CBDT Order On Appointment Of IRS Officers As Joint Commissioners
The CBDT has issued Order No. 186 of 2013 dated 01.10.2013 stating that the President has appointed 164 officers of the India Revenue Service (Income Tax) to the grade of Joint Commissioner of Income-tax purely on Ad-hoc basis in the pay scale of Rs. 15,600-39,100 + 7,600/- with immediate effect and until further orders. CBDT… Read More
Transfers Of Hon’ble Members Of The ITAT (Oct 2013)
Vide Order dated 04.10.2013 passed pursuant to the consultations with the collegium of the ITAT consisting of the President and two senior most Vice Presidents the following Members of the ITAT are hereby transferred in the same capacity to the respective Benches, mentioned below, with immediate effect: Name Present place of posting Transferred place of… Read More
Accrual Of Income – Supreme Court Lays Down Important Law
CLR Editorial Note The question for consideration in this appeals is whether the benefit of an entitlement to make duty free imports of raw materials obtained by the assessee through advance licences and duty entitlement pass book issued against export obligations is income in the year in which the exports are made or in the year in which… Read More
Draft Forms Under Phase II of the Companies Act 2013 Made Live by MCA
The Ministry of Corporate Affairs has released the Draft Forms under Draft Rules in Second Phase of the Companies Act 2013 and made them live for Public comments. Forms for 9 chapters issued under the 2nd phase of the Companies Act 2013 have been put for public comments. Download the Draft forms from the download section below. Download from here: Draft Forms in respect of… Read More
Total Number of Companies in the Official Registry as recorded by MCA
As per the records of the Ministry of Corporate Affairs there were a total of 13.45 lakh companies in the official Registry as on 31st August 2013. However, out of these as many as 2.57 lakh companies have been closed and there are 30,127 companies that are in the process of being closed. Also, as… Read More
Today is the Last Date for Submitting Suggestions for Ph I Draft Rules under the Companies Act 2013
After an extension of 2 days, tomorrow is the last date for submitting suggestions/ comments for the first tranche of Draft Rules being framed under the Companies Act, 2013. The Ministry of Corporate Affairs had, through an advertisement in newspapers last month, invited suggestions/ comments from all the stakeholders for the first tranche of Draft… Read More
India™s Foreign Trade: September, 2013
EXPORTS (including re-exports) Exports during September, 2013 were valued at US $ 27679.33 million (Rs. 176461.53 crore) which was 11.15 per cent higher in Dollar terms (29.77 per cent higher in Rupee terms) than the level of US $ 24902.00 million (Rs. 135978.63 crore) during September, 2012. Cumulative value of exports for the period April-September 2013 -14… Read More
Housing Loan Products from Banks carrying risks :: RBI advises caution
RBI/2013-14/320 RPCD.CO.RCB.BC.No.43/07.51.013/2013-14 October 8, 2013 The Chairman All State and Central Co-operative Banks (StCBs and CCBs) Dear Sir, Housing Sector: Innovative Housing Loan Products Upfront disbursal of housing loans It has been observed that some banks have introduced certain innovative Housing Loan Schemes in association with developers/builders, e.g. upfront disbursal of sanctioned individual housing loans… Read More
RBI appoints Technical Committee on Mobile Banking
The Reserve Bank of India has announced the constitution of a Technical Committee on Mobile Banking, to examine the options/alternatives including the feasibility of using encrypted SMS based funds transfer using an application that can run on any type of handset for expansion of mobile banking in the country. Terms of Reference of the Committee… Read More
Official Journal of the Patent Office Part I, II(Design) 4th October 2013
In view of the recent amendment made in the Patents Act, 1970 by the Patents (Amendment) Act, 2005 effective from 01st January 2005, the Official Journal of The Patent Office is required to be published under the Statute. This Journal is being published on weekly basis on every Friday covering the various proceedings on Patents as required according… Read More
Official Journal of the Patent Office Part I, II, III(Design) 27th September 2013
In view of the recent amendment made in the Patents Act, 1970 by the Patents (Amendment) Act, 2005 effective from 01st January 2005, the Official Journal of The Patent Office is required to be published under the Statute. This Journal is being published on weekly basis on every Friday covering the various proceedings on Patents as required according… Read More
Call and Put Options Allowed By SEBI
Another breather for Corporate India after the passage of the Companies Act, 2013 is that SEBI has allowed companies to include call and put options in the M&A and Private Equity Agreements.[1] Companies can now enter contracts for pre-emption including right of first refusal, or tag-along or drag-along rights contained in shareholders agreements or articles… Read More
Transfer Pricing of Marketing Intangibles: An Analysis in light of LG Electronics India Pvt Ltd Case
I. Introduction The taxation of income from intangibles is perhaps the most important large case issue in the inter-company transfer pricing world today.[1] An increasing number of multinational enterprises (hereinafter MNE™s) have been tapping the Indian market by offering their products through local affiliates. Due to strong market competition, they have substantially increased their advertising expenditure.… Read More
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