Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Mon, Nov 22, 2010 at 9:44 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Government May Cancel 38 Telecoms Licences As Recommended By TRAI
• SEBI To Reduce Time For Initial Public Offering Process From 12 Days To A Week
• Excise Duty Dispute- SC Sets Aside Tax Order Favouring Bajaj Auto
• ITAT Rules In Favour Of Mukesh Ambani In A Tax Case Involving Income Of Over Rs2 000 Crore
• SC Upholds Differential Duty Hours
• Mock Tribunal Turns In Live Tribunal
• Oriental Bank Of Commerce Starts Unique ID Enrolment Process For Its Customers And Staff
• IRDA May Soon Issue Guidelines For Listing Of Insurance Companies
• Continuation Of Entertainment In GST Regime May Defeat The Basic Objective Of GST
• Prime Minster Addresses Hindustan Times Leadership Summit - 2010
• Auditors Need To Be Vigilant In Detecting Fin Irregularities
• Finmin Make Presentation On DTC Bill
• Provisions For Faster Settlement Of Insolvency Cases For Corporates
• US FEDERAL BUILD IT IN ONE DAY
• Income-tax - Assessee Cannot Claim Any Credit For TDS On Income Which Is Not Offered For Taxation
• Consideration Received By Singapore Company On Sale Of Computer Software Cannot Be Treated As Royalty
• Company Or Corporation Cannot Escape Liability For Criminal Prosecution
• Bangalore Tribunal Ruling Upholds Transfer Pricing Adjustment Disallowing Payment Of Management Charges
• SB Of Mumbai Tribunal Rules No Remission Of Liability On Settlement Of Deferred Sales Tax Liability At NPV
• If CA Certifies Payment Of Off-the Shelf Software Not Chargeable To Tax As A Royalty Then No Penalty Interest Can Be Levied For No Prior Approval Fr
• Offshore Supply Of Equipment On Cost Insurance And Freight CIF Basis Under Composite Contract Not Taxable In India
• Arms Length Testing For Distributors - Transaction Prices Vis-a-vis Financial Results
• Section 11 Of The Special Economic Zones Act 2005 Rescission Of All Previous Notifications Appointing Director Software Technology Parks Of India-Bangalore As Development Commissioner Of Information Technology And Information Technology Enabled Servic
• Insurance - Interpretation Of First Ten Years Of Business Under Section 40A Of The Insurance Act 1938
• DISA ISA
• Family Pension Calculation Software Death In Service For W B Govt Employees

Government May Cancel 38 Telecoms Licences As Recommended By TRAI Posted: 22 Nov 2010 01:05 AM PST Late on Thursday a source with direct knowledge of the matter said the Telecom Regulatory Authority of India recommended to the government that it cancel 38 telecoms licences because the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI To Reduce Time For Initial Public Offering Process From 12 Days To A Week Posted: 22 Nov 2010 01:02 AM PST SEBI is looking at reducing the time for initial public offering process from 12 days to a week said Mr C B Bhave Chairman of the regulator This means retail investors who apply for an... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise Duty Dispute- SC Sets Aside Tax Order Favouring Bajaj Auto Posted: 22 Nov 2010 12:53 AM PST The Supreme Court of India last Friday set aside an order passed by the tax tribunal CESTAT which had given a favourable order to Bajaj Auto BSE 532977 in a case of dispute over the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ITAT Rules In Favour Of Mukesh Ambani In A Tax Case Involving Income Of Over Rs2 000 Crore Posted: 22 Nov 2010 12:46 AM PST The Income Tax Appellate Tribunal ITAT has ruled in favour of Reliance Industries chairman Mukesh Ambani in a tax case involving income of over Rs2 000 crore In a significant ruling the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC Upholds Differential Duty Hours Posted: 22 Nov 2010 12:40 AM PST The Supreme Court has held that differential treatment does not per se amount to violation of Article 14 equality of the Constitution It violates Article 14 only when there is no... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mock Tribunal Turns In Live Tribunal Posted: 22 Nov 2010 12:04 AM PST The Vasai Branch of the Western India Regional Council of the Institute of the Chartered Accountants of India conducted a seminar on ITAT Proceedings amp Mock Tribunal on 21 November 2010 The... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Oriental Bank Of Commerce Starts Unique ID Enrolment Process For Its Customers And Staff Posted: 20 Nov 2010 04:29 PM PST Oriental Bank of Commerce OBC on Friday commenced the enrolment process for issuance of unique identification number Aadhaar for its customers and staff of the bank The enrolment process which... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA May Soon Issue Guidelines For Listing Of Insurance Companies Posted: 20 Nov 2010 04:27 PM PST The Insurance Regulatory and Development Authority Irda will soon issue guidelines for listing of insurance companies and portability of motor and health insurance policies between companies ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Continuation Of Entertainment In GST Regime May Defeat The Basic Objective Of GST Posted: 20 Nov 2010 04:24 PM PST If levies such as entertainment tax continue the basic objective of GST viz replacing diverse complex and ad-hoc taxes by a single comprehensive one on all goods and services will be defeated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prime Minster Addresses Hindustan Times Leadership Summit - 2010 Posted: 20 Nov 2010 04:01 PM PST Winning in testing times Winning the next decadeThe Prime Minister Dr Manmohan Singh addressed Hindustan Times Leadership Summit 2010 in New Delhi today Following is the text of the PM ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Auditors