Indian Newspaper Society vs. ITO (TDS) (Bombay High Court) – The Petitioner is assessed at New Delhi. The PAN and TAN numbers are allotted to the Petitioner under Sections 139A and 203A by the Assessing Officer at New Delhi. All returns including the TDS returns have been filed at New Delhi. The Assessing Officer recorded the submissions of the Petitioner which advert to these facts and the contention based thereon that the jurisdiction would lie with the Income Tax Authorities at New Delhi.
Nimbus Sport International Pte. Ltd. v. DDIT (ITAT Delhi) -Coming to the issue about the advertisement revenue received by the assessee in Singapore for matches played abroad, it has not been disputed that the matches in question for which advertisements were given by the Indian company were all played in foreign countries. The assessee does not have a PE in India. In this eventuality, the revenue collected by it for the matches played overseas and telecast at overseas will not attract the theory of force of attraction for taxing them in India.
DCIT vs. M/s Calcutta Test House Pvt. Ltd. (ITAT Delhi) – Non-resident lessor does not have PE or business connection in India on account of leased assets used in India but delivered outside India, provided the lease agreement is entered on principle to principle basis.
CBI is understood to have communicated to the Central Board of Direct Taxes that none of the individuals whose names figure in the LGT Bank accounts for stashing illegal funds abroad has any pending CBI cases against them. The list of 18 individuals was provided to the CBI by the CBDT to ascertain if these individuals have any pending cases with the agency.
Double Taxation Avoidance Agreement (DTAA) between India and Nepal will be signed tomorrow by the Finance Ministers of both the countries in Kathmandu. This Agreement (DTAA) would replace an earlier Agreement between two countries which was signed way back in 1987. The Union Finance Minister Shri Pranab Mukherjee will be visiting Nepal on a day’s […]
The decision of the Union Cabinet to permit FDI into multi-brand retail in the country will create 10 million new jobs including 6 million in the logistics sector alone, said Shri Anand Sharma, Union Minister for Commerce and Industry. Addressing a media conference at Chennai this afternoon he said the policy has to be viewed in the Indian context. Responding to apprehensions about the consequences of the policy, he asserted that the Indian model is quite distinct and different and has been drafted in such a way that it is sensitive to the interests of farmers youth as well as consumers.
In double whammy for Kiran Bedi, a key member of Team Anna, a Delhi court on Saturday ordered lodging of an FIR against her for allegedly misappropriating funds meant for her NGOs and rejected her complaint seeking further probe into Commonwealth Games-related graft cases. The court refused to entertain a complaint filed by Bedi and others including yoga guru Ramdev and Arvind Kejriwal, another key Team Anna member, for a further probe in CWG graft cases.
There are 31 State Cooperative Banks, 370 District Central Cooperative Banks (DCCBs), 20 State Co-operative Agriculture and Rural Development Banks (SCARDBs) and 697 Primary Co-operative Agriculture and Rural Development Banks (PCARDBs) in the country. As per the information available with National Bank for Agriculture and Rural Development (NABARD) the amount of loss/profit made by Cooperative Banks in the country during 2008-09 and 2009-10 is as under :
1. Which are the complaints dealt by SEBI? Complaints arising out of issues that are covered under SEBI Act, Securities Contract Regulation Act, Depositories Act and rules and regulation made thereunder and provisions that are covered under section 55A of Companies Act.
IRDA/CAD/ GDL/AGN/016/ 02/2011, dated 11-2- 2011 regarding ‘Guidelines for Individual Agents for Persistency of Life Insurance Policies’. In partial modification to Clause III (e) of the said guidelines, it is clarified that the requirement of Insurers to endorse the record referred to in the said clause is now dispensed with. It may, however be noted that maintenance of records of policies sold and their persistency on a year to year basis needs to be complied by all agents and life insurers as stipulated. Circular no. IRDA/Life/CIR/AGN/257/11/2011, Date 25-11-2011
