Penalty imposed by RBI on 19 Commercial Banks for non compliance of Derivatives instructions

Press Release : 2010-2011/1555 dated 26th April 2011 The Reserve Bank of India has imposed penalties on 19 commercial banks in exercise of the powers vested with it under the provisions of Section 47A(1)(b) read with Section 46(4)(i) of the Banking Regulation Act, 1949. The penalties have been imposed on these banks for contravention of… Read More

Seminar on Capital Market- Challenges & Opportunities by ICSI on 30th April 2011

          A Seminar on Capital Market- Challenges & Opportunities will be organised on the 30th April,2011, the details to it are given in the link below:   Seminar on Capital Market   Read More

Workshops on “Managing Contract Labour” & “Knowledge of Disciplinary Action”

Workshop on Managing Contract labour & Knowledge of Disciplinary Action A workshop on Managing Contract Labour -  Legal Issues, Compliance &  Handling Outsourcing will be conducted on Friday,29 April 2011 at New Delhi  &  Friday, 6 May 2011 at  Mumbai  and another  Workshop will be on "Knowledge of Disciplinary Action, Enquiry Procedures and Related Case Laws" on Saturday, 30 April 2011… Read More

Exemption from Service tax on Hotels, Inn, guest house etc. in specified cases

The Ministry has exempted the levy of service tax applicable with respect to services provided or to be provided, to any person, by a hotel, inn, guest house, club or campsite etc. in relation to providing of accommodation for a continuous period of less than three months, where the declared tariff for providing of such  accommodation is… Read More

ICSI organising Campus Placements for Members & Students on 30th April 2011

  The Institute of Company Secretaries of India  is organizing a Campus Placement for the fresher members for job placement and for students for their 15 Months Training on Saturday, the 30th  April, 2011 at NOIDA office of ICSI, C-37,Sector 62, NOIDA-201301. Process to be followed for Campus Placement scheduled to be held on 30th   April 2011 is… Read More

Rate of Abatement of Service Tax on Services provided by Hotels or Restaurants

Vide the below notification, the rate of abatement of Service Tax has been prescribed by the Ministry for the following Services : 1) Services provided  by a restaurant having the facility of air-conditioning and having  licence to serve alcoholic beverages, in relation to serving of food or beverage, including alcoholic beverages or both, in its premises… Read More

Judicial Discipline High time to Evolve the Concept of Judicial Accountability

By Narendra Sharma, Consultant (Legal)   Introduction Recently in Commissioner of Income-tax Vs. General Insurance Corporation (2007)19 CLA-BL Supp 85 (SC) (decided on 25 September, 2006) (hereinafter referred to as ˜CIT Vs. GIC™) the Hon™ble Supreme Court has held that expenditure incurred by the company on account of stamp duty and registration fee for the … Read More

Withdrawal of Withdrawal Application Permissible SC

By Narendra Sharma, Consultant (Legal)   Recently, hon™ble Supreme Court in RAJENDRA PRASAD GUPTA V. PRAKASH CHANDRA MISHRA & ORS. {(2011) 2 SCC 705 = 2011 (1) SCALE 469; Civil Appeal No(s). 984 of 2006-Decided on 12-01-2011} has held as follows.   2. ¦¦¦¦.Rules of procedure are handmaids of justice. Section 151 of the Code… Read More

Beg to Differ SC Judgment in Sita Ram Gupta Vs Punjab National Bank and Ors

By Narendra Sharma, Consultant (Legal) 1. Introduction Recently, a 2 judge bench of hon™ble Supreme Court in Sita Ram Gupta Vs. Punjab National Bank and Ors {(2008) 5 SCC 711, Appeal (civil) 1878 of 2008, Date of judgment: 10/03/2008} held as follows (in para 8):   8¦¦¦¦we hold that in view of the nature of… Read More

Service Tax exemption to professionals withdrawn w.r.t appearance before any statutory authorities

Vide the below Notification, the Ministry of Finance has rescinded the earlier Notification no. 25/2006 dated 13th July 2006 which exempted the levy on service tax with respect to services provided or to be provided by a practicing chartered accountant, a practicing cost accountant and a practicing company secretary respectively, in his professional capacity, to a… Read More

Tags: Notification no. 25/2006Notification no. 32/2011

Exemption from Service Tax on Coaching and Training services

Notification No.33/2011 Service Tax [F. No. 334/3/ 2011 TRU] Government of India Ministry of Finance (Department of Revenue) New Delhi, the 25th April, 2011 G.S.R. (E) - In exercise of the power conferred by sub-section (1) of section 93 of the Finance Act, 1994 (32 of 1994), the Central Government on being satisfied that it… Read More

Tag: Notification no. 33/2011

Arbitration Clause in General Insurance Policies A Legal Gimmick to Avoid Liability

  Author: Narendra Sharma, Consultant (Legal) E-mail: nkdewas@yahoo.co.in   If parties to a contract have agreed to something unreasonable, they should be treated as if they have not agreed at all and be released. This happens in the case of general insurance contracts and is dealt with here in the light of a recent decision. Introduction… Read More

Exemption from Service Tax granted to Hospitals, Nursing Homes etc.

  Taxable Services provided or to be provided by any Hospital, Nursing Home, or Multi-specialty Clinic to an employee of a business entity or any person covered by Health Insurance Scheme has been exempted vide below Notification.   Notification No. 30/2011 Service Tax [F. No. 334/3/ 2011 TRU] Government of India Ministry of Finance (Department of… Read More

Tags: Notification no. 30/2011Services provided by Hospitals & Nursing Homes

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