"05 December 2010" Archive

Constitutional validity of levy of service tax on commercial renting and amendment with retrospective effect, i.e., 1.6.2007

M/s Shubh Timb Steels Limited Vs Union of India and Another (Punjab & Haryana High Court)

The Petitioner, owner of commercial immoveable property, has let out the said property to business entities on rental basis. The Petitioner has challenged the levy of Service Tax on renting of immoveable property covered under Section 65(90a) and Section (65)(105)(zzzz) of the Finance Act, 1994 and its retrospective amendment under the ca...

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Constitutional validity of the Parliament to levy Service Tax on financial leasing services including equipment leasing and hire-purchase

Association of Leasing & Financial Service Companies Vs. Union of India and others (Supreme Court), Civil Appeal No. 9344 of 2010 (Arising out of S.L.P. (C) No. 23149 of 2009), 26/10/2010

The appellant is an association of leasing and financial companies. The appellant had filed a writ petition in the Madras High Court challenging the levy of Service Tax imposed on the financial leasing services covered under ‘Banking and other financial services’ as ultra vires the legislative competence of the Parliament. The Madras ...

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Scope of the expression ‘job worker’

M/s Coromandel Paints Ltd Vs The Commissioner of Central Excise (CESTAT Bangalore)

M/s Coromandel Paints Ltd („the appellant?) are manufacturers of paints & varnishes, thinners falling under chapter 32 and 38 of the schedule to the Central Excise Tariff Act, 1985 („the Central Excise Tariff?). The appellant had entered into an agreement with M/s. Sigmakalon India Pvt. Ltd., Mumbai (SIPL) for manufacture and su...

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Facebook offers Rs 70 lakh package for IIT Madras students

Facebook on Friday recruited one of its addicts from India. The website, which recently logged its 500 millionth active citizen, made an offer of about Rs 70 lakh for a posting in the United States, which has created a buzz on all IIT campuses where ...

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Posted Under: Service Tax |

DTC to make tax system more predictable- Pranab

Finance Minister Pranab Mukherjee today said the government will try to plug tax leakages through the proposed Direct Taxes Code (DTC) which will make the taxation regime transparent and predictable. ...

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Posted Under: Service Tax |

Investments around the world are ready to rock 2011

From the struggling economy of US to the emerging economies every one is ready with their investment ideas and strategies. In this series of article we will present a host of economies where inside investments as well as cross border investment will be discussed. In my first issue we are glad to present you investments “In China”. ...

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Posted Under: Service Tax |

Govt begins hunt for 8 public sector bank chiefs

The government has begun the process for selecting chiefs of at least eight public sector banks, including the country's biggest lender SBI, where top position would fall vacant in the next fiscal. Kicking off a process that might take at least 4-5 m...

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Posted Under: Service Tax |

Now, you can't buy mutual funds without a PAN card

All mutual fund investors, new as well as existing, will need to mandatorily furnish their PAN (Permanent Account Number) details from next year irrespective of the size of their investment. The move is part of the revised Know-Your-Customer (KYC) co...

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Posted Under: Service Tax |

CWA and CAT December 2010 Exams Admit Card/Hall Ticket available for download – ICWAI

CWA and CAT December 2010 Exams Admit Card/Hall Ticket available for download official links of ICWAI . CWA Exam Admit Card/Hall ticket – Download Link CAT Exam Admit Card/Hall ticket – Download Link Any problems/Queries regarding Hall tickets – h...

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Posted Under: Service Tax |

Forfeiture of gratuity for loss sustained illegal

The Payment of Gratuity Act, 1972, did not provide for forfeiture of gratuity amount due to employees in any other contingency except the one covered under Section 4(6), viz., recovery of dues from them. Also, the law stipulated that for invoking the...

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Posted Under: Service Tax |