"September, 2010" Archive

IDFC – tax-saving long-term infrastructure bonds under section 80CCF of the Income Tax Act, 1961

IDFC is coming out with the country's first ever public issue of infrastructure bonds through which the lender expects to mop up Rs 3,400 crore. The issue would open on September 30 and closes on October 18. It is the first public issue of bonds by an infrastructure finance company under Sec 80CCF of the Income Tax Act that allows tax be...

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Posted Under: Income Tax |

Allahabad High Court Verdict in brief in Ayodhya Case

Allahabad High Court on Thursday ruled by a majority verdict that the disputed land in Ayodhya be divided equally into three parts among Hindus and Muslims and that the place where the makeshift temple of Lord Ram exists belongs to Hindus....

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Posted Under: Income Tax |

Brief Summary of Allahabad High Court decision in Ayodhya Case

The Sunni Central Board of Waqfs U.P.Lucknow & others Vs Gopal Singh Visharad and others

Bhagwan Sri Rama Viraj man & Ors. Vs. Sri Rajendra Singh & Ors. The instant suit was filed on behalf of the deities and Sri Ram Janm Bhumi through the next friend, praying that the defendants be restrained not to interfere in the construction of the temple of plaintiff nos. 1 and 2 on the ground that the deities are perpetual minors and a...

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Posted Under: Income Tax |

M/s Panasonic India Pvt. Ltd. Vs. Income Tax Officer (ITAT Delhi)

M/s Panasonic India Pvt. Ltd. Vs Income Tax Officer, Ward 14(4) (ITAT Delhi)

The advertisement reimbursement would definitely form a part of the operating profits of the assessee and would have to be taken into account for purposes of transfer pricing analysis....

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Decision of Allahabad HC in Ayodhya Matters (Ram Mandir /Babri Masjid)

Allahabad HC rules by majority that disputed land in Ayodhya be divided into 3 parts, say lawyers. Land to be distributed among Waqf Board, Nirmohi Akhara, party for `Ram Lalla', say lawyers. Status quo will be maintained at the disputed site in Ayod...

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Posted Under: Income Tax |

Corrigendum No.5/2010 (F.No.142/13/2010-SO(TPL) dated 30/9/2010

Corrigendum No.5/2010 (F.No.142/13/2010-SO(TPL) (30/09/2010)

Corrigendum No.5/2010 (F.No.142/13/2010-SO(TPL) “the above amendment has been made applicable with effect from 1st April, 2009 and will accordingly apply in respect of assessment year 2009- 10 and subsequent years.” the following lines shall be read; “the above amendment has been made applicable with effect from 1st October 2009 ...

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Apprentices are ‘regular employees’ for EPF coverage

A decision of the EPF Appellate Tribunal, North Delhi, that the term “employee” was defined in the Payment of Bonus Act as regular workers which included apprentices, was upheld by the Madurai Bench of the Madras High Court. Rejecting the contention...

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Posted Under: Income Tax |

Section 297 and 299 of the Companies Act, 1956

The Directors occupy a fiduciary position in relation to a Company. They must act bona fide and in the interest of the Company. This duty of good faith which fiduciary relationship imposes is identical with those imposed on trustees. In this sense, i...

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Posted Under: Income Tax |

Provides Exemption to relief equipment imported by the Lille Fro Foundation and donated to the Ladakh Autonomous Hill Development Council

Notification No. 100/2010-Customs (30/09/2010)

G.S.R.796 (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts all goods falling under the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) when imported into ...

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Amends Anti dumping Notification No. 50/2009-Customs, dated 15th May, 2009 to modify entries at S.No.6., CUSTOMS Notification No 99/2010, 30-09-2010

Notification No. 99/2010-Customs (30/09/2010)

G.S.R.795 (E).- Whereas, in the matter of import of Cathode Ray Colour Television Picture Tubes (hereinafter referred to as the subject goods), falling under sub-heading 8540 11 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975) originating in, or exported from Malaysia, Thailand, China PR and Korea RP (hereinafter referre...

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