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Archive: 22 August 2012

Posts in 22 August 2012

Tax need to be withheld if payer has right to terminate ‘secondment’ & not ’employment’

August 22, 2012 997 Views 0 comment Print

In present case the applicant just has the right to terminate the secondment agreement, hence, the amount paid by Indian WOS to foreign parent under the secondment agreement is not mere reimbursement and is income of the parent company. Therefore, the applicant is liable to withhold taxes from payments made to foreign parent company.

Banks can recover dues from sale of leased property mortgaged by tenant -SC

August 22, 2012 4649 Views 0 comment Print

This is a typical case of the abuse of the process of the legal system by unscrupulous litigants. The person entitled in law to the possession of any immovable property, which is in the occupation of some other persons whether a tenant, licencee or trespasser can evict such tenant, licencee or trespasser by obtaining a decree for eviction from a competent civil court.

Company not having dominant position in relevant market can’t abuse it

August 22, 2012 1851 Views 0 comment Print

GAL is not enjoying the position of dominance in the relevant market on any of the parameters and factors given in section 19(4). GAL is not found to be in a dominant position in terms of the market share, market structure, size and resources, dependence of consumers etc. Thus, when the GAL is not in a dominant position in the relevant market the question of abuse of its dominance does not arise. Therefore, in the instant matter, no case of violation of provisions of section 4 is made out.

Policy for issue of import licenses of Rough Marble & Travertine Blocks for 2012-13

August 22, 2012 1490 Views 0 comment Print

With regard to calculation of indigenous sales turnover, it is clarified that the turnover will include the net sales after deducting the sales returns from the gross sales. It is also clarified that the turnover of the applicant only shall be taken into consideration and the turnover of group concerns/ sister concerns/ subsidiaries etc. shall not be counted for calculati.

DGFT recognises 5 more laboratories for certification/grading of diamonds of 0.25 carrots & above

August 22, 2012 664 Views 0 comment Print

Under para 4A.2.1 of the Foreign Trade Policy dealing with Export of Cut & Polished Diamonds for Certification/ Grading & Re-import following five additional authorized laboratories for certification/ grading of diamonds of 0.25 carat and above are added after Serial No. (x): (xi) GIA Hong Kong Laboratory Ltd., Hong Kong; (xii) Gemological Research (Thailand) Co. Ltd., Bangkok;

SEBI adds Sikkim and Andaman under Kolkata office

August 22, 2012 373 Views 0 comment Print

Companies based in Sikkim and the Andaman and Nicobar islands can now file offer documents for public issues of up to 500 crore rupees with SEBI’s Eastern Regional office in Kolkata, the market regulator said on Wednesday. This comes into effect for all draft offer documents for issues which are filed with SEBI on or after 27 August 2012. For offer sizes higher than 500 crore rupees, the documents need to be filed at SEBI’s main office in Mumbai.

FDI by citizen / entity incorporated in Pakistan

August 22, 2012 310 Views 0 comment Print

A person who is a citizen of Pakistan or an entity incorporated in Pakistan may, with the prior approval of the Foreign Investment Promotion Board of the Government of India, purchase shares and convertible debentures of an Indian company under Foreign Direct Investment Scheme, subject to the terms and conditions specified in Schedule 1 of the Notification, ibid, provided further that notwithstanding anything contained in Schedule I of the Notification, ibid, the Indian company, receiving such foreign direct investment, is not engaged or shall not engage in sectors / activities pertaining to defence,spaceandatomicenergyand sectors/ activities prohibited for foreign investment.

Financial Inclusion – access to banking Services – Basic Savings Bank Deposit A/c

August 22, 2012 953 Views 0 comment Print

Holders of ‘Basic Savings Bank Deposit Account’ will not be eligible for opening any other savings bank deposit account in that bank. If a customer has any other existing savings bank deposit account in that bank, he/she will be required to close it within 30 days from the date of opening a ‘Basic Savings Bank Deposit Account’.

Deduction u/s. 80-IB(10) not available for housing complexes constructed after 31-3-2008

August 22, 2012 2943 Views 0 comment Print

Since the housing project was completed after 31.3.2008, the assessee has not fulfilled the second requisite condition for claiming deduction under section 80IB(10) of the Act and therefore the assessee is not entitled for deduction under section 80IB(10) of the Act.

Section 88E do not put any restriction for allowing rebate u/s.88E till income is positive

August 22, 2012 3218 Views 0 comment Print

In the case of Ashika Stock Broking Ltd. (supra) it was held that once there was a net surplus from share dealing of market segment and future and option segments together and if there was a net profit therefrom the assessee was entitled for rebate of entire STT. In the case under consideration surplus from share dealing from market segment/ future and option segment is not there, but there is net income after setting off of losses.

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August 2012