"08 July 2010" Archive

Mere reimbursement of costs based on a cost sharing agreement not liable to withholding tax

ABB Limited- AAR No. 834 of 2009

ABB Limited, an Indian company (ABB India) and ABB Research Limited, Zurich, a Swiss company (ABB Zurich) are part of the ABB group. The group is engaged in the manufacturing of power products and systems technologies and has business activities across the globe in over 100 countries....

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Consortium members working together with independent scope not an AOP

In re Hyundai Rotem Co., Korea & Mitsubishi Co., Japan, AAR No’s. 798- 799/2008 (Authority for Advance Ruling)

Merely coming together and acting in cooperation with each other for the purpose of executing the work while each member carries on its own scope of work independently does not reasonably lead to the conclusion that an AOP has been formed....

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Supply of customized software and enabling client personnel to handle the system amounts to “fees for included services” under the India-US tax treaty

In re Airport Authority of India (AAR) A.A.R. No. 819 of 2009

Under the specific facts of the case, customization of standardized software specific to client specifications was held to be “fees for included services” as the software developer made available technical knowledge, experience or skill to the client to enable client personnel to operate the software system themselves....

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Government increases existing limit of the Employees Deposit Linked Insurance amount from Rs 60,000 to Rs 1,00,000

NA (08/07/2010)

The government has increased the existing limit of the Employees Deposit Linked Insurance amount from Rs 60,000 to Rs 1,00,000. The amount will be paid to the next of kin of an employee in case of his death. In a notification issued on June 18, the government in the newly modifed Employees’ Deposit Linked Insurance (Amendment) Scheme, 2...

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Import Policy of items under Code 7326 90 99

Notification No. 52/2009-2014 (08/07/2010)

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, 2009-2014, the Central Government hereby makes the following amendments in Schedule –1 of the ITC(HS) Classifications of Export and Import Items....

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Circular No. 18/2010-Customs, Dated- 8th July, 2010

Circular No. 18/2010-Custom Duty (08/07/2010)

Your kind attention is invited to the Notification No.102/2007-Customs dated 14.9.2007 and Board’s Circulars No.6/2008-Customs dated 28.4.2008 and No.16/2008-Customs dated 13.10.2008 regarding refund of 4% Additional Duty of Customs (4% CVD). Attention is also invited to the Board’s Circulars No.24/2007-Customs dated 2.7.2007, No.22/2...

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Alignment of Schedule I of ITC (HS) Classification with Customs Tariff entries

Notification No. 51/ 2009-2014 (08/07/2010)

In exercise of powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with paragraph 2.1 of the Foreign Trade Policy –2009-2014, the Central Government hereby amends Schedule – I (Imports) of the ITC (HS) Classifications of Export and Import Items as under....

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Income Tax (I-T) officials search offices of Gammon India Limited

Income Tax (I-T) officials today carried out search operations at the offices of infrastructure major Gammon India in four cities. A company spokesperson told PTI that some officials had visited the premises but "we do not know what is happening"According to sources, I-T officials have been carrying out the search in four offices of the c...

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Posted Under: Income Tax |

Shri Salman Khurshid Presents ICWAI 7th National award for Excellence in Cost Management

BHEL bags 7 awards while LG electronics wins the first award in Private Manufacturing (Large) Category-Shri Salman Khurshid, Minister of Corporate Affairs, here today presented the 7th National Award for Excellence in Cost Management- 2009. BHEL bagged 7 awards in different Categories while LG Electronics won the First Award in Private Ma...

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Posted Under: Income Tax |

Supreme Court remands back I-T pleas against Essar, Glaxo to Bombay High Court

The Supreme Court remanded the income tax department’s plea back to the Bombay High Court that had allowed Essar Shipping to claim depreciation on foreign exchange loans taken for ship purchase. A bench headed by Chief Justice SH Kapadia while disposing of the department’s plea observed that after the high court dismissed the departme...

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Posted Under: Income Tax |