The UK-based Vodafone Group Plc is confident that it would not have to shell out income tax in India for the Group’s $11.2-billion acquisition of local mobile operator Hutchison Essar Ltd in 2007. The Netherlands- based unit of Vodafone — Vodafone International Holdings BV had acquired a 67 per cent stake in Hutchison Essar, which has since been renamed as Vodafone Essar.
The assessee, a foreign company, without a presence or PE in India, earned long-term capital gains which were exempt u/s 10(38). The assessee applied for a ruling on whether it was liable to pay Minimum Alternate Tax (MAT) u/s 115JB on the said gains. HELD ruling in favour of the assessee:
In various Courts, the statistical data indicates that, on account of delay in process serving, arrears keep on mounting. In Delhi itself, the input indicates that fifty per cent of the arrears in Courts particularly in commercial cases is on account of delay in process serving.
As you are aware the last date for filing of your company’s annual return & balance sheet for the current year is round the corner. These documents have to be filed in electronic form online into the MCA21 portal. Since the size of each document is huge (2MB or more), the last minute rush creates a congestion in the system which is then unable to process pending requests fast.
In view of the closure of bank on account of weekly holiday on Sunday i.e.1st August, 2010, it has been decided that the last date for registration to Integrated Professional Competence Course (IPCC) is extended upto 2nd August, 2010 for being eligible to appear in the Integrated Professional Competence Examination (IPCE) to be held in May, 2011.
Notification No. 68/2010 – 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 Finance
such goods are exempted from the duties of customs leviable under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) and the additional duty leviable under Section 3 of the said Customs Tariff Act when imported into India; (b) an officer not below the rank of Chief engineer in the Central Electricity Authority certifies that the said goods are required for the setting up of the said mega power project under Government of India initiative, indicating the quantity, description, and specification thereof; and
“The Cabinet gave approval to amend Section 8 of Punjab Value Added Tax Act, 2005, for levying VAT on petrol up to 35 per cent in view of the recommendation of the committee comprising Deputy Chief Minister Sukhbir Singh Badal and Local Government & Industries Minister Manoranjan Kalia,” an official release said after a meeting of the state Cabinet here, presided over by Chief Minister Parkash Singh Badal.
The Motor Vehicle Amendment Bill, which has several recommendations related to improving the safety on roads, has been further delayed. It may be introduced in the winter session of Parliament. The Road Transport Minister, Mr Kamal Nath, had stated that the Ministry would try to present the Bill in the Monsoon Session.
B Ramalinga Raju, prime accused in the multi-crore Satyam case, is slated to stay as an in-house patient of Nizam’s Institute of Medical Sciences (Nims) for another 22 weeks. Raju is undergoing treatment for Hepatitis C in the hospital.
