"06 March 2011" Archive

Key Highlights of Indian Economic Survey 2010-11

Recovering from the global slowdown, the Indian Economy is geared up to achieve the GDP growth rate of 9 percent for 2011-12 on the basis of positive momentum in savings, investment rate and increasing investment in infrastructure. However, there is a soaring task in front of the Government to overcome from the crisis of elevated inflatio...

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Posted Under: Finance |

Tax authorities should evaluate a transaction from the point of view of prudent businessman

CIT Vs. Rock man Cycle Industries Private Limited (Punjab & Haryana High Court)

Recently, the High Court of Punjab and Haryana (the High Court) in the case of CIT v. Rockman Cycle Industries Private Limited [201 1-TIOL-88-HC-P&H-IT-LB] held that if the taxpayers used certain devices to conceal true nature of the transaction, it was the duty of the taxing authority to unravel the device and determine its true characte...

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Law empowers Transfer Pricing Officer to determine the arm’s length price of only ‘referred’ international transactions

M/s. Amadeus India Pvt Ltd Vs. ACIT (ITAT Delhi)

Non-referred international transactions fall outside the TPO’s jurisdiction . The Delhi Bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of M/s. Amadeus India Pvt Ltd v. ACIT, Range-I, New Delhi (ITA No. 5203/Del/2010) held that the role of Transfer Pricing Officer (TPO) is limited to the determination of arm’s l...

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Highlights of fresh sops announced for exporters Background

After the issuance of Annual Supplement of the Foreign Trade Policy 2009-14, the Government maintained a close watch on the exports, especially of those sectors, which were badly hit by recession in the developed world. The Government observed that while the exports have generally shown a rising trend during last few months, certain secto...

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Posted Under: Finance |

Incentive paid to the employees by the employer’s parent company pursuant to takeover does not require any mark-up

M/s Ari cent Technologies (Holding) Limited Vs. DCIT (ITAT Delhi)

Income Tax Appellate Tribunal (“The Tribunal”), Delhi Bench recently pronounced its ruling in the case of M/s Aricent Technologies (Holding) Limited v. DCIT (Appeal no. ITA No. 4699 /Del. /2010) for AY 2006-07, on the amount paid as incentive to employees of the Taxpayer by its parent company pursuant to transaction of takeover for th...

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Draft CCI (Procedure in regard to transaction of business relating to combination) Regulations

Draft 06/03/2011

These regulations may be called the Competition Commission of India (Procedure in regard to the transaction of business relating to combination) Regulations, 201_. (2) They shall come into force on the date of their publication in the Official Gazette....

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Internal benchmarking analysis under TNMM based on segmental results prepared by using allocation keys is justified

Birlasoft (India) Ltd. Vs. Dy. CIT (ITAT Delhi)

The Delhi bench of the Income Tax Appellate Tribunal (Tribunal) recently pronounced its ruling in the case of Birlasoft (India) Ltd. v. Dy. CIT ITA NO. 3839/DEL/2010, where the Taxpayer had determined the arm’s length price of their international transactions on the basis of internal benchmarking analysis. The Tribunal upheld the transf...

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RBI holds meeting of FSDC

The first meeting of the sub-committee of the Financial Stability Development Council (FSDC) was held at the Reserve Bank of India office in New Delhi on Friday, the central bank said in a release. The sub-committee reviewed the developments in the macro economy and the financial markets, it said....

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Posted Under: Finance |

FICCI to pursue with state governments issue of implementing GST

The Federation of Indian Chambers of Commerce and Industry ( FICCI )), today said it will pursue the issue of implementation of the proposed Goods and Services Tax (GST) with various state governments. "We will pursue with state governments the (issue of) implementation of GST," FICCI's Chairman (Western Region Council), Sushil Jiwarajka...

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Posted Under: Finance |

CBI registers case agst Lalli, Dehlvi, carries out searches

The CBI today searched the residence of suspended Prasar Bharti CEO Mr BS Lalli after registering a case against him and others for alleged irregularities in the award of broadcasting rights of Commonwealth Games that reportedly resulted in a loss of Rs 135 crore to the exchequer. The case was filed against Mr Lalli, director of Zoom Comm...

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Posted Under: Finance |

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