A bank manager, testifying before a local court trying Satyam scam case, today said fixed deposit receipts and amounts given in the documents pertaining to his bank, which were seized by the CID last year, were fake. According to A Sebasen, BNP Parib
The SEZs are headed by Development Commissioners (Joint Secretary/Director/Deputy Secretary Level at the Centre) with supportive Customs and Ministerial Staff. Central Government appoints Development Commissioner in one or more Special Economic Zone. [Section 11(1) of the SEZ Act], Central Government also appoints such officers and other employees as it considers necessary to assist the Development Commissioner in the performance of his functions in the Special Economic Zones [Section 11(2) of the SEZ Act].
SEZ : Clarification on Instruction No. 49 on FTWZ issues INSTRUCTION NO. 71, DATED 12-11-2010 I am directed to refer to Instruction No. 49, dated 12th March, 2010 of this Department and to amend the point No. (iv) of the abovementioned instruction to the extent that instead of there being no limitation on units set […]
In a major breakthrough in the efforts to trace illegal money stashed in foreign shores, the Income Tax department has received classified information on two high value deposits of stud-farm owner Hasan Ali from the US and the UK. The department, thr
Suspecting an uptick in the insider trading activities in the recent market rally, Sebi has enhanced its surveillance for possible violations of rules prohibiting trading based on prior and inside information. The market watchdog has come across over
Reserve Bank Deputy Governor Subir Gokarn today expressed concern over the sharp fall in factory output growth, saying the latest numbers are disconcerting. However, he was quick to add that the other key indicators such as the corporate earnings and
CIRCULAR NO. IRDA/LIFE/CIR/REF/179/11/2010, DATED 11-11-2010 Please refer IRDA (Sharing of Database for Distribution of Insurance Products) Regulations, 2010 (hereinafter referred as “Regulations”) notified by IRDA on 1st July, 2010. The process of seeking grant of approval of Referral Company is stipulated in Regulation 3 of Chapter II of the Regulations. In order to streamline the […]
PRESS RELEASE – 8/2010 [NO.1/1/2009-IFRS], DATED 4-11-2010 Ministry of Corporate Affairs, after wide consultations with all stakeholders and regulators, has drawn up a clear roadmap for implementation of Indian Accounting Standards converged with IFRS. Converged Standards will have to be followed by Phase I companies w.e.f. 1-4-2011. The Phase I group excludes banks, insurance companies […]
This is an important decision of the Tribunal, which brings out the importance of a Double Taxation Avoidance Agreement (Treaty), that where thin capitalization rules are not in the domestic law/Treaty, there can be no artificial disallowance of interest paid on borrowings.
Mumbai Income Tax Appellate Tribunal (Mumbai ITAT) [2010-TII-154-ITAT-MUM-INTL] in a batch of cases, with the lead case being that of Reliance Industries Ltd. (Taxpayer), on the issue of whether consideration paid to a US resident (US entity) for licensing of computer software would be in the nature of ‘royalty’, either under the provisions of the Indian Tax Laws (ITL) or under the India-US Double Taxation Avoidance Agreement (DTAA). The Mumbai ITAT, after considering the various clauses of the license agreement (Agreement), the Indian Copyright Act, 1957 (ICA) and other decisions, including that of the Special Bench of the Delhi ITAT (SB) in the case of Motorola Inc. 95 ITD 91 held that the payment was for the purchase of a copyrighted article and not the copyright itself. Furthermore, the Mumbai ITAT stated that the definition of ‘royalty’ under the DTAA is more restrictive than what is provided in the ITL and that it is incorrect to hold that computer software on a media continues to be an intellectual property right. Therefore, the payment made for the purchase of software cannot be termed as ‘royalty’.
