"15 February 2012" Archive

Consideration received by Assessee for software not royalty

DDIT Vs. Solid Works Corporation (ITAT Mumbai)

DDIT Vs. Solid Works Corporation (ITAT Mumbai) - The ruling of the AAR in the case of Dassault (supra) was approved by the Hon'ble Delhi High Court in the case of DIT Vs. Ericsson AB,New Delhi (supra). It can therefore be said that the Hon'ble Delhi High Court has held that consideration paid merely for right to use cannot be held to be ...

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How To Complain Against Corruption

The Government of India has authorized the Central Vigilance Commission (CVC) as the Designated Agency to receive written complaints for disclosure on any allegation of corruption or misuse of office and recommend appropriate action under the Public Interest Disclosure & Protection of Informers (PIDPI) Resolution, 2004. Accordingly, Commi...

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Posted Under: Income Tax |

Investor Grievance Redressal Mechanism at Stock Exchanges – Circular No. CIR/MIRSD/2/2012 – Dated – February 15, 2012

Circular No. CIR/MIRSD/2/2012 15/02/2012

With a view to increase investor confidence in the securities market and in order to make it more convenient to the investors to file their grievances and arbitration cases near to their places, SEBI has initiated steps to set-up this facility by stock exchanges at more centres after examining the data on complaints and arbitrations filed...

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RBI allows non-banking entities to set up ATMs

In a move to accelerate the growth and penetrations of ATMs across the country, the Reserve Bank of India, RBI has issued draft guidelines for permitting non-banking entities to set up, own and operate such money dispensing machines. Non-bank entities proposing to set up such service will have a minimum net worth of Rs 100 crore and they ...

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Posted Under: Income Tax |

FEMA – Clarification – Purchase of Immovable Property in India – Reporting requirement

RBI/2011/12/399 A.P. (DIR Series) Circular No. 79 15/02/2012

when a person resident outside India, who has established in India in accordance with the Foreign Exchange Management (Establishment in India of Branch or Office or other Place of Business) Regulations, 2000, a branch, office or other place of business, excluding a liaison office, acquires any immovable property in India in accordance wit...

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Export of Goods and Services- Simplification and Revision of Softex Procedure

RBI/2011/12/400 A.P. (DIR Series) Circular No. 80 15/02/2012

As per the revised procedure, a software exporter, whose annual turnover is at least Rs. 1000 crore or who files at least 600 SOFTEX forms annually, will be eligible to submit a statement in excel format as per Annexure A, giving all particulars alongwith quadruplicate set of SOFTEX form to the nearest STPI. STPI will then verify the de...

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Notification No. 11/2012 – Customs (N. T.) – Amends Notification No. 36/2001-Customs(N.T) dated 3rd August 2001

Notification No. 11/2012-Customs (N.T.) 15/02/2012

Notification No. 11/2012 - Customs (N. T.) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India in th...

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Minimum Export Price of Onions

Notification No. 96 (RE-2010)/2009-2014 15/02/2012

Minimum Export Price (MEP) of all varieties of onions excluding Bangalore Rose Onions and Krishnapuram Onions will be US$ 125 per Metric Ton F.O.B. It was US$ 150 per Metric Ton for general category onion as notified on 11.01.2012. For Bangalore Rose Onions and Krishnapuram Onions MEP will continue to be US$ 250 per MT....

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Reassessment notice not invalid just because of absence of suffix private Limited in Notice

CIT Vs. Jagat Novel Exhibitors Private Limited (Delhi High Court)

CIT Vs. Jagat Novel Exhibitors Private Limited (Delhi HC)- Main contention of the Assessee was that the notice under Section 147/148 of the Act was not issued to the respondent company in the name of the principal officer but was issued to Jagat Novel Exhibitors and without the words “Private Limited” as a suffix. Therefore, the noti...

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Disallowance U/s. 14A as per Rule 8D can not be made for the period prior to 01.04.2008

Prakash Securities Private Limited Vs. ACIT (ITAT Mumbai)

Prakash Securities Private Limited Vs. ACIT (ITAT Mumbai) -Asst. Comm. of Income Tax The dispute is regarding disallowance of expenses relating to exempt income under section 14A of the IT Act. Under the provisions of Section 14(2) and 14(3), expenses relating to exempt income are required to be computed as per method prescribed by the Go...

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