Mumbai bench of the Income-tax Appellate Tribunal held that the income from supply of information relating to various markets should be taxed as business profits under Article 7(3) of the India-Singapore tax treaty (tax treaty) and accordingly the expenses incurred for earning the income should be allowed as a deduction. Further, the Tribunal upheld the view that when the taxpayer chooses to be covered by provisions of an applicable tax treaty, the tax department cannot thrust provisions of the Income-tax Act, 1961 (‘the Act’) on the taxpayer unless those are more beneficial to the taxpayer.
At least 50% of other than promoter holdings as per clause 35 of Listing Agreement are in dematerialized mode before shifting the trading in the securities of the company from TFTS to normal Rolling Settlement. For this purpose, the listed companies shall obtain a certificate from its Registrar and Transfer Agent (RTA) and submit the same to the stock exchange/s.
Cheques with overwriting or cutting will not be honoured by the banks in the capital from today, a move intended to prevent fraudulent withdrawal of money and expedite clearance of cheques. The RBI in its directive to banks in June had asked banks no
The inquiry reports of National Stocks Exchange in the alleged defaults by a brokerage firm should be made public, the Central Information Commission has told the Securities and Exchange Board of India (SEBI). The transparency panel rejected the argu
Vivek Kulkarni, who resigned from the Board of the Bombay Stock Exchange (BSE) about a month-and-a-half ago, cited a lack of corporate governance at the bourse as his reason for doing so. “I resigned from the board following differences of opinion.
The cash-starved real estate sector could well find the going tougher. Smarting under the allegations of bribery against some its executives for granting loans to realty firms, banks are contemplating whether to bar roll-over of the loans of these fi
It is alleged that some advocates damaged window-panes, Name-plate of the Judicial Magistrate-II Lucknow, notice-board and destroyed the cause-list. About 5-6 Advocates further indulged in violence, ransacked the chamber of Judicial Magistrate-II Luc
The department filed an appeal in the High Court and claimed that as the Tribunal’s order was received on a particular date, the appeal was on time. However, the assessee obtained information from the Tribunal under the Right to Information Act and pointed out that the order was served on an earlier date and that the appeal was belated. HELD taking a serious view of the matter and summoning the Revenue Secretary and Chairman CBDT.
The Cabinet today approved to provide an additional amount of Rs. 6000 crore, in addition to the Rs. 15000 crore already provided in the Budget 2010-11, to ensure Tier I CRAR (Capital to Risk Weighted Assets) of all Public Sector Banks (PSBs) at 7% a
Union Finance Minister, Shri Pranab Mukherjee launched the new website of the Department of Disinvestment (www.divest.nic.in), here today. Launching the revamped website, the Minister said that in the age of information technology and Right to Inform
