "I want you to marry a girl of my choice"
Son : "I will choose my own bride!"
Father : "But the girl is Bill Gates's daughter."
Son : "Well, in that case...ok"
Next - Father approaches Bill Gates.
Father : "I have a husband for your daughter."
Bill Gates : "But my daughter is too young to marry!"
Father : "But this young man is a vice-president of the World Bank."
Bill Gates : "Ah, in that case...ok" Finally Father goes to see the president of the World Bank. Father : "I have a young man to be recommended as a vice-president."
President : "But I already have more vice- presidents than I need!"
Father : "But this young man is Bill Gates's son-in-law."
President : "Ah, in that case...ok" This is how business is done!!
Moral: Even If you have nothing,You can get Anything. But your attitude should be positive
Think +++++++ve
by DIVYA
MEMEBR JAB WE MET CA
Saturday, August 9, 2008
Pros and Cons of Adopting IFRS
Pros and Cons of Adopting IFRS as Indian Standards
The use of international financial reporting standards (IFRS) as a universal financial reporting language is gaining momentum across the globe. ICAI has released a concept paper on Convergence with IFRS in India, detailing the strategy for adoption of IFRS in India with effect from April 1, 2011. This has been strengthened by a recent announcement from the ministry of corporate affairs (MCA) confirming the agenda for convergence with IFRS in India by 2011.
Even in the US there is an ongoing debate regarding the adoption of IFRS replacing US-GAAP.
Adopting IFRS by Indian corporates is going to be very challenging but at the same time could also be rewarding.
There are likely to be several benefits to corporates:
Improvement in comparability of financial information and financial performance with global peers and industry standards.
The adoption of IFRS is expected to result in better quality of financial reporting due to consistent application of accounting principles and improvement in reliability of financial statements.
This will lead to increased trust and reliance placed by investors, analysts and other stakeholders in a company’s financial statements.
Better access to and reduction in the cost of capital raised from global capital markets since IFRS are now accepted as a financial reporting framework.
A recent decision by the US Securities and Exchange Commission (SEC) permits foreign companies listed in the US to present financial statements in accordance with IFRS. This means that such companies will not be required to prepare separate financial statements under Generally Accepted Accounting Principles in the US (US GAAP).
Therefore, Indian companies listed in the US would benefit from having to prepare only a single set of IFRS compliant financial statements, and the consequent saving in financial and compliance costs.
The use of international financial reporting standards (IFRS) as a universal financial reporting language is gaining momentum across the globe. ICAI has released a concept paper on Convergence with IFRS in India, detailing the strategy for adoption of IFRS in India with effect from April 1, 2011. This has been strengthened by a recent announcement from the ministry of corporate affairs (MCA) confirming the agenda for convergence with IFRS in India by 2011.
Even in the US there is an ongoing debate regarding the adoption of IFRS replacing US-GAAP.
Adopting IFRS by Indian corporates is going to be very challenging but at the same time could also be rewarding.
There are likely to be several benefits to corporates:
Improvement in comparability of financial information and financial performance with global peers and industry standards.
The adoption of IFRS is expected to result in better quality of financial reporting due to consistent application of accounting principles and improvement in reliability of financial statements.
This will lead to increased trust and reliance placed by investors, analysts and other stakeholders in a company’s financial statements.
Better access to and reduction in the cost of capital raised from global capital markets since IFRS are now accepted as a financial reporting framework.
A recent decision by the US Securities and Exchange Commission (SEC) permits foreign companies listed in the US to present financial statements in accordance with IFRS. This means that such companies will not be required to prepare separate financial statements under Generally Accepted Accounting Principles in the US (US GAAP).
Therefore, Indian companies listed in the US would benefit from having to prepare only a single set of IFRS compliant financial statements, and the consequent saving in financial and compliance costs.
disadvantages:-However, the perceived benefits from IFRS adoption are based on the experience of IFRS compliant countries in a period of mild economic conditions. The current decline in market confidence in India and overseas coupled with tougher economic conditions may present significant challenges to Indian companies.
IFRS requires application of fair value principles in certain situations and this would result in significant differences from financial information currently presented, especially relating to financial instruments and business combinations.
Given the current economic scenario, this could result in significant volatility in reported earnings and key performance measures like EPS and P/E ratios.
Indian companies will have to build awareness amongst investors and analysts to explain the reasons for this volatility in order to improve understanding, and increase transparency and reliability of their financial statements.
This situation is worsened by the lack of availability of professionals with adequate valuation skills, to assist Indian corporates in arriving at reliable fair value estimates. This will render some of the benefits of IFRS adoption ineffective.
