"October, 2010" Archive - Page 39

IRDA circular on Examination of Credit Insurance Covers

Circular No. IRDA/NL/CIR/159/09/2010 27/09/2010

Circular No. IRDA/NL/CIR/159/09/2010, dated 27-9-2010 Following examination of credit insurance covers being marketed by general insurers to banks offering credit facilities to debtors, it is observed that such covers appear to be in the nature of credit default insurance. Therefore such covers necessarily need to have a different regulat...

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SEBI bars 197 foreign institutional investors, 342 sub-accounts from trading

Market regulator SEBI has barred 197 foreign funds, including those managed by global financial conglomerates like HSBC, Deutsche Bank and Standard Chartered, and 342 sub-accounts from further trading in stock market. These entities have been barred ...

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Posted Under: Corporate Law |

Exemption u/s 11 can not be denied merely on the ground that audit report was not filed with return of Income

The I.T.O (E) 11(1) Vs M/s. Sir Kikabhai Premchand Trust Settlement No. 6 (ITAT Mumbai)

The assessee, a charitable trust, filed a return claiming exemption u/s 11 in respect inter alia of a receipt of Rs. 35.70 crores on sale of property. The audit report in Form 10B was not filed with the return. During the assessment proceedings, the assessee’s trustee gave a statement u/s 131 to the AO in which he stated that no audit r...

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In matters giving benefit to assessee, dept must avoid Technical Approach-HC relief for actor Danny Denzongpa

Danny Denzongpa (Alias Tshering Pintso) Vs Commissioner of Income Tax & Others (Bombay High Court)

The Bombay High Court has directed the income tax commissioner to reconsider the applications of Bollywood actor Danny Denzongpa alias Tshering Pintso for tax exemptions on dividends and interests since 1997-98 under section 10(26AAA) as incorporated in the Finance Act, which entitled tax exemptions to Sikkimese nationals on dividends and...

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ICAI conducting Online CPT exam on 25th – 26th October 2010, Last date for form submission 9th October

With a view to accommodate the candidates who could not register themselves in the Online CPT scheduled on 23rd – 24th October 2010, the Council of the Institute has decided to hold additional Online Common Proficiency Test (CPT) as per the following...

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Posted Under: Corporate Law |

ICAI Campus Placement programme-August-September, 2010

The Institute of Chartered Accountants of India (ICAI) is a statutory body established under the Chartered Accountants Act, 1949 (Act No. XXXVIII of 1949) for the regulation of the profession of Chartered Accountants in India. During its nearly six ...

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Posted Under: Corporate Law |

SC asks Raju to respond to CBI bail cancellation plea

The Supreme Court on Friday sought a response from Satyam Computer's disgraced founder, B Ramalinga Raju, on the CBI's plea for cancellation of his bail in the multi-crore rupee accounting scam....

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Posted Under: Corporate Law |

No penalty if delay in filing returns is genuine- ITAT

Delhi bench of the (ITAT) has ruled that penalty cannot be levied if there is a genuine reason for the delay. Open Technologies India who filed the appeal against the Rs1 lakh penalty imposed on it by the I-T department because of an alleged delay in filing a report from a Transfer Pricing Accountant. ...

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Posted Under: Corporate Law |

Direct Tax Code-2010 Proposed Changes in respect of international taxation

Income shall be deemed to accrue in India if it accrues, directly or indirectly through or from transfer of a capital asset situated in India. However, the income from the transfer by a non?resident of any share or interest in a foreign company would not be considered as income, wherein at any time in twelve months preceding the transfer,...

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Posted Under: Corporate Law |

Summary of Bombay High Court decision in Vodafone’s case

Vodafone International Holdings B.V. Vs Union of India & Anr. (Bombay High Court)

In this judgement, after hearing the matter, vide its order dated 8 September, 2010 running into 196 pages, the HC has dismissed the writ petition filed by VIH, holding that the proceedings initiated by the Revenue Authorities under section 201 of the Act cannot be held to lack jurisdiction....

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