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Apr 26, 2011

A Synopsis of amendments to Service Tax effective from 1st May 2011

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Fees received by Canadian company for providing technical drawings and reports would qualify as Fees for Included Services under India-Canada tax treaty

Posted: 26 Apr 2011 08:30 PM PDT

Delhi High Court (the High Court) in case of DIT v. SNC Lavalin International Inc [2011] 332 ITR 314 (Del) held that fees received by the taxpayer for providing technical drawings and reports in relation to infrastructure projects would qualify as...

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Govt allows companies to send notices, documents by email

Posted: 26 Apr 2011 08:30 PM PDT

The government has allowed companies to send notices and documents to their shareholders and members electronically in order to facilitate paperless communication. The Green Initiative for Corporate Governance announcement by the Corporate Affairs...

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Exemption under Section 10B of Income Tax Act not available to an Industrial undertaking taken over on lease

Posted: 26 Apr 2011 08:22 PM PDT

In the case of Synergies Casting Ltd. v. DCIT it was held that exemption under Section 10B of the Income-tax Act, 1961 (the Act) is not available to an undertaking taken over on lease. Further, the Tribunal held that in order to get the benefit of...

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Mere fact that a company is doing business in India or that it is a party to a joint venture in India would not mean that it has established a place of business in India

Posted: 26 Apr 2011 08:02 PM PDT

Status of foreign company without office in India - The Bombay high court has stated that according to Section 591 of the Companies Act a foreign company is one which has a "place of business" within India. The mere fact that a company is doing...

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Delhi High Court restrains Trans Tyres from using Chinese firm's trademark

Posted: 26 Apr 2011 07:44 PM PDT

Providing relief to a Chinese company, Double Coin Holdings Ltd, the Delhi High Court has restrained Trans Tyres (India) Pvt Ltd from selling tyres and tubes bearing the brand name ''Double Coin''. Trans Tyres is a selling agent of the Chinese...

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Arbitrary raise of plot prices wrong even if the rules/Agreement allows the same – SC

Posted: 26 Apr 2011 07:37 PM PDT

The Karnataka Industrial Areas Development Board was wrong in raising the price of industrial plots arbitrarily, the Supreme Court stated while dismissing its appeal against the high court ruling. The board had allotted plots after receiving...

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SC allows sales tax benefit for when one of the criteria was fulfilled

Posted: 26 Apr 2011 07:32 PM PDT

State of Tamil Nadu & ANR. Vs. India Cements Ltd. & ANR. -The Supreme Court last week dismissed the appeal of the Tamil Nadu government which denied sales tax benefits to India Cements Ltd. The high court had held that the cement firm was...

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Arbitration clause in a contract would not exclude the power of the high courts or the Supreme Court to decide disputes between the parties

Posted: 26 Apr 2011 07:26 PM PDT

The Supreme Court last week ruled that an arbitration clause in a contract would not exclude the power of the high courts or the Supreme Court to decide disputes between the parties. The court thus dismissed the appeal of East Central Railway in the...

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RBI slaps Rs. 1.95 cr penalty on 19 banks for flouting derivative norms

Posted: 26 Apr 2011 07:09 PM PDT

The Reserve Bank (RBI) today slapped a penalty of Rs1.95 crore on 19 banks, including heavyweights SBI, HDFC Bank, ICICI Bank and Citibank, for violating norms on derivatives, an instrument used to hedge financial risks. The fine has been imposed on...

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SEBI settles case against Dena Bank for Rs 10 lakh

Posted: 26 Apr 2011 06:58 PM PDT

The capital market regulator SEBI today settled and passed a consent order in a case against Dena Bank on payment of Rs 10 lakh for their alleged involvement in violation of insider trading norms. The case relates to Dena Bank's trading in shares of...

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Facts about Jaitapur Nuclear Power Plant

Posted: 26 Apr 2011 06:52 PM PDT

Jaitapur Nuclear Power Plant derived its name From Jaitapur lighthouse which is mentioned in many international maps. Government of India has decided to promote nuclear power at a large scale in view of rapidly rising demand for electricity, limited...

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Service tax – Summary of Recent Amendments / Exemption, Provision related to tax on new services and Notifications No. 29 to 37, dated 25-4-2011

Posted: 26 Apr 2011 06:09 PM PDT

Clarifications on new services specified in clauses (zzzzv) and (zzzzw) of section 65(105) of the Finance Act, 1994 and amendments to existing clauses of same section and following services Services provided by a Restaurant, Short Term...

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A Synopsis of amendments to Service Tax effective from 1st May 2011

Posted: 26 Apr 2011 05:53 PM PDT

1) The amendments to the provisions of Finance Act, 2011 pertaining to Service Tax shall come into force from 1st day of May 2011. Notification No. 29/2011 – Service Tax the 25th April, 2011. 2) Service tax on Medical Services : EXEMPT FULLY...

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Service Tax on Renting of Commercial Immovable Property – Delhi High Court on 26.04.2011

Posted: 26 Apr 2011 05:21 PM PDT

When the Court assembled today, Ms. Sonia Sharma, representing UOI, rose to inform the Court that Mr. A.S. Chandiok, ASG, was indisposed (food poisoning). The matter thereupon was adjourned to 9th May. It was however, made clear by CJ Mr. Dipak...

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Opening of Small Account – RBI circular no. RPCD.CO.RCB.AML.BC. No.63/07.40.00/2010-11

Posted: 26 Apr 2011 05:18 AM PDT

Small Accounts- 2. In terms of Rule 2 clause (fb) of the Notification 'small account' means a savings account in a banking company where - the aggregate of all credits in a financial year does not exceed rupees one lakh; the aggregate of all...

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Luxembourg tax authorities further clarify entry into force of Transfer Pricing Circular issued on January 28th, 2011

Posted: 25 Apr 2011 09:33 PM PDT

On April 8, 2011, the Luxembourg tax authorities issued circular LIR n° 164/2Bbis that supplements to Circular LIR n°164/2 published on January 28th, 2011 by clarifying the transition period question for confirmations on financing margins issued by...

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