"26 December 2011" Archive

Toll collection on behalf of NHAI would come under the category of Business Auxiliary Service ; NHAI only a statutory authority and not a constitutional authority

Ideal Road Builders Pvt. Ltd. Vs Commissioner Of Service Tax, Mumbai (CESTAT Mumbai)

Hon'ble Apex court in the case of P.C.PAulose vs. Commissioner of Central Excise & Customs, reported in. In that case the appellant was collecting entry fee at the airport on behalf of Airport Authority of India in terms of a licence agreement entered into between the appellant and the Airport Authority of India Ltd. The issue before the...

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Intermediary transactions emanating from original transaction is immune from double taxation when the intermediary is not recipient of service

M/s Kataria Transport Corp Ltd Vs Cst, Delhi (CESTAT Delhi)

If intermediary service is subservient to the original transaction, mere break of the original transaction in transit does not bring out a different transaction. It may be stated that nature, character and terms of a contract decides incidence of tax of intermediate transaction. If the character of the service provided by intermediary in ...

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Banking Services Set to Improve

With a lot of uncertainty and lack of direction in the Indian banking sector in 2011, more so on regulatory front, the services are expected to improve, as banks tend to become customer centric. The bankers have started feeling the need provide prompt and better services to its all segments of customers, both in private and public sector....

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Posted Under: Service Tax |

Companies Bill 2011 provides for refund of remuneration by company officials in case the accounts are re-stated

In order to deter chief executives and other senior functionaries from indulging in Satyam type accounting fraud, the Companies Bill 2011 stipulates that such officials will have to refund the remuneration received in case the accounts are re-stated. ...

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Posted Under: Service Tax |

Black Money Abroad – I-T department decides to reopen old tax returns of some individuals in Mumbai and Delhi

Move aimed at unearthing black money stashed in bank accounts abroad. The income-tax department, which is facing a number of cases of denial of secret foreign bank account holdings, has decided to re-open past tax returns of some individuals in Mumbai and Delhi, among others, to unearth black money stashed abroad....

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Posted Under: Service Tax |

Cestat remit the matter to the original authority In the absence of clear finding about the nature of service tax demand

M/s Tyagi Associates Vs Cce, Meerut- II (CESTAT Delhi)

There is no clear finding whether the entire tax demanded falls in the category of tax collected from the customers but not deposited with the Government. We notice that provisions of Section 12D of Central Excise Act read with Section 83 of Finance Act, 1992 has not been invoked in the show cause notice or in the order in original. Furth...

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Public issue of Debt Securities – SEBI Prohibition on payment of incentives

Circular No. IMD/DF/22/2011 26/12/2011

It is gathered from market participants that in public issues of debt securities, some brokers/distributors are passing on part of their brokerage/commission to the final investor(s) for subscription to such public issue of debt. As a result, while on one hand it is giving an unfair advantage/bargaining power to a certain set of investor...

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GAIL gets Top ICSI National award for Excellence in Corporate Governance

GAIL (India) Limited received the coveted ICSI National Award for Excellence in Corporate Governance for adopting excellent practices in Corporate Governance. Mr. B C. Tripathi Chairman and Managing Director GAIL (India) Limited received this award on behalf of GAIL from Shri E S L Narasimhan, Hon’ble Governor, Andhra Pradesh in presenc...

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Posted Under: Service Tax |

Tax Agreement between France and Isle of Man Comes Into Force

The Isle of Man's agreement with France for the avoidance of double taxation with respect to enterprises operating ships or aircraft in international traffic will enter into force on 14 January 2012. The agreement was one of two tax co-operation agreements with France signed in Douglas on 26 March 2009 by Mr. Eric Woerth, the then French ...

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Posted Under: Service Tax |

Revised Capital Adequacy Framework for Off-Balance Sheet Items for NBFCs

Circular No. DNBS.CC.PD.No.252/03.10.01/2011-12 26/12/2011

In the normal course of their business, NBFCs are exposed to credit and market risks in view of the asset-liability transformation. With liberalisation in Indian financial markets over the last few years and growing integration of domestic markets with external markets and greater use of derivatives products, asset liability management fo...

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