| Authority inviting bids has the discretionary power to accept the bid or not – Supreme Court Posted: 10 Apr 2011 07:51 PM PDT Glodyne Technoserve Ltd. Vs. State of M.P. & Ors. (Supreme Court) - The Supreme Court has dismissed the appeal of Glodyne Technoserve Ltd, which had bid for a project for issuing identity cards for the public distribution system in Madhya... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| IFCI is a public financial institution and entitled to invoke the Securitisation Act – SC Posted: 10 Apr 2011 07:39 PM PDT The Supreme Court last week ruled that Industrial Finance Corporation of India is a 'public financial institution' under Section 4A of the Companies Act and it was entitled to invoke the Securitisation Act to enforce a "security interest". Upholding... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Merely because the appellant had consumed alcohol did not mean that the driver of the vehicle did not need to drive the vehicle cautiously Posted: 10 Apr 2011 07:28 PM PDT Rudra Appellant(s) versus Divisional Manager, National Insurance Co. Ltd. & another Respondent(s) - Motor Vehicles Act, 1988 — section 166 — claim petition under — the Tribunal concluded that merely because the appellant had consumed alcohol... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Duty Drawback Claim – If for any reason, data of contemporaneous exports of identical goods not available, the procedure laid down in Rule 5 to 8 of the Duty Drawback Rules, 1988 was required to be followed and market enquiry could be conducted only as a last resort Posted: 10 Apr 2011 07:09 PM PDT Siddachalam Exports Private Limited vs Commissioner of Central Excise, Delhi-III [SUPREME COURT OF INDIA- Duty drawback - goods had been over-valued with the intention of claiming undue draw-back amounts - instead of first determining the value of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Despite delay in award, land acquisition did not lapse according to the provisions of the Railways Act- SC Posted: 10 Apr 2011 06:48 PM PDT The Supreme Court allowed the appeal of Dedicated Freight Corridor Corporation of India and upheld the acquisition of land in Etawa, Uttar Pradesh for a project. The complaint of the land losers was that the award of compensation for the acquisition... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| No online payment for forex trade – RBI to credit card firms Posted: 10 Apr 2011 09:03 AM PDT Amid introduction of illegal online forex trade by certain companies, the Reserve Bank has asked credit card issuing companies to not permit payments for such transactions. The regulations under Foreign Exchange Management Act (FEMA), 1999, do not... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Govt directs RoCs to look for diversion of IPO funds Posted: 10 Apr 2011 09:01 AM PDT In order to check the misuse of funds raised by companies via public offerings, the government has directed the Registrar of Companies (RoCs) to look for diversion of IPO funds while inspecting their annual accounts. In a directive to RoCs and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Post Supreme Court Direction – CBDT instruction on use of technical expert's opinion in assessment proceedings Posted: 10 Apr 2011 02:42 AM PDT In the case of Bharti Cellular the Supreme Court (SC) acknowledged the role of technical experts while deciding on tax issues arising from complex technical matters. The SC, accordingly, directed the Central Board of Direct Taxes (CBDT) to issue... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Govt to stick to fiscal deficit target of this fiscal – FM Posted: 10 Apr 2011 02:13 AM PDT The government today said it will continue to focus on fiscal consolidation and would stick to the deficit target for the current fiscal, despite the uncertainty over global crude oil prices. "We are on the fiscal consolidation path. We don't want... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| CBDT gives times upto 20th March to issue Income Tax Refund Posted: 10 Apr 2011 02:12 AM PDT CBDT highly appreciates & admires the hard work put in by one & all to lower the interest costs & minimize the grievances by prompt issue of around 4.4 lac refunds from April 01, 2011 to April 08, 2011. On the request of ITGOA... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| US wants HSBC to reveal American tax dodgers in India Posted: 10 Apr 2011 02:11 AM PDT The US government has sought permission from a federal court to ask for information from HSBC about Americans who may be hiding money in offshore accounts in India to dodge taxes. The Department of Justice said on Thursday it is seeking an order... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Payment made for transfer of comprehensive technical information and know-how which included all trade secrets and technical information, designs and drawings, etc. cannot be treated as income from royalty under the India-UK tax treaty Posted: 10 Apr 2011 02:11 AM PDT Recently, the Delhi High Court in the case of CIT v. DCM Limited (ITR Nos.87-89/1992) held that payments made for transfer of comprehensive technical information and know-how, which included all trade secrets and technical information, designs and... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Karnataka Government to challenge SC order lifting iron ore export ban Posted: 10 Apr 2011 02:10 AM PDT Karnataka Government would soon file an appeal in the Supreme Court challenging its order revoking the ban on export of iron ore, chief Minister B S Yeddyurappa said today. The state would file the appeal outlining the reasons that prompted the BJP... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Coca Cola replaces PepsiCo as sponsor of two IPL teams Posted: 10 Apr 2011 02:02 AM PDT The cola war between Coke and Pepsi is extending to the IPL turf, with Coca Cola replacing rival PepsiCo as sponsors of Mumbai Indians and Kings XI Punjab in the fourth season of the T20 league. With the new tie-ups, Coca Cola will be sponsoring... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| China to build 56 airports in five years Posted: 10 Apr 2011 01:59 AM PDT China will build 56 more airports in the next five years to expand its transport capacity, a senior Chinese civil aviation official said on Thursday. Li Jiaxiang, head of the Civil Aviation Administration of China, said the total number of airports... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Merger of BSNL, MTNL and ITI mooted Posted: 10 Apr 2011 01:58 AM PDT A government body has recommended that state-run BSNL should merge its counterpart MTNL and telecom equipment manufacturer ITI with itself, a move that will help turn around the loss-making telecom giant. The board strongly recommends the merger of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Dubai properties 60 Percent cheaper than Mumbai Posted: 10 Apr 2011 01:53 AM PDT A growing number of investors from India are showing interest in Dubai as they look to capitalise on 60 per cent savings per square foot in the Dubai property market, a Dubai-based real estate company has said. DAMAC Properties said in addition to... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| PM says agreement to combat corruption augurs well for democracy Posted: 10 Apr 2011 01:46 AM PDT "I am happy that the Government and representatives of civil society have reached an agreement in our mutual resolve to combat corruption. This is a scourge that confronts all of us. The Government intends to introduce the Lokpal bill in Parliament... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Government Issues Notification to Constitute a Joint Drafting Committee to Prepare Draft Lok Pal Bill Posted: 10 Apr 2011 01:44 AM PDT The Government of India has issued a Notification constituting a Joint Drafting Committee to prepare a draft of the Lok Pal Bill. The Joint Drafting Committee shall consist of Five nominee Ministers of the Government of India and Five nominees of... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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| Lokpal bill in monsoon session, FT courts for corruption cases Posted: 09 Apr 2011 09:30 PM PDT Government will introduce the Lokpal Bill during the monsoon session of Parliament, and once passed, corruption cases will be handled by fast track courts for speedy disposal, Minister of State for Parliamentary Affairs Ashwini Kumar today said.... [[ This is a content summary only. Visit www.taxguru.in for full article ]] 
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