Legal Updates - Corporate Law Reporter

EOUs shipments post 1.01.2011 require ‘declaration of Indent’ for claiming Chapter 3 benefits of Foreign Trade Policy

Government of India Department of Commerce Directorate General of Foreign Trade Udyog Bhavan, New Delhi-110011 Policy Circular No. 28 (RE-2010)/2009-14 Dated: 15 April, 2011 (Issued from F. No.01/91/180/1582/AM10/PC3) To All Regional Authorities FIEO and All EPCs Subject:- Clarification about requirement of Declaration of Intent for EOU shipping bills for claiming Chapter 3 scheme benefits. 1. Para 3.11.8 of… Read More

CBI official says Satyam investigation almost complete

The investigation into the over Rs 7,136-crore Satyam Computer Services financial fraud by the Central Bureau of Investigation is almost complete. The investigating agency had filed three charge-sheets in the case so far with a host of charges on the key accused Mr B. Ramalinga Raju, founder and former chairman of Hyderabad-based Satyam Computer, his… Read More

Silver shinning better than Gold

Silver seems to be shinning better than gold these days. It continues to rise to new highs, almost on a daily basis, and touched Rs70,000 a kg in India on Friday. Experts have failed to understand where the white metal is heading towards. During the last one year, silver price has unexpectedly increased by 149% or 2.5… Read More

Applicable Income Tax Returns Forms for Assessment Year 2011-12 -Notified by CBDT

The Central Board of Direct Taxes has notified new Income Tax Return Forms for the Financial Year 2010-11 and Assessment Year 2011-12. The new return forms has been made effective vide Notification No. 18/2011 dated 5-4-2011 and the same shall be applicable from 1st April 2011. For simplicity, the summary of applicable forms applicable to a respective… Read More

Sebi mulls cash sops for traders

The Securities and Exchange Board of India will allow stock exchanges to infuse liquidity into their futures and options (F&O) segments by a liquidity enhancement mechanism. The guidelines would be applicable only for the equity derivative segment of stock exchanges and not cover interest rate derivatives and currency futures . The proposal under consideration includes… Read More

Sole transaction in shares liable for Capital Gains – ITAT

Nagindas P. Sheth (HUF), Mumbai; (2) ACIT, Mumbai vs (1) ACIT, Mumbai; (2) Nagindas P. Sheth (HUF), Mumbai CLR View: ITAT has held that the Sole transaction in shares liable for Capital Gains and will not be liable to be taxed under Business and Profession. INCOME TAX APPELLATE TRIBUNAL, 05 Apr 2011 Capital Gains -Assessee (HUF) earned… Read More

Forbes Global 2000 List of Public Companies : 57 Indian Cos. make it to the List

57 Indian companies figure in The Forbes Global 2000 list of public companies based on their rankings for sales, profits, assets and market value. In total, the Global 2000 companies now account for $32 trillion in revenues, $2.4 trillion in profits, $138 trillion in assets and $38 trillion in market value. These firms also employ… Read More

Bombay High Court held that Section 43(5) has prospective effect from 1.4.2006

Commissioner of Income-tax, Mumbai vs Bharat R. Ruia (HUF), Phoenix Mills Premises, Mumbai [BOMBAY HIGH COURT, 18 Apr 2011] Assessee (HUF), engaged in the business of trading in shares and securities, entered into certain derivative transactions which resulted in loss amounting to Rs. 28,37,707/- - Assessee claimed said loss as business loss - Assessing Officer… Read More

No penalty to be paid by the Asseessee u/s 271 for additions made by AO

Nayan Builders and Developers Private Limited vs Income Tax Officer [INCOME TAX APPELLATE TRIBUNAL, 18 Apr 2011] Assessing Officer made addition in return of assessee in respect of 3 items and levied penalty u/s 271(1)(c) of the Act on assessee - On appeal, Commissioner upheld the order of the AO - Tribunal also upheld said… Read More

Instrument used in Research Laboratories are not entitled for exemption under CST

Commissioner of Trade Tax, U.P. Appellant versus M/s. Kartos International Etc. Respondent Decision Date- 6 April, 2011 UP Trade Tax Act, 1948 ” Central Sales Tax Act, 1956 ” exemption from payment of tax ” whether scientific and biological instruments/equipments manufactured and sold by the respondent/assessee would be entitled to get exemption from payment of… Read More

Ways and Means (WMA) Limits fixed for the FY 2011-12

Press Release : 2010-2011/1542 CLR Note:- The Reserve Bank of India has been decided with the Government that the Ways and Means Advance limits will changed and interest rate will also changed. It has been decided in consultation with the Government of India that the limits for Ways and Means Advances (WMA) for the financial… Read More

Finance Ministry says No for Anti-dumping duty on import of drugs

The finance ministry has rejected recommendation from Directorate General of Anti-Dumping & Allied Duties to impose anti-dumping duty on import of two key drug ingredients i.e. Penicillin-G and 6-APA from China and Mexico used to make antibiotics worth about Rs 3,000 crore. In January, the commerce ministry recommended duty of $2.5 per billion on units of Penicillin-G imported… Read More

Government cannot ban exports with retrospective effect

The Bombay High Court, in his order has held that the Union Government cannot ban exports of any product with retrospective effect, while allowing a private company to go ahead with exports of milk powder. It also said that such restriction cannot be applied to concluded contracts where letters of credit were opened prior to… Read More