Legal Updates - Corporate Law Reporter

Prime Minister™s Shram Awards, 2010 awarded to 76 workers

The Government of India today announced the Prime Minister™s Shram Awards for the year 2010 to be awarded to 76 workers employed in the Departmental Undertakings & Public Sector Undertakings of the Central and State Governments and Private Sector Units employing 500 or more workers in recognition of their distinguished performances, innovative abilities, outstanding contribution… Read More

Income Tax (Sixth Amendment) Rules, 2011

CLR Note: Firm required to furnish the return in Form ITR-5 or an individual or HUF required to furnish the return in Form ITR-4 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification New Delhi, the 1st July, 2011 INCOME TAX S.O.1497(E)- In exercise of the powers conferred by Section 295 read… Read More

Customs Notification No. 46/2011- Coal and Limestone

Government of India Ministry of Finance (Department of Revenue) (Central Board of Excise and Customs) Notification No. 46/2011-CUSTOMS (N. T.) New Delhi, 7th July, 2011 16 Asadha, 1933 (SAKA) S. O¦ (E) In exercise of the powers conferred by clause (d) of sub-section (1) of section 7 of the Customs Act, 1962 (52 of 1962), the… Read More

Sh. Salman Khursheed takes Charge as New Law & Justice Minister

Shri Salman Khursheed assumed charge of office as Minister of Law & Justice today. Speaking on the occasion, the Minister said that his priority would be to continue with the important work and reforms being done by his predecessor. Amongst the other priorities, the Minister listed that the Lokpal Bill, the Food Security Bill, the… Read More

Dr. M.Virappa Moily takes charge of Ministry of Corporate Affairs

Dr. M.Virappa Moily today took charge as the new Corporate Affairs Minister here in Shastri Bhawan, New Delhi. Shri D.K. Mittal, Secretary Corporate Affairs and other senior Officials in the Ministry were present on the occasion. Later addressing the media persons the minister said he will strive for the smooth paasage of the Companies… Read More

Profit is taxable on completion of each milestone in case of turnkey contracts – ITAT Delhi

Raytheon Company vs. DDIT (ITAT Delhi) The assessee, a USA company, entered into two separate contracts with AAI, one for supply of equipment and the other for rendering installation and training services. The AO & CIT(A) held (i) that the two contracts were an indivisible works contract, (ii) that as the supply involved embedded software, the… Read More

Siva Industries & Holdings Ltd vs. ACIT (ITAT Chennai)

Siva Industries & Holdings Ltd vs. ACIT (ITAT Chennai) Assessee filed an appeal against the order of Assessing Officer The Tribunal had to consider two issues (i) whether where investments are made in shares funded partly by borrowings, the interest on the borrowings can be disallowed u/s 14A even if no tax-free dividend has been received… Read More

Disallowance of costs on ground that AE also benefited ;not permissible

Patni Computer Systems Ltd vs. DCIT (ITAT Pune) The Tribunal had to consider two Transfer Pricing issues (i) whether notional interest relatable to the extended credit period allowed to the AE to pay the dues can be assessed and (ii) Whether, in the absence of any agreement between the assessee and the AEs to share costs, the consultancy… Read More

1st International Corporate Governance Conference at Shanghai

1st International Corporate Governance Conference at Shanghai Corporate Secretaries International Association presents its 1st International Corporate Governance Conference at Shanghai on the 21st- 23rd September, 2011 at the JW Marriott Hotel, Shanghai. The main highlights of the conference will be: 1. Western Corporate Governance Practices 2. Non-Western Corporate Governance Practices 3. Towards a sustainable Global… Read More

DTAA should not be considered as to protect Tax Evaders – SC

Ram Jethmalani vs. UOI (Supreme Court) Brief Facts: Pursuant to a Writ Petition alleging inaction by the Government on the unearthing of unaccounted money, the Supreme Court set up a High Level Committee to act as a Special Investigation Team to supervise the investigation by the Government into black money. In the course of the ruling,… Read More

A Contractor is eligible for deduction u/s 80-IA(4) for only operating the infrastructure facility

Laxmi Civil Engineering Pvt Ltd vs. ACIT -ITAT Pune Issues (i) whether the word contractor is synonymous with developer within the meaning of s. 80-IA(4)(i) and (ii) whether the condition in clause (c) is applicable to a developer who is not carrying on the business of operating and maintaining the infrastructural facilities Relying on… Read More

Clarification on availability of Proportionate CENVAT Credit for textile items under Chapter 55

Circular No. 948/09/2011-CX F.No.354/97/2011 -TRU Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, dated the 5th July, 2011 To, All Chief Commissioners of Central Excise (including LTU), All Chief Commissioners of Customs & Central Excise, All Director Generals, Sir/ Madam, Subject: Applicability of Circular No. 845/03/2006-CX dated 1.02.2007… Read More

CBEC – Amendment in Notification 21/2002 w.r.t. import of Sugar

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 55 /2011 - Customs New Delhi, the 05th 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, on being satisfied that it is necessary in the… Read More