Legal Updates - Corporate Law Reporter

Income tax celebrated its 150th anniversary on 15th July, 2011

The Concluding Ceremony for 150 years of Income Tax (IT) in India was celebrated on 15th July, 2011 at a solemn function graced by H.E. Smt. Pratibha Devi Singh Patil, President of India at Vigyan Bhawan, New Delhi. The first copy of a book titled 'A Celebration through Art- 150 Years of IT in India'… Read More

ERP Software Package Allowable As Revenue Expenditure

CIT vs. Raychem RPG Ltd (Bombay High Court) Brief Facts: The assessee, engaged in manufacturing of telecommunication and power cable accessories and trading in oil retracing system and other products, incurred expenditure of Rs. 23 lakhs on purchase of Enterprises Resources Planning (ERP) package. The AO treated the expenditure as capital in nature. The Tribunal applied the functional… Read More

CBDT directed to formulate uniform policy with strict parameters on appeal filing

CCE vs. Doaba Steel Rolling Mills (Supreme Court) A Central Excise appeal was allowed in favour of the assessee by the High Court inter alia on the ground that the department had not challenged similar orders passed by the Tribunal in cases of other assessees. On appeal by the department, HELD reversing the High Court (on… Read More

Reconstitution of Copyright Board

The Department of Higher Education, Ministry of Human Resource Development has reconstituted the Copyright Board, as per section 11 of the Copyright Act, 1957 by appointing Justice Ramesh Chandra Chopra (retired) as the Chairman of the Copyright Board for a period of five years or till further orders, whichever is earlier, with effect from the… Read More

Companies (Central Government’s) General Rules and Forms,1956- Amended

GOI; MCA; Notification dt. 14th July, 2011 G.S.R¦¦.(E).- In exercise of the powers conferred by clauses (a) and (b) of sub- section (1) of section 642 of the Companies Act, 1956 (1 of 1956) read with sections 20 and 21 of the Companies Act, 1956 and all other powers hereunto enabling the Central Government hereby… Read More

Amendment in Schedule XIII of the Companies Act, 1956

GOI; MCA; Notification dt. 14th July, 2011 G.S.R¦¦.(E).- In exercise of the powers conferred by the sub section (1) of section 641 of the Companies Act, 1956, the Central Government hereby makes the following further amendments in Schedule XIII of the Companies Act, 1956:- 1. In G.S.R 396(E) dated 23rd May, 2011 in Para 1(i)… Read More

MCA-ICSI WEB SEMINAR ON XBRL

The ICSI is organizing MCA-ICSI WEB SEMINAR ON XBRL at ICSI Head Quarters, New Delhi on Wednesday, July 20, 2011 from 3.00 pm to 5.00 pm. The programme would be live webcast at the following URL, http://www.streamonweb.com/ICSI from 3.00 pm onwards on Wednesday, July 20, 2011. This will be interactive programme in which senior representatives… Read More

RBI announces Auction of 56-day Cash Management Bills

Press Release : 2011-2012/91 The Reserve Bank of India has today announced the auction of 56-day Government of India Cash Management Bills for a notified amount of Rs. 8,000 crore. The auction will be conducted on July 18, 2011 using "Multiple Price Auction" method. The Cash Management Bills will be repaid at par on September… Read More

Branch Authorization Policy – Opening of branches in unbanked rural centres

RBI/2011-12/113 DBOD.No.BL.BC. 24/22.01.001/2011-12 July 15, 2011 All Scheduled Commercial Banks (excluding RRBs) Madam/Dear Sir, Branch Authorization Policy - Opening of branches in unbanked rural centres Please refer to paragraphs 97& 98 of the Monetary Policy Statement 2011-12 on the above subject (extract enclosed). As stated therein, there is a need to step up the opening… Read More

RBI Notification On Regularization of Liaison / Branch Offices of foreign entities established during the pre-FEMA period

RBI/2011-12/112 A.P. (DIR Series) Circular No. 02 July 15, 2011 To All Authorised Dealer Category - I banks Madam / Sir, Regularization of Liaison / Branch Offices of foreign entities established during the pre-FEMA period Attention of Authorised Dealer Category I (AD Category-I) banks is invited to Notification No. FEMA 22/2000-RB dated May 3, 2000 viz. Foreign… Read More

Clarification regarding admission of Limited Liability Partnerships as members of Stock Exchanges

CIR/MIRSD/12/2011 July 11, 2011 To All Recognized Stock Exchanges Sub: Clarification regarding admission of Limited Liability Partnerships as members of Stock Exchanges. Dear Sir/Madam, 1. We have received requests from various stock exchanges to permit Limited Liability Partnerships (LLPs) to be admitted as members of stock exchanges so as to enable them to get registration… Read More

Modification of Client Codes of Non-institutional Trades Executed on Stock Exchanges

CIR/DNPD/6/2011 July 05, 2011 To Managing Director/ Chief Executive Officer Recognised Stock Exchanges Dear Sir/Madam, Sub: Modification of Client Codes of Non-institutional Trades Executed on Stock Exchanges (All Segments) 1. In consultation with BSE, MCX-SX, NSE and USE, it has been decided that the Stock Exchanges may allow modifications of client codes of non-institutional trades… Read More

Sale of shares by Mauritius Co can treated as sale by 100% USA parent and Sale of shares of foreign company taxable if object to acquire the Indian assets

Aditya Birla Nuvo Limited vs. DDIT (Bombay High Court) Idea Cellular Ltd, an Indian company, was set up as a joint venture company pursuant to a JV agreement between AT&T Corp, USA, and the Birla Group. As provided by the agreement 49% of Idea Cellular™s equity was allotted to AT&T Mauritius, being 100% subsidiary & permitted… Read More