Legal Updates - Corporate Law Reporter

Even gains on shares held for 30 days & less is STCG & not business profits – ITAT Mumbai

Hitesh Satishchandra Doshi vs. JCIT (ITAT Mumbai) Brief Facts: The assesses was engaged in the business of share trading and investments and offered income from sale of shares by way of STCG and LTCG. The AO treated the STCG as business profits on the ground that there was systematic and regular course of share trading… Read More

Transfer Pricing: CBDT™s view that +/-5% variation amendment applies to pending proceedings incorrect

iPolicy Network Pvt Ltd vs. ITO (ITAT Delhi) Brief Facts: In respect of AY 2006-07, the assessee entered into international transaction with its associate enterprises (AE) for a sum of Rs. 14.33 crores. The TPO applied the TNMM and determined the Arm Length Price (ALP) at Rs. 15.08 crores and made an adjustment of Rs.… Read More

Customs Notification No. 59/2011

MINISTRY OF FINANCEGOVERNMENT OF INDIA (DEPARTMENT OF REVENUE) Notification No. 59/2011-Customs New Delhi, the 13th July, 2011 G.S.R. 532 (E)- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the… Read More

Customs Notification No. 47/2011 – Reg Amendment in tariff values for Oils, Poppy Seeds, Soyabean etc.

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 47/2011-CUSTOMS (N. T.) New Delhi, 15th July, 2011 24 Asadha , 1933 (SAKA) S. O______ (E) In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Board, being satisfied that it… Read More

Meeting of Asia Pacific Group (APG) on Money Laundering

The 14th Annual Meeting & 10th Annual Technical Assistance and Training Forum of the Asia/Pacific Group starts from 18th July The Government of India will host the 14th Annual Meeting and 10th Annual Technical Assistance and Training Forum of the Asia/Pacific Group (APG) on Money Laundering at the Le Meridien Hotel, Kochi (Cochin), Kerala, India, from… Read More

CBEC exempts certain goods imported from Bangladesh subject to conditions

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 60/2011-Customs New Delhi, 14th July, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts… Read More

Corrigendum to Customs Notification No. 58/2011 Reg. Anti dumping duty on Sodium Tripoly Phosphate

Title: Corrigendum to Notification No. 58/2011-Customs, dated the 8th July, 2011 CLR Note: Anti dumping duty specified under Notification No. 58/2011 is leviable onSodium Tripoly Phosphate (STPP) other than Food Grade instead of Sodium Tripoly Phosphate (STPP) GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) CORRIGENDUM New Delhi, the 14th July, 2011 G.S.R. (E).- In the notification of… Read More

ICSI Program on Drafting in Mumbai

ICSI to organise a program on Drafting on July 17, 2011 ICSI to organise a program on Drafting on July 17, 2011, Sunday from 10.00 a.m to 6.00 p.m at the ICSI CCGRT Conference Hall, Plot No. 101, Sector 15, Institutional Area, CBD Belapur, Navi Mumbai; with lunch and background material. Clearly drafted documents are expected to improve compliance… Read More

Deduction available to Contractor who merely develops and does’nt operate the infrastructure facility

Laxmi Civil Engineering Pvt Ltd vs. ACIT (ITAT Pune) S. 80-IA(4) deduction available even to contractor who merely develops but does not operate & maintain the infrastructure facility Relying on the judgement of the Larger Bench in B. T. Patil & Sons 126 TTJ 577 (Mum), the assessee™s claim for deduction u/s 80-IA(4) was denied by the Tribunal on… Read More

National Workshop on Role of Central Board of Workers Education organised in Delhi

Union Minister of Labour and Employment Shri Mallikarjun Kharge inaugurated a two day National Workshop on Role of Central Board of Workers Education in Awareness Generation of Mahatma Gandhi National Rural Employment Guarantee Act MNREGA in New Delhi. Shri Mallikarjun Kharge said that rural population in general and rural working people in particular have to… Read More

Direct Tax collections increases in 2010-11, reaching nearly to Rs.4,46,000 crore: Finmin

The Union Finance Minister Shri Pranab Mukherjee said that direct tax collections now account for more than 56 per cent of the total revenue collections of Central Government, making the tax system more progressive than it ever was in the history of independent India. The Finance Minister Shri Mukherjee said that direct tax collections have… Read More

India achieves major breakthrough in solar thermal cooling system technology

Minister of New & Renewable Energy, Dr. Farooq Abdullah on 1st July 2011 inaugurated the world™s highest efficiency solar thermal cooling system at the Solar Energy Centre in Gurgaon in Haryana. Minister of Power, Shri Sushilkumar Shinde was also present on the occasion. The new 100 kw Solar Air-Conditioning System works at 30% higher efficiency… Read More

GOI and World Bank sign US$200 million to strengthen the Local Government of Kerala

To strengthen the capacity of gram panchayats and municipalities in Kerala, an IDA credit of US$200 million was signed between the Government of India and the World Bank in Thiruvananthapuram yesterday. The Kerala Local Government and Service Delivery Project will fund improvements in local infrastructure to help Kerala usher in second-generation reforms towards greater decentralization… Read More