Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Thu, Nov 18, 2010 at 8:13 PM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• 50 Percent List Companies Fails To Dematerialise At Least 50 Percent Of The Non-promoter Holding
• German Bank Agrees To Provide Account Details If Indian Government Proves Tax Evasion By Account Holder
• Minimum Amount For RTGS Increased To 2 Lakh With Effect From 15 November
• Supreme Court Rules Cooperative Housing Societies Can Expel Member
• IPL CWG Game - IT Dept Makes Seizures Worth Rs 414 Crore During The Current Fiscal
• Paid Service Tax Due As Per Regulations- SIS Live
• Violation Of The Companies Act By IPL Franchises
• Functioning Of The Non-Official Directors On The Board Of Central Public Sector Enterprises
• Pricing Of Shares And Use Of IPO Proceeds
• 2008 Pune Commonwealth Youth Games Funds Under CAG Scanner
• NPAs Of Public Sector Banks Over Rs 57 301 Crore
• 462 Billion Dollar Illegally Taken Out Of India Since 1948
• Asian Tiger Indian Bull Yet To Chase
• No People And No Profit Without Planet
• ROC- Revision In Time Schedule For Payment Of Additional Filing Fees
• SC Annuls High Court S Directions On Technical Transfer Pricing Issues Relating To Marketing Intangibles
• Compensation Including Interest Not Taxable In The Absence Of Permanent Establishment
• CENVAT Credit On Input Services Received At Employee Residential Colony
• Depreciation Allowable On Payments To Acquire Skill And Know-how Of Incoming Employees As Business Information Classified As Other Intangiblle Asset
• Passing Of Order By The Tax Officer Not Mandatory For Filing An Appeal Under Section 248 Of The Income-tax Act Before The CIT Appeals
• Passing Of Order By The Tax Officer Not Mandatory For Filing An Appeal Under Section 248 Of The Income-tax Act Before The CIT Appeals
• Selling Of Shares To Reduce Liabilities Just Before The Scheme Of Amalgamation Cannot Be Considered As A Colourable Device
• Interest On Refund Has To Be Granted When Withholding Tax Is Paid Pursuant To The AO S Order Under Section 195 2
• Sale Of Identical Goods To Non-AEs Cannot Be Taken As Comparable Under CUP If There Are Significant Differences In Quantity Sold Geography And Cust
• Amends Notification No 23 2006-Customs Dated The 6th March 2006 Vide Notification No 114 2010-Customs
• Rescinds Notification No 105 2008-Customs Dated The 18th September 2008 Vide Notification No 113 2010 Customs
• Section 23 Of The Banking Regulation Act 1949- Relaxations In Branch Licensing Policy
• Maximum Limit On Unsecured Loans And Advances
• Section 35 1 Ii Of The Income-tax Act 1961 Scientific Research Expenditure Approved Scientific Research Associations Institutions - NOTIFICATION NO 83 2010
• Section 35 1 Iii Of The Income-tax Act 1961 Scientific Research Expenditure Approved Social Science Or Statistical Research Associations Or Institutions - NOTIFICATION NO 82 2010
• Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes- Notification No 73 2010
• Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes- Notification No 72 2010
• SEZ - Section 13 Of The Special Economic Zones Act 2005 Stargaze Properties Private Limited
• SEZ - Section 13 Of The Special Economic Zones Act 2005 J T Holdings Private Limited
• Service Tax FAQ
• Form 24 In Excel Format Of Income Tax Annual Statement

50 Percent List Companies Fails To Dematerialise At Least 50 Percent Of The Non-promoter Holding Posted: 18 Nov 2010 02:54 PM PST Sebi s diktat to listed companies to dematerialise at least 50 of the non-promoter holding by October 31 has been ignored by many companies This has prompted stock exchanges to shift their... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

German Bank Agrees To Provide Account Details If Indian Government Proves Tax Evasion By Account Holder Posted: 18 Nov 2010 01:55 PM PST The finance ministry is persistent in its attempts to get details of the black money stashed in foreign banks Finance minister Pranab Mukherjee who met Liechtenstein s acting head of state Prince... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Minimum Amount For RTGS Increased To 2 Lakh With Effect From 15 November Posted: 18 Nov 2010 01:49 PM PST The Reserve Bank of India RBI has increased the minimum amount that can be transferred through the real time gross settlement RTGS facility among bank accounts nbsp In its quarterly review... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Supreme Court Rules Cooperative Housing Societies Can Expel Member Posted: 18 Nov 2010 01:37 PM PST Cooperative housing societies can expel a member for owning more than one property as acquiring concessional government land cannot be a ruse to accumulate wealth the Supreme Court has ruled ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IPL CWG Game - IT Dept Makes Seizures Worth Rs 414 Crore During The Current Fiscal Posted: 18 Nov 2010 01:32 PM PST The income-tax department has made seizures worth Rs 413 7 crore during the current fiscal till October registering a growth of 17 1 over the corresponding period of the last year which was at Rs... