Archive for September, 2010

IDFC is coming out with the country's first ever public issue of infrastructure bonds through which the lender expects to mop up Rs 3,400 crore. The issue would open on September 30 and closes on October 18. It is the first public issue of bonds by an infrastructure finance company under Sec 80CCF of the Income Tax Act that allows tax benefits for investment in long-term infrastructure bonds. The bond issue proceed would be utilised to finance the infrastructure project.. Full Article

Allahabad High Court on Thursday ruled by a majority verdict that the disputed land in Ayodhya be divided equally into three parts among Hindus and Muslims and that the place where the makeshift temple of Lord Ram exists belongs to Hindus. Full Article

Bhagwan Sri Rama Viraj man & Ors. Vs. Sri Rajendra Singh & Ors. The instant suit was filed on behalf of the deities and Sri Ram Janm Bhumi through the next friend, praying that the defendants be restrained not to interfere in the construction of the temple of plaintiff nos. 1 and 2 on the ground that the deities are perpetual minors and against them Limitation Laws do not run. Full Article

The advertisement reimbursement would definitely form a part of the operating profits of the assessee and would have to be taken into account for purposes of transfer pricing analysis. in view of the correct analysis and working as given above on the comparison between the assessee and the comparables and by correcting the two errors [...] Full Article

Allahabad HC rules by majority that disputed land in Ayodhya be divided into 3 parts, say lawyers. Land to be distributed among Waqf Board, Nirmohi Akhara, party for `Ram Lalla', say lawyers. Status quo will be maintained at the disputed site in Ayod Full Article

F.NO.605/33/2010-DBK The Annual Supplement to the Foreign Trade Policy (hereinafter referred to as the FTP), 2009-2014  and the Handbook of Procedures (Vol.I) (hereinafter referred to as the Handbook) have been notified by the DGFT vide notification No. 1(RE-2010) / 2009-2014 dated 23th August 2010 and Public Notice 1(RE-2010)/2009-14 dated 23th August 2010 respectively. The Department of Revenue [...] Full Article

A decision of the EPF Appellate Tribunal, North Delhi, that the term “employee” was defined in the Payment of Bonus Act as regular workers which included apprentices, was upheld by the Madurai Bench of the Madras High Court. Rejecting the contention Full Article

The Directors occupy a fiduciary position in relation to a Company. They must act bona fide and in the interest of the Company. This duty of good faith which fiduciary relationship imposes is identical with those imposed on trustees. In this sense, i Full Article