Whenever we talk about the delay in Courts and the solution, many will be in dilemma as to how to deal with this issue comprehensively. The issues highlighted by many, including public, professionals and the eminent judges, in my opinion, on legal reforms are as follows:
The Institute of Chartered Accountants of India (ICAI) has proposed to set up a Centre for Excellence in Bhubaneswar. “ICAI currently has around 600 members in Orissa and we intend to set up a Centre of Excellence in Bhubaneswar. We have sought the c
The high court of Bombay at Goa recently held that an amount of 3.5 crore received by some shareholders of Colfax Laboratories India Limited (CLIL) to give up marketing right of the ‘Old Spice’ range of products to Procter and Gamble (India) Limited
This is a significant judgment which emphasises the comparability standards required for the application of the CUP method and signifies the relevance of ‘business considerations’ while determining the arm’s length price. Whereas the original judgement indicated the Tax Court’s unwillingness to look at the overall business relationship within the group, the FCA has taken a much broader view, recognising what a reasonable business person dealing at arm’s length would consider (such as the use of intangibles). The FCA’s reference to “business reality” is a breath of fresh air for taxpayers.
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
The Excise and Taxation Department, Government of Punjab has amended rule 21 of Punjab VAT rules to add sub rule 2-A in the said rule to provide for that ITC shall be allowed to a taxable person to the extent of tax payable on the resale value of goods or sale value of manufactured/processed goods where such goods are sold below the purchase price in case of resale or cost price in case of manufactured/processed goods. The balance ITC shall be reversed.
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’.
Recently president of United States Barrack Obama has visited India and expressed his opinion that India has already ‘emerged’. We, Indians, know as to the achievements made and things we need to still achieve. We have so many issues to deal with in this country like political reforms, the issue of corruption, the education, health, extremism, naxalism and many other issues.
You may need to be extra careful while writing cheques in future. Bank regulator Reserve Bank of India (RBI) as well as banks are becoming more strict about individuals issuing cheques. Very often, individuals sign cheques irrespective of the balance
In the present case before the Madurai Bench of the Madras High Court, the writ petitioner, Mr A. Victor, prayed for the issuance of writ of mandamus directing the respondents (Executive Director, Bharat Heavy Electricals Ltd, Tiruchi; General Manage
