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Archive: 24 April 2010

Posts in 24 April 2010

Mumbai Tribunal rules on computation of ‘duration test’ for determining existence of ‘Construction PE’

April 24, 2010 705 Views 0 comment Print

Mumbai Income Tax Appellate Tribunal (Tribunal) [2010-TIOL-195-ITAT-MUM] in the case of Valentine Maritime Mauritius Ltd (Taxpayer), on the taxability of certain contracts executed in India. The issue primarily focused on how the ‘duration test’ of nine months under the India-Mauritius Tax Treaty (Tax Treaty) should be applied for determining whether the Taxpayer has a permanent establishment (PE) under the Construction PE rule of the Tax Treaty.

SC rules on credit entry in debtor’s account not necessary for bad debt write off deduction

April 24, 2010 2974 Views 0 comment Print

The Taxpayer had reduced the amount debited to the Profit and Loss Account (P&L) from the Loans and Advances/Debtors Account (Debtors A/c) on the assets side of the Balance Sheet. Considering this, the SC held that such a treatment constituted actual write off for the purposes of the Section and it was not necessary to credit individual debtor’s account to claim the deduction for write off.

IT department will send notice to MSM for no deduction of tds on 425-crore ‘facilitation fee’ paid to WSG’s Mauritius arm.

April 24, 2010 465 Views 0 comment Print

The income-tax (I-T) department is all set to send a notice to MSM, formerly known as Sony Entertainment Television (SET), in connection with the Rs 425-crore ‘facilitation fee’ it paid to World Sport Group ‘s (WSG) Mauritius arm.

Lalit will come out clean: KK Modi

April 24, 2010 1052 Views 0 comment Print

GODFREY Phillips India chairman KK Modi on Thursday said he was confident his son, Lalit Modi, would come out unscathed from the ongoing investigations against him. “These are just charges that they (income-tax officials) have put on Lalit. I feel that Lalit will come out clean of all this. The charges levied by the income tax department will be proved wrong,”

CA, CS, ICWA asked to report suspicious fund movements directly to government

April 24, 2010 375 Views 0 comment Print

The government has asked chartered accountants, cost accountants and company secretaries to directly report to the home ministry cases of suspicious fund movements in an out of companies, as it looks to crack down on money laundering and terror funding.

Listing amnesty schemes for defaulting companies received enthusiastic response

April 24, 2010 609 Views 0 comment Print

(CSE), have received an enthusiastic response from many of the defaulting companies. The exchanges have managed to relist over 500 companies by waiving off penalties triggered by non-compliance with exchange listing rules. Regional stock exchanges (RSEs), like Ahmedabad, Pune and Bangalore, are also expected to follow suit in the coming months.

IPL investigation limited to financial irregularities and tax violations

April 24, 2010 384 Views 0 comment Print

Govt says investigations only into financial irregularities, no plan to get into business of sport. The Union government will limit its investigations to financial irregularities and tax violations by the Indian Premier League (IPL), its 10 franchisees, as well as the broadcaster. The government does not want to interfere in the functioning of existing sports institutions, a top functionary of the finance ministry said.

RBI’s role alleged in derivatives scam

April 24, 2010 372 Views 0 comment Print

An affidavit filed in the Supreme Court (SC) regarding a derivatives scam has alleged that regulatory agencies were part of a deep-rooted conspiracy that resulted in losses of Rs 25 lakh crore to the industry. The affidavit has been filed by an individual, Pravanjan Patra, in a case involving the Foreign Exchange Dealer’s Association of India and the Fixed Income Money Market Derivatives Association of India.

Bill to raise gratuity ceiling to Rs 10 lakh from current Rs 3,50,000 introduced in Lok Shabha

April 24, 2010 601 Views 0 comment Print

A bill to raise the ceiling of gratuity for employees to Rs one million (Rs 10 lakh) from the current level of Rs 3,50,000 was introduced in the Lok Sabha on Thursday. The Payment of Gratuity (Amendment) Bill 2010, introduced by Minister of State for Labour Harish Rawat, seeks to amend the Gratuity Act to enhance the amount of gratuity payable to an employee from Rs 3,50,000 to Rs one million (Rs 10 lakh).

RBI may permit banks to engage individual to act as business correspondent

April 24, 2010 234 Views 0 comment Print

The Reserve Bank today said it may permit banks to engage any individual to act as business correspondent (BC), a move that will provide more flexibility to banks for taking services to rural areas. The central bank proposes to permit banks to engage any individual, including those operating Common Service Centres (CSCs), as BC, subject to banks’ comfort level and their carrying out suitable due diligence, the Reserve Bank said in its monetary policy for 2010-11.

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