Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, Nov 16, 2010 at 9:41 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Use Your Bank Account To Avoid Penalty
• ICAI To Set Up Centre Of Excellence
• Hutch Deal- Court Vodafone To Deposit Rs 2500 Crore
• Hutch Deal- Vodafone Looks For India Tax Dispute Settlement
• Consideration Received For Selling Of Marketing Right Of The Products Not Taxable
• Info Panel Issues Summons To Games OC IOA
• Income Tax Dept Suspects Round Tripping By Some Of The Investors Of Realty Firm IREO
• Audit Of Telecom Companies
• Gove Bans Import Of Second Hand Computers
• Export Grows 21 3 Percent In October 2010 - Commerce Secretary
• President Of India To Inaugurate Celebrations Of Completion Of 150 Years Of C Amp AG Tomorrow
• Tariff Value Of Edible Oils Brass Scrap And Poppy Seeds Notified
• Bar Council Of India Responsible To Lay Down Standards Of Professional Conduct For Law Firms In The Country
• Nominee Of Bank Account Does Not Get Succession Rights
• Prescribed Methods To Be Followed For ALP Determination And Interest On Outstanding Trade Balances Not The Same As Interest On Loan
• Provision Made For Bad And Doubtful Debts To Be Included In The Book Profit For The Purpose Of MAT
• Penalty U S 271 1 C Can Not Be Imposed For Bona Fide Difference Of Opinion In Selection And Application Of Transfer Pricing Method
• Comparables Should Be Selected After Detailed Analysis And Any Adjustment To ALP Can Be Made Only On The Basis Of Firm Calculation And Back-up Data
• Judgment Of GlaxoSmithKline Inc V Her Majesty The Queen
• Reassessment Beyond Four Years On The Basis Of Retrospective Amendment Not Justified
• Amends Notification No 15 2002-Customs N T Dated The 7th March 2002 Appointing Common Adjudicating Authority
• Amendment In S No 65 Chapter 13 Of Schedule 2 Of ITC HS Classification Of Export Import Items Relating To Export Of Gum Karaya
• SEBI Issue Of Capital And Disclosure Requirements Fourth Amendment Regulations 2010 - Amendment In Regulations 2 8 9 16 26 29 34 42 43 50 54 55A 60 72 And In Schedule VIII XIII XV And XIX

Use Your Bank Account To Avoid Penalty Posted: 16 Nov 2010 01:10 AM PST If you fail to carry out any transaction for 24 months through your bank account it can be frozen This is in line with the Reserve Bank of India s RBI mandate that a bank account... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI To Set Up Centre Of Excellence Posted: 16 Nov 2010 01:07 AM PST The Institute of Chartered Accountants of India ICAI has proposed to set up a Centre for Excellence in Bhubaneswar nbsp ICAI currently has around 600 members in Orissa and we intend to set up a... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hutch Deal- Court Vodafone To Deposit Rs 2500 Crore Posted: 16 Nov 2010 01:02 AM PST The Supreme Court on Monday directed Vodafone to deposit Rs 2500 crore 550 million within three weeks in relation to the 2 5 billion tax dispute a Vodafone spokesman said The Supreme Court has... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hutch Deal- Vodafone Looks For India Tax Dispute Settlement Posted: 16 Nov 2010 12:59 AM PST The Dutch government has approached India on behalf of Vodafone s Netherlands unit to settle a three-year-old tax dispute involving a Rs 11 000 crore claim an Indian newspaper reported on Monday ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Consideration Received For Selling Of Marketing Right Of The Products Not Taxable Posted: 16 Nov 2010 12:54 AM PST The high court of Bombay at Goa recently held that an amount of 3 5 crore received by some shareholders of Colfax Laboratories India Limited CLIL to give up marketing right of the Old Spice ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Info Panel Issues Summons To Games OC IOA Posted: 16 Nov 2010 12:51 AM PST nbsp The Central Information Commission has issued summons to Organising Committee of the Commonwealth Games asking it to submit all documents related to alleged discrepancies in the ticketing ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Income Tax Dept Suspects Round Tripping By Some Of The Investors Of Realty Firm IREO Posted: 16 Nov 2010 12:45 AM PST The income tax I-T department is hot on the trail of investments worth Rs7 316 crore made by 26 foreign entities in Gurgaon-based real estate company Ireo Group amid rising suspicion of round... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Audit Of Telecom Companies Posted: 16 Nov 2010 12:19 AM PST Director General Audit Post amp Telegraph had suggested that since the Private Service Providers PSPs are resisting to submit their books of accounts for C amp AG audit the licence... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Gove Bans Import Of Second Hand Computers Posted: 16 Nov 2010 12:04 AM PST Ban on Import of Second Hand Computers nbsp There is a ban on import of second hand computers and computer peripherals now As per Ministry of Commerce s Handbook of Procedures Vol 1 2009-14... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Export Grows 21 3 Percent In October 2010 - Commerce Secretary Posted: 16 Nov 2010 12:01 AM PST India s exports have registered a growth of 21 3 during October 2010 at US 18 billion Stating this at a press interaction here today Shri Rahul Khullar Commerce Secretary informed... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

