Providing relief to a Chinese company, Double Coin Holdings Ltd, the Delhi High Court has restrained Trans Tyres (India) Pvt Ltd from selling tyres and tubes bearing the brand name ‘Double Coin’. Trans Tyres is a selling agent of the Chinese company and has got registration of trademark ”Double Coin” for tyres and tubes in India in its name.
The Reserve Bank (RBI) today slapped a penalty of Rs1.95 crore on 19 banks, including heavyweights SBI, HDFC Bank, ICICI Bank and Citibank, for violating norms on derivatives, an instrument used to hedge financial risks. The fine has been imposed on the banks for selling derivative products to companies and exporters without complying with the instructions issued by the central bank from time to time.
The capital market regulator SEBI today settled and passed a consent order in a case against Dena Bank on payment of Rs 10 lakh for their alleged involvement in violation of insider trading norms. The case relates to Dena Bank’s trading in shares of Alka Securities wherein it allegedly breached the rules.
Jaitapur Nuclear Power Plant derived its name From Jaitapur lighthouse which is mentioned in many international maps. Government of India has decided to promote nuclear power at a large scale in view of rapidly rising demand for electricity, limited and depleting fossil resources, environmentally benign and safe nature of nuclear power etc. Accordingly, Government of India accorded its sanction in October 2005 to set up the Nuclear Power Plant at Jaitapur besides three other locations.
Clarifications on new services specified in clauses (zzzzv) and (zzzzw) of section 65(105) of the Finance Act, 1994 and amendments to existing clauses of same section and following services Services provided by a Restaurant, Short Term Accommodation. Commercial Coaching and Training, Legal Services, Health Services.
When the Court assembled today, Ms. Sonia Sharma, representing UOI, rose to inform the Court that Mr. A.S. Chandiok, ASG, was indisposed (food poisoning). The matter thereupon was adjourned to 9th May. It was however, made clear by CJ Mr. Dipak Misra that no more adjournments would be granted. In case, any one else is unable to cause appearance, the case must still be argued by nominee. It was assured by Mr. Mukesh Anand, Sr. Counsel.
Small Accounts- 2. In terms of Rule 2 clause (fb) of the Notification ‘small account’ means a savings account in a banking company where – the aggregate of all credits in a financial year does not exceed rupees one lakh; the aggregate of all withdrawals and transfers in a month does not exceed rupees ten thousand; and the balance at any point of time does not exceed rupees fifty thousand .
M/s. Bansal Wire Industries Ltd. & ANR Vs. State of U.P. & Ors (Supreme Court) – UP Trade Tax – stainless steel wire is not covered within entry (ix) of clause (iv) of Section 14 of Central Sales Tax Act: the language used in entry no. (ix) is plain and unambiguous and that the items which are mentioned there are “tools, alloy and special steel”. By using the words “of any of the above categories” in entry Nos. (ix) would refer to entries (i) to (viii) and it cannot and does not refer to entry no (xv).
On April 8, 2011, the Luxembourg tax authorities issued circular LIR n° 164/2Bbis that supplements to Circular LIR n°164/2 published on January 28th, 2011 by clarifying the transition period question for confirmations on financing margins issued by the tax authorities before January 28th, 2011 to taxpayers engaged in intercompany financing transactions.
Notification No. 37/2011 – Service Tax 1. (1) These rules may be called the Taxation of Services (Provided from Outside India and Received in India) (Third Amendment) Rules, 2011. (2) They shall come into force on the 1st day of May, 2011. 2. In the Taxation of Services (Provided from Outside India and Received in India) Rules, 2006, in rule 3, in clause (i), for the brackets, letters and words “(zzzzm) and (zzzzu)”, the brackets, letters and word “(zzzzm), (zzzzu), (zzzzv) and (zzzzw)” shall be substituted;
