"21 December 2011" Archive

Termination of contractual job can be challenged in court – SC

GRID-CO Limited & ANR. Vs. Sri Sadananda Doloi & Ors. (Supreme Court of India)

GRIDCO Limited & ANR. Vs. Sri Sadananda Doloi & Ors. (SC) - There has been a notable shift from the stated legal position settled in earlier decisions, that termination of a contractual employment in accordance with the terms of the contract was permissible and the employee could claim no protection against such termination even when one ...

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Section 80G – Approvals already granted to the assessee u/s 80G, if expiring on or after 1.10.2009, shall be deemed to have been extended in perpetuity

Ina Raja Memorial Education Trust Vs DIT (Exemptions) (ITAT Delhi)

Ina Raja Memorial Education Trust Vs DIT (Exemptions) - (ITAT Delhi) - In this case, the assessee made an application on 24.2.2011 in Form No. 10G, seeking renewal of exemption u/s 80G of the Act, which has been rejected by the ld. CIT(A) by observing that the assessee has failed to furnish bills/vouchers of expenses and certain other de...

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Govt taking action against Kingfisher for TDS payment default

Vijay Mallya-promoted airlines has not defaulted on payment of dues towards provident fund of the employees. The government on Tuesday said it is taking action against debt-ridden Kingfisher Airlines for not depositing Rs 153 crore, which the company deducted as TDS from its employees, with the exchequer. ...

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Posted Under: Corporate Law |

Advance tax collection from top 100 companies declined by 1.4 per cent

Advance tax collection from the country’s top 100 companies, according to the final numbers, declined by 1.4 per cent to Rs 30,763 crore in the third quarter of 2011-12, indicating sluggishness in the economy. These corporate houses had paid Rs 31,203 crore in the same period last year....

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Posted Under: Corporate Law |

IRDA – Claim consultancy by Insurance Brokers

Circular No. IRDA/BRK/CIR/GLD/270/12/2011 07/12/2011

The Insurance Regulatory and Development Authority (Insurance Brokers) Regulations, 2002 have laid down the functions of a Direct Broker in Regulation 3. Regulations 3(e) and 3(j) envisage that an insurance broker should render advice to a client on appropriate insurance cover and terms and assist in the negotiations of claims. However, ...

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Exclusion from the Second Schedule to the Reserve Bank of India Act, 1934 – State Bank of India Commercial and International Bank Limited

RBI/2011-12/310 Ref.DBOD.Ret..BC. No.66/12.06.001/2011-12 21/12/2011

Ref.DBOD.Ret..BC. No.66/12.06.001/2011-12 We advise that the name of State Bank of India Commercial and International Bank Limited has been excluded from the Second Schedule to the Reserve Bank of India Act, 1934 by notification DBOD.No.Ret.BC.35/12.06.059/2011-12 dated September 26, 2011, published in the Gazette of India (Part III – S...

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RBI – Marginal Standing Facility – Scheme

RBI/2011-12/308 FMD. No.65 /01.18.001/2011-12 21/12/2011

It has been decided to permit banks to avail themselves of funds from RBI on overnight basis, under Marginal Standing Facility (MSF), against their excess SLR holdings. Additionally, they can also avail themselves of funds, on overnight basis below the stipulated SLR, up to one per cent of their respective Net Demand and Time Liabilities...

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KYC norms and Obligation of banks under PMLA, 2002- Assessment and Monitoring of Risk – RPCD.CO.RRB.AML. BC.No.46 /03.05.33 (E) /2011-12

RBI/2011-12/309 RPCD.CO.RRB.AML. BC.No.46 /03.05.33 (E)/2011-12 21/12/2011

In terms of paragraph 2 of the circular dated February 18, 2005 and paragraph 2 of the circular dated January 12, 2011, RRBs are required to prepare a risk profile of each customer and apply enhanced due diligence measures on higher risk customers. Some illustrative examples of customers requiring higher due diligence have also been provi...

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Business Support Services / financial services not in the nature of technical services within the meaning of Article 12.5(b) of the DTA between India and the Netherlands

In Re. Shell Technology India Private Limited (AAR Delhi)

In Re Shell Technology India Private Limited (AAR) - The applicant is said to be providing scientific and technical services to Overseas Shell group entities. SSSABV, a company incorporated in Netherlands, through its branch in the Philippines, is currently providing back office financial services relating to accounts etc. to the applican...

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DGFT – Corrigendum in description of export item at Sl. No 1011, Product Code-62 of the DEPB Rate Schedule

Public Notice No. 86/ (RE-2010)/2009-2014 21/12/2011

In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, the following correction is made in description of export item under Sl. No 1011, Product Code-62 Chemicals of the DEPB Rate Schedule....

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