| Composite scheme of arrangement cannot be denied the tax benefits if all the conditions for amalgamation under the Income-tax Act are fulfilled Posted: 18 May 2010 08:14 PM PDT 
Recently, the Chennai bench of Income-tax Appellate Tribunal, in the case of ACIT v. TVS Motors Co. Ltd. [2010] 36 DTR 89 (Chennai) held that, a composite scheme of arrangement cannot be denied the tax benefits if all the conditions for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Summary of CBDT instructions on the allowability of losses on account of forex derivatives Posted: 18 May 2010 08:11 PM PDT 
The Central Board of Direct Taxes ('CBDT') on 23 March 2010 issued instructions on the matter whether losses on account of foreign exchange derivative transactions can be allowed against the taxable income of an assessee under the Income-tax Act,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| AAR ruling is binding on a taxpayer and the Tax Authority in relation to transaction in respect of which the AAR ruling was sought: Bombay HC Posted: 18 May 2010 08:10 PM PDT 
Recently Bombay high court in the case of The Prudential Assurance Company Ltd. (Taxpayer) [AIT-2010-170-HC] on the binding nature of a ruling pronounced by the Authority for Advance Rulings (AAR), reiterated the relevant provisions of the Indian... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Delhi High Court specified rules for claiming weighted deduction for in-house Research and Development Posted: 18 May 2010 08:00 PM PDT 
In a recent ruling Delhi High Court in the case of Apollo Tyres Ltd. [2010-TIOL-279-HC-DEL-IT] considered the issue whether the Taxpayer, having an in-house R&D facility 'recognized' by the Department of Scientific and Industrial Research... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Credit entry in individual debtor's account not necessary for bad debt write off deduction Posted: 18 May 2010 07:54 PM PDT 
Recently Supreme Court in the case of Vijaya Bank (Taxpayer) [2010-TIOL-31-SC-IT] on the issue of whether a credit entry in individual debtor's account is a prerequisite for allowing the amount as a deduction for write off as bad debts in terms of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Making incorrect claim does not amount to furnishing inaccurate particulars Posted: 18 May 2010 07:52 PM PDT 
Recently Supreme Court in the case of Reliance Petroproducts Pvt. Ltd. (Taxpayer), [2010-TIOL-21-SC-IT] held that merely making a claim in the return of income which is not accepted by the Tax Authority or which is not sustainable under the ITL, in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| AAR rules no capital gains on Part IX conversion of firm to company Posted: 18 May 2010 07:50 PM PDT 
This Tax Alert summarizes a recent ruling of the Authority for Advance Rulings (AAR) [A.A.R. No. 797 of 2009] in the case of M/s Umicore Finance Luxembourg (Applicant). There was a sale of shares of a company by its shareholders which had received... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Duration test' for determining existence of 'Construction PE' need to be applied independently for each contract executed Posted: 18 May 2010 07:47 PM PDT 
Recently Mumbai Income Tax Appellate Tribunal in the case of Valentine Maritime Mauritius Ltd (Taxpayer), [2010-TIOL-195-ITAT-MUM] held that the number of days relating to each of the contracts cannot be aggregated to determine the 'duration test',... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| India, US settled dispute over taxing profits of captive IT services units Posted: 18 May 2010 07:40 PM PDT 
India has settled a dispute over taxing profits of captive IT services units and research arms of US firms, bolstering New Delhi's position as a preferred destination of such investments. The negotiated settlement between the tax authorities of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| SEBI panel to discuss select mutual fund products on May 31 Posted: 18 May 2010 07:40 PM PDT 
A committee of market regulator SEBI will consider the issue of restricting mutual funds from selling an equity product that involves betting on future prices. The SEBI Mutual Fund Advisory Committee is concerned that this is not mutual funds' core... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Conditions of listing for issuers seeking listing on SME Exchange – Model SME Equity Listing Agreement Posted: 18 May 2010 07:38 PM PDT 
Circular No. CFD/DIL/6/2010, dated 17-5-2010. In recognition of the need for making finance available to small and medium enterprises, SEBI has decided to encourage promotion of dedicated exchanges and/or dedicated platforms of the exchanges for... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| IRDA issued Clarifications/instructions regarding new agency Licensing Portal Posted: 18 May 2010 07:38 PM PDT 
Circular No. IRDA/CAGTS/CIR/LCE/082/05/2010, dated 17-5-2010. As you are aware, the New Agency Portal has come into operation from on 5th January, 2010. In connection with the operation of the said Portal, the following clarifications/instructions... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Employees Provident Fund to be Modernised Posted: 18 May 2010 07:37 PM PDT 
A budgetary estimate of Rs. 96 crore has been approved by the Central Board of Trustees, Employees' Provident Fund (CBT, EPF) for the implementation of the first phase of the 'Modernization Project' of the Employees' Provident Fund Organisation... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 39 / 2010 – Customs (N.T.)- Appoints Common Adjudicating Authority in the case of Shri Sachin Dhanraj Jain Posted: 18 May 2010 07:37 PM PDT 
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendments in the notification of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 41/ 2010 – Customs (N.T.) – Amends Notification No. 72/2009-Customs (N.T.), dated the 30th June, 2009 Posted: 18 May 2010 07:37 PM PDT 
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendments in the notification of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 40/ 2010 – Customs (N.T.)- Amends notification No. 93/2008-Customs (N.T.), dated the 25th July, 2008 regarding Common Adjudicating Authority Posted: 18 May 2010 07:36 PM PDT 
In exercise of the powers conferred by sub-section (1) of section 4 and sub-section (1) of section 5 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise and Customs hereby makes the following amendments in the notification of the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 38 / 2010 – Customs (N.T.)- Appoints Common Adjudicating Authority in the case of P.P.Exports Posted: 18 May 2010 07:35 PM PDT 
Jaipur to act as a common adjudicating authority to exercise the powers and discharge the duties conferred or imposed on the Commissioner of Customs (Export), Nhava Sheva for the purpose of adjudicating the matters relating to show cause notice ... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| e-filing of I-T returns suspended Posted: 18 May 2010 03:36 AM PDT 
The Finance Ministry has suspended the facility of e-filing of income tax returns, as security certification for the Income Tax Department's website is not yet in place. In an official statement here on Monday, the Central Board of Direct Taxes... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Credit History will have impact on your future borrowing Posted: 18 May 2010 02:42 AM PDT 
Your credit history is accessible to lenders and can affect whether you get a loan on more favourable or more difficult terms, or if you can get a loan at all. Here we share with you details of the changes sweeping the credit landscape in India, why... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Senior official filed petition against Sebi for denial of promotion Posted: 18 May 2010 01:07 AM PDT 
Securities and Exchange Board of India has been dragged to the court by one of its employees for the first time in its history. Nagendar Parakh, the senior-most chief general manager of Sebi, filed a petition in the Mumbai High Court on May 3... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Create Conducive Environment to Sustain The Momentum of Economy: Anand Sharma Posted: 17 May 2010 07:54 PM PDT 
Addressing the Members of the Consultative Committee of the Ministry of Commerce and Industry here today, Shri Anand Sharma, Union Minister of Commerce and Industry, has said that "I am confident that in partnership with industry, academia and all... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
| Notification No. 37/2010 – Customs (N. T.)- Amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001 Posted: 14 May 2010 02:38 AM PDT 
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 expedient so to do, hereby makes the following further amendment in the notification of... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]  |
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