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Paid Service Tax Due As Per Regulations- SIS Live Posted: 18 Nov 2010 01:23 PM PST UK-based SIS Live which provided production facilities to official broadcaster Doordarshan during the Commonwealth Games today rejected allegations of providing fake service tax numbers to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Violation Of The Companies Act By IPL Franchises Posted: 18 Nov 2010 01:16 PM PST The Government has said that it is looking into violation of the Companies Act 1956 by some Indian Premier League IPL franchises Giving this information in written reply to a question in the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Functioning Of The Non-Official Directors On The Board Of Central Public Sector Enterprises Posted: 18 Nov 2010 01:11 PM PST The Government has said that as per information given by the Department of Public Enterprises it has so far not issued any guidelines regarding the assessment of working of non-official Directors... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pricing Of Shares And Use Of IPO Proceeds Posted: 18 Nov 2010 01:09 PM PST The Minister for Corporate Affairs has said that as per the information provided by the SEBI Initial Public Offerings IPO price is fixed by the issue based on an analysis of the quantitative... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2008 Pune Commonwealth Youth Games Funds Under CAG Scanner Posted: 18 Nov 2010 08:37 AM PST With some of the development projects undertaken for the 2008 Pune Commonwealth Youth Games still incomplete the state government has begun audit of funds for the Games An audit team of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NPAs Of Public Sector Banks Over Rs 57 301 Crore Posted: 18 Nov 2010 08:35 AM PST Public sector banks in India had combined gross non-performing assets NPAs of Rs 57 301 crore during 2009-10 up 30 per cent from the previous fiscal Parliament was informed on Tuesday NPAs... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

462 Billion Dollar Illegally Taken Out Of India Since 1948 Posted: 18 Nov 2010 08:30 AM PST Post independence India lost a staggering 462 billion in illicit financial flows due to tax evasion crime and corruption a research and advocacy group said in a report today The report ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Asian Tiger Indian Bull Yet To Chase Posted: 18 Nov 2010 12:39 PM PST The Asian equity market have started back it mad bull run from the past 2 months starting from September 2010 Pockets have filled up with soaring profits from lower level buyouts The phase of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

No People And No Profit Without Planet Posted: 18 Nov 2010 12:16 PM PST We are entering a period in which it is becoming clear that the operation of current economic system will be unsustainable and that to progress companies in future will have to redefine business... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ROC- Revision In Time Schedule For Payment Of Additional Filing Fees Posted: 18 Nov 2010 12:22 AM PST Ministry of Corporate Affairs Government of India MCA has announced revision in the schedule for payment of additional filing fees while filing any documents beyond the due date specified under... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Annuls High Court S Directions On Technical Transfer Pricing Issues Relating To Marketing Intangibles Posted: 19 Nov 2010 12:52 AM PST In the recent decision the Supreme Court SC disposed off a civil appeal arising out of a special leave petition SLP involving a transfer pricing dispute in the case of Maruti Suzuki India... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Compensation Including Interest Not Taxable In The Absence Of Permanent Establishment Posted: 19 Nov 2010 12:48 AM PST Mumbai Income-tax Appellate Tribunal the Tribunal in the case of M s Goldcrest Exports v ITO 2010-TII-124-1TAT-MUM-INTL held that compensation payable for breach of contract to a foreign... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CENVAT Credit On Input Services Received At Employee Residential Colony Posted: 19 Nov 2010 12:43 AM PST CENVAT credit of service tax paid on services received in the residential colony is admissible [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Depreciation Allowable On Payments To Acquire Skill And Know-how Of Incoming Employees As Business Information Classified As Other Intangiblle Asset Posted: 19 Nov 2010 12:36 AM PST Bangalore bench of the Income-tax Appellate Tribunal the Tribunal in the case of Bosch Ltd v CIT 2009-TIOL-736-ITAT-BANG held that the taxpayer company was entitled to claim depreciation on the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Passing Of Order By The Tax Officer Not Mandatory For Filing An Appeal Under Section 248 Of The Income-tax Act Before The CIT Appeals Posted: 19 Nov 2010 12:28 AM PST Recently the Mumbai bench of the Income-tax Appellate Tribunal the Tribunal in the case of Kotak Mahindra Bank Ltd v ACIT 2010-TII-ITAT-MUM-INTL dealt with the issue of whether passing of an... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Passing Of Order By The Tax Officer Not Mandatory For Filing An Appeal Under Section 248 Of The Income-tax Act Before The CIT Appeals Posted: 19 Nov 2010 12:21 AM PST Recently the Mumbai bench of the Income-tax Appellate Tribunal the Tribunal in the case of Kotak Mahindra Bank Ltd v ACIT 2010-TII-ITAT-MUM-INTL dealt with the issue of whether passing of an... