"15 February 2011" Archive - Page 2

Exemption from attaching accounts of subsidiaries with balance sheet of holding company

Ministry of Corporate Affairs, Government of India (MCA), has on 8 February 2011 issued directions through General Circular No. 2/2011 and Press Note 3/2011 exempting holding companies from attaching specified particulars of its subsidiary companies ...

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Posted Under: Company Law |

SEBI’s recommendation on related party transactions

Securities and Exchange Board of India [SEBI] at their Board Meeting held on 7 February 2011 decided to recommend to the Ministry of Corporate Affairs, Government of India [MCA] to suitably amend Clause 166 of the Companies Bill, 2009 [Companies Bill...

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Posted Under: Company Law |

Salient Features of Easy Exit Scheme, 2011 available upto 30 April 2011

Companies eligible to avail EES 2011 A defunct company which has active status (for e-filing) on MCA portal can apply under EES 2011. For the purposes of the EES 2011, defunct company has been defined to mean a company registered under the Act ...

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Posted Under: Company Law |

Payment for use of transponder capacity for up-linking /downlinking data would not constitute royalty

Asia Satellite Telecommunication Co. Ltd. Vs. Director of Income tax (Delhi High Court)

The Delhi High Court has held that the payment made to foreign satellite service providers for use of transponders does not constitute „royalty? and hence is not taxable in India. It provides a welcome relief to the foreign satellite operating compan...

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Tax Residency Certificate should be regarded as sufficient evidence for beneficial owner

Assistant Director of Income-tax Vs. M/s. Universal International Music BV (ITAT Mumbai)

The Tribunal has reiterated the principle that a certificate from the tax authorities of the other country regarding residency and beneficial ownership would be a sufficient evidence for beneficial ownership. The Ruling seems to suggest that although...

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Agreement between India and Bermuda for the exchange of information with respect to taxes

The agreement between India and Bermuda has been entered to enhance co-operation and facilitate the exchange of information with respect to administration and enforcement of the domestic laws with respect to taxes. This may result in greater transpar...

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Posted Under: Company Law |

Liaison Office (LO) involved merely in purchasing activity is not a Permanent Establishment (PE)

ADIT (IT) Vs Fabrikant & Sons Ltd. (Appeal Nos. 4657 to 4660 and 3342)

The Tribunal accepted most of the contentions of the assessee. The ruling assumes significance since it has held that selection of right goods and negotiation of price as per the instructions of the Head Office though a part of the purchasing activit...

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Posted Under: Company Law |

Custom Duty Notification No. 12/2011 – Customs (N.T.) amends Notification No. 36/2001 – Customs (N.T.), dated, the 3rd August, 2001

Notification No. 12/2011-Customs (N.T.) (15/02/2011)

Notification No. 12/2011 - Customs (N.T.), New Delhi, 15th February, 2011. S. O… (E) – In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it is necessary and expedient so to do, hereby makes the following further amendment in the notification of t...

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Public Notice No. 33/(RE2010)/2009-14, Dated: 15.02.2011

Public Notice No. 33/(RE2010)/2009-14 (15/02/2011)

Effect of inclusion: The entries sr. no. 157 and 163 shall be entitled to Bonus Benefits of 2% under FPS benefits (i.e. total 5%+2% = 7%) for exports made from 1.1.2011 onwards. All other above entries shall be entitled to Bonus Benefits of 2% under FPS benefits (i.e. total 2%+ 2% = 4%) for exports made from 1.1.2011 onwards....

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Public Notice No. 32 /2009-2014 (RE- 2010), Dated: 15.02.2011

Public Notice No. 32/2009-2014(RE- 2010) (15/02/2011)

In respect of exporters of handicrafts and handloom products from the State of Jammu & Kashmir, Director, Handicrafts, Government of Jammu & Kashmir is authorized to issue Registration Cum Membership Certificate (RCMC)....

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