The managing director of International Monetary Fund Dominique Strauss-Kahn, who has been arrested in New York on alleged rape charges, does not enjoy any diplomatic immunity, the US has said. Simultaneously, the White House said it has full faith in the capabilities of IMF to continue with the important role it is playing, despite the setback of its head being behind bars in a New York prison.
Haggard and unshaven after a weekend in jail, the chief of the IMF was denied release on bail Monday on charges of trying to rape a hotel maid as allegations of other, similar attacks by Dominique Strauss-Kahn began to emerge.
The International Accounting Standards Board (IASB) on Wednesday flayed India’s dilly-dallying on implementing global accounting norms IFRS and said that it is undermining the country’s global standing. New Delhi needs to curb its anxiety to be different and stop mongering about the many unsubstantiated differences and instead should get into an honest dialogue with the IASB said Prabhakar Kalavacherla, a board member of the London-based IASB.
The Delhi high court has dismissed the writ petition of French company Champagne Moet & Chandon objecting to the order of the Intellectual Property Appellate Board dismissing its appeal against an order of the Deputy Registrar of Trademarks in a trade mark case. The company is a well-known manufacture of wines which it is selling under the trademark Moet, Moet & Chandon and other brands in more than 150 countries of the world, including India. It objected to a Delhi firm selling meat products adopting the name M/s Moets. CHAMPAGNE MOET AND CHANDON versus UNION OF INDIA & ORS (Delhi high Court- 19.05.2011)
Circular No.142/11/2011 – ST , Dated – 18th May 2011 In the notification, there is no difference in treatment of service tax paid under section 66 and section 66A of Finance Act, 1994. Where refund arises, Table – A, in Form A-2 can be used for making a refund claim.
According to section 68 of Income Tax Act 1961, where any sum is found credited in the books of an assessee maintained for any previous year, and the assessee offers no explanation about the nature and source of the same or the explanation offered by him is not satisfactory in the opinion of A.O., the sum so credited may be charged to income tax as the income of the assessee of that previous year.
Finance Act, 2010 has expanded the scope of service tax of legal consultancy services w.e.f. 1st May, 2011 . It may be noted that representational services provided to individuals will continue to be exempt form levy of service tax. Also services provided by individuals to other individual shall remain outside the scope of taxable services. As a latest update, Delhi High Court has granted an interim stay on 29.4.2011 on levy of service tax individual lawyers rendering services to business entities on a Writ Petition No 2792 filed by Delhi based lawyers till next date of hearing ,ie, 23rd May, 2011. This may just be the beginning of long legal battle. Gauhati high court has also granted interim stay.
In exercise of the powers conferred by article 150 of the Constitution of India, the President of India, on the advice of the Comptroller and Auditor General of India, hereby makes the following accounting standards, namely, – Indian Government Accounting Standards (IGAS)2,- Accounting and Classification of Grants- In- Aid.
The Ministry of Corporate Affairs has issued clarification on loan to Public Limited Companies under Section 295 of the Companies Act. A circular issued by the Ministry in this regard says that it has come to the notice of the Ministry that some Companies are making applications for getting prior approval of Central Government when they propose to make any loan to, or give any guarantee or provide any security in connection with a loan made by any person to a Public Limited Company of which any such Director is a Director or a member even when the proposal does not fall under Section 295 (d) and Section 295 (e) of the Companies Act 1956.
Reference is invited to point no. 5.1 of Guidelines on Outsourcing of Activities by Insurance Companies (Circular No: IRDA/Life/CIR/GLD/013/02/2011 dated 01st February, 2011) wherein it is prescribed that entities engaged for the activities referred at Column (4) of Sl. No. 3 of Annexure – 1 (Cheque pick and Banking) shall be only a Company registered under Indian Companies Act, 1956 with a net worth of atleast Rs 10 Cores.
