DCIT Vs BP India Services Pvt Ltd (ITAT Mumbai)- Decisive factors for determining inclusion or exclusion of any case in/from the list of comparables are the specific characteristics of services provided , assets employed, risks assumed, the contractual terms and conditions prevailing including the geographical location and size of the markets, costs of labour and capital in the markets etc. Nowhere, the higher or lower profit rate, as presumed by the ld. CIT(A), has been prescribed as the determinative factor to make a case incomparable. Rightly so, because profit is not a factor in itself, but consequence of the effect of various factors. Only if the higher or lower profit rate results on account of the effect of factors given in rule 10B(2) read with sub-rule (3), that such case shall merit omission. If however such extreme profit rate is achieved because of factors other than those given in the rule, then such case would continue to find its place in the list of comparables.
There is a great deal of anxiety around the world about the outcome of this weekend’s Fund-Bank annual meetings and the G-20 meetings. There are strong expectations that we will converge on a plan of action that will reverse the crisis of confidence. We once again have to show the resolve that we did in 2008 to meet those expectations.
The IRDA, vide Circular, dated 10-2-2011, had issued guidelines on portability of health insurance policies which was to be introduced from 1-7-2011. Subsequently, on 24-6-2011, it was felt necessary to put in place a system to enable collection of data on the history of health insurance and monitoring the transfer of records of the porting policyholder. In that context, it was decided that the implementation of portability of health insurance policies would be mandated to commence no later than 1-10-2011. In continuation of the above guidelines, the detailed procedure on health insurance portability shall be as set out in these guidelines.
The Reserve Bank has announced today that banks and Non Banking Financial Companies (NBFCs) would be eligible to sponsor Infrastructure Debt Funds (IDFs), to be set up as Mutual Funds (MFs) and NBFCs. The Securities and Exchange Board of India (SEBI) has amended the (Mutual Funds) Regulations to provide regulatory framework for IDF-MFs by inserting Chapter VI – B to the MF Regulations.
ICAI & ANR. Vs DGIT (EXEMPTIONS) (Delhi High Court)- Even if the profits earned are used for charitable purposes, but fee, cess or consideration is charged by a person for carrying on any activity in the nature of trade, commerce or business or any activity of rendering of any service in addition to any trade, commerce or business, an institution will not be regarded as established for charitable purpose/activity (it would be covered under the proviso and the bar/prohibition will apply)
SMS Tea Estates Pvt. Ltd. Vs. M/s. Chandmari Tea Co. Pvt. Ltd. (Supreme Court of India)- SC held that under the provisions of Registration Act, 1908 (‘Registration Act’) an arbitration clause can remain enforceable in certain situations even if it forms part of an unregistered (but compulsorily registrable) document. But the agreement including the arbitration clause will not be admissible as evidence in court prior to payment of deficit stamp duty and penalty as per Stamp Act, 1899 (‘Stamp Act’).
We may very often say great things about Indian Judiciary or legal system. It is true that we have had great legal luminaries, who played a very important role in our democracy defending the Fundamental Rights of the people, expanding the scope of Part-III of Indian Constitution and who played a very important role in preserving and upholding the Constitutional Principles. People with no exposure to Courts, may appreciate our legal system and Indian Judiciary when they look at the intervention of High Courts and Supreme Courts in the matters of public importance.
Delhi High Court has upheld the constitutional validity of Service Tax on renting of immovable property with retrospective effect While upholding the levy of Service Tax on Renting, their Lordship has left open the question of imposition of penalty for period prior to 2010 to be examined by the Govt. in view of the fact […]
Thirteen South African Indians, all members of an extended family, have been arrested from a largely Indian residential locality near here, for allegedly defrauding the revenue service of millions of rands, in a scam that has left the township residents shocked. The accused, including a mother, her four children and other close and not so close relatives of the family, were arrested from the Lenasia area, south of here, largely populated by ethnic Indians.
It is a great honour to take over the chair of G24 and I thank you for enabling it. I bring greetings from all the people of India. South Africa and its dynamic Finance Minister Mr Pravin J Gordhan has successfully steered this group over the last one year. Let me thank him and his team, on behalf of all of us present here. I also take this opportunity to welcome the new 2nd Vice Chair , Minister Fayza Aboul Naga of Egypt.
