The Union Government on Tuesday objected in the Supreme Court to the CBI’s decision to appoint senior advocate U. U. Lalit as special public prosecutor for the trial of former Telecom Minister A. Raja and other accused in the 2G spectrum allocation case. Attorney General G. E. Vahanvati told a Bench of Justices G. S. Singhvi and A. K. Ganguly that under the provisions of Prevention of Money Laundering Act, the special prosecutor has to be working under the State or the Union government for at least seven years.
Eight months after it was set up to find a successor to Tata Sons chairman Ratan Tata, the search panel has concluded that it cannot find a “replacement” for the group chief. “Our committee has come to the conclusion that we cannot find a replacement for (Ratan) Tata!”, said Tata Sons director and one of the members of the committee RK Krishna Kumar in an interview published on the company’s website.
CIR/MRD/DP/4/2011, Dated:April 07, 2011SEBI has earlier issued directions to stock exchanges with regard to the limitation period for filing an arbitration reference. In view of streamlining the provisions in the depositories on the captioned subject, it is decided that the limitation period for filing an arbitration reference shall be governed by the law of limitation, i.e., The Limitation Act, 1963. The modified limitation period shall also be applicable to cover inter alia the following cases:
A.P. (DIR Series) Circular No. 53- It has been observed that overseas foreign exchange trading has been introduced on a number of internet /electronic trading portals luring the residents with offers of guaranteed high returns based on such forex trading. The advertisements by these internet / online portals exhort people to trade in forex by way of paying the initial investment amount in Indian Rupees. Some companies have reportedly engaged agents who personally contact people to undertake forex trading/ investment schemes and entice them with promises of disproportionate / exorbitant returns. Most of the forex trading through these portals are done on a margining basis with huge leverage or on an investment basis, where the returns are based on forex trading. The public is being asked to make the margin payments for such online forex trading transactions through credit cards / deposits in various accounts maintained with banks in India. It is also observed that accounts are being opened in the name of individuals or proprietary concerns at different bank branches for collecting the margin money, investment money, etc.
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 available and suitable products under each category. (iii) Insurers shall not pay the brokers any remuneration other than brokerage. No payments by any name shall be made by insurers to brokers or their related parties towards infrastructure or any account other than brokerage on the policies solicited or procured over distance mode. (iv) Insurers shall specifically identify the proposals procured by brokers over distance mode and obtain all relevant records pertaining to such policies. Insurers shall produce such records before the Authority in case of dispute involving alleged violation of breach of conduct by the broker. (v) Brokers may outsource tele-calling activities to Telemarketers.
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 against all hopes of it getting deferred by three months to July 2011, as announced by the Finance Minister. However , it has come into force but some flexibility has now been provided to taxpayers. All tax payers have been given an option to switch over to accrual basis either form April or July this year, thus offering three months of breathing time to adjust to such system, understand it and make suitable modification in software and accounting methods. It will become mandatory for all taxpayers from July, 2011. Under the new system, service tax would be payable on earliest happening of the three events- completion of provision of service or date of invoicing or date of payment. Till 31st March, it was date of payment which was reckoned to be the date on which service tax became due.
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 provider witnessed heavy buying interest and surged by 9.20 per cent to an early high of Rs 77.10 on the Bombay Stock Exchange (BSE).
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.
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 Authority (AO) held that the assessee was not entitled to get exemption under the aforesaid notification and the impugned goods of the assessee were liable to be taxed at the rate of 10% as unclassified goods
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 undisputed by Revenue, in which no liability arose. But this is subject to scrutiny in the course of regular hearing.
