Legal Updates - Corporate Law Reporter

Rules for Government Servants to disclose immovable properties

Central Civil Services (Conduct) Amendment Rules, 2011 have been amended to the effect that where a Government Servant enters into a transaction for immovable property either in his ow name or in the name of his family, he shall, within 1 month from the date of such transaction, report the same to the prescribed authority,… Read More

MCA issues Corrigendum to its circular on XBRL reporting

MCA issues corrigendum on filing of Balance Sheet and Profit & Loss Account in extensible Business Reporting Language (XBRL) mode The Ministry of Corporate Affairs has issued a corrigendum after noticing some errata on the circular issued on March 31st, 2011 regarding the filing of Balance Sheet and Profit & Loss Account in extensible Business… Read More

List of Terrorist Individuals /Organisations notified by RBI

RBI/2010-11/523 UBD.CO.BPD (PCB) Cir.No.48/14.01.062/2010-11 May 11, 2011 The Chief Executive Officer of All Primary (Urban) Co-operative Banks Dear Sir, List of Terrorist Individuals /Organisations under UNSCR 1267 (1999) and 1822 (2008) on Taliban/Al-Qaida Organisation Please refer to our circular UBD.CO. BPD (PCB).Cir.No.44/14.01.062/2010-11 dated May 2, 2011. We have since received from Government of India (Ministry of… Read More

RBI and 926 branches of Banks to accept Advance Income Tax

As many as 926 computerised branches of public and private sector banks will receive advance income tax in Mumbai and Navi Mumbai. These arrangements have been made for the convenience of the income tax assesses. Of the 926 bank branches 862 branches are public sector bank branches, 35 HDFC bank branches, 10 ICICI bank branches… Read More

Conference on Global M&A strategy in Leela Kempinski

CLR Note: The Global M&A strategy conference to be organised by ICSI which would be focusing on the current issues affecting the variant industries in India dealing with Mergers and Acquisition, designing a successful cross border strategy, mitigate risk for M&A deal, examining local and global markets, and help achieve a smooth deal completion and… Read More

SEBI- Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs)

SEBI- New reporting format for ODIs / PNs to be implemented from July, 2011 Circular- CIR/IMD/FIIC/6/2011 dated-May 12, 2011 All Foreign Institutional Investors through their designated Custodians of Securities Dear Sir/Madam, Sub: Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs) activity 1. Please refer to SEBI Circular No. CIR/IMD/FIIC/1/2011 dated January 17, 2011 related to the… Read More

Production, sale & use of Endosulfan pesticide banned for next 8 weeks – SC

The Supreme Court today banned the production, sale and use of controversial pesticide Endosulfan in the country for the next eight weeks, holding that human life is more important than anything else. "Keeping in mind various judgements of this court under Article 21 (right to life and liberty) of the Constitution and particularly keeping in… Read More

National Disaster Management Guidelines on Ensuring Disaster Resilient construction of Buildings and Infrastructure

RBI/2010-11/525 DBOD.Dir.BC.No.93 /08.12.14/ 2010-11 May 12, 2011 All Scheduled Commercial Banks (excluding RRBs) Dear Sir/ Madam, National Disaster Management Guidelines on Ensuring Disaster Resilient construction of Buildings and Infrastructure The National Disaster Management Authority (NDMA), Government of India has formulated guidelines on ensuring disaster resilient construction of buildings and infrastructure financed through banks and other… Read More

Finance Ministry may take up 42 FDI Proposals during next week

The Finance Ministry will take up 42 foreign direct investment (FDI) proposals, including that of BNP Paribas, Tata Steel and PTC India Financial Services, next week. The Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary R Gopalan is scheduled to meet on May 20 here. As per the Finance Ministry, 15 proposals are… Read More

CAG may review Transfer Pricing Cases

"Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of Income Tax (DGIT) R N Dash said while addressing a seminar organised by Assocham. The Income Tax department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised… Read More

Clarification of applicability of XBRL for FY 2009-10 – MCA

The MCA has excluded the banking companies, insurance companies, power companies, NBFCs and overseas subsidiaries of these companies from the applicability of reporting of Balance sheet and Profit & Loss A/c for the year 2009-10 in XBRL language. General Circular No.25/2011, dated 12.5.2011 All Regional Directors; All Registrar of Companies Subject: Filling of Balance Sheet and Profit… Read More

Clarifications regarding Prosecution Provisions – Service Tax

F. No. 354/45/2011-TRU Government of India Ministry of Finance Department of Revenue Central Board of Excise & Customs (Tax Research Unit) New Delhi dated the 12th May, 2011. To Chief Commissioners of Central Excise and Service Tax (All), Director General (Service Tax), Director General (Central Excise Intelligence), Director General (Audit), Commissioners of Service Tax… Read More

Refund of Excise Duty – Not an income if first paid and claimed back

In this case Assessee is a firm engaged in the business of manufacture of aluminum wire rods at IGP,SIDCO, Phase-II Samba, Jammu & Kashmir. During the assessment proceedings, the assessee had filed computation of taxable income wherein deduction u/s 80IB amounting to Rs 5,85,84,089/- was claimed. The A.Owent through the details and found that the assessee had… Read More