Corporate Law Reporter - The Daily Journal

Karnataka VAT Clarifications

Karnataka VAT - Clarification under Section 59(4) regarding the rate of tax applicable on certain ready to fry food products and Production of Statutory Forms prescribed under CST Act, 1956 at the time of assessment/re-assessment for the year 2005-06. Document is available for download ****** Read More

Goa Value Added Tax Act and other taxes Amendment Document

Amendment notifications have been issued in the attached document. Refer: Goa Value Added Tax Act - Page no. 9 & 10 Goa Tax on Entry of Goods Act - Page no. 8 & 12, Goa Tax on Luxuries - Page no. 10 & 13 Goa Excise Duty (Amendment) Rules, 2013 - Page no. 1 ****** Document is available for… Read More

Finance Lease Vs Operating Lease – Differences explained

CLR Editorial Notes: The Difference between Finance Lease and Operating Lease has been adequetely explained in this case and in the reference cases. The assessee, a bank, purchased a boiler and gave it on lease to Indo-Gulf Fertilisers. The assessee claimed depreciation on the said boiler on the basis that it was the owner thereof. The Assessing… Read More

Share application money is not loan or advance

Ratio Decidendi: Money paid in advance for Share application cannot be treated as loan or advance or Deemed Dividend as under Section 2(22)(e) of the IT Act. CLR Editorial Note: The assessee was a beneficial shareholder of two companies named Kingston Properties P Ltd. (KPPL), New Dimensions Consultants P Ltd (NDCPL) & R. S. Estate Developers P Ltd… Read More

SEBI prevents attempt to mis-sell an investment product

SEBI today prevented an attempt to mis-sell an investment product to an investor in Delhi by a person claiming as agent of mutual funds. SEBI had received a complaint from an investor (hereinafter referred to as ' complainant') that some unknown persons claiming to be 'agents' and 'brokers' of Mutual Funds and insurance companies have… Read More

Exit Order in respect of Saurashtra Kutch Stock Exchange Limited (SKSEL)

1. SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges This contained details of the conditions for exit of de-recognised/non-operational stock exchanges interalia including treatment of assets of de-recognised exchanges and a facility of dissemination Board for companies listed exclusively on such exchanges, while taking care of the interest of Investors.… Read More

Exit order in respect of Coimbatore Stock Exchange (CSX)

1. SEBI vide Circular dated May 30, 2012 had issued the Guidelines for exit of stock exchanges. This contained details of the conditions for exit of de-recognised/non-operational stock exchanges inter-alia including treatment of assets of de-recognised exchanges and a facility of dissemination Board for companies listed exclusively on such exchanges, while taking care of the interest of… Read More

Arbitration Mechanism through Stock Exchanges

SEBI has received inputs from investors regarding functioning of arbitration mechanism at the Stock Exchanges. In light of which, all Stock Exchanges having nation-wide trading terminals have been advised to pool the list of arbitrators and create a 'Common Pool', instead of having exchange-wise pools of arbitrators. This pooling of arbitrators is done centre-wise. The… Read More

Companies eligible for shifting from Trade for Trade Settlement to Normal Rolling Settlement

CIRCULAR CIR/MRD/DP/ 12 /2013 April 08, 2013 To, All Stock Exchanges Dear Sir / Madam, Sub: Establishment of Connectivity with both depositories NSDL and CDSL Companies eligible for shifting from Trade for Trade Settlement (TFTS) to Normal Rolling Settlement 1. It is observed from the information provided by the depositories that the companies listed in… Read More

Jurisdiction for Appeals matters

GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI DEPARTMENT OF TRADE & TAXES VYAPAR BHAWAN : NEW DELHI (HUMAN RESOURCE BRANCH) F. III/3/DT&T/Misc./2000/Estt./407-412 Dated : 30/03/2013 ORDER In supersession of all previous orders, the work related to the Appeals under the DST and CST Act and Rules is proposed as under with immediate effect :- S.… Read More

Non-Compete Fee is not eligible for depreciation or amortisation over non-compete period

Ratio Decidendi: Non-Compete Fee, paid to the seller on acquisition of their business , is not eligible for depreciation or amortisation over the non-compete period, as done when calculating revenue deduction. CLR Editorial Note: The assessee and subsequent appellant acquired the glass manufacturing business from Piramal Enterprises Ltd. and entered into a non-compete agreement with them for… Read More

Punjab VAT :: Amendments towards implementation of E-trip in Punjab

Punjab VAT Act, 2005 has been amended empowering the Excise & Taxation Commissioner, Punjab to implement electronic governance for carrying out various provisions of the Act. This may be a step towards implementation of E-Trip in Punjab. A new Section 3-A under the Punjab VAT Act, 2005 has been inserted which runs as follows: 3-A:… Read More

Mahrashtra Tax Laws (Levy & Amendment Act) 2013 – Changes in MVAT and other Laws

Notification to amend the MVAT and other laws L.A. Bill No. XI of 2013 to amend certain tax laws in operation in the State of Maharashtra published. Major changes in MVAT laws are as follows - Single revised return for the year provided in case of revision as per the audit report u/s 61 or… Read More