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National Seminar on Due Diligence -Key to Successful Business Deals- Friday, 7th June, 2013, Hotel Le Meridien, New Delhi Greetings! For acquiring companies, due diligence is a critical process that cannot be overlooked. Due diligence not only nets the hard data you need to assess potential financial, legal, and regulatory exposures, but also gives insights… Read More
The Finance Bill presented in the Parliament earlier this year gets enacted as Act No.17 of 2013, as the President has given his assent on 10th May,2013. ***** Read More
CLR Editorial Notes: The case refers to an appeal filed by the concerned Assessee against the the order of CIT(A)-XVI, Ahmedabad, on the grounds that the CIT(A)-XVI Ahmedabad had erred in confirming the adhoc addition of a certain sum of money on account of low gross profit. On hearing out the facts of the matter, the ITAT bench held: "In… Read More
CLR Editorial Notes: The assessee, in this Transfer Pricing related case, had raised three contentious issues in support of the contention that its charges were at Arms Length: (i) that the assessee was engaged in the low end activity of voice based call centre and that the comparables chosen by the Tranfer Pricing Officer in… Read More
CLR Editorial Notes: The assessee had rendered marketing support services to its foreign Associated Enterprise for which it had earned a commission. In it returns, the assessee claimed that while determining the ALP, the interests earned by it on the short-term deposits arose from a core treasury function and hence had to be included in… Read More
CLR Editorial Notes: The assessee, an exporter, entered into forward contracts with Banks to hedge against any loss arising out of fluctuation in foreign currency. The forward contract provided that the assessee would buy some quantity of dollars at a particular rate to cover export bill payment. The contract gave delivery option dates and the assessee… Read More
CLR Editorial Notes: The Petitioner, a Chartered Accountant practicing before the Amritsar Bench of the Tribunal, filed a Writ Petition alleging that he was facing a lot of harassment at the hands of the Judicial Member and the Accountant Member of the Amritsar ITAT Bench. He alleged that the said Members were totally prejudiced against him… Read More
CLR Editorial Notes: In this particular case, the assessee™s parent company, Digital Microwave Corporation USA, had supplied an equipment to its Indian customers for which the assessee received a decided commission. The equipment was covered by warranty and the service relating to its installation and annual maintenance was provided by the assessee in India. It is annual… Read More
CLR Editorial Notes: In this case related to Profit attribution to PE, the Tribunal had to consider the following legal issues: (i) whether the assessee could be said to have a PE in terms of Article 5(1) and 5(2) of the DTAA? (ii) what is the correct method to allocate profits to the PE?, (iii) whether fees… Read More
Eminent Senior Advocate and tax expert Shri Kapil Sibal has been appointed the Law Minister of India, after Shri Ashwani Kumar resigned from his post in the wake of the Coalgate issue. Shri. Kapil Sibal™s father, Shri. H. L. Sibal, was an eminent tax counsel and has appeared in hundreds of tax matters. Shri. Kapil Sibal has… Read More
CLR Editorial Notes: This appeal was presented by the assessee for the assessment year 2007-2008 which was directed against the order of the CIT(A)-XXI. The contention of the assessee was that the CIT (A) had erred in confirming the addition u/s 40A(2)(b) of a said amount which was alleged to be an excessive payment of interest by 3%, and also overlooked the… Read More
CLR Editorial Notes: This appeal of the assessee is directed against the order of the Commissioner of Income-tax (Appeals), of Hyderabad for an assessment done earlier. The assessee along with another person, jointly acquired certain property for a consideration. Later, the other person relinquished the rights over the said property. Thereafter the assessee entered into a development agreement… Read More
The Meeting of Consultative Committee of Parliament attached to the Ministry of Health & Family Welfare on Family Planning and Population Stabilisation was held in New Delhi today. ShriGhulamNabi Azad, Union Minister of Health & Family Welfare presided over the meeting. The meeting discussed various issues on Family Planning and Population Stabilization. In his opening… Read More
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