"04 June 2011" Archive

Derivative trading income of FIIs taxable as capital gains, and not as ‘speculative’ income

LG Asian Plus Ltd. Vs. Asst. Director of Income-tax (ITAT Mumbai)

In a recent ruling, in the case of LG Asian Plus Ltd. Vs. Asst. Director of Income-tax the Mumbai Income-tax Appellate Tribunal has held that income earned by a Foreign Institutional Investor from derivative trading would be taxable as `capital gains' in view of special provisions under section 115AD of the Income-tax Act, 1961. The Trib...

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Participation by shareholders in the general meeting through Audio Visual Electronic Communication Facility

The Circular defines electronic mode to mean video conferencing facility i.e. audio-visual electronic communication facility (VCF) employed which enables all persons participating in that meeting to communicate concurrently with each other without intermediary and to participate effectively in the meeting. The Circular clarifies that shar...

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Posted Under: Income Tax |

Participation by Directors in meeting of Board / committee of Directors through Audio Visual Electronic Communication Facility

Government of India [GOI], Ministry of Corporate Affairs [MCA] has clarified its position on the Corporate Governance procedures under Companies Act, 1956 [the Act]. MCA has, on 20 May 2011, issued the General Circular No. 28/2011 [No. 17/95/2011/CL.V] dated 20 May 2011 relating to participation by directors in the meeting of Board / Comm...

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Posted Under: Income Tax |

WSA Shipping (Bombay) Private Ltd v. ADIT -ITAT Mumbai, Dated-13.05.2011

WSA Shipping (Bombay) Private Ltd Vs. ADIT (ITAT Mumbai)

A relation between the business of a non-resident and activity carried on in India would result in a 'business connection' for the purpose of deemed accrual of income in India as well as for considering the resident as the agent of the non-resident...

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Merely because assessee permitted to establish new industrial undertaking for manufacture of computer software as 100% EOU under STP scheme not sufficient to claim exemption u/s. 10B

Commissioner of Income Tax Vs Modi Xerox (Delhi High Court)

Merely because the assessee had been permitted to establish a new industrial undertaking for the manufacture of computer software as 100% EOU under the STP scheme was itself not enough to record a finding that the said unit had in fact been established and was entitled to claim the exemption under s 10B — as held by Delhi High Court in ...

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DPE against Finance Ministry 'diktat' on PSUs disinvestment

With choppy conditions in the stock market, the Department of Public Enterprises (DPE) is in disagreement with the Finance Ministry on pushing PSUs for listing and follow-on public offers through a "diktat". The Department of Disinvestment, under the Finance Ministry, has identified PSU majors like Oil India Ltd, Rashtriya Ispat Nigam Lt...

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Posted Under: Income Tax |

Good news – Govt to give 8 per cent interest on PPFs closed between May 2005 and Dec 2010

The Government today said that PPF accounts of Hindu Undivided Families (HUFs) which were closed down between May 2005 and December 7 last year would get 8 per cent interest on the deposits. The Finance Ministry has issued the clarification in view of the doubts raised with regard to payment of interest on Public Provident Fund (PPF) acc...

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Posted Under: Income Tax | ,

SEZ – Setting up of a sector specific SEZ by Infoparks Kerala – Notification No. S.O. 1064(E), DATED 16-05-2011

Notifcation No. S.O. 1064(E) 16/05/2011

NOTIFICATION NO. S.O. 1064(E), DATED 16-5-2011 - WHEREAS, M/s. Infoparks Kerala, a State Government organization, has proposed under section 3 of the Special Economic Zones Act, 2005 (28 of 2005) (hereinafter referred to as the said Act), to set up a sector specific Special Economic Zone for information technology and information technolo...

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Insurance – IRDA's guidance note on Economic Capital for Non-Life Industry

Circular No. IRDA/ACT/CIR/MIS/111/05/2011 04/06/2011

CIRCULAR NO. IRDA/ACT/CIR/MIS/111/05/2011, DATED 25-5-2011 - This technical note describes the framework for estimating Economic Capital (EC hereafter) for general insurance companies including standalone health insurers of India. Typically EC is calculated using "standard formula" approach or through the use of internal models (company s...

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Re-assessment of lease classification can be done only on Actual exercises of purchase option

aragraph 10 of AS 19 Leases requires the lease classification to be made at the inception of the lease., It further states that ,...If at any time the lessee and the lessor agree to change the provisions of the lease, other than by renewing the lease, in a manner that would have resulted in a different classification of the lease ... the ...

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Posted Under: Income Tax |

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