In continuation of the earlier Instruction dated 17th March, 2011 on the subject matter, it is to intimate that following two laboratories have been granted accreditation by FSSAI for testing for radioactive contamination of food items imported from Japan besides BRIT, Navi Mumbai (copy enclosed): Shriram Institute for Industrial Research, 19, University Road, New Delhi-110007. Monarch Biotech Private Limited, 37A-SIDCO Industrial Estate, Thrumazhisai, Chennai-602107
Delhi High Court in the case of CIT v. Sandan Vikas (India) Ltd. (ITA No. 348 of 2011) (Judgement date: 24 February 2011, Assessment Year: 2005-06) held that the taxpayer was eligible to claim weighted deduction on in-house Research and Development (R&D) expenditure from the year in which the taxpayer made an application to the Department of Scientific and Industrial Research (DSIR). The High Court observed that the provisions of the Income-tax Act, 1961 (the Act) does not suggest or imply that the cut-off date mentioned in the certificate issued by the DSIR will be the cut-off date for eligibility of weighted deduction on the expenditure incurred on in-house R&D to avail benefit of Section 35(2AB) of the Act.
Delhi bench of the Income-tax Appellate Tribunal (the Tribunal) in the case of Intelsat Corporation (ITA No. 5443/D/2010) (Judgment Date: 4 March 2011, Assessment Year: 2007-08) held that income received by the non-resident taxpayer from leasing of transponder capacity and bandwidth cannot be taxed as ‘royalty’ under the provisions of Income-tax Act, 1961 (the Act).
Recently, the Mumbai bench of the Income-tax Appellate Tribunal (the Tribunal), in the case of Bharat Bijlee Limited v. ACIT (ITA NO. 6410/MUM/2008) (Judgment Date: 11 March 2011, Assessment Year: 2005-06) , held that where a business undertaking is transferred against issue of bonds / shares, the transaction is not a “Slump Sale” as defined under Section 2(42C) of the Income-tax Act, 1961 (the Act) and therefore provisions of section 50B of the Act relating to computation of capital gains in case of Slump Sale are not applicable to such transfer.
Acting tough, the government has imposed fines worth Rs 700 crore on various telecom operators for carrying out illegal and clandestine activities in their services, particularly for non-compliance of the subscriber verification process. The penalty was imposed by Telecom Enforcement , Resource and Monitoring (TERM) Cells till January 2011 on various telecom service providers operating in different licence service areas for non-compliance of subscriber verification guidelines, a Home Ministry report said.
Union Heavy Industries Minister Praful Patel today batted in favour of making CSR (corporate social responsibility) spends mandatory for private companies , saying it is necessary for the upliftment of people. “I think the corporate sector cannot avoid the responsibility of bringing about change in our country and should support initiatives not only of the government but also outside the government,” Patel told reporters here.
Admission to Company Secretaries (CS) Foundation Programme is on. 10+2 pass/ appearing students seeking admission till 31st March, 2011 will be eligible for Examination in December, 2011. Students of any stream- Arts / Science / Commerce ( excluding Fine Arts ) can pursue the CS FOUNDATION PROGRAMME conducted by the Institute of Company Secretaries of India (ICSI). CS Helpline is available on Telephone No. 011 – 41504444, 45341076 & 45341077 (Delhi) & 0120-4522061, 4522071 & 4522081 (NOIDA).
In order to check flow of black money into real estate sector, Prime Minister Manmohan Singh today said stamp duty needs to be reduced, a step that realty players welcomed, stating it will bring in more transparency.
The Supreme Court Friday asked the government to consider the option of setting up a Special Investigation Team (SIT) to probe the black money stashed away by Indian citizens in foreign banks. An apex court bench of Justice B Sudershan Reddy and Justice SS Nijjar asked Solicitor General Gopal Subramaniun to get back with the government’s response by March 28.
Circular no. 36/2010-Cus dt. 23.09.2010 was issued for simplifying the procedure related to conversion of shipping bills. It was issued as a consequence of series of Tribunal judgments which held that the conversion of free shipping bills to export promotion scheme is allowed as there is no such bar in the section 149 of customs act, 1962. But this prime need is also not fulfilled by this circular. Indeed, the process of conversion of shipping bills from one scheme to another has also been made complicated. Prior to issuance of this circular, conversion from one scheme to another was freely allowed but now conversion can also be made to schemes that require equal level of examination of documents or that require lower level of examination of documents. Thus, the actual purpose of issuing this circular is mislead and has opened another door of litigation.
