Corporate Law Reporter - The Daily Journal

Disallowance of costs on ground that AE also benefited ;not permissible

Patni Computer Systems Ltd vs. DCIT (ITAT Pune) The Tribunal had to consider two Transfer Pricing issues (i) whether notional interest relatable to the extended credit period allowed to the AE to pay the dues can be assessed and (ii) Whether, in the absence of any agreement between the assessee and the AEs to share costs, the consultancy… Read More

1st International Corporate Governance Conference at Shanghai

1st International Corporate Governance Conference at Shanghai Corporate Secretaries International Association presents its 1st International Corporate Governance Conference at Shanghai on the 21st- 23rd September, 2011 at the JW Marriott Hotel, Shanghai. The main highlights of the conference will be: 1. Western Corporate Governance Practices 2. Non-Western Corporate Governance Practices 3. Towards a sustainable Global… Read More

DTAA should not be considered as to protect Tax Evaders – SC

Ram Jethmalani vs. UOI (Supreme Court) Brief Facts: Pursuant to a Writ Petition alleging inaction by the Government on the unearthing of unaccounted money, the Supreme Court set up a High Level Committee to act as a Special Investigation Team to supervise the investigation by the Government into black money. In the course of the ruling,… Read More

A Contractor is eligible for deduction u/s 80-IA(4) for only operating the infrastructure facility

Laxmi Civil Engineering Pvt Ltd vs. ACIT -ITAT Pune Issues (i) whether the word contractor is synonymous with developer within the meaning of s. 80-IA(4)(i) and (ii) whether the condition in clause (c) is applicable to a developer who is not carrying on the business of operating and maintaining the infrastructural facilities Relying on… Read More

Clarification on availability of Proportionate CENVAT Credit for textile items under Chapter 55

Circular No. 948/09/2011-CX F.No.354/97/2011 -TRU Government of India Ministry of Finance (Department of Revenue) Tax Research Unit ***** New Delhi, dated the 5th July, 2011 To, All Chief Commissioners of Central Excise (including LTU), All Chief Commissioners of Customs & Central Excise, All Director Generals, Sir/ Madam, Subject: Applicability of Circular No. 845/03/2006-CX dated 1.02.2007… Read More

CBEC – Amendment in Notification 21/2002 w.r.t. import of Sugar

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No. 55 /2011 - Customs New Delhi, the 05th July, 2011 G.S.R. (E).- In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government, on being satisfied that it is necessary in the… Read More

Anti Dumping Duty can not be collected after expiry of validity period

Circular No. 28/2011-Customs F.No.354/150/2011-TRU Government of India Ministry of Finance Department of Revenue Tax Research Unit *** R.No.146 I, North Block New Delhi, dated the 8th July, 2011 To Chief Commissioner of Customs (All) Chief Commissioner of Customs & Central Excise (All) Director Generals (All) Sir/Madam, Subject: Collection of Anti-dumping duty beyond the validity period-regarding. Representations… Read More

CBEC imposes Anti dumping duty on import of Sodium Tripoly Phosphate (STPP)

GOVERNMENT OF INDIA MINISTRY OF FINANCE (DEPARTMENT OF REVENUE) Notification No.58 /2011-Customs New Delhi, the 8th July, 2011 G.S.R. (E). - Whereas in the matter of imports of Sodium Tripoly Phosphate (STPP) (hereinafter referred to as the subject goods), falling under sub- heading 2835 31 00 of the First Schedule to the Customs Tariff Act, 1975 (51 of 1975),… Read More

Office or Place of Profit limits u/s 314 enhanced to Rs. 2.50 lacs – MCA

Companies (Central Government's) General Rules and Forms, 1956 amended GOI, Ministry of Corporate Affairs, dated 07.07.2011 G.S.R. ¦¦¦ (E). In exercise of the powers conferred by clauses (a) and (b) of sub-section (1) of section 642 of the Companies Act, 1956 (1 of 1956) and all other powers hereunto enabling the Central Government hereby makes… Read More

Stock Exchanges may consider granting membership to LLPs

CIR/MIRSD/12/2011 July 11, 2011 All Recognized Stock Exchanges Sub: Clarification regarding admission of Limited Liability Partnerships as members of Stock Exchanges. We have received requests from various stock exchanges to permit Limited Liability Partnerships (LLPs) to be admitted as members of stock exchanges so as to enable them to get registration as stock broker under… Read More

Green Initiative- ICSI to mail Audited Accounts for FY 2010-11

As a part of the Green Initiative in Corporate Governance taken by the Ministry of Corporate Affairs by allowing paperless compliances by the companies, the Council of the Institute has decided to send the Audited Accounts and Report of the Council for the Financial Year ending 31st March, 2011 to the members of the Institute… Read More

Trade in Border Haats under MOU dated 23.10.2010 between India and Bangladesh

To be published in The Gazette of India Extraordinary (Part-I, Section-1) Government of India Ministry of Commerce & Industry Department of Commerce Directorate General of Foreign Trade Udyog Bhawan, New Delhi -110 011 Public Notice No.61/2009-2014 (RE-2010) The 1st July, 2011 Subject: Trade in Border Haats across the border at Meghalaya between Bangladesh and… Read More

Amendment of SION J-373 i.e.Raw cotton (not carded or combed) – DGFT

GOVERNMENT OF INDIA DEPARTMENT OF COMMERCE DIRECTORATE GENERAL OF FOREIGN TRADE PUBLIC NOTICE NO. 63 /(RE-2010)/2009-2014 NEW DELHI: DATED: 07/07/2011 Subject: - Amendment/modification of SION, J-373. In exercise of the powers conferred under Paragraph 2.4 of the Foreign Trade Policy, 2009-14, an amendment is made in SION, J-373 of Textile Product Group in the Handbook of… Read More