"25 April 2011" Archive

CWG scam -CBI arrests Suresh Kalmadi, suspended by Congress

The Central Bureau of Investigation (CBI) on Monday arrested sacked Commonwealth Games (CWG) Organizing Committee chairman Suresh Kalmadi in connection with his role in the AM Films and TSR scams. The arrest order was carried out after the CBI had questioned Kalmadi extensively on the two incidents, particularly on the documents relating ...

Read More
Posted Under: Finance |

Deduction u/s. 80C of the Income-tax Act, 1961 – CBDT notifies annuity plan of the TATA AIG Life Insurance Company

CORRIGENDUM NOTIFICATION NO. 20/2011 (21/04/2011)

In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number 80/2010, dated the 19th October, 2010, to be published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (ii), in paragraph 1 for "annuity plan of the ICICI Prudential Life Insuranc...

Read More

Supreme Court to hear petition on IPO scam and NSDL's role in it

The Supreme Court will hear a petition tomorrow that seeks directions to market regulator Sebi to take action on the report of a high-powered committee which had probed the IPO scam of 2006 and NSDL's role in it. A bench comprising Justices RV Raveendran and AK Patnaik will hear the petition. ...

Read More
Posted Under: Finance |

Steps to Be Taken In Respect of “Information” Received Against Members/Firms Registered With ICAI, ICWAI and ICSI

Announcement containing certain extracts taken from a communication addressed by the ministry of corporate affairs to the three professional institutes namely, ICAI, ICWAI and ICSI on the steps to be taken in respect of “information” received against members/firms registered with the respective institutes...

Read More
Posted Under: Finance |

TDS on Payment to doctors under fixed salary and guarantee money scheme

ITO (TDS-1), Ahmedabad Vs. Apollo Hospitals International Ltd

ITO (TDS-1), Ahmedabad v. Apollo Hospitals International Ltd - There are two types of agreements. One of the covenant is stated to be in the nature of employer/employee agreement and the other is stated to be FGC contract. The distinction between the two inter alia include: a) In case of the employee doctors, there is a list of allow...

Read More
Posted Under: Finance |

Delhi High Court sanctions Vodafone Essar’s scheme of arrangement involving demerger of the passive infrastructure assets despite opposition by tax department

M/s. Vodafone Essar Limited Vs M/s. Vodafone Essar Infrastructure Limited (Delhi High Court)

With respect to the Scheme, the tax department had raised similar objections before the Gujarat High Court, which after considering the contentions of both, the tax department and the petitioner company had dismissed the petition thereon. The petitioner has filed an appeal against the order of the Gujarat High Court and the same is pendin...

Read More

Inland haulage charges are in the nature of income from operations of ships in international traffic and not taxable in India per Article 8 of the India-Belgium tax treaty

Dy. Director of Income Tax Vs Safmarine Container Lines NV (ITAT Mumbai)

DDIT vs. Safmarine Container Lines NV The Mumbai Tribunal in this case has observed that unless there is a specific language in the tax treaty which keeps the income from inland transportation in connection with international traffic outside the purview of Article 8 of the tax treaty, inland haulage charges would be considered as directly...

Read More

Sharing of management experience and business strategies by a foreign professional cannot be termed as technical service under India-USA tax treaty

Wockhardt Ltd. V/s ACIT (ITAT Mumbai)

Wockhardt Ltd. v/s ACIT – [2011] (Mumbai - ITAT) - The Tribunal has held that the services rendered by the non-residents should be in the nature of technical services and such services should make available technical knowledge, experience, skill or know-how, etc., that enables the recipient of services to apply the said technology inde...

Read More