"12 April 2010" Archive

Mumbai Tribunal rules that the transfer of licensed software cannot be considered as ‘royalty’ within the meaning of India-US tax treaty

Mumbai bench of Income-tax Appellate Tribunal (the Tribunal) in the case of Alcatel USA International Marketing Inc (see note-1 below) (taxpayer) has held that the transfer of licensed software cannot be considered as ‘royalty’ within the meaning of article 12(3) of the India-US tax treaty (the tax treaty) in view of the decision of ...

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Posted Under: Income Tax |

Listing of Supporting Manufacturer in the SHIS Scrip (Para 3.10.4 of HBPv1) and other details/instructions regarding SHIS

Policy Circular No. 30/2009-14 12/04/2010

Attention is invited to Para 3.16 of the FTP and Public Notice No. 54/2009-14 dated 8.4.2010 which announced the procedure and application form ANF3E for filing the claim under SHIS scheme. Foroperationalising the scheme, the following has been decided....

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Investment by Financial Investor with protective rights for investments should not result in vesting of ‘Control’ of the Target Company with financial investor

MSK Projects India Limited (‘MSK’ or ‘the Target Company’), issued and allotted fully paid-up equity shares to Subhkam Ventures (I) Private Limited (‘Subhkam’), erstwhile Subhkam Holding Private Limited, on preferential basis representing 17.90 percent of the post preferential issued share capital of MSK (out of total issue of...

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Posted Under: Income Tax |

Notification No. 50/ 2010-Customs – Regarding anti dumping duty on Front Axle Beam and Steering Knuckles originating in, or exported from China

Notification No. 50/2010-Customs 12/04/2010

Whereas, in the matter of import of Front Axle Beam and Steering Knuckles meant for heavy and medium commercial vehicles’ (hereinafter referred as the subject goods), falling under tariff items 73269099,73261910, 73261990, 87085000, or 87089900, of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and originating in,...

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Notification No. 49/ 2010-Customs – Regarding anti dumping duty on circular weaving machines, originating in, or exported from China

Notification No. 49/2010-Customs 12/04/2010

Whereas, in the matter of import of circular weaving machines having six or more shuttles for weaving PP/HDPE fabrics of a width exceeding 30 cms. (hereinafter referred as the subject goods), falling under Heading 8446 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and originating in, or exported from the Peoples Repub...

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Notification No. 48/ 2010-Customs -Regarding anti dumping duty on Recordable Digital Versatile Disc [DVD] of all kinds, originating in, or exported from the Malaysia, Thailand and Vietnam

Notification No. 48/2010-Customs 12/04/2010

Whereas, in the matter of import of Recordable Digital Versatile Disc [DVD] of all kinds (hereinafter referred as the subject goods), falling under Heading 8523 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and originating in, or exported from the Malaysia, Thailand and Vietnam, (hereinafter referred to as the subjec...

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Now same Interest rate for old and new Home Loan

Floating-rate home loan borrowers, who often felt they got a raw deal, will now have a reason to cheer. The Reserve Bank of India’s (RBI) new rules will ensure that they get the full benefit of any reduction in interest rates. In its final guidelines on the base rate — the new benchmark that banks will use to price loans — the regul...

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Posted Under: Income Tax |

Akshay, Shahrukh, Hrithik paid lesser Income tax in FY10 while Aamir, Amitabh paid more

Fiscal 2010 turned out to be a bad year for the tinsel town with the earnings of many a Bollywood superstar, including Akshay Kumar, Shahrukh Khan and Hrithik Roshan, taking a plunge as reflected in their advance tax payments. According to the data of advance tax paid by these cine stars, Akshay Kumar made a payment of only Rs 18 crore in...

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Posted Under: Income Tax |

Court directs SEBI to probe DLF's 'mis-statement' in Red Herring Prospectus

The Delhi High Court has directed stock market regulator SEBI to conduct probe against real estate giant DLF for alleged mis-statement in its Red Herring Prospectus while launching its IPO in 2007. The court passed the order after it was alleged by a person that the DLF had intentionally made a false statement that it had no association w...

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Posted Under: Income Tax |

Custom Notification No 47/2010 – Regarding anti dumping duty on nylon filament yarn

Notification No. 47/2010-Customs 12/04/2010

Regarding anti dumping duty on nylon filament yarn of specification ‘synthetic filament yarn including synthetic monofilament of less than 67 decitex, of nylon or other polyamides originating in, or exported from, People’s Republic of China, Chinese Taipei, Malaysia, Indonesia, Thailand and People’s Republic of Korea....

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