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Archive: 08 November 2011

Posts in 08 November 2011

Accomodation services provided to staff in remote area are input services

November 8, 2011 1547 Views 0 comment Print

The Commissioner’s Order-in-Appeal dated 27.05.2008 reflects that he accepted that the efficiency of the employees of an organization would be dependent on various factors, one such being the provision of a housing colony. He further conceded that these facilities would contribute to the enhancement of the productivity of the organization. Having stated so, the appellate authority surprisingly took the view that maintenance of the residential colony by the respondent Company was only an obligatory activity owing to situational exigencies and was not connected either directly or indirectly to the manufacture of its final products.

Netherlands Delegation Calls on Shri R.P.N. Singh; Issues of Bilateral Interest Discussed during the Meeting

November 8, 2011 5985 Views 0 comment Print

Dr.Henk Bleker, Minister for Agriculture and Foreign Trade, Kingdom of Netherlands along with his delegation, had a meeting with Shri R.P.N.Singh, Minister of State for Corporate Affairs here in New Delhi today. Mr.Bob Hiensch, Ambassador of the Kingdom of the Netherlands to India, and Shri Naved Masood, Secretary, Ministry of Corporate Affairs were present, along with others.

CCI (General) Amendment Regulations, 2011 – Amendment in Regulations 2 and 21

November 8, 2011 1252 Views 0 comment Print

Notification No.L-3(2)/Regln:Gen.,(Amdt.)/2011/CCI, dated 8-11-2011- In exercise of the powers conferred by section 64 of the Competition Act, 2002 (12 of 2003), the Competition Commission of India hereby makes the following regulations further to amend the Competition Commission of India (General) Regulations, 2009, namely:—

AO cannot assess other ‘escaped income’ if reason for issue of Notice under section 148 dropped

November 8, 2011 5891 Views 0 comment Print

ACIT vs. Major Deepak Mehta (Chattisgarh High Court) – The Bombay High Court in Jet Airways (supra) observed that after issuing a notice under Section 148, the income which has initially formed a reason to believe that the income has escaped assessment, but as a matter of fact has not escaped assessment. The AO cannot proceed to assess some other income independently, however, it was observed that it is open for the AO to issue a fresh notice under Section 148 and proceed thereafter. The High Court of Delhi in Ranbaxy Laboratories Limited (supra), has taken the similar view.

Review of the policy on Foreign Direct Investment in pharmaceuticals sectorinsertion of a new paragraph 6.2.25 to 'Circular 2 of 2011-Consolidated FDI Policy

November 8, 2011 6781 Views 0 comment Print

The Government of India has reviewed the extant policy on FDI and decided as under: (i) FDI, up to 100%, under the automatic route, would continue to be permitted for greenfield investments in the pharmaceuticals sector. (ii) FDI, up to 100%, would be permitted for brownfield investments (i.e. investments in existing companies), in the pharmaceuticals sector, under the Government approval route.

Policy Circular No. 47 (RE-2010)/2009-14, Dated: 08.11.2011

November 8, 2011 295 Views 0 comment Print

DEPB on export of Cotton yarn including Melange yarn and Cotton which was withdrawn earlier has been restored by the above mentioned Public Notices. During that period as DEPB was not available on export of Cotton yarn including Melange yarn, the exporters have made their exports under Free Shipping Bills.

Policy Circular No. 46 (RE 2010) 2009-14, Dated: 11.08.2011

November 8, 2011 7186 Views 0 comment Print

Message exchange between DGFT and Customs is operational only in respect of Advance Authorization (on and after 01.04.2009), Export Promotion Capital Goods (on and after 01.04.2009), Duty Free Import Authorization (on and after 13.10.2011) and DEPB (which is on EDI mode for almost 6 years). Only these authorizations are therefore available for ‘on-line’ verification.

Clarification on applicability of exchange rate for the purpose of calculation for composition fee

November 8, 2011 918 Views 0 comment Print

Attention is invited to para 4.28 (ii) of HBP v.1 regarding regularization of bona fide default by the authorization holders. In case of any shortfall in value, authorization holder is required to deposit an amount equal to 1% shortfall in FOB value in Indian Rupee. Clarification has been sought on the exchange rate applicable for determination of shortfall in Export Obligation.

Deduction u/s. 80HHC allowed for interest on F.D. used to avail LC Facility if it have direct nexus with export business

November 8, 2011 12075 Views 0 comment Print

Interest earned on fixed deposits have an immediate nexus with the export business would be treated as income from business and interest earned on fixed deposits which does not have an immediate nexus with the export business, it would be treated as income from other sources. The court opined that when the interest was earned […]

No injunction to indirectly coerce performance of positive covenants – Delhi HC

November 8, 2011 5291 Views 0 comment Print

Fashion Television India Pvt Ltd v/s fTV BVI (Delhi High Court) – The Court lays down important principle that an interim relief to enforce a negative covenant under a contract would be refused if the same would render a party to a contract idle unless it continues to perform the positive obligations under the contract. It was held that mere existence of a negative covenant is enough to persuade a court to grant an interim injunction to enforce it. Under Section 14 (1) (c) SRA a contract which is in its nature determinable cannot be specifically enforced.

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