Cellular Operators Association of India & Ors. Versus Municipal Corporation of Delhi.(Delhi High Court) – The challenge by the petitioners is primarily to the fee prescribed for grant of permission. However, certain other terms and conditions imposed are also challenged. It is the contention of the petitioners that imposition of fee and any other condition for installation of towers is beyond the purview of the jurisdiction of MCD. The writ petitions were accompanied with applications for interim relief.
Survey group Speak Asia Online (SAOL) today said it has worked for companies such as Bata, Nestle,Airtel, ICICI and ING Vysya but has not provided commissioned services to them amidst media reports that the company had falsely claimed them as their clients.
Income Tax department on 16.05.2011 releases downloadable Online Income Tax Return Preparation / Filing Software- ITR-3 Applicable to Individual and HUF who are Partner in a Partnership firm and not having any other business Income except from the Interest and Remuneration from Partnership. You can download the same from the link given below. Before filing do read Instructions for filling out New Income Tax Return Form ITR-3 for assessment year 2011-2012. Those who do not wish to file online Return can use the manual excel form.
Giving relief to 4.71 crore subscribers of EPFO, the government has allowed tax exemption on the 9.5% interest income on PF deposits for 2010-11. The finance ministry notification last week raises the income tax exemption to 9.5% interest income from 8.5%. The decision clears the air for the EPFO subscribers who were given increased interest rate by one percentage point for 2010-11, but the finance ministry had not matched the interest hike with a commensurate tax exemption.
According to Section 69, every person liable to make payment of service tax or any other person notified by the central govt through a notification is required to get the registration under the service tax act .
DCIT v. Maruti Countrywide Auto Financial Services Pvt Ltd. Delhi Tribunal held that the expenditure incurred for business promotion and advertisement based on commercial expediency should not be considered for disallowances even if it incidentally benefits the other party. This judgement is in line with the judgement of Nestle India Ltd Vs DCIT. However, in this case, the Tribunal has not considered when the taxpayer is mandatorily required to use the trademark of the JV partner and creation of marketing intangibles.
The Government of India has issued updates to the FAQ on Provident Fund [PF] for international workers [IWs] on 6 May 2011 with a view to provide greater clarity on the applicability of PF regulations. This FAQ addresses few of the open issues that were present after the earlier notification tightening PF withdrawal provisions. This article sets out the key clarifications provided in the FAQ whilst highlighting the open issues.
– Cabinet Committee on Economic Affairs of the Government of India have decided to permit Foreign Direct Investment (FDI) in Limited Liability Partnership (LLP) which are formed under the Limited Liability Partnership Act, 2008 [LLP Act]. Presently, FDI is allowed in Indian companies. It is allowed in a firm or a proprietary concern, subject to certain conditions. FDI in a trust is also allowed with prior Government approval, provided it is a Venture Capital Fund (VCF) registered with Securities and Exchange Board of India [SEBI]. LLP Act permits setting up of hybrid entity, which has the features of a body corporate and a partnership for the purpose of undertaking business in India.
Government has taken note of the judgment of the Supreme Court dated 11.5.2011 rejecting the curative petition filed by the CBI to reconsider the judgment of the Supreme Court dated 13.9.1996. The principal grounds on which the curative petition has been rejected appear to be that the curative petition does not satisfy the principles laid down in Rupa Ashok Hurra Vs. Ashok Hurra 2002 (4) SCC 388 and delay in filing the curative petition
It has come to the notice of the Ministry that some companies are making applications for getting prior approval of Central Government when they propose to make any loan to, or give any guarantee or provide any security in connection with a loan made by any other person to a Public Limited Company of which any such Director is a Director or a member even when the proposal does not fall under Section 295(d) and Section 295(e) of the Companies Act, 1956. General Circular No. 24/2011, Dated: – 12th May, 2011
