"27 October 2011" Archive

Advance Ruling on settlement amount receivable by Upaid Systems Limited from Satyam Computer Services Ltd.

Re. Justice Mr. P. K. Balasubramanyan (Chairman) (AAR)

The applicant is a company incorporated under the laws of British Virgin Islands. It was previously known as ‘In touch Technologies Holdings Limited’, the predecessor of which in turn was ‘In Touch Technology Limited’. The applicant is engaged in the business of providing and enabling Electronic Payment Services via mobile and fix...

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Appointment of IRS Officers as Joint Commissioners of Income-tax – ORDER NO. 175 OF 2011

ORDER NO. 175 OF 2011 27/10/2011

ORDER NO. 175 OF 2011 - The President is pleased to appoint the following officers of Indian Revenue Service (Income Tax) to the grade of Joint Commissioner of Income Tax (OSD) purely on Ad hoe basis in the PB 3-Rs. 15,600-39, 100+7, 600/- with immediate effect and until further orders....

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IASB proposes an amendment to the accounting for government loans in IFRS 1

The International Accounting Standards Board (IASB) today published for public comment a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The proposed amendment sets out how a first-time adopter would account for a government loan with a below-market rate of interest when they transition to ...

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Posted Under: Income Tax |

IASB clarifies accounting for costs associated with waste removal in surface mining

The IASB issued today an Interpretation clarifying the requirements for accounting for stripping costs in the production phase of a surface mine. The Interpretation was developed by the IFRS Interpretations Committee, the interpretative body of the IASB. The Interpretations Committee was asked to clarify when and how to account for stripp...

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Posted Under: Income Tax |

Insurers get more say in motor accident tribunals – SC

United India Insurance Co. Ltd. Vs. Shila Datta & Ors (Supreme Court of India)

United India Insurance Co. Ltd. Vs. Shila Datta & Ors (Supreme Court of India)- The Supreme Court last week widened the scope for insurance companies for resisting claims in road accident cases, especially on the amount of compensation. ...

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European Banks – The Repeat of History

By the time this article is being read by you the European deal makers will be meeting another obstacle in reducing the debt pains of Euro. In the last meeting it was agreed that the banks of Europe having exposure to the ballooning debt of Euro nations will be required to cut of 21% of its debts from the Balance sheet of the banks. But t...

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Posted Under: Income Tax |

Rate of exchange of conversion of each of the foreign currency with effect from 1st November, 2011

Notification No. 74/2011-Customs (N.T.) 27/10/2011

NOTIFICATION NO.74/2011-CUSTOMS (N.T.) Central Board of Excise and Customs hereby determines that the rate of exchange of conversion of each of the foreign currency specified in column (2) of each of Schedule I and Schedule II annexed hereto into Indian currency or vice versa shall, with effect from 1st November, 2011 be the rate mentio...

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FEMA – Section 43 of the Foreign Contribution (Regulation) Act, 2010 – Investigation into cases under the Act – Notified authorities for investigation of offences punishable under the Act

Notification No. S.O. 2446(E) 27/10/2011

In exercise of the powers conferred by section 43 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby specifies that the officers not below the rank of Sub-Inspector of Police of the following organisations shall be the authorities for investigation of offences punishable under the said Act,...

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Transfer Pricing – No Penalty U/s. 271G for failure to respond to ‘omnibus’ notice

Deputy Commissioner of Income Tax V/s Ms. Leroy Somer & Controls (India) (P) Ltd. (ITAT Delhi)

ORDER- A N Pahuja: This appeal filed on 15.3.2011 by the Revenue against an order dated 31-01-2011 of the ld. CIT(Appeals)- XX, New Delhi, for the Assessment Year 2005-06, raises the following grounds:-...

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FEMA – Section 40 of the Foreign Contribution (Regulation) Act, 2010 – Bar on prosecution of offences under the Act – Officers authorized for according previous sanction

Notification No. S.O.2445(E) 27/10/2011

In exercise of the powers conferred by section 40 of the Foreign Contribution (Regulation) Act, 2010 (42 of 2010), the Central Government hereby authorises the following officers for according previous sanction as required under the said section, namely....

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