"October, 2010" Archive - Page 20

Crores of unclaimed and un-refunded money belonging to consumers lying with government

Several crores of unclaimed and un-refunded money belonging to consumers have been lying with various Central and state government departments, undertakings, financial and banking institutions for almost 10 years, according to a petition filed in the...

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Posted Under: Finance |

Discussion Paper on Foreign Direct Investment in LLPs

01/01/1970

This article summarizes the Discussion Paper (DP) released on 28 September 2010 on ’Foreign Direct Investment in Limited Liability Partnerships’ issued by the Department of Industrial Policy & Promotion (DIPP) of the Government of India (GoI). Even t...

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Posted Under: Finance |

Royalty paid by a taxpayer computed even on sales made to the Associated Enterprise is at arm’s length

ACIT Vs. Sona Okegawa Precision Forging Ltd. (ITAT Delhi)

Royalty paid by a taxpayer computed even on sales made to the Associated Enterprise is at arm’s length. Further, a taxpayer paying royalty to its Associated Enterprise can make additional payments for technical services rendered by personnel deputed by the Associated Enterprise....

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Payment made to USA entities cannot be disallowed on account of non deduction of tax at source

Central Bank of India Vs. DCIT (ITAT Mumbai)

Central Bank of India v. DCIT- In view of non-discrimination clause under the India-USA tax treaty, the non-resident should be given same treatment as given to resident’s taxpayers. Accordingly, the payment made to USA entities cannot be disallowed on account of non deduction of tax at source....

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Summary of Consolidated Foreign Direct Investment (FDI) Policy – Circular No. 2 of 2010

01/01/1970

The Circular, while clarifying several aspects on which earlier there was ambiguity, also recognises the introduction of various Discussion Papers issued by DIPP (Defence, multi brand retail, existing venture/tie-ups, issue of shares for consideratio...

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Posted Under: Finance |

Provision of Discussion Paper on Issue of Shares for Consideration Other than Cash in brief

The Department of Industrial Policy & Promotion (DIPP) on 28 September, 2010 released its fourth discussion paper in its series of such papers being released on various aspects relating to Foreign Direct Investment (FDI) – Issue of Shares for Consideration Other than Cash....

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Posted Under: Finance |

Disallowance under section 14A and for expenses for increase in share capital not attracted in the case of life insurance companies

Birla Sun life Insurance Company Ltd. Vs. DCIT (ITAT Mumbai)

In a recent ruling, ITAT Mumbai held that no disallowance under section 14A of the Income-tax Act, 1961 is attracted in the case of a life insurance company. The Tribunal also held that disallowance of software expenses and of expenses incurred for increase in authorised share capital, is not attracted in view of the special provisions o...

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Taxability of Catering Contracts under the Haryana General Sales Tax Act, 1973

M/s Cap 'N' Chops Caterers Vs State of Haryana (Punjab & Haryana High Court)

Under section 2(1)(v) of the Haryana General Sales Tax Act, 1973 (‘HGST Act’), ‘sale’ included supply, by way of or as part of any service or in any other manner whatsoever of goods, being food or any other article for human consumption or any drink (whether or not intoxicating), where such supply or service, is for cash, deferred...

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Clearance of goods to a SEZ unit would not amount to export for the purposes of Rule 5 of CENVAT Rules

Commissioner of Central Excise Vs. The Tiger Steel Engineering (I) Pvt Ltd (CESTAT Mumbai)

Tiger Steel Engineering India Pvt. Ltd. („the assessee?) is registered with Central Excise Department for the manufacture of pre-fabricated steel buildings, falling under Chapter 94 of Central Excise Tariff Act, 1985. The assessee also avails of the CENVAT credit facility under CENVAT Credit Rules, 2004 („CENVAT Rules?). From 1 Januar...

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Notification No. 90/2010-Customs (N. T.), Dated: 16th October, 2010

Notification No. 90/2010-Customs (N.T.) 16/10/2010

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 (Department of Revenue), No. 36/2001-Cus ...

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