Legal Updates - Corporate Law Reporter

FM calls for strong measures to reverse the ongoing trend of illicit outflows

Union Finance Minister Calls for Strong Measures to Reverse the Ongoing Trend of Illicit Outflows from Developing Countries and Exploitation of their Natural Resources Through Abusive Transfer Pricing Schemes; Inaugurates two Day High Level International Seminar on Adopting Tax System and International Tax Rules to the New Global Environment: a Shared Challenge for India and… Read More

Commerce Minister pushes for Lowering Tariff of Sensitive items in SAFTA

The Minister of Commerce & Industry, Government of India Mr. Anand Sharma urged the member states of SAARC to bring down all the protectionist trade barriers to achieve regional economies of scale at a much greater pace. While emphasizing that the serious attempts being made to reduce the sensitive list under the trade liberalization program… Read More

Tata pitches for cutting tariff on vehicles and components from overseas

At a time when the Indian automobile industry is strongly opposing lowering of import duty in the proposed India-EU FTA, Tata group chief Ratan Tata has favoured cutting tariff on vehicles and components coming from overseas. Tata said such high import duties are unrealistic and create an artificial barrier of protection for local companies. He… Read More

Govt. toolbox to deal with transactions arising from Non-cooperative jurisdictions

Under pressure from civil society to take concrete action on black money, the government said that it has enough tools to deal with transactions arising from non-cooperative jurisdictions and would take action as and when necessary. "We have developed a toolbox... We have enabled ourselves to declare tax havens as non-cooperating jurisdiction and countries as… Read More

Periodical Report Grant of prior approval to members of stock exchanges/sub-brokers

CIR/MIRSD/2/2011 To All Recognized Stock Exchanges Dear Sir/Madam, Sub: Periodical Report Grant of prior approval to members of stock exchanges/sub-brokers 1) SEBI (Stock Brokers and Sub-brokers) Regulations, 1992 {hereinafter referred to as "the said Regulations"}, have been amended vide Notification No. LAD-NRO/GN/2011-12/03/12650 dated April 19, 2011 {hereinafter referred to as "the said amendment"}, a copy of which is available on… Read More

AO directed to pay costs for Recovery Harassment

Shramjivi Nagari Sahakari Pat Sanstha vs. ACIT (ITAT Pune) Brief Facts:- The assessee, a credit co-operative society, contravened s. 269SS & 269T because of which penalty u/s 271E was levied. The CIT(A) confirmed the levy of penalty. Before service of the CIT(A)™s order, the assessee™s bank account was attached u/s 226(3). The assessee filed a stay… Read More

RBI to issue Non-Sequential Numbered Banknotes in Denomination of Rs. 500

Press Release : 2010-2011/1810 With a view to enhancing operational efficiency and cost effectiveness in banknote printing at banknote presses, it has been decided to issue, to begin with, fresh banknotes of Rs. 500 denomination in packets, which may not necessarily all be sequentially numbered. This is consistent with international best practices. Packets of Banknotes… Read More

SEBI : Pre- funded instruments / Electronic fund transfers

CIR/MIRSD/03/2011 To All Recognized Stock Exchanges Dear Sir/Madam, Sub: Pre- funded instruments / Electronic fund transfers 1. SEBI vide Circular No. SEBI / MRD / SE / Cir-33 / 2003 / 27 / 08 dated August 27, 2003, while specifying the mode of receipt and payment of funds, has permitted the stock brokers to accept Demand Drafts… Read More

Amendment in Notification No G.S.R. 607(E), dated 9th June, 1989 – Section 10(15)(i) of the Income Tax Act, 1961

NOTIFICATION NO. 32/2011[F.No.173/13/2011-ITA.I] /S.O.1296(E) DATED 3-6-2011 In exercise of the powers conferred by sub-clause (i) of clause (15) of section 10 of the Income-tax Act, 1961 (43 of 1961) the Central Government hereby makes the following amendment to the notification of the Government of India in the Ministry of Finance, Department of Revenue, Central Board… Read More

Amendment in Notification No S.O. 672(E) dated the 27th July, 1995 – Section 10(23AAA) of the Income Tax Act 1961

NOTIFICATION NO.33/2011[F.NO.197/12/2010-ITA-I]/S.O. 1295(E) DATED 3-6-2011 In exercise of the powers conferred by clause (23AAA) of section 10 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following amendments in the notification of Government of India, Ministry of Finance, number S.O. 672(E) dated the 27th July, 1995, namely… Read More

If Search & Seizure action violates human rights, officers personally liable to pay compensation

In Re Rajendra Singh (Bihar Human Rights Commission) The income-tax department conducted search and seizure operations u/s 132 at the premises of the assessee wheninterrogation & recording of statement was conducted for more than 30 hours and till the odd hours of the night without any break or interval. The assessee filed a complaint alleging… Read More

Registration as Public Trust not necessary for s. 12A Charity registration

The assessee, a company registered under s. 25 of the Companies Act applied for registration as a charitable institution u/s 12A of the I. T. Act. The Director (Exemptions), relying on Bhraman Madhav Murthi Mandal vs Joint Charity Commissioner 43 Comp Cas 361 (Bom), rejected the application on the ground that registration with the Charity Commissioner was… Read More

No need to make tax evasion criminal offence

The government can do without making tax evasion a criminal offence as the existing income tax laws, which provide for rigorous imprisonment up to seven years for wilful default, has not been used effectively to unearth black money, say experts. "One can be jailed for seven years (rigorous imprisonment) for wilful evasion of tax (above… Read More