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Selling Of Shares To Reduce Liabilities Just Before The Scheme Of Amalgamation Cannot Be Considered As A Colourable Device Posted: 19 Nov 2010 12:01 AM PST Income Tax - Capital loss - Whether the capital loss accrued to assessee as a result of sale of shares of it s group companies can be said to be colourable device merely on the ground that the sales... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Interest On Refund Has To Be Granted When Withholding Tax Is Paid Pursuant To The AO S Order Under Section 195 2 Posted: 18 Nov 2010 11:53 PM PST In a recent ruling the Mumbai Income-tax Appellate Tribunal the Tribunal in the case of ADIT v Reliance Infocomm Ltd 2010-T11-84-ITAT-MUM-INTL has held that the assessee would be entitled... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sale Of Identical Goods To Non-AEs Cannot Be Taken As Comparable Under CUP If There Are Significant Differences In Quantity Sold Geography And Cust Posted: 18 Nov 2010 11:49 PM PST The taxpayer a manufacturer and exporter of chemicals had more than 97 5 percent of its sales to its associated enterprise AE It benchmarked the sales to AEs under the Comparable... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 23 2006-Customs Dated The 6th March 2006 Vide Notification No 114 2010-Customs Posted: 18 Nov 2010 03:12 PM PST Notification No 114 2010-Customs New Delhi the 1st November 2010 nbsp G S R nbsp nbsp nbsp nbsp E -Whereas the designated authority vide notification No 15 16 2009-DGAD dated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Rescinds Notification No 105 2008-Customs Dated The 18th September 2008 Vide Notification No 113 2010 Customs Posted: 18 Nov 2010 03:09 PM PST Notification No 113 2010 Customs nbsp New Delhi the 1st November 2010 nbsp G S R nbsp nbsp nbsp E - In exercise of the powers conferred by sub-sections 1 and 5 of section 9A of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 23 Of The Banking Regulation Act 1949- Relaxations In Branch Licensing Policy Posted: 18 Nov 2010 03:04 PM PST RBI 2010-11 283 RPCD CO RRB BC No 28 03 05 90-A 2010-11 November 18 2010 The Chairmen All Regional Rural Banks Dear Sir Section 23 of the Banking Regulation Act 1949- Relaxations... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Maximum Limit On Unsecured Loans And Advances Posted: 18 Nov 2010 03:01 PM PST RBI 2010-11 284UBD BPD PCB Cir No 21 13 05 000 2010-11 nbsp November 15 2010 The Chief Executive Officers of nbsp All Urban Co-operative Banks Dear Sir Madam Maximum Limit on... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35 1 Ii Of The Income-tax Act 1961 Scientific Research Expenditure Approved Scientific Research Associations Institutions - NOTIFICATION NO 83 2010 Posted: 18 Nov 2010 02:34 PM PST Section 35 1 ii of the Income-tax Act 1961 Scientific research expenditure Approved scientific research associations institutions NOTIFICATION NO 83 2010 F NO 203 05 2010... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35 1 Iii Of The Income-tax Act 1961 Scientific Research Expenditure Approved Social Science Or Statistical Research Associations Or Institutions - NOTIFICATION NO 82 2010 Posted: 18 Nov 2010 02:30 PM PST Section 35 1 iii of the Income-tax Act 1961 Scientific research expenditure Approved social science or statistical research associations or institutions NOTIFICATION NO 82 2010 F NO 203... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes- Notification No 73 2010 Posted: 18 Nov 2010 02:20 PM PST Section 35AC 1 read with Explanation b thereto of the Income-tax Act 1961 - Eligible projects or schemes expenditure on - Notified eligible projects or Schemes Notification No 73 2010... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 35AC 1 Read With Explanation B Thereto Of The Income-tax Act 1961 - Eligible Projects Or Schemes Expenditure On - Notified Eligible Projects Or Schemes- Notification No 72 2010 Posted: 18 Nov 2010 02:17 PM PST Section 35AC 1 read with Explanation b thereto of the Income-tax Act 1961 - Eligible projects or schemes expenditure on - Notified eligible projects or Schemes Notification No 72 2010... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEZ - Section 13 Of The Special Economic Zones Act 2005 Stargaze Properties Private Limited Posted: 18 Nov 2010 02:11 PM PST NOTIFICATION NO S O 2760 E DATED 9-11-2010 Whereas M s Stargaze Properties Private Limited a private organization in the State of Andhra Pradesh had proposed under section 3 of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEZ - Section 13 Of The Special Economic Zones Act 2005 J T Holdings Private Limited Posted: 18 Nov 2010 02:01 PM PST NOTIFICATION NO S O 2761 E DATED 9-11-2010 Whereas M s J T Holdings Private Limited a private organization in the State of Andhra Pradesh had proposed under section 3 of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Service Tax FAQ Posted: 18 Nov 2010 03:38 AM PST Service Tax FAQ [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Form 24 In Excel Format Of Income Tax Annual Statement Posted: 17 Nov 2010 09:42 PM PST Form 24 in Excel Format for Annual Statement of Income Tax If you need this form as un-locked please mail me - pranab banerjee83 gmail com [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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