Intellectual property (IP) is the innovative creation by individuals out of his own ingenuity. IP pertains to literary, artistic performance of performing artistes, phonograms, and broadcasts, inventions in all fields of human endeavor, scientific discoveries, industrial design, and protection against unfair competition and all other activities in the industrial, scientific or artistic field.
Subject : International accredited agencies for issuance of TAC/ COP for import of vehicles. In the Policy Circular No. 26(RE-2003)/2002-2007 dated 09.02.2004, the entry at S. No. 3 is amended to read as follows :
This has reference to Para 3.16.4 of the FTP 2009-14 under which Textiles is one of the sectors entitled to Status Holders Incentive Scrip @ 1% of FOB value of exports made during 2009-10 and 2010-11.
Notification No. 35/2010-Income Tax In exercise of the powers conferred by sub-sections (1) and (2) section 120 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of the Government of India,
Notification No. 34/2010-Income Tax In pursuance of clause (xii) of sub-section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Jeevan Akshay-VI Plan of the Life Insurance Corporation of India, as filed by that Corporation with the Insurance Regulatory and Development Authority, as the annuity plan of the Life Insurance Corporation of India for the purposes
In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2004-09 and Paragraph 1.1 of the Handbook of Procedures (Vol.1), the Director General of Foreign Trade hereby makes the following amendments in the Handbook of Procedures, Vol.2, 2009 -2014, as amended from time to time.
Subject: (i) New Office address of Regional Authority Vadodara. (ii) Amendment in Public Notice No. 55 dated 9.4.2010.
In exercise of powers conferred under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy, 2009-14, the Central Government hereby makes the following amendments in Schedule –1 of the ITC(HS) Classifications of Export and Import Items.
Recently, the Chennai bench of Income-tax Appellate Tribunal, in the case of ACIT v. TVS Motors Co. Ltd. [2010] 36 DTR 89 (Chennai) held that, a composite scheme of arrangement cannot be denied the tax benefits if all the conditions for amalgamation under the Income-tax Act, 1961 (the Act) are fulfilled.
The Central Board of Direct Taxes (‘CBDT’) on 23 March 2010 issued instructions on the matter whether losses on account of foreign exchange derivative transactions can be allowed against the taxable income of an assessee under the Income-tax Act, 1961 (‘the Act’). These instructions have been issued in wake of recent growth in the volume of foreign exchange derivative transactions entered into by the corporate sector in India combined with the volatility in the foreign exchange market in the last financial year.
