"May, 2010" Archive

Public Interest Litigation claims MCA discriminates against lawyers in ROC filings

The Ministry of Corporate Affairs (MCA) has sought time to respond to a public interest litigation (PIL) in Delhi High Court, which alleges that the Registrar of Companies (ROC) discriminates against lawyers by only allowing chartered accounts, company secretaries or cost accountants to certify electronic submissions to the corporate regi...

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Posted Under: Company Law |

Manufacturing companies with a paid-up capital of Rs 50 crores or more may be required to get their cost accounting records audited by a statutory cost auditor

Regulations regarding maintenance of cost accounting records and cost audit are likely to change. If the recommendations of the expert committee appointed by the Ministry of Corporate Affairs are accepted, all manufacturing companies with a paid-up capital of Rs 50 crores (500 million) or more will be required to get their cost accounting...

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Posted Under: Company Law |

Foreign audit firms may soon get full practising rights in India

Foreign audit firms may soon get full practising rights in India. Recommendations to give them full rights and make them accountable are in the final report on the multi-crore Satyam Computers scam submitted by the Institute of Chartered Accountants of India (ICAI) to the ministry of corporate affairs....

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Posted Under: Company Law |

No permanent establishment under DTAA if three criteria are not fulfilled

Airlines Rotables Vs. JDIT (ITAT Mumbai)

Airlines Rotables vs. JDIT (ITAT Mumbai). The assessee, a UK company, entered into an agreement with Jet Airways under which it agreed to provide Jet Airways with two segments of services, first, to carry out repairs and overhauling of aircraft components outside India and, second, to provide spares and components in the period the compon...

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Custom Duty Notification No. 44/2010 – Customs (N. T.) dated 31st May, 2010

Notification No. 44/2010–Customs (N.T.) (31/05/2010)

Notification No. 44 / 2010 – Customs (N.T.) In exercise of the powers conferred by sub-section (1) of section 5 of the Customs Tariff Act, 1975 (51 of 1975), the Central Government hereby makes the following rules further to amend the Customs Tariff [Determination of Origin of Goods under the Preferential Trade Agreement between the Gov...

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Finance Minister dedicates the centralized processing center (CPC) of the Income Tax Department, Bengaluru to the Nation

The introduction of electronic filing of I-T returns, e-payment of taxes, establishment of the national network (TAXNET), and consolidation of the Regional Computer Centers into the National Data Center have laid the foundation for the next generation administrative reforms in the Income Tax Department....

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Posted Under: Company Law |

Custom Duty Notification No. 43/2010 – Customs (N. T.) dated 31st May, 2010

Notification No. 43/2010–Customs (N.T.) (31/05/2010)

Notification No. 43/2010 – Customs (N. T.)- In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of the Government of India in the Ministry of Fin...

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Timeshare membership fee taxable over the period of contract: ITAT Chennai (SB)

The Asst. Commissioner of IT Vs M/s. Mahindra Holidays & Resorts (India) Ltd. (ITAT Chennai)

This Tax Alert summarizes a recent ruling of the Special Bench of the Chennai Income Tax Appellate Tribunal (SB) [ITA Nos. 2412 to 2416/Mds/2005] in the case of M/s Mahindra Holidays & Resorts (India) Ltd. (Taxpayer) on the issue of taxability, under the Income Tax Law (ITL), of timeshare membership fee received upfront by the Taxpayer in...

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Fees for Technical Services, even if rendered outside India are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010

Canara Bank Vs ITO (ITAT Nagpur)

Mumbai Tribunal Ruling: Fees for Technical Services, even if rendered outside India, are taxable consequent to retrospective amendment in Section 9 by the Finance Act, 2010 (Ashapura Minichem Limited v. ADIT)(ITA No. 2508/M/2008)...

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Failure to furnish explanation for wrong claims may invite penalty

CIT Vs. Zoom Communications Private Limited (Delhi High Court)

Delhi High Court Ruling: If the assessee makes a claim which is not only incorrect in law but is also wholly without any basis and the explanation furnished by him for making such a claim is not found to be bonafide, it would be difficult to say that he would still not be liable to penalty under section 271(1)(c) of the Act [CIT vs. Zoom ...

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