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Jul 8, 2010

TaxGuru.in : Legal & Tax Updates 08.07.2010

TaxGuru.in : Legal & Tax Updates (in this message: 20 new items)

Link to LEGAL & FINANCIAL  UPDATES FROM TAX GURU

 

Co-operative sugar mills gets breather on income-tax claims of Rs 2,500 crore

Posted: 07 Jul 2010 08:29 PM PDT


Cooperative sugar factories in Maharashtra have heaved a sigh of relief as the Supreme Court, in its recent order, has asked the Commissioner of Income Tax (Appeals) to re-look on the issue of income-tax claims of Rs 2,500 crore made on the mills...

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US company bribed several Indian firms to bag contracts

Posted: 07 Jul 2010 08:24 PM PDT


Officials of Indian PSUs like BHEL and NTPC appear to be the beneficiaries of bribes that were doled out by a California-based valve company to bag lucrative contracts, mostly for tools used in the construction of power plants.

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Financial rights of women in India

Posted: 07 Jul 2010 08:10 PM PDT


The Hindu Civil Code, based on earlier religious practice, selected for the purpose, gives women to whom it applies various financial rights. This has been done through legal recognition of the ancient Hindu concept of stridhana. There is also an...

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Gist of 2010 Notifications in Service Tax

Posted: 07 Jul 2010 08:03 PM PDT


Ministry of Finance (Department of Revenue) , Government of India has issued as much as 43 notifications, viz Notification Nos 1 to 43 in 2010 so far , highest ever in just half year. Of these, 20 notifications have been issued on 22.6.2010 and...

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No service Tax on international passengers who arrives in India in a transit flight

Posted: 07 Jul 2010 07:29 PM PDT


Going by the notification, a person who arrives in India in a transit flight is exempted from paying this additional levy, "provided he does not pass through immigration, does not leave the customs area and continues his journey to a place outside...

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Income-tax authorities can ask for evidence from Mauritius government to examine the authenticity of a taxpayer who claims exemption on capital gains tax provided under the Indo-Mauritius DTAA

Posted: 07 Jul 2010 07:23 PM PDT


Taxpayers who claim exemption from tax on capital gains by furnishing a residency certificate of Mauritius had better watch out. Now, income-tax (IT) authorities can ask for evidence from Mauritius government to examine the authenticity of a...

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CBDT Press Release on Tax collections during first quarter

Posted: 07 Jul 2010 07:15 PM PDT


Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65...

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ICAI want Delhi High Court to lift stay on Satyam Auditor Talluri

Posted: 07 Jul 2010 07:09 PM PDT


The Institute of Chartered Accountants of India (ICAI), said it will not initiate proceedings against S Gopalakrishnan, ex-partner of PricewaterhouseCoopers (PwC), for his alleged involvement in the multi-crore Satyam accounting scandal until the...

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MCA plans to prohibit subsidiary company from floating 100 per cent owned company of its own

Posted: 07 Jul 2010 07:01 PM PDT


In a move that will make it difficult for large companies to have a pyramid-like holding structure, the Ministry of Corporate Affairs plans to prohibit a subsidiary company from floating a 100 per cent owned company of its own.In a string of new...

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Mergers and Acquisitions will soon get cleared in 180 days

Posted: 07 Jul 2010 06:58 PM PDT


India Inc has reason to cheer with the Ministry of Corporate Affairs making it mandatory for the competition regulator, the Competition Commission of India, to clear M&A (mergers and acquisitions) proposals in just 180 days compared with 210...

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Misuse of your credit card by others do not absolve you from liability

Posted: 07 Jul 2010 06:54 PM PDT


Twenty-year old Sharma did not know that a small negligence in keeping track of his credit would mean a bill of Rs 18 lakh, especially, since his credit limit was only Rs 55,000. A call, however, to the customer support of the bank confirmed the...

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Supreme Court upheld Dividend-Stripping Law in the case of Wallfort Shares & Stock Brokers

Posted: 07 Jul 2010 06:28 PM PDT


Wallfort Shares & Stock Brokers, a Five Member Special Bench of the Tribunal (96 ITD 1 (Mum) (SB)) and the Bombay High Court (310 ITR 421 (Bom)) held that the 'loss' incurred by an assessee in 'dividend-stripping' transactions cannot be...

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SC rejects PIL seeking direction to scrutinise the accounts of the BCCI by CAG

Posted: 07 Jul 2010 05:58 PM PDT


Earlier, when Manjusha Wadhawa, counsel for the petitioner, said the accounts should be audited by the CAG for the transparent functioning of the BCCI as it represented the Indian team, Chief Justice S.H. Kapadia asked her whether at present the...

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E&Y announces its intention to appoint non-executive directors to its global advisory board

Posted: 07 Jul 2010 05:53 PM PDT


The world's four biggest accounting firms are to appoint non-executive directors after coming under growing pressure from regulators over governance.Ernst & Young, which along with law firm Linklaters has been been accused of providing "window...

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HC asks tax department to determine an appropriate arm's-length pricing mechanism in Maruti royalty demand

Posted: 07 Jul 2010 05:47 PM PDT


In a ruling affecting the way multinational companies use brand names in India, and the tax demands raised on payments in this regard, the High Court here has laid down some principles in this regard. It did so while setting aside an order by Income...

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America probing offshore tax evasion by individuals having un-disclosed bank accounts in India

Posted: 07 Jul 2010 05:40 PM PDT


In a crackdown on offshore tax evasion, American authorities have begun a criminal probe into HSBC individual account holders, who may not have disclosed their accounts in India. Indian Finance Ministry officials admitted that authorities in New...

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Profits from supply of shrink-wrapped software is not royalty- ITAT Bangalore

Posted: 07 Jul 2010 05:27 PM PDT


In CIT vs. Samsung Electronics 227 CTR 335 the Karnataka High Court has confined its decision to the issue of responsibility of the assessee u/s 195 in deducting tax at source before making remittances to non-residents. Even though the court held in...

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Bombay HC rules on the binding nature of an advance ruling

Posted: 07 Jul 2010 05:16 PM PDT


This decision of the HC reiterates the principle of the binding nature of an AAR ruling and clarifies that a subsequent adverse AAR ruling in respect of another taxpayer, even if given under comparable facts, cannot disturb this position. An AAR...

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Increase in threshold for, public shareholding in listed companies – an update

Posted: 07 Jul 2010 05:11 PM PDT


For a new listing, at least 25% of each class of equity shares or debentures convertible into equity shares issued by the entity will be offered and allotted to the public. However, for entities with post-issue capital, calculated at offer price, of...

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Mandatory to sell helmets with two-wheelers: Supreme Court

Posted: 07 Jul 2010 04:30 PM PDT


Two-wheeler makers will now have to sell a helmet along with their bikes and scooters after the Supreme Court today dismissed a plea by the Society of Indian Automobile Manufacturers against such a step. A bench comprising Justice G S Singhvi and...

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