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Memories of Another day

Memories of Another day
While my Parents Pulin babu and Basanti devi were living

Saturday, April 30, 2011

Fwd: TaxGuru.in : Legal & Tax Updates



---------- Forwarded message ----------
From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Sat, Apr 30, 2011 at 9:42 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com


TaxGuru.in : Legal & Tax Updates

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

Interest for non deduction of TDS every Month on salaries

Posted: 29 Apr 2011 08:30 PM PDT

Subsection (3) to section 195 of the ITA states that the person responsible for making payment under subsection (1), (1A), (2) , (2A) and (2B) may at the time of making any deduction, increase or reduce the amount to be deducted for the purpose of...

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Transfer Pricing- Low Turnover Companies can not be taken as comparable, Only operational profits to be considered for comparison

Posted: 29 Apr 2011 08:30 PM PDT

DHL Express (India) Pvt Ltd vs. ACIT (ITAT Mumbai) The assessee's argument that comparables with a turnover less than 20% of the assessee's turnover should be considered is not acceptable because it is a universal fact that there are lot of...

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Despite Large Volume of Shares Gain is STCG under Consistency Law

Posted: 29 Apr 2011 08:26 PM PDT

Shantilal M. Jain vs. ACIT (ITAT Mumbai)-Though it is the case of the revenue that due to volume, magnitude, frequency, continuity, regularity, the ratio between purchase and sale clearly indicate that income on account of purchase and sale of...

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Ahemdabd based realty firms discloses Rs. 30 crore Income after I-T searches

Posted: 29 Apr 2011 07:12 PM PDT

The Income Tax (I-T) department has got disclosures of Rs 30 crore from two companies. IT officials initiated search and survey operation with around 200 officials on four city-based groups on Wednesday. While three of the groups have real estate as...

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Govt will notify new corporate mergers and acquisitions rules by May 5 – CCI

Posted: 29 Apr 2011 07:01 PM PDT

The government will notify the new rules for corporate mergers and acquisitions on May 5, following which it will be mandatory for companies to seek the Competition Commission''s approval for high voltage deals, Chairman Dhanendra Kumar said today....

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RBI Governor meets FM ahead of credit policy ; Rate hike likely

Posted: 29 Apr 2011 06:56 PM PDT

Amid concerns over high inflation and the possibility of hike in key policy rates , Reserve Bank governor D Subbarao today called on Finance Minister Pranab Mukherjee to discuss the state of economy ahead of the apex bank's monetary policy next...

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For timely promotions, adhering to the time schedule of reporting, reviewing & submission of APARs is a MUST

Posted: 29 Apr 2011 06:44 PM PDT

If the Cadre wants that CBDT hereafter adheres to the DOPT / UPSC calendar to have the advance promotions panel ready before the close of the year, it is necessary that each one of us immediately submits his Self Appraisal in the new format APAR, ...

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Transfers/ Postings/ Promotion of Additional/ Joint Commissioners of Income-tax and CIT

Posted: 29 Apr 2011 06:42 PM PDT

Vide Order No. 72 of 2011 dated 29.04.2011, the CBDT has transferred / posted additional/ Joint Commissioners of Income-tax. Vide Order No. 53/2011 dated 30.03.2011 CBDT has promoted its officers to the grade of Joint Commissioners of Income-tax on...

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SC gives split verdict on BCCI rule change on IPL and T-20

Posted: 29 Apr 2011 06:05 PM PDT

A two-judge bench of the Supreme Court delivered a split verdict on a petition challenging amendment in BCCI regulation to exclude IPL and T-20 tournaments from its perview and referred the matter to the chief justice for allocating it to a larger...

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Clarification regarding sending copies of Balance Sheets and Auditors Report etc., to the members of the company as required under section 219 of the Companies Act, 1956 through electronic mode

Posted: 29 Apr 2011 06:01 PM PDT

Circular No. 18/2011, Dated: 29.4.2011 Green Initiative in the Corporate Governance- Clarification regarding sending copies of Balance Sheets and Auditors Report etc., to the members of the company as required under section 219 of the Companies Act,...

