Legal Updates - Corporate Law Reporter

FICCI to suggest impact of GST on Aviation Sector

A Ficci committee today said it will suggest ideas to the aviation industry on how the proposed Goods & Services Tax (GST) would affect them, along with other recommendations to give the sector a boost. The Ficci Civil Aviation Committee has also set for itself a wide-ranging agenda to give the civil aviation industry a… Read More

SC orders Status Quo on the Ground Handling Dispute at 6 Airports

According to the new regime, drafted in 2007, and postponed two times, private airlines were not allowed to do ground handling through outsourcing. They were asked to do the job through government-approved agencies. The new rules covered mainly the six metros ” Delhi, Mumbai, Bangalore, Hyderabad, Kolkata and Chennai. At present each airline has its… Read More

How relevant is Union minister™s personal discomfort to a National Policy decision?

While according the Environmental Clearance to the Posco project, Union Environment Minister Jairam Ramesh added that he was deeply uncomfortable with the project because the original memorandum of understanding (MoU), which has now expired, had provisions for the export of iron ore. Mr Ramesh then declared that he now expects that the revised MoU between Posco… Read More

Show Cause Notice served on Anna Hazare, Withdrawn

The office of Charity Commissioner, Pune, has tendered an apology to social activist Anna Hazare and withdrew a 'showcause' notice served on him for not submitting the audit report of 'Hind Swaraj Trust' headed by him for two years between 2005 and 2007. In a letter addressed to Hazare, it said the notice was "wrongly… Read More

Interest on Tax refund not Effectively Connected with Permanent Establishment (PE)

ACIT vs. Clough Engineering Ltd (ITAT Delhi Special Bench) Brief Facts:- The assessee, an Australian company, had a PE in India from which it carried on business in India. The assessee filed the return on 28/11/2003 declaring total income of Rs.1,49,15,800/-. The assessee claimed refund of Rs. 2,64,71,450/-. The return was processed u/s 143(1) of the Income-tax… Read More

Fixed Charges for Hire of Vehicles not Rent for Section 194-I (TDS)

Ahmedabad Urban Development Authority vs. ACIT (ITAT Ahmedabad) Brief Facts:- The assessee is a local authority and is engaged in development of areas in and aroundAhmedabad outside municipal limits. It was seen that the assessee had hired cars on fixed rent payments but TDS was deducted @ 2% treating the same as contract. Since the… Read More

DSIDC to honour Schemes already issued

M/S United Cutlery Works vs. Delhi State Industrial Development Corporation Ltd. Brief Facts:- The Petitioner Company i.e. M/s United Cutlery Works (UCW) is a partnership firm. An advertisement issued by the DSIDC, the petitioner company submitted an application for allotment of an industrial plot of at Narela. It was relocation scheme that was floated to enable industrial… Read More

AMCs cannot change Unit terms without taking consent from Unitholders : SAT

Subramanian R. Venkat vs. Securities Exchange Board of India(Date of Decision 3/5/2011) CLR Note: It was held by the Securities Appelate Tribunal (SAT) that Asset Management Companies (AMCs) cannot change the terms of the issued units / securities arbitrarily without taking consent from the Unit-holders. Brief Facts: The Appellant are husband and wife who are… Read More

Hearsay Evidence is No Evidence

Whether Hearsay evidence: which is a statement based on information received from others is admissible. The legal reason for inadmissible of the Hearsay Evidence. Hearsay is information gathered by one person from another person concerning some event, condition, or thing of which the first person had no direct experience. When submitted as evidence, such statements… Read More

Business Program on IPO & Private Equity

Achromic Point together with two renowned law firms R & A Associates & Khaitan & Co is organizing a business program on IPO & Private Equity. Scheduled in Mumbai on 3rd June, Bangalore 17th June and in Chennai on 24th June. This workshop is designed to make an analysis of the pre-post challenges & issues… Read More

Minimum Fees to be charged by Chartered Accountants – Recommended

The Committee for Capacity Building of CA Firms and Small & Medium Practitioners, ICAI (CCBCAF & SMP) has taken a major initiative for prescribing the Minimum Recommended Scale of Fees for the professional assignments done by our members of ICAI. The recommendation is about the fee to be charged as per the work performed for… Read More

Income Tax Department issues 40 lacs refunds worth 25,000 crores..and more

The Income Tax (I-T) department has issued 40 lakh refunds worth Rs 25,000 crore in the current financial year to taxpayers and orders have been issued to generate the remaining few lakhs soon. Central Board of Direct Taxes (CBDT) Chairman Sudhir Chandra gave the figures while addressing the top brass and officials of the I-T… Read More

No Conflict Between the Objectives Of High Growth and Low Inflation: RBI

Third Meeting of Inter Ministerial Group (IMG) on Inflation Held ; no Conflict Between the Objectives Of High Growth and Low Inflation in Long Run: Says RBI Governor A meeting of the Inter-Ministerial Group (IMG) on inflation was held today under the Chairmanship of Dr Kaushik Basu, Chief Economic Advisor, Ministry of Finance. The IMG was set-up at the… Read More