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It has been endeavor of the Government to promote Voice over Internet Protocol (VoIP) facility. It is also reflected in National Telecom Policy-2012 (NTP-12) which indicates one of the strategies as to enable and enforce the VoIP facility to enhance consumer affordability. Internet Telephony using Voice over Internet Protocol (VoIP) is being provided by Telecom… Read More
CLR Editorial Notes: The Tribunal had to consider the following transfer pricing issues: (i) whether the use of multi-year data for determining ALP is permissible? (ii) Whether +/-5% adjustment is a standard deduction? (iii) Whether companies with minor differences can be treated as non-comparable? (iv) Whether a company with turnover 20 times that of the assessee can be said to be comparable?… Read More
CLR Editorial Notes: The Tribunal had to consider the following important transfer pricing issues: (i) whether a one-time and extraordinary item of expenditure (ESOP cost) debited to the assessee™s P&L A/c has to be excluded while comparing the margins, (ii) whether for the purpose of comparison of margins, the consolidated results of comparables having profit… Read More
CLR Editorial Notes: The assessee-company is engaged in the business of software development services to its customers. The assessee also provides services to the Associated Enterprise AE namely Patni Telecom, U.S. and Patni Telecom, U.K. The assessee filed return of income for the assessment year 2008-2009 admitting total income of Rs.87,850/- under the normal provisions of the Income Tax Act, 1961… Read More
Ratio of the Case: Domestic Leg of a Global Sale of business not covered under TP regime if terms not stated by parent Associated Enterprise CLR Editorial Notes: Eastman Kodak, USA, entered into an agreement with Onex Healthcare Holdings, USA, for the global sale by Eastman of the medical business to Onex for a consideration of… Read More
DEMAND MANAGEMENT AND ARREAR DEMAND RECOVERY - COMBINATION OF MEASURES SPECIFIED TO ACHIEVE STIFF TARGETS OF ARREAR DEMAND RECOVERY LETTER F.NO. 1(164)/DIT(R)/DEMADN MANAGEMENT/DOMS/2013-14, DATED 29-4-2013 As the new financial year has begun and the department is entrusted with new targets and goals, your focussed attention is sought for a pro-active approach towards recovery of arrow demand… Read More
The role of Government in tourism development has been redefined from that of a regulator to that of a catalyst. Apart from marketing and promotion, the focus of tourism development plans is now on integrated development of enabling infrastructure through effective partnership with various stake holders. As per the working strategy for the 12th five… Read More
INCOME-TAX (THIRD AMENDMENT) RULES, 2013 AMENDMENT IN RULE 12 & SUBSTITUTION OF FORMS SAHAJ (ITR-1), ITR-2, ITR-3, SUGAM (ITR-4S), ITR-4 AND ITR-V NOTIFICATION NO. 34/2013 [F.NO.142/5/2013-TPL]/SO 1111(E), DATED 1-5-2013 In exercise of the powers conferred by section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend… Read More
Education loans are extended as per Model Educational Loan Scheme of Indian Banks™ Association (IBA), as adopted by the Banks. As per the Model Scheme, scheduled banks may, with the consent of the student, arrange for life insurance policy of the student availing Education Loan. In case of death of the student, loan amount outstanding… Read More
In order to provide relief to bank borrowers in times of natural calamities, Reserve Bank of India has issued standing guidelines to banks. The relief measures, inter alia, include conversion of the principal amount outstanding in the crop loans and agriculture term loans as well as accrued interest thereon into term loans for period ranging… Read More
(To be published in the Gazette of India Extraordinary) (Part I-Section 1) Government of India Ministry of Commerce and Industry Department of Commerce Directorate General of Foreign Trade Public Notice No. 7 (RE: 2013)/2009-2014 New Delhi: dated 1st May, 2013 In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-2014 and Paragraph 1.1 of Handbook of Procedures… Read More
[TO BE PUBLISHED IN THE GAZETTE OF INDIA, PART-II, SECTION 3, SUB-SECTION (ii), EXTRAORDINARY] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF EXCISE AND CUSTOMS NOTIFICATION NO. 52/2013-CUSTOMS (N.T.) DATED THE 2nd May, 2013 12 Vaisakha, 1935(SAKA) In exercise of the powers conferred by section 14 of the Customs Act, 1962 (52 of 1962), and… Read More
The compensation to the victims of train accidents as defined under Section 124 of the Railways Act, 1989, is paid by the Railways after a claim filed by the claimant in the Railway Claims Tribunal is decreed by the Tribunal in favour of the claimant and decree so awarded is decided to be satisfied by… Read More
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