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Non-retail investors to mandatorily use ASBA facility

Posted: 29 Apr 2011 05:37 AM PDT

It has been decided that non-retail investors i.e. Qualified Institutional Buyers and Non-Institutional Investors, making application in public/ rights issue shall mandatorily make use of ASBA facility. In this regard, disclosures shall be made in...

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Deregulation of Savings Bank Deposit Interest Rate – A Discussion Paper

Posted: 29 Apr 2011 03:41 AM PDT

As a part of financial sector reforms, the Reserve Bank has deregulated interest rates on deposits, other than savings bank deposits. The interest rate on savings bank deposits has remained unchanged at 3.5 per cent per annum since March 1, 2003....

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TDS – Is payment for hiring of vehicles a contractual payment or Rent?

Posted: 29 Apr 2011 03:09 AM PDT

ACIT (TDS) vs Accenture Services P Ltd. - The provisions of section 194C shall apply to all types of contracts for carrying out work including transport contract, service contract etc. Transport contract would also include contract for loading and...

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Companies allowed service of documents to its members through electronic mode

Posted: 29 Apr 2011 02:04 AM PDT

Service of documents through electronic mode shall be available to the companies obtaining e-mail addresses of its members, for sending the notice/ documents through e-mail, by giving an advance opportunity to every shareholder for registering their...

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Summary of Service Tax Notifications Notification 29/2011 to 37/2011

Posted: 29 Apr 2011 02:01 AM PDT

CBEC issues service tax Notifications 29 to 37 on 25 April 2011 which includes Notification bringing into force certain provisions of the Finance Act, 2011 with effect from 1 May 2011. All these notifications will be effective from 1 May 2011. ...

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Service Tax on Individual lawyers stayed by Delhi High Court

Posted: 29 Apr 2011 01:56 AM PDT

Delhi High Court today (Friday - 29.4.2011) stayed the Notification levying service tax on representational services rendered by individual lawyers to business entities, till further orders and fixed the next date of hearing on 23.5.2011, with...

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Issue of Irrevocable Payment Commitment (IPCs) to Stock Exchanges on behalf of Mutual Funds (MFs) and Foreign Institutional Investors (FIIs)

Posted: 29 Apr 2011 01:22 AM PDT

A.P. (DIR Series) Circular No. 54 It has now been decided to allow custodian banks to issue Irrevocable Payment Commitments (IPCs) in favour of the Stock Exchanges / Clearing Corporations of the Stock Exchanges, on behalf of their FII clients for...

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Writ Petition will be not be maintainable against the award of RBI Ombudsman

Posted: 29 Apr 2011 01:20 AM PDT

High Court rightly dismissed the petition on the ground that an efficacious remedy was available to the appellants under Section 17 of the Act. It is well-settled that ORDINARILY RELIEF UNDER ARTICLES 226/227 OF THE CONSTITUTION OF INDIA IS NOT...

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Whether legal heirs of a former employee are liable to be prosecuted under section 630 of the Companies Act, 1956?

Posted: 29 Apr 2011 01:15 AM PDT

"Wrongful withholding of company property is an offence and the wrong doer can be proceeded against under section 630 of the Companies Act. Whether this section can be pressed into service even against the legal heirs of past employee is the crucial...

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Securitisation Act is Violative of the Right to Shelter as a Fundamental Right

Posted: 29 Apr 2011 01:11 AM PDT

Hon'ble Supreme Court in U.P. Avas Evam Vikas Parishad & Anr. Vs. Friends Coop. Housing Society Ltd. & Anr. (AIR 1996 SC 114; Date of Judgment 24/04/1995) held that Right to shelter is a fundamental right, which springs from the right to...

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Personal Guarantee-A Void Agreement

Posted: 29 Apr 2011 01:08 AM PDT

Since long the public sector banks and financial institutions (hereinafter collectively referred to as 'the Bank' or 'the Banks') have unilaterally and arbitrarily developed a practice to execute personal guarantee agreements with the guarantors to...

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Guidelines on Insurance repositories and electronic issuance of insurance policies

Posted: 29 Apr 2011 01:05 AM PDT

The objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to...

