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Archive: 22 July 2011

Posts in 22 July 2011

MSK Projects (I) (JV) Ltd.Versus State of Rajasthan & Anr (Supreme Court)

July 22, 2011 2067 Views 0 comment Print

MSK Projects (I) (JV) Ltd. Vs State of Rajasthan & Anr (Supreme Court of India)- Facts and circumstances giving rise to these appeals are: A. The Public Works Department of the State of Rajasthan (hereinafter called “PWD”) decided in September 1997 to construct the Bharatpur bye-pass for the road from Bharatpur to Mathura, which passed through a busy market of the city of Bharatpur. For the aforesaid work, tenders were invited with a stipulation that the work would be executed on the basis of Build Operate and Transfer (BOT). The total extent of the road had been 10.850 out of which 9.6 was new construction and 1.25 was improvement, i.e. widening and strengthening of the existing portion of Bharatpur-Deeg Road. B.

Inclusion in /exclusion from the Second Schedule to the RBI Act, 1934 – RRBs

July 22, 2011 990 Views 0 comment Print

We advise that the names of 5 amalgamated Regional Rural Banks have been included in the Second Schedule to the Reserve Bank of India Act, 1934 by notification RPCD.CO.RRB.No.11377/ 03.05.100/ 2010-11 March 31, 2011 published in the Extraordinary Gazette of India (Part III- Sec.4) dated June 13, 2011.

Transfer Pricing – Pygmies Not Comparable With Giants

July 22, 2011 2509 Views 0 comment Print

DCIT Vs Deloitte Consulting India Pvt. Limited (ITAT Hyderabad)- Risk adjustment disallowed, impact of intangibles on pricing negated, taxpayer estopped from subsequently pointing facts having material bearing, application of export earnings filter approved, etc.

Balance in PF account can not be disclosed under RTI

July 22, 2011 4549 Views 0 comment Print

Shri Rabindra kumar B. Adhikari Vs Mr. Thothar (CIC) The PIO replied that the information sought by the applicant pertains to the third party and no public interest will be served in the disclosure. In accordance with Section 11 of the Act, a reference was made to the third party i.e., Sunitha Choudhury to make submission in writing or orally whether the information may be disclosed or not. The third party vide letter dated 25/10/2010 has strongly opposed to give any information to the applicant. Therefore, in accordance of sub section (3) of Section 11 of the RTI Act, 2005, the information is denied.

Income arising from activities which are only incidental to the business of developing, operating and maintaining infrastructure facility will not qualify for deduction under s. 80IA

July 22, 2011 4939 Views 0 comment Print

L&T Transportation Infrastructure Limited Vs ITO (ITAT Chennai)- Roadside amenities cannot be treated as ‘infrastructure facility’ for the purposes of claiming deduction under Section 80-IA of the Income Tax Act.

Name Availability Guidelines, 2011 and revised e-form 1A shall be implemented with effect from 24th July, 2011

July 22, 2011 1153 Views 0 comment Print

The Name Availability Guidelines, 2011 and revised e-form 1A shall be implemented with effect from 24th July, 2011. A fee of Rs. 1,000/- shall be charged w.e.f. 24th July, 2011 for making an application for availability of name in revised e-form 1A as provided under Companies (Central Government’s) General Rules and Forms (Amendment) Rules, 2011 dated 14.07.2011.

MVAT- Addition of new Banks as Govt. Treasury – Can Receive MVAT Payment

July 22, 2011 1234 Views 0 comment Print

In pursuance of the powers conferred by entry (iv) of sub-clause (i), entry (vi) of para (A) and entry (iv) of para (B) of sub-clause (ii) of clause (f) of sub-rule (1) of rule 2 of the Maharashtra Value Added Tax Rules, 2005, the Government of Maharashtra, after consultation with the Reserve Bank of India, hereby notifies all the branches of Oriental Bank of Commerce, Vijaya Bank and Andhra Bank in the State to be the Government treasury, for the purposes of clause (f) of sub-rule (1) of rule 2 of the said rules, with effect from 22nd July 2011.

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