the Appellate Tribunal was right in holding that the second reassessment proceedings were not validly initiated and thereby quashing the reassessment proceedings-the proceedings initiated by the AO for the second time under Section 147 is barred by limitation-even the proviso to Section 147 does not come into play on the facts of the case-AIT-2010-373-HC Even if the goods belong to same entry, manufacture does take place if new identifiable/marketable goods known in market emerge due to operation conducted-the process of ironing applied to the stiched brassieres prior to their packing was a process incidental to the completion of the brassieres as a manufactured product-process of purification and filtration being incidental or ancillary to the manufacture of a marketable product, the Respondent was entitled to Modvat credit on the inputs involved-AIT-2010-370-HC Larger Bench of CESTAT rules the Tribunal has ample power to condone the delay in filing the appeal including the one filed under section 35 E (4)-AIT-2010-372-CESTAT Corruption in IRS takes its toll-Deputy Commissioner of Income Tax Dhananjay Kumar arrested by CBI in Mumbai-Joint Commissioner of Customs & Excise Hemant Kothikar also arrested by CBI FM directs expediting of Cadre Restructuring in CBDT & CBEC Tariff Value for import of Brass Scrap is 3924-Customs Non-Tariff Notification No. 78 Chief Justice of Gauhati High Court Justice Ranjan Gogoi to be Chief Justice of Punjab & Haryana High Court Anti-dumping duty on imports of Acrylic Fibre originating in, or exported from Japan and Belarus-Customs Tariff Notification No.85 Prescribing SION for new product “Propylene” under Chemical & Allied Products Group-DGFT PN 7 Inclusion of Finished Leather in the Focus Product Scheme of FTP-DGFT PN 6 Exchange Rate for imported goods is Rs 47.25 per US Dollar and Rs 60.35 per EURO-Exchange Rate for export goods is Rs 46.30 per US Dollar and Rs 58.70 per EURO-Customs Non-Tariff Notification No. 77-Click on Exchange Rate for details Anti Dumping Duty under the Notification No.15/2007 is not applicable to Spandex Yarn (Elastomeric yarn)-Customs Circular No.30 Import of goods under Notification No.13/2010 for Commonwealth Games, 2010-Customs Circular No.31 Larger Bench of CESTAT rules charges towards pre-delivery inspection and after-sale-service by dealers from buyers of the cars to be included in the assessable value of cars for payment of excise duty-AIT-2010-366-CESTAT merely because there was non accounting of goods, penalty was technical and inference of clandestine removal was not called for-AIT-2010-365-HC ITAT rules provision for doubtful debts and provision for standard debts are to be taken into consideration for computation of book profit u/s. 115JB of the IT Act-AIT-2010-361-ITAT HC rules slitting of aluminum foils into customized width, mounting the same on the printing machine and thereafter printing the necessary text thereon is covered for 80IB benefit as it falls within the ambit of the term “produce”-AIT-2010-363-HC Definitive Anti-dumping duty imposed on imports of Coumarin, originating in, or exported from China-Customs Tariff Notification No. 82 Special Bench of ITAT Ruling-where a forward contract is entered into by the assessee to sell the foreign currency at an agreed price at a future date falling beyond the last date of accounting period, the loss is incurred to the assessee on account of evaluation of the contract on the last date of the accounting period i.e. before the date of maturity of the forward contract-AIT-2010-355-ITAT-SB

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The Man Who Saw Tomorrow

AIT News Network MUMBAI.

You need to have vision like Ashok Wadhwa to make money. Ashok Wadhwa Founder and Managing Partner of RSM Ambit, known as Big Five Auditing and Tax Advisory Firm, is all set to be richer by over Rs 100 Crore according to market grapevine after selling Tax Advisory Practice of the Firm founded by him to Price Waterhouse Coopers for an undisclosed amount the details of which are yet to be announced. Role Model of Consultants Ashok Wadhwa was one of the first CAs to join Arthur Anderson in Mumbai in 1989 where he headed its Tax Advisory Practice till 1996 when he resigned as Managing Partner of Arthur Anderson to found his dream Company Ambit Corporate Finance.

When Ashok Wadhwa moved from Anderson ; the team and clients of Anderson also moved with him. Due to his aggressive hiring strategy; several Top Tax Experts and Consultants moved from other Big 4 Companies to RSM which gradually came to be known as the biggest poacher of the field and even several Partners of Big 4 moved to RSM when they were offered the Pay Packages which they could not resist. And when the Experts moved, clients also moved to RSM with them though the strategy was not always successful as in many cases RSM played blind on Experts offering them Packages of even upto Rs 2 Crore Per Annum having an eye on the clients of Big 4 who may be moving with them but even if 5 Accounts of Big 4 moved to RSM; it was considered a Positive step. Recently a Tax Partner of Big 4 was hired for Rs 1 Crore but he failed to move with the clients as the Company could not encash his movement by a planned strategy.

The merger of PWC and RSM has changed the equation in Tax Advisory Field and KPMG & Deloitte have to remain confined to Third and Fourth place in the Advisory Field after aggressive acquisition of Ambit RSM’s Practice by the dark horse PWC. Though PWC has not been aggressive in hiring Senior Tax Experts as it could not poach the Experts due to its lower Packages; its dependence on Junior Experts was proving to be a drawback in desired growth of its Tax Advisory Practice in India and it was losing potential clients to its competitors in global bidding. But now with vision of Visionary Ashok Wadhwa ; PWC may also go for a shift in its hiring strategy.

The merger of PWC and Ambit RSM may also take a toll on the Pay Packages of RSM Partners and Managers who are getting much more than their PWC counterparts. There are many Partners who are getting almost double of what their counterparts in PWC may be taking. Post merger; their packages may be clipped and renegotiated to be in tune with PWC Packages. Though there is not going to be any lay offs ; the role assigned to existing Ambit RSM Consultants may depend on the strategy of PWC.

After merger of Arthur Anderson and Ernst & Young; Ernst & Young People called the shot and Big 3 of Anderson floated their own outfit. After merger of Ambit RSM with PWC; PWC people are naturally going to call the shot. Those who were just Managers in PWC and are now Director in RSM may not be comfortable in merged entity and may look for other options if they are asked to compromise with their Position, Role and Packages.