"25 May 2010" Archive

Banks on expansion spree as RBI eased branch licensing norms

Banks double expansion plans after RBI’s decision to allow them to open branches in Tier-III to VI cities without prior permission. An easing of the requirement to take the Reserve Bank of India’s (RBI’s) permission for opening new bank branches has led to a substantial rise in their number....

Posted Under: Fema / RBI |

Sebi wants voting rights for ADR/GDR investors

Market regulator Sebi wants to end the practice of placing restrictive clauses by companies which strip their ADR/GDR investors of voting rights. The Sebi board meeting last week had deliberated on the need to remove obstacles to bringing the holders of global and American depository receipts (GDRs/ADRs) at par with domestic investors....

Posted Under: Fema / RBI |

Clarification regarding applicability of service tax on laying of cables under or alongside roads and similar activities

Circular No.123/5/2010 24/05/2010

Disputes have arisen in some parts of the country regarding applicability of service tax on certain activities such as shifting of overhead cables to underground on account of renovation/widening of roads; laying of electrical cables under or alongside roads/railway tracks; between grids/sub-stations/ transformers the distribution points ...

Soon mediclaim for treatment at overseas hospitals

Medical care at overseas hospitals could well be within your reach with a number of health insurance providers planning to launch a premium health cover shortly. Health insurance providers, both private and state-owned, are readying products targeted at high networth individuals that would provide a cover of about Rs 50 lakh....

Posted Under: Fema / RBI |

CIC has limited powers, should remain in its boundary: Delhi HC

“Information is power. This is truer now, in this information age, than ever before. In a democracy this power of information which the public authorities possess is to be shared with the people. But at the same time, not every piece of information is to be made public. There is the public interest and democratic purpose in disseminatio...

Posted Under: Fema / RBI |

Profits from shares is business profits: ITAT Mumbai

Smt. Sadhana Nabera Vs. ACIT (ITAT Mumbai)

The assessee, a director and shareholder in a company engaged in share trading, returned income of Rs. 78,89,499 earned by her on transfer of shares as a “short-term capital gain”. The AO took the view that as there were voluminous transactions, the assessee was engaged in share trading and the income was assessable as “business inc...

ITAT Mumbai laid down principles to determine whether income from shares is “business” income or “capital gains”

Management Structure & Systems Vs. ITO (ITAT Mumbai)

The assessee, engaged in management consultancy, offered profits of Rs. 1.03 crores earned by it on sale of shares as long-term and short-term “capital gains” depending on the period of holding. The AO took the view that as the assessee was regularly dealing in shares throughout the year, ...

Internationalisation of Currency: The Case of Indian Rupee and Chinese Renminbi

This study examines the recent debate on the need for a new global reserve currency in the context of the recent global financial crisis, which has, to an extent, eroded the confidence in the US dollar as a numero uno global reserve currency and momentum is building up for reforming the international monetary system. Against this backdrop...

Posted Under: Fema / RBI |

Manufacturing of new product with new technology at existing place with fresh SEZ approval does not amount to ‘splitting up or reconstruction’

Portescap India P. Limited Vs. DCIT (ITAT Mumbai)

Manufacturing of a new product with a new technology at the same place after taking a fresh approval from SEZ authority does not amount to ‘splitting up or reconstruction’ of an existing business for the purpose of section 10A of the Act....

Initial assessment year for computation of profits eligible for tax holiday is the year in which taxpayer exercises the option to claim deduction

Velayudhaswamy Spinning Mills (P) Ltd. (Taxpayer)

Under the Indian Tax Laws (ITL), a taxpayer carrying on the business of generation of electricity, which qualifies for income-linked deduction (eligible business), can opt to claim such deduction for a period of 10 assessment years (AYs) out of 15 years, beginning from the year in which the taxpayer commences generation of power....

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