"24 August 2010" Archive

Shri Salman Khurshid to launch an E-Learning Module on Corporate Governance tomorrow

Shri Salman Khurshid, Minister of Corporate Affairs, will launch here tomorrow evening an e-learning module on Corporate Governance: Voluntary Guidelines 2009. It will be a joint effort of the Ministry of Corporate Affairs and Dun & Bradstreet India....

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Posted Under: Company Law |

ICAI invites Suggestions/views from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of IFAC Code of Ethics( 2010)

Suggestions/views invited from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of IFAC Code of Ethics( 2010). Suggestions/views invited from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of ...

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Posted Under: Company Law |

Order of the Madras HC on the legislative competency of the Parliament to levy Service Tax on Information Technology Software Services

Infotech Software Dealers Association Vs Union of India (Madras High Court)

Infotech Software Dealers Association (hereinafter referred to as "the ISODA” or the “Petitioner”) is a society registered under the Societies Registration Act having its headquarters at Mumbai. Members of ISODA are engaged in the business of reselling of computer software products falling under 3 categories – (i) Shrink Wrap Soft...

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Place of effective management essential to substantiate the residential status of the Mauritius company while claiming the capital gains exemption in India

SMR Investments Ltd Vs. DDIT (ITAT Delhi)

Mere tax residence certificate may not be the conclusive determinant of residential status of the Mauritius company. It may be essential to substantiate the residential status based on the place of effective management. Documents like board minutes etc would need to be authenticated by the government agency in Mauritius in order to be rel...

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Fiscally transparent partnership firm eligible for tax treaty benefits and application of “force of attraction” rule to profits indirectly attributable to PE

Linklaters LLP Vs ITO (ITAT Mumbai)

The Ruling recognizes that a partnership firm, albeit a fiscally transparent entity, can be regarded as an entity liable to tax and hence eligible for benefits under the DTAA. The Tribunal has also observed that the fiction of deeming the PE to be a distinct and separate enterprise is for the limited purpose of preventing the manipulation...

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Sebi plans to make listing of all mutual fund schemes mandatory

Transactions in mutual fund schemes could soon become as easy as those in stocks. Securities and Exchange Board of India (Sebi) is planning to make listing of all schemes mandatory. These will include all debt, equity, open-ended and close-ended schemes....

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Posted Under: Company Law | ,

Sharma allays fears on SEZ tax sops

Commerce and Industry Minister Anand Sharma today said that he has conveyed investor concerns over the proposed withdrawal of fiscal benefits to SEZs to Prime Minister Manmohan Singh and assured the industry of protecting the exemptions....

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Posted Under: Company Law |

Fake income tax commissioner held for extortion

The crime branch of Delhi Police has arrested a 24-year-old man who allegedly posed as an income tax commissioner and demanded Rs 30 lakh from a businessman in return of closing a fictitious complaint against the victim. The accused, Dinesh Kumar, was arrested last Friday from the Millennium Park area in southeast Delhi....

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Posted Under: Company Law |

Summary of Examiners’ Comments on the Performance of Candidates [Final (Old) Course and Final (New) Course, May 2010 Examination]

In a move to facilitate the students, the Board of Studies has compiled the comments of the examiners on all the subjects of the Final (Old) Course and Final (New) Course examinations held in May, 2010. The group-wise general comments of the examiners on the performance of the students have been summarised, which are followed by the quest...

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Posted Under: Company Law |

Constitutionality of levy of service tax under the category of Information Technology Software Service upheld

Info tech Software Dealers Association Vs. UOI (Madras High Court), W.P. Nos. 3811 & 18886 of 2009

The High Court held that Section 65(105)(zzzze) does not relate to goods as such as it imposes service tax on services provided or to be provided in relation to information technology software. The same can be brought under Entry 97 of List 1 of Schedule VII which relates to the residuary powers of the Parliament to make laws. Thus, the P...

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