"20 May 2011" Archive

Oilfield service company – whether an industrial undertaking/ mineral oil concern

Delhi- IV Vs M/s. HLS India Ltd. (Delhi High Court)

HLS India Ltd. (2011) 11 taxmann.com 83 (Delhi) - The wireline logging and perforation services provided to oil companies amount to manufacturing and production of article or thing and therefore provider of such services will be regarded as industrial undertaking for the purposes of section 32A, 80-IA and 80-IB. The wireline logging and ...

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Supreme Court hedges against an attack to broaden Bhatia International

Video con Industries Limited Vs Union of India and Anr (Supreme Court of India)

Videocon Industries Limited Vs- Union of India and Anr - Supreme Court of India rejects petition under Section 9 of Arbitration & Conciliation Act, 1996 holding that application of Part I of the Act has been excluded. The judgment is indeed another good sign in the line of progressive and positive decisions in cases of international comm...

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Transfer Pricing – Arm’s length price under TNMM can be determined even with one comparable company

Haworth (India) Pvt. Ltd. Vs. DCIT (ITAT Delhi)

The Delhi bench of the Income-tax Appellate Tribunal recently pronounced its ruling in the case of Haworth (India) Private Limited v. DCITwherein it upheld Revenue’s contention that arm’s length price can be determined under transactional net margin method even with one comparable company. Besides, the decision also deals with severa...

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Registrar of Companies – Issue of Certificate by Digital Signature – General Circular No. 29/2011

General Circular No. 29/2011 20/05/2011

Presently, ROC issues a number of certificates and standard letters physically, under the manual signature. Such certificates and standard letters would now be issued with digital signature of ROC. The digital certificates are expected to be available for issue by 30 June 2011, in a phased manner....

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Salient features of Combination Regulation, 2011 issued by Competition Commission of India

Competition Commission of India (CCI) has on 11 May 2011 issued the Competition Commission of India (Procedure in regard to the transaction of business relating to combinations) Regulations, 2011 (Combination Regulations) which deals with merger and acquisitions in India. The Combination Regulations shall come into force on 1 June 2011. C...

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Posted Under: Income Tax | ,

Participation by directors in meetings of Board / Committee of directors under the Companies Act, 1956 through electronic mode – General Circular No. 28/2011

General Circular No. 28/2011 20/05/2011

MCA has permitted use of video conference facility for Board / Committee meetings subject to following conditions: 1. The facility shall be capable of allowing all participants to communicate concurrently with each other without any intermediary; Every director must attend at least one Board / Committee meeting personally in each financia...

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Participation by shareholders in general meetings under the Companies Act, 1956 through electronic mode – General Circular No. 27/2011

General Circular No. 27/2011 20/05/2011

MCA has permitted the use of video conference facility for shareholders’ meeting subject to following conditions: The facility shall be capable of allowing all participants to communicate concurrently with each other without any intermediary; Notice of Meeting should provide for the availability of the facility and necessary informa...

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Apple Android phones face tighter laws in Europe

Smartphones of Apple and Google are likely to face tighter regulation in Europe after a data protection panel ruled that location information collected by the devices should be classified as personal data, says a media report....

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Posted Under: Income Tax |

Supreme Court stays further action under SARFEASI Act in respect of Co-operative Bank cases in DRTs

M/s Daya Builders Vs Union of India & Ors. (Supreme Court of India)

Mr. Bharat Gandhi, Advocate, Mumbai has informed us that in respect of the parties whose cases are pending in DRTs, if one approaches the Supreme Court under Article 32 of the Constitution, the Supreme Court is issuing ex-parte stay orders restraining further action under the SARFEASI Act. The matters are tagged with the case of Khaja Ind...

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Hedging IPO flows by Foreign Institutional Investors (FIIs) under the ASBA mechanism

RBI/2010-11/539 A.P. (DIR Series) Circular No. 68 20/05/2011

A.P. (DIR Series) Circular No. 68 - It has been decided that for Initial Public Offers(IPO) related transient capital flows under the Application Supported by Blocked Amount(ASBA) mechanism, foreign currency-rupee swaps may be permitted to the FIIs subject to the following terms and conditions:...

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