Please Visit the Blog : International Financial Reporting Standards
IFRS requires application of fair value principles in certain situations and this would result in significant differences from financial information currently presented, especially relating to financial instruments and business combinations.
Given the current economic scenario, this could result in significant volatility in reported earnings and key performance measures like EPS and P/E ratios.
Indian companies will have to build awareness amongst investors and analysts to explain the reasons for this volatility in order to improve understanding, and increase transparency and reliability of their financial statements.
This situation is worsened by the lack of availability of professionals with adequate valuation skills, to assist Indian corporates in arriving at reliable fair value estimates. This will render some of the benefits of IFRS adoption ineffective.
Please Visit the Blog : International Financial Reporting Standards
Sunday, August 3, 2008
FUNNY LINES
FUNNY LINES IN LEAVE APPLICATION
Letter writing:- "I am well here and hope you are also in the same well
A candidate's job application: "This has reference to your advertisement calling for a ' Typist and an Accountant - Male or Female'.... As I am both(!! )for the past several years and I can handle both with good experience, I am applying for the post.
TO BE CONTINUED TOMORROW.......
“ENJOY TODAY ,WAIT FOR BEAUTIFUL TOMORROW ”
BALD HEADED
BALD HEADED
There was tension in the air as mother stood behind her daughter’s chair in the dinning room. Today’s menu for lunch was jackfruit and curd with Roti. The little girl had her eyes and her plate full. She refused to eat the jackfruit. Mother was equally adamant. She would have to eat it! There was no way that mother was going to let the girl leave the table without eating the much detested vegetable. How else would she learn to eat all kinds of vegetables? The father had promised his wife that he would let her take the forefront when it came to discipline, so he watched in silence. Grandma looked disgusted at the attitude of the mother. The tension was unnerving.The poor child looked at the revolting mass in her plate and felt that if she ate it, she would definitely throw up. Suddenly she said, “Okay, if I eat it, will you grant me a wish?” Father grabbed the opportunity to resolve the situation and said quickly, “Yes honey, whatever you say. Just finish it fast and tell me what you want. I’ll get it for you.” The girl said, “It may not be a ‘thing’. It may be something else.” Father said, “Don’t worry; I’ve given you my promise. Now gobble it up.” The girl put a spoonful of jackfruit into her mouth and made a face as if she was tasting poison. The mother said, “See that you don’t go overboard in asking for a wish. After all, it’s just a bowl of jackfruit. It’s not such a big deal after all!”The girl ate it all up, washed it down with a whole glass of water and then said quickly, “I want to get my head shaved!”Mother’s spoon fell from her hand, with a clatter and grandma almost fainted. “What rubbish! That’s impossible; don’t even dream about it. Silly girl!” said mother. For once Grandma seemed to see eye to eye with her daughter in law but chose to keep silent. Father said, “Look my child, this is quite a ridiculous thing to ask for; be reasonable and I shall surely let you have your way.” But the girl was adamant. “Daddy you promised me. You gave me your word. It was a bargain.” Daddy said, “But darling you shall look obnoxious. Why don’t we buy you a nice Barbie doll instead?” “But I don’t want a doll; I just want to get my head shaved. You have always taught me about the value of honouring your word, what about that now? You are going back on your word. It’s so unfair!” she said in a trembling voice.Looking at the little girl’s tear filled eyes, Daddy’s heart melted, although he could not make out head or tail of why she wanted to do such a weird thing. He said, “She has done her part. If we do not honour our word, she will never learn to honour hers. And how does it matter anyway? Its just hair! It will grow back. What’s the big deal about it?” Mother said, “Who ever heard of a girl getting her head shaved? I will not allow it.” Father stood his ground. “No,” he said. “You had your way; now don’t be unfair to her and stop making a fuss!”Father took the girl to the barber and got the job done. Later in the evening, he took her to the park to play as he did every evening. A short while later a boy came to the park. Father was surprised to note that the boy too had no hair on his head. He did not understand, was this the latest fashion or what? Just then a lady, apparently the bald boy’s mother came up to him and said, “You have quite a daughter. She promised my son that she would get her head shaved, so that the other children at the park would not jeer at him. But I never thought she would actually live up to it.”The man was even more confused now, “But, why did your son have to get his head shaved?” he asked. She tried to smile bravely and said, “Oh no! My son did not have to get his head shaved. You see he has leukaemia. During the chemotherapy he lost all his hair and was refusing to come out of the house. He was afraid that the other children would make fun of him. But your daughter coaxed him on the phone to come today, saying that she too would come with her head shaved to make sure that no body laughed at him!”That is love! Pure and simple! No strings attached! Truly, the most precious things in life can not be made or bought, they are gifted to us by God; we just have to realize how precious they are.
SANJAY TANDON
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