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Judicial Discipline – High time to evolve the Concept of Judicial Accountability

Posted: 29 Apr 2011 01:04 AM PDT

Expenditure incurred by the company on account of stamp duty and registration fee for the issue of bonus shares is allowable expenditure. The Supreme Court has reiterated its view as already expressed in 1964 in CIT Vs. Dalmia Investment Co Ltd...

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If Exoneration in Adjudication Proceeding on Merits, Criminal Prosecution on Same Set of Facts Can Not be allowed to Continue

Posted: 29 Apr 2011 12:58 AM PDT

The yardstick would be to judge as to whether allegation in the adjudication proceeding as well as proceeding for prosecution is identical and the exoneration of the person concerned in the adjudication proceeding is on merits. In case it is found...

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Directions issued by Supreme Court in exercise of its power under Article 142 of the Constitution do not constitute a binding precedent

Posted: 29 Apr 2011 12:49 AM PDT

ARTICLE 142 of the Constitution of India DO NOT CONSTITUTE A BINDING PRECEDENT. Even therein, the scope and ambit of this Court's jurisdiction under Article 142 vis-`-vis existence of the statue and statutory rules and the constitutional mandate...

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Every procedure is permitted to the court for doing justice unless expressly prohibited

Posted: 29 Apr 2011 12:45 AM PDT

Recently, hon'ble Supreme Court in RAJENDRA PRASAD GUPTA V. PRAKASH CHANDRA MISHRA & ORS. {(2011) 2 SCC 705; Civil Appeal No(s). 984 of 2006-Decided on 12-01-2011} has held as follows (in para 2). Rules of procedure are handmaids of justice....

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Arbitral award need not be written on stamp paper by the Arbitrator

Posted: 29 Apr 2011 12:40 AM PDT

The aspect of whether the provision of Section 33 is directory or mandatory WAS NOT CONSIDERED BY THE SUPREME COURT IN THE CASE OF M. ANASUYA DEVI'S CASE (supra), and in fact, SECTION 33 OF THE STAMP ACT HAS NOT EVEN BEEN ADVERTED TO in the said...

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Foreign investments in India by SEBI registered FIIs in other securities

Posted: 29 Apr 2011 12:35 AM PDT

A.P. (DIR Series) Circular No. 55 - It has been decided to enhance the FII investment limit in listed non-convertible debentures / bonds, with a residual maturity of five years and above, and issued by Indian companies in the infrastructure sector,...

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Agreements Valid without Paying Stamp Duty

Posted: 29 Apr 2011 12:35 AM PDT

(i) It is evident that EVERY INSTRUMENT shall be chargeable with duty, which is EXECUTED in India. (ii) The terms & conditions on "Airline ticket" or "Courier consignment receipt" etc are accepted orally by the buyer, rather there is IMPLIED...

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Foreign Exchange Management Act, 1999-Advance Remittance for Import of Goods – Liberalisation

Posted: 29 Apr 2011 12:30 AM PDT

Banks are required to obtain an unconditional, irrevocable standby Letter of Credit (LC) or a guarantee from an international bank of repute situated outside India or a guarantee of an AD Category – I bank in India, if such a guarantee is issued...

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Extra-Territorial Jurisdiction of Provisions of the Income Tax Act

Posted: 28 Apr 2011 10:07 PM PDT

CIT vs. M/s Eli Lilly & Co. (India) P. Ltd. The Supreme Court ruled that an Indian company is responsible for withholding tax on remuneration paid to its expatriates by a foreign company outside India if the services are rendered solely in...

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Liaison Office engaged identifying buyers, negotiating and agreeing pricing and procuring purchase orders would constitute a PE of the Head Office under the India-Korea tax treaty

Posted: 28 Apr 2011 10:04 PM PDT

The High Court has held that the LO would be considered as a PE under the India-Korea tax treaty once the material on record establishes that it is undertaking trading activity, entering into business contracts and fixing price for sale of goods....

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Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 vide Notification No. 33/2011 – Customs (N. T.)

Posted: 28 Apr 2011 09:30 PM PDT

Notification No. 33/2011 - Customs (N. T.) , New Delhi, 29th April, 2011. S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and...

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Palash Biswas
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