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May 19, 2010

Legal & Tax Updates - 19.05.2010

TaxGuru.in : Legal & Tax Updates (in this message: 22 new items)

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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...

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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,...

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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...

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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...

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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...

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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...

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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...

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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',...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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...

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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 ...

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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...

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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...

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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...

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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...

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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...

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With Regards, 
CA Sandeep Kanoi 
Website: http://www.taxguru.in/ 
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