The income tax department will put to the test a bilateral tax treaty with Mauritius to glean information from the tax haven on investors in Indian Premier League teams as part of a wide-ranging probe into the shadowy flow of money into the T20 cricket tournament.
The Income Tax (IT) department, probing alleged financial irregularities in the cash-rich IPL, is likely to investigate the assets of its high-profile commissioner Lalit Modi and his close associates including their financial interests abroad. “There are so many shady transactions under the scanner. We will widen our inquiry into Lalit Modi’s transactions, interests abroad including those of his close associates,” an IT official said.
The AAR held that the amount received by the applicant is taxable as FTS in India mainly because the responsibility of the German company was not limited to the supply of the drawing and design, rather as provided in the agreement, the German company would remain the consultant throughout the period of work by offering such services as may be required from time to time.
Fish, Crustaceans, Molluscs, Aquatic, Invertebrates and any Aquatic Animal product of marine or fresh water origin in live or chilled or dried form, including Ornamental Fish and any Aquatic Animal product of marine or fresh water origin not covered under S.No. 2 below.
Ahmedabad-based Astral Poly Technik Ltd today said that Income Tax department has carried out survey on the premises of the company on April 15 and 16. Astral said IT department raised two technical issues on allocation of expenses between Gujarat plant and Himachal Pradesh plant of the company.
The Director General of Foreign Trade (DGFT) has notified the procedures for claiming the duty credits under the Status Holder Incentive Scheme (SHIS). He has also issued a Policy Circular clarifying listing of supporting manufacturers in the duty credit scrips. He needs to clarify an important confusion regarding realisation of foreign exchange.
Hyderabad court on Friday dismissed the petitions of two accused in the multi-crore Satyam fraud case seeking issuance of directions to the CBI to defreeze their saving bank accounts. Dismissing the petitions of former Price Waterhouse auditors — S Gopalkrishnan and Talluri Srinivas who sought defreezing of their bank accounts, special judge BVLN Chakravarti considered CBI’s contention that further investigations is pending in the case at this stage.
The government plans to tighten investment norms for non-resident Indians (NRI) in companies to ensure that they do not violate foreign direct investment (FDI) sectoral caps or enter areas where such investment is banned. The Reserve Bank of India (RBI) has also mooted a proposal to withdraw the special status given to NRIs for investing in sectors such as aviation, housing and real estate.
Corporate Affairs Ministry today said it is looking into all IPL franchises in the face of the controversy over team owners, a move that is in tandem with I-T probe into source of funding of the games body. Corporate Affairs Minister Salman Khurshid said his ministry would find out “the rules of engagement” of all IPL franchises.
Corporate Affairs Minister Salman Khurshid today said the Registrar of Companies has to judge if Rendezvous Sports had violated any procedures in its foray into the Indian Premier League cricket. “That is not for me to judge. If there are any violations, these are to be judged by the Registrar of Companies as they are the ones who monitor companies and it is their jurisdiction,” Khurshid told reporters here.