Need To Be Vigilant In Detecting Fin Irregularities Posted: 20 Nov 2010 03:56 PM PST The Institute of Chartered Accountants of India ICAI nbsp said auditors need to be more vigilant in detecting financial irregularities Auditors need to be more agile and more vigilant in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finmin Make Presentation On DTC Bill Posted: 20 Nov 2010 03:54 PM PST The Finance Ministry will make a presentation before a parliamentary panel nbsp on the bill on Direct Taxes Code DTC which is scheduled to replace archaic income tax act from April 1 2012 ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Provisions For Faster Settlement Of Insolvency Cases For Corporates Posted: 20 Nov 2010 03:52 PM PST The Minister for Corporate Affairs has said that the Companies Bill 2009 which was introduced on 3rd August 2009 has provisions for faster settlement of insolvency cases for corporates ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

US FEDERAL BUILD IT IN ONE DAY Posted: 21 Nov 2010 02:07 AM PST We have been under great speculation when the US FEDERAL system declared 600 billion dollars buyout of bonds spread over a series of months We speculated and the end result of the speculation... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income-tax - Assessee Cannot Claim Any Credit For TDS On Income Which Is Not Offered For Taxation Posted: 22 Nov 2010 12:30 AM PST By majority opinion the Tribunal found that the assessee cannot claim any credit for the TDS on the income which is not offered for taxation The Tribunal further found that the benefit for the TDS... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Consideration Received By Singapore Company On Sale Of Computer Software Cannot Be Treated As Royalty Posted: 21 Nov 2010 03:45 AM PST It was held by ITAT Mumbai that computer software when put into a media and sold becomes goods like any other audio cassette or painting on canvass or book Accordingly the amount paid by taxpayer... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Company Or Corporation Cannot Escape Liability For Criminal Prosecution Posted: 21 Nov 2010 03:38 AM PST The Supreme Court has stated that the criminal liability of a corporation would arise when an offence is committed in relation to the business of the corporation by a person or body of persons in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bangalore Tribunal Ruling Upholds Transfer Pricing Adjustment Disallowing Payment Of Management Charges Posted: 21 Nov 2010 03:34 AM PST The Bangalore Income Tax Appellate Tribunal Tribunal has ruled on the transfer pricing aspects of management services fees paid by the Taxpayer to its regional headquarter company associated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SB Of Mumbai Tribunal Rules No Remission Of Liability On Settlement Of Deferred Sales Tax Liability At NPV Posted: 21 Nov 2010 03:31 AM PST Special Bench SB of the Mumbai Income Tax Appellate Tribunal on the issue of whether settlement of deferred sales tax liability under an option made available by the statutory authority to pay the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If CA Certifies Payment Of Off-the Shelf Software Not Chargeable To Tax As A Royalty Then No Penalty Interest Can Be Levied For No Prior Approval Fr Posted: 21 Nov 2010 03:25 AM PST Once the payment of off-the shelf software held not to be chargeable to tax as a royalty on the basis of the certificate obtained from a chartered accountant no penalty and interest can be... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Offshore Supply Of Equipment On Cost Insurance And Freight CIF Basis Under Composite Contract Not Taxable In India Posted: 21 Nov 2010 02:53 AM PST It was held that the offshore supply of equipment even on a CIF basis under a composite contract is not taxable in India [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Arms Length Testing For Distributors - Transaction Prices Vis-a-vis Financial Results Posted: 21 Nov 2010 02:49 AM PST In a recent decision the Federal Court of Australia the Court in the case of SNF Australia Pty Ltd v Commissioner of Taxation 2010 FCA 635 ruled in favour of the taxpayer acceding to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Section 11 Of The Special Economic Zones Act 2005 Rescission Of All Previous Notifications Appointing Director Software Technology Parks Of India-Bangalore As Development Commissioner Of Information Technology And Information Technology Enabled Servic Posted: 20 Nov 2010 04:11 PM PST Section 11 of the Special Economic Zones Act 2005 Rescission of all previous notifications appointing Director Software Technology Parks of India-Bangalore as Development Commissioner of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Insurance - Interpretation Of First Ten Years Of Business Under Section 40A Of The Insurance Act 1938 Posted: 20 Nov 2010 04:09 PM PST CIRCULAR NO IRDA F amp I CIR EMT 183 11 2010 DATED 18-11-2010 nbsp Section 40A of the Insurance Act 1938 the Act lays down the permissible limits for payment of commission or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DISA ISA Posted: 20 Nov 2010 05:30 PM PST [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Family Pension Calculation Software Death In Service For W B Govt Employees Posted: 19 Nov 2010 08:57 PM PST Family Pension Calculation Software Death in Service for W B Govt Employees Family Pension Calculation for West Bengal Govt Employees who died in service For more Calculation of West Bengal Govt... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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Palash Biswas
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