Corporate Law Reporter - The Daily Journal

Amendment Notification for increasing total Area notified for Biotechnology SEZ in Pune

The Gazette Of India Extraordinary Part II Section 3 Sub Section (ii) Published by Authority New Delhi, Friday, February 8, 2013/Magha 19, 1934 MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOT IF'ICATION New Delhi, the 7th February, 2013 S.O. 341(E).-Whereas, M/s. SEZ Bio-Tech Services Pvt. Ltd., a private organisation in the State of Maharashtra,… Read More

Assessment appeal should be filed within 30 days by filing an application for condonation of delay

2012-ITS-2882-CESTAT-M/s. Patel Stationers Pvt. Limited -Vs- Commissioner of Central Excise, VAPI , Decision : 31.12..2012 CUSTOMS EXCISE & SERVICE TAX APPELLATE TRIBUNAL, West Zonal Bench, Ahmedabad Appeal No. : E/927 of 2012 [Application No. E/S/1450 of 2012] Arising out of : OIA No. SRP/27/VAPI/2012-13 dated 18.09.2012 Passed by : Commr. (Appeals) C. Excise & Customs,… Read More

Deduction under Section 80HHC cannot be allowed ignoring the restrictive clause contained in Section 80-IA

Commissioner Of Income Tax-I, ... vs M/S Abhishek Industries Limited. on 20 December, 2012 ITA No. 312 of 2011 PUNJAB AND HARYANA HIGH COURT AT CHANDIGARH ITA No. 312 of 2011 Date of Decision: 20.12.2012 Commissioner of Income Tax-I, Ludhiana ........ Appellant Versus M/s Abhishek Industries Limited. ...... Respondent CORAM: HON'BLE MR. JUSTICE SURYA KANT… Read More

Gains from share sale of foreign company held by and sold to Non-residents, not taxable in India as per Indo-French DTAA even if the foreign co. held Indian assets

CLR Editorial Notes : Murieux Alliance (˜MA™) and Groupe Industrial Marcel Dassault (GIMD) , two French companies were holding shares in ShanH (another French company). MA & GIMD combine acquired shares in Shantha Biotechnics Ltd (Shantha), an Indian company. The shares of Shantha were transferred to ShanH, being held by MA and GIMD, which subsequently… Read More

Modelling Currency Demand in India – DRG Study

DRG Study No. 39 - Modelling Currency Demand in India: An Empirical Study The Reserve Bank of India released today the DRG Study titled, Modelling Currency Demand in India: An Empirical Study. The study is co-authored by Dr. D. M. Nachane, A. B. Chakraborty, A. K. Mitra and Sanjib Bordoloi. The main objective of the… Read More

Prevention of Money-laundering (Amendment) Act, 2012 notified to be enforced from 15th Feb 2013

The Gazette Of India Extraordinary Part II Section 3 Sub Section (ii) Published by Authority New Delhi, Friday, February 8, 2013/Magha 19, 1934 MINISTRY OF FINANCE (Department of Revenue) NOTIFICATION New Delhi, the 8th February, 2013 S.O. 343(E).-In exercise of the powers conferred by sub-section (2) of Section 1 of the Prevention of Money-laundering (Amendment)… Read More

CESTAT case regarding Service tax discharged on commission amounts from the GoI

CLR Editorial Notes: This case is related to a show cause notice sent to an assessee for evasion of Service Tax Payments. The appeal was against the show cause notice on confirmation of demand of service tax liability, interest thereof and for the imposition of penalty. They did not demand refund of service tax, but only prayed only… Read More

Notification to Mumbai Port Trust regarding provisions of Sections 13 and 14 of Minimum Wages Act, 1948

MINISTRY OF LABOUR AND EMPLOYMENT NOTIFICATION New Delhi, the 7th February, 2013 S.O. 356(E).- In exercise of the powers conferred by sub-section (2) of Section 26 of the Minimum Wages Act, 1948 (11 of 1948), the Central Government having regard to the special regulations in force in respect of the duty hours, rest day and… Read More

Amendments in SEZ Notifications – changes in item contents

MINISTRY OF COMMERCE AND INDUSTRY (Department of Commerce) NOTIFICATION New Delhi, the 8th February, 2013 S.O.355(E).---The Central Government, in exercise of the powers conferred by sub-section (1) of Section 4 of the Special Economic Zone Act, 2005 (28 of 2005) and in pursuance of rule 8 of the Special Economic Zones Rules, 2006, hereby makes… Read More

Cenvat credit may be utilized for payment of service tax on any output service

CLR Editorial Notes: This case is related to an audit conducted by the Central Excise team at the appellant's factory. The appellant is a manufacturing unit and transfers the produce to their depot which in turn has been equated to GTA services. The transportation being an input service, it was observed that the appellant was paying… Read More

International Seminar on Principles of Financial Market Infrastructures and Innovations in Retail Payments

International Seminar on Principles of Financial Market Infrastructures and Innovations in Retail Payments (Valedictory address delivered by Shri. G. Padmanabhan, Executive Director at the International Seminar on Principles for Financial Market Infrastructures and Innovations in Retail Payment Systems organized by Reserve Bank of India on February 15, 2013 at New Delhi) Distinguished speakers, participants, other… Read More

Transfer Pricing with respect to arm’s-length transactions should be calculated as per OECD guidelines

CLR Editorial Notes: In course of transfer pricing proceedings, Transfer Pricing Officer has to work out ALP of international transaction by applying methods recognized under Act and, he is not competent to hold that expenditure in question has not been incurred by assessee or that assessee has not derived any benefits from said payment and,… Read More

Consideration received for collation of data cannot be taxed as ‘royalty’ or ‘other income’

2013-ITS-44-ITAT-P.T. McKinsey Indonesia -Vs- Deputy Director of Income-tax (International Taxation) 4(1), Mumbai , On. JANUARY 16, 2013 2013-ITS-44-ITAT-P.T. McKinsey Indonesia -Vs- Deputy Director of Income-tax (International Taxation) - 4(1), Mumbai , On. JANUARY 16, 2013 IN THE ITAT MUMBAI BENCH 'L' P.T. McKinsey Indonesia v. Deputy Director of Income-tax (International Taxation) - 4(1), Mumbai D.K.… Read More