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Archive: 23 December 2010

Posts in 23 December 2010

Interest paid by a branch of a Foreign Bank to its Head Office is deductible in the hands of the branch

December 23, 2010 3005 Views 0 comment Print

An unnecessary complication has been created by the interpretation made of section 40 (a) (i) of the Income Tax Act read with section 195 of the Act by both the appellant and the respondents. First of all, a proper meaning has to be ascribed to the expression “chargeable” under the provisions of this Act. Section 195(1) says that, if any interest is paid by a person to a foreign company, which interest is chargeable under the provisions of this Act tax should be deducted at source.

Destination charges – When assessee merely collects and hands over documents to consignees, destination charges will not form part of taxable value of storage and warehousing

December 23, 2010 2427 Views 0 comment Print

It is submitted that destination charges or ground handling charges were collected by MSIL for storage and warehousing service in relation to the clearance of goods. The service formed an integral part of service relating to clearance of goods and the charges were towards storage and warehousing.

Income tax department orders special audit of Commonwealth Games Organising Committee books

December 23, 2010 369 Views 0 comment Print

The income tax department has ordered a special audit of the accounts of Commonwealth Organising Committee after detecting multiple violations of procedures. A detailed analysis of books of accounts was required to ascertain the extent of non-compliance by the committee, a tax department official told to media.

Adarsh Society members fail to reply to Income Tax Department notices

December 23, 2010 342 Views 0 comment Print

The income tax (I-T) department is still waiting for members of Adarsh Cooperative Housing Society to submit details of the investment they have made in flats in the 31-storeyed tower. The department had issued notices to the Colaba housing society’s members asking six questions related to their flats, the investment made in them and other details such as tax returns filed and Permanent Account Numbers (PAN).

Raid on sister concern not ground for terminating contract

December 23, 2010 603 Views 0 comment Print

An Enforcement Directorate raid on a sister concern connected with the Commonwealth Games scam is not a ground to terminate a contract, a division bench of the Delhi high court has declared. The Apparel Export Promotion Council had invited tenders and offered the contract for the February 2011 textile fair to an events management company, Meroform (India) Ltd. Later there was a telecast in private channels that its sister company was raided in scam investigation. Citing this telecast, the council declined to give the contract to the events management company, though large amounts were spent by it. It moved the high court challenging the termination of the contract. The court stated that the council’s decision was illegal. However, it did not grant any monetary relief to the affected company and pointed out that the remedy lay in the civil court.

Amendments in the Sixth Schedule of the Delhi Value Added Tax Act, 2004- Amended Act 2009 (Delhi Act 01 of 2010)

December 23, 2010 537 Views 0 comment Print

No.F. 5(54)/Policy-II/VAT/Amendment/2010/ 1790-1800 -WHEREAS the Commissioner, Value Added Tax, Dept. of Trade & Taxes, Govt. of the National Capital Territory of Delhi, being of the opinion that it is expedient in the interest of general public, so to do in exercise of the powers conferred by section 103 of the Delhi Value Added Tax Act, 2004, (Delhi Act 3 of 2005), amended Act, 2009 (Delhi Act 01 of 2010) hereby, makes the following amendments in the Sixth Schedule of the Act, namely:-

Declaration of Result – Election to the 11th Council of the ICSI held on 10th and 11th December, 2010

December 23, 2010 291 Views 0 comment Print

Election to the 11th Council of the ICSI held on 10th & 11th December, 2010 – Notification regarding declaration of result

Online Industrial Licence Tracking/Status Monitoring Facility

December 23, 2010 255 Views 0 comment Print

Under the Industries (Development & Regulations) Act 1951, the Department of Industrial Policy & Promotion (DIPP), issues licenses for certain licensable products. With a view to ensure enhanced public access and transparency as well as to implement

Additional 2 percent Duty Credit Scrip for Export of Grapes under VKGUY Scheme

December 23, 2010 349 Views 0 comment Print

The exporters of Grapes covered by ITC HS Code 0806 are entitled for additional 2% Duty Credit Scrip, over and above the normal rate under the VKGUY Scheme. This shall apply in respect of exports made on or after the date of this Public Notice.

10th ICSI National Award for Excellence in Corporate Governance, 2010- Award Winners

December 23, 2010 411 Views 0 comment Print

The 10th ICSI National Awards for Excellence in Corporate Governance for 2010 were presented at a function at New Delhi on the December 16, 2010 to : Dr. Reddy’s Laboratories Limited & Larsen & Toubro Limited Mr. Umang Vohra, Chief Financia

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December 2010