The legal system in India and the judiciary has reached a stage now where the public openly criticise the judiciary and the News Channels debate even the judgments delivered by the Constitutional Courts. It is an open fact in my opinion that the public opinion at the legal system in India and as to how the judiciary is not able to deliver results meeting the expectations of the public, has taken away the caution to be exercised while referring to the judiciary or the legal system. The respect can never forcibly be received and the respect should come voluntarily.
Mr B. Ramalinga Raju finally made a brief appearance on Tuesday before the special trial court going into the Satyam scam, managing to avoid media glare. It is nearly a year since the former founder and ex-chairman of Satyam Computer Services has been under treatment for Hepatitis C at the Nizam’s Institute of Medical Sciences and consistently citing medical grounds for not appearing for trial.
Shri Salman Khurshid, Minister of Corporate Affairs, will launch here tomorrow evening an e-learning module on Corporate Governance: Voluntary Guidelines 2009. It will be a joint effort of the Ministry of Corporate Affairs and Dun & Bradstreet India.
Suggestions/views invited from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of IFAC Code of Ethics( 2010). Suggestions/views invited from all members with regard to the changes/ modifications required in the Code of Ethics, 2009 in view of the revised edition of IFAC Code of Ethics( 2010)
Infotech Software Dealers Association (hereinafter referred to as “the ISODA” or the “Petitioner”) is a society registered under the Societies Registration Act having its headquarters at Mumbai. Members of ISODA are engaged in the business of reselling of computer software products falling under 3 categories – (i) Shrink Wrap Software; (ii) Multiple User Software/Paper License and (iii) Internet Download. The ISODA filed the subject petitions under Article 226 of The Constitution of India, praying for the issue of a Writ of Declaration to declare Section 65(1 05)(zzzze) of Chapter V of Finance Act, 1994 (as amended by Finance No.2 Act of 2009) (hereinafter referred as “the Finance Act”) in relation to the business activities of the members of the Petitioner as: • Null and void; • Ultra vires and unconstitutional of the provisions of Article 245, Entries 92C and 97 of List-I, Entry 54 of List-II of Schedule VII of the Constitution of India; and • Contrary to provisions of Articles 14, 19(1)(g), 265 and 268A of the Constitution of India. The writ petitions raised the following three questions: • Whether software is goods? • Whether supply of software pursuant to the End User License Agreement is to be treated as sale or service? • Whether the Parliament has the legislative competency to levy Service Tax on Information Technology Software Services?
Mere tax residence certificate may not be the conclusive determinant of residential status of the Mauritius company. It may be essential to substantiate the residential status based on the place of effective management. Documents like board minutes etc would need to be authenticated by the government agency in Mauritius in order to be relied upon as evidence in case of dispute on place of effective management.
The Ruling recognizes that a partnership firm, albeit a fiscally transparent entity, can be regarded as an entity liable to tax and hence eligible for benefits under the DTAA. The Tribunal has also observed that the fiction of deeming the PE to be a distinct and separate enterprise is for the limited purpose of preventing the manipulations that may arise in intra-group transactions. The Tribunal has also held that income from services rendered offshore for Indian projects are taxable in India in the hands of the PE even if they are not directly connected to the PE by interpreting the “direct or indirect profits attribution rule” in the India-UK DTAA in a wide manner.
Transactions in mutual fund schemes could soon become as easy as those in stocks. Securities and Exchange Board of India (Sebi) is planning to make listing of all schemes mandatory. These will include all debt, equity, open-ended and close-ended schemes.
Commerce and Industry Minister Anand Sharma today said that he has conveyed investor concerns over the proposed withdrawal of fiscal benefits to SEZs to Prime Minister Manmohan Singh and assured the industry of protecting the exemptions.
The crime branch of Delhi Police has arrested a 24-year-old man who allegedly posed as an income tax commissioner and demanded Rs 30 lakh from a businessman in return of closing a fictitious complaint against the victim. The accused, Dinesh Kumar, was arrested last Friday from the Millennium Park area in southeast Delhi.
