Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Wed, Apr 27, 2011 at 9:48 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Fees received by Canadian company for providing technical drawings and reports would qualify as Fees for Included Services under India-Canada tax treaty
• Govt allows companies to send notices, documents by email
• Exemption under Section 10B of Income Tax Act not available to an Industrial undertaking taken over on lease
• Mere fact that a company is doing business in India or that it is a party to a joint venture in India would not mean that it has established a place of business in India
• Delhi High Court restrains Trans Tyres from using Chinese firm's trademark
• Arbitrary raise of plot prices wrong even if the rules/Agreement allows the same – SC
• SC allows sales tax benefit for when one of the criteria was fulfilled
• Arbitration clause in a contract would not exclude the power of the high courts or the Supreme Court to decide disputes between the parties
• RBI slaps Rs. 1.95 cr penalty on 19 banks for flouting derivative norms
• SEBI settles case against Dena Bank for Rs 10 lakh
• Facts about Jaitapur Nuclear Power Plant
• Service tax – Summary of Recent Amendments / Exemption, Provision related to tax on new services and Notifications No. 29 to 37, dated 25-4-2011
• A Synopsis of amendments to Service Tax effective from 1st May 2011
• Service Tax on Renting of Commercial Immovable Property – Delhi High Court on 26.04.2011
• Opening of Small Account – RBI circular no. RPCD.CO.RCB.AML.BC. No.63/07.40.00/2010-11
• Luxembourg tax authorities further clarify entry into force of Transfer Pricing Circular issued on January 28th, 2011

Fees received by Canadian company for providing technical drawings and reports would qualify as Fees for Included Services under India-Canada tax treaty Posted: 26 Apr 2011 08:30 PM PDT Delhi High Court (the High Court) in case of DIT v. SNC Lavalin International Inc [2011] 332 ITR 314 (Del) held that fees received by the taxpayer for providing technical drawings and reports in relation to infrastructure projects would qualify as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt allows companies to send notices, documents by email Posted: 26 Apr 2011 08:30 PM PDT The government has allowed companies to send notices and documents to their shareholders and members electronically in order to facilitate paperless communication. The Green Initiative for Corporate Governance announcement by the Corporate Affairs... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exemption under Section 10B of Income Tax Act not available to an Industrial undertaking taken over on lease Posted: 26 Apr 2011 08:22 PM PDT In the case of Synergies Casting Ltd. v. DCIT it was held that exemption under Section 10B of the Income-tax Act, 1961 (the Act) is not available to an undertaking taken over on lease. Further, the Tribunal held that in order to get the benefit of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mere fact that a company is doing business in India or that it is a party to a joint venture in India would not mean that it has established a place of business in India Posted: 26 Apr 2011 08:02 PM PDT Status of foreign company without office in India - The Bombay high court has stated that according to Section 591 of the Companies Act a foreign company is one which has a "place of business" within India. The mere fact that a company is doing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Delhi High Court restrains Trans Tyres from using Chinese firm's trademark Posted: 26 Apr 2011 07:44 PM PDT Providing relief to a Chinese company, Double Coin Holdings Ltd, the Delhi High Court has restrained Trans Tyres (India) Pvt Ltd from selling tyres and tubes bearing the brand name ''Double Coin''. Trans Tyres is a selling agent of the Chinese... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Arbitrary raise of plot prices wrong even if the rules/Agreement allows the same – SC Posted: 26 Apr 2011 07:37 PM PDT The Karnataka Industrial Areas Development Board was wrong in raising the price of industrial plots arbitrarily, the Supreme Court stated while dismissing its appeal against the high court ruling. The board had allotted plots after receiving... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC allows sales tax benefit for when one of the criteria was fulfilled Posted: 26 Apr 2011 07:32 PM PDT State of Tamil Nadu & ANR. Vs. India Cements Ltd. & ANR. -The Supreme Court last week dismissed the appeal of the Tamil Nadu government which denied sales tax benefits to India Cements Ltd. The high court had held that the cement firm was... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Arbitration clause in a contract would not exclude the power of the high courts or the Supreme Court to decide disputes between the parties Posted: 26 Apr 2011 07:26 PM PDT The Supreme Court last week ruled that an arbitration clause in a contract would not exclude the power of the high courts or the Supreme Court to decide disputes between the parties. The court thus dismissed the appeal of East Central Railway in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI slaps Rs. 1.95 cr penalty on 19 banks for flouting derivative norms Posted: 26 Apr 2011 07:09 PM PDT The Reserve Bank (RBI) today slapped a penalty of Rs1.95 crore on 19 banks, including heavyweights SBI, HDFC Bank, ICICI Bank and Citibank, for violating norms on derivatives, an instrument used to hedge financial risks. The fine has been imposed on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI settles case against Dena Bank for Rs 10 lakh Posted: 26 Apr 2011 06:58 PM PDT The capital market regulator SEBI today settled and passed a consent order in a case against Dena Bank on payment of Rs 10 lakh for their alleged involvement in violation of insider trading norms. The case relates to Dena Bank's trading in shares of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Facts about Jaitapur Nuclear Power Plant Posted: 26 Apr 2011 06:52 PM PDT Jaitapur Nuclear Power Plant derived its name From Jaitapur lighthouse which is mentioned in many international maps. Government of India has decided to promote nuclear power at a large scale in view of rapidly rising demand for electricity, limited... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service tax – Summary of Recent Amendments / Exemption, Provision related to tax on new services and Notifications No. 29 to 37, dated 25-4-2011 Posted: 26 Apr 2011 06:09 PM PDT Clarifications on new services specified in clauses (zzzzv) and (zzzzw) of section 65(105) of the Finance Act, 1994 and amendments to existing clauses of same section and following services Services provided by a Restaurant, Short Term... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

A Synopsis of amendments to Service Tax effective from 1st May 2011 Posted: 26 Apr 2011 05:53 PM PDT 1) The amendments to the provisions of Finance Act, 2011 pertaining to Service Tax shall come into force from 1st day of May 2011. Notification No. 29/2011 – Service Tax the 25th April, 2011. 2) Service tax on Medical Services : EXEMPT FULLY... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax on Renting of Commercial Immovable Property – Delhi High Court on 26.04.2011 Posted: 26 Apr 2011 05:21 PM PDT When the Court assembled today, Ms. Sonia Sharma, representing UOI, rose to inform the Court that Mr. A.S. Chandiok, ASG, was indisposed (food poisoning). The matter thereupon was adjourned to 9th May. It was however, made clear by CJ Mr. Dipak... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Opening of Small Account – RBI circular no. RPCD.CO.RCB.AML.BC. No.63/07.40.00/2010-11 Posted: 26 Apr 2011 05:18 AM PDT Small Accounts- 2. In terms of Rule 2 clause (fb) of the Notification 'small account' means a savings account in a banking company where - the aggregate of all credits in a financial year does not exceed rupees one lakh; the aggregate of all... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Luxembourg tax authorities further clarify entry into force of Transfer Pricing Circular issued on January 28th, 2011 Posted: 25 Apr 2011 09:33 PM PDT On April 8, 2011, the Luxembourg tax authorities issued circular LIR n° 164/2Bbis that supplements to Circular LIR n°164/2 published on January 28th, 2011 by clarifying the transition period question for confirmations on financing margins issued by... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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