President Of India To Inaugurate Celebrations Of Completion Of 150 Years Of C Amp AG Tomorrow Posted: 15 Nov 2010 11:58 PM PST President of India to Inaugurate Celebrations of Completion of 150 Years of C amp AG tomorrow nbsp Prime Minister to Release Vision amp Mission Statement of IA amp AD nbsp nbsp The Institution of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Tariff Value Of Edible Oils Brass Scrap And Poppy Seeds Notified Posted: 15 Nov 2010 11:32 PM PST Tariff Value of Edible Oils brass scrap and Poppy Seeds Notified Central Board of Excise and Customs CBEC Department of Revenue has issued a Notification No 97 2010-Customs N T dated... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Bar Council Of India Responsible To Lay Down Standards Of Professional Conduct For Law Firms In The Country Posted: 15 Nov 2010 11:28 PM PST Dr M Veerappa Moily Minister of Law and Justice in the Lok Sabha in a written reply that under section 7 of the Advocates Act 1961 the Bar Council of India is responsible to lay down... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Nominee Of Bank Account Does Not Get Succession Rights Posted: 15 Nov 2010 12:15 AM PST The Supreme Court SC has clarified the nominee of a depositor in a bank does not get ownership of the money in the account after death of the depositor The nominee gets exclusive right to... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Prescribed Methods To Be Followed For ALP Determination And Interest On Outstanding Trade Balances Not The Same As Interest On Loan Posted: 15 Nov 2010 12:52 AM PST Overview -In a recent ruling in the case of Nimbus Communications Ltd v ACIT 2010 TI1-21-ITAT-MUM-T9 the Mumbai Bench of the Income Tax Appellate Tribunal the Tribunal while deciding the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Provision Made For Bad And Doubtful Debts To Be Included In The Book Profit For The Purpose Of MAT Posted: 15 Nov 2010 12:48 AM PST Brief In a recent ruling the Mumbai Income-tax Appellate Tribunal Tribunal in the case of ADIT Int Tax v Bank International Indonesia 2010-TII-85- ITAT-MUM-INTL has held that provision... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Penalty U S 271 1 C Can Not Be Imposed For Bona Fide Difference Of Opinion In Selection And Application Of Transfer Pricing Method Posted: 15 Nov 2010 12:43 AM PST Background The Mumbai Income Tax Appellate Tribunal the Tribunal has discussed the principles in relation to application of penalty provisions under section 271 1 c of the Income-tax Act ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Comparables Should Be Selected After Detailed Analysis And Any Adjustment To ALP Can Be Made Only On The Basis Of Firm Calculation And Back-up Data Posted: 15 Nov 2010 12:38 AM PST Overview - The Delhi Bench of Income Tax Appellate Tribunal the Tribunal in its recent ruling in the case of ACIT v Vedaris Technologies Pvt Ltd 2010-TII-10-ITAT-DEL-TP has held that... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Judgment Of GlaxoSmithKline Inc V Her Majesty The Queen Posted: 15 Nov 2010 12:33 AM PST This is a significant judgment which emphasises the comparability standards required for the application of the CUP method and signifies the relevance of business considerations while determining... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Reassessment Beyond Four Years On The Basis Of Retrospective Amendment Not Justified Posted: 15 Nov 2010 12:28 AM PST Reopening of tax assessment beyond four years on the basis of a retrospective amendment is not justified if the assessee has fully and truly disclosed all the material facts necessary during the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amends Notification No 15 2002-Customs N T Dated The 7th March 2002 Appointing Common Adjudicating Authority Posted: 16 Nov 2010 01:18 AM PST Notification No 95 2010-Customs N T nbsp New Delhi dated the 12th November 2010 G S R nbsp nbsp nbsp nbsp nbsp E In exercise of powers conferred by sub-section 1 of section... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment In S No 65 Chapter 13 Of Schedule 2 Of ITC HS Classification Of Export Import Items Relating To Export Of Gum Karaya Posted: 16 Nov 2010 01:16 AM PST To be published in the Gazette of India Extraordinary Part II nbsp Section 3 Sub Section ii nbsp Government of India Ministry of Commerce amp Industry Department of Commerce ... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SEBI Issue Of Capital And Disclosure Requirements Fourth Amendment Regulations 2010 - Amendment In Regulations 2 8 9 16 26 29 34 42 43 50 54 55A 60 72 And In Schedule VIII XIII XV And XIX Posted: 16 Nov 2010 12:29 AM PST THE GAZETTE OF INDIAEXTRAORDINARYPART III SECTION 4PUBLISHED BY AUTHORITY NEW DELHI NOVEMBER 12 2010SECURITIES AND EXCHANGE BOARD OF INDIANOTIFICATIONMumbai 12 November 2010 Securities... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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