"06 April 2011" Archive

Guidelines on Distance Marketing of Insurance Products

NA 05/04/2011

Distance Marketing by Brokers- (i) Insurance brokers shall not exclusively promote the products of any particular insurer, and shall suggest the best available product in the market that fits the needs of the client. (ii) The price comparison charts that are displayed shall be up to date and reflect a true picture of all the ava...

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Taxation of Services – Major Relief

Levy of service tax on railway freight which was supposed to be effective from April 1 has been deferred once again by three more months to July 1, 2011- thanks to our Railways Minister. The historic amendment in levy of service tax by moving from cash basis of taxing services to accrual basis has come into force from April 1, 2011 agai...

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Posted Under: Corporate Law |

Satyam Computer reaches settlement with SEC

Shares of Satyam Computer Services, now Mahindra Satyam, jumped by over 9 per cent in early trade on the BSE today after the company reached a settlement with the US Securities Exchange Commission, which concludes the SEC's investigation of accounting issues related to the firm. Following the settlement, the scrip of the IT services provi...

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Posted Under: Corporate Law |

Service tax – Exercise of revisional jurisdiction u/s. 84(4) when appeal preferred was not permissible

Commissioner Of Central Excise Vs Shiva Builders (Punjab & Haryana High Court)

Even higher liability of the assessee had to be treated to be in issue before the Commissioner (Appeals). Thus, exercise of revisional jurisdiction under Section 84(4) of the Finance Act, 1994 when appeal had been preferred was not permissible. The view taken by the Tribunal is consistent with above statutory provision....

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Supreme Court sets aside Allahabad Court judgement on tax exemption- U.P. Trade Tax Act, 1948 – Central Sales Tax Act, 1956

Commissioner of Trade Tax Vs Kartos International Etc. (Supreme Court of India)

Sales Tax - Indirect Tax - U.P. Trade Tax Act, 1948 - Central Sales Tax Act, 1956 - Exemption - Notification No. 1166 dt. 10.4.2000 - Assessee, engaged in the manufacture and sales of various 'scientific and biological equipments/instruments', claimed goods sold by it were exempted from tax in view of the notification no. 1166 - Assessing...

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If applicant has no layout plan to examine the contentions that the activity carried out by them does not come under the purview of residential complex

M/s Avn Build Tech (P) Ltd Vs Cs (CESTAT Delhi)

Ld. Counsel Shri Pahwa argues that the second category of work carried out with M/s. Unitech Machines Ltd., Gurgaon is exhibited by para 34 of the adjudication order at page 94. In this case, the appellant acted as a sub-contractor and tax liability has been discharged by the principal contractor. According to him such aspect remains undi...

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Amends Notification No. 12/97-Customs (N.T.), dated the 2nd April, 1997 vide Notification No. 28/ 2011 – Customs (N.T.)

Notification No. 28/2011-Customs (N.T.) 06/04/2011

Notification No. 28/ 2011 - Customs (N.T.), New Delhi, dated the 6th April, 2011- Central Board of Excise and Customs, hereby makes the following further amendments in the notification of the Government of India in the Ministry of Finance (Department of Revenue) No. 12/97-Customs (N.T.), dated the 2nd April, 1997, published in the Gazett...

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Indian Accounting Firm Fined $7.5 Million Over Fraud at Satyam

The Indian affiliate of PricewaterhouseCoopers routinely failed to follow the most basic audit procedures, the United States Securities and Exchange Commission said Tuesday as it penalized the firm for its failed audits of Satyam Computer Services, the Indian company that falsely reported more than $1 billion in profits. The S.E.C. and th...

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Posted Under: Corporate Law |

New immigration rules to hit Indian professionals in UK

Several Indian professionals will be adversely affected by Britain’s new immigration rules that come into effect tomorrow as part of the David Cameron government’s efforts to reduce migration from non-European Union countries. The new immigration regime includes tighter rules for students, limits on skilled professionals and new restr...

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Posted Under: Corporate Law |

SC set aside judgement granting exemption from trade tax to firm engaged in manufacture and sale of scientific and biological equipment used for research purposes

Commissioner of Trade Tax, U.P. Vs. M/s. Kartos International etc. (Supreme Court of India)

Recently Supreme Court set aside the judgement of the Allahabad high court which had granted exemption from trade tax to a firm which was engaged in the manufacture and sale of various scientific and biological equipment used by scientists for research purposes. In the case, Commissioner of Trade Tax vs Kartos International, the revenue a...

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