Re: UPDATES FROM TAX GURU (in this message: 23 new items)

On Thu, Dec 3, 2009 at 9:35 AM, LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in> wrote:

UPDATES FROM TAX GURU (in this message: 23 new items)

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• Salman Khan acquitted of tax evasion charges made against him
• Expenses incurred towards training cannot be termed as fee for technical services
• CBI recovered cash, FDRs and jewellery worth nearly Rs 1 crore from the residence of Vasudevan
• A study on Patent infringement Law in India
• Few tips to Prevent Income Tax Raids
• Corporate governance meaning and Principals
• Can a CESTAT Member who has not completed probation can be relived from his duty without assigning any reason?
• SEBI Circular on Limitation period for filing of Arbitration reference
• IRDA seek exemption of Third Party Administrators (TPAs) from Tax Deducted at Source (TDS)
• Satyam Directors say that CBI report on Satym fraud may not necessarily present financial position and liabilities of the company
• Post-Satyam Scam Forensic auditing on increase to track fraud
• CBI accused internal auditor with "willful suppression of auditing irregularities"
• Provisioning Coverage for Advances – Second Quarter Review of Monetary Policy for the Year 2009-10
• RBI circular on Credit Information Companies (Regulation) Act, 2005
• Establishment of Connectivity with both depositories NSDL and CDSL
• Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs)
• Debatable issues are not "mistakes apparent from the record" u/s 154
• No capital gains in a business reorganization if consideration not determinable. Transfer pricing law does not apply if there is no income
• Observance of ICAI Election Code of Conduct on the Date of Polling
• Appointments in Competition Commission of India
• Finance Act, 2003, which deleted second proviso to section 43B, will operate retrospectively w.e.f. 1-4-1988
• Johnny and Service Tax Refund Part – VI
• Partial and Full Partition of Hindu Undivided Family (HUF) and Income Tax provisions

Salman Khan acquitted of tax evasion charges made against him Posted: 02 Dec 2009 07:03 PM PST According to Express India the Bombay High Court has dismissed a case which was filed by the Income Tax Department against the actor.The case accused Khan of declaring his income for the year 1999-2000 as Rs 2,95,09,771 when he had actually earned... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Expenses incurred towards training cannot be termed as fee for technical services Posted: 02 Dec 2009 06:48 PM PST We have considered the rival submissions carefully in the light of the relevant material on record as well as the decision cited by the parties. After careful perusal of various authorities relied on either side would show that they are quite... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBI recovered cash, FDRs and jewellery worth nearly Rs 1 crore from the residence of Vasudevan Posted: 02 Dec 2009 06:40 PM PST During the last one week's investigation into the bribery case against Company Law Board (CLB) member R Vasudevan, the Central Bureau of Investigation (CBI) has purportedly found that Vasudevan had made enough ill-gotten money. In fresh raids, the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

A study on Patent infringement Law in India Posted: 02 Dec 2009 06:30 PM PST A Patent confers the exclusive right on the Patentee to make, distribute or sell the invention in India. This exclusive right is for 20 years. After 20 years, that invention becomes a public Domain. An infringement would be when any of three rights... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Few tips to Prevent Income Tax Raids Posted: 02 Dec 2009 06:02 PM PST One should not keep any unaccounted or undisclosed money, property or income popularly known as black money. If such a disclosure is made before its detection by the Income Tax Department, the chances of being trapped in a tax raid are minimized. A... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Corporate governance meaning and Principals Posted: 02 Dec 2009 05:51 PM PST Corporate governance (CG) is one of the most talked about topics in business, indeed in society, today. Google search revealed 513 news citations during a single week in June 2006. Most academics, business professionals, and lay observers would... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Can a CESTAT Member who has not completed probation can be relived from his duty without assigning any reason? Posted: 02 Dec 2009 05:33 PM PST RECENTLY the President of India was pleased to discharge Hon'ble member of the CESTAT Mr. PK Das, just a day before he was to complete his three year probation period. Can a Member of the Tribunal be sent home just like that? The answer,... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

SEBI Circular on Limitation period for filing of Arbitration reference Posted: 02 Dec 2009 05:27 PM PST Based on the recommendations of the SMAC, it has now been decided that the limitation period of six months shall be computed from the end of the quarter during which the disputed transaction( s) were executed. Along with the exclusion mentioned... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

IRDA seek exemption of Third Party Administrators (TPAs) from Tax Deducted at Source (TDS) Posted: 02 Dec 2009 05:26 PM PST The Insurance Regulatory and Development Authority (IRDA) has asked the Income-Tax Department and the Central Board of Direct Taxes (CBDT) to consider exemption of Third Party Administrators (TPAs) from Tax Deducted at Source (TDS). According to a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Satyam Directors say that CBI report on Satym fraud may not necessarily present financial position and liabilities of the company Posted: 02 Dec 2009 05:17 PM PST Mahindra Satyam on Wednesday said its financials are not necessarily, even as investors were roiled by reports that the accounting fraud in the company could be double the initial estimate of Rs 7,800 crore. "The company wishes to point out to... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Post-Satyam Scam Forensic auditing on increase to track fraud Posted: 02 Dec 2009 05:05 PM PST Even as India's federal investigating agency last week stunningly doubled to US$3.02 billion the amount of money involved in the Satyam Computer Services scam exposed early this year, a tribe of forensic auditors is emerging to upgrade the country's... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

CBI accused internal auditor with "willful suppression of auditing irregularities" Posted: 02 Dec 2009 04:51 PM PST India's notorious Satyam Computer Services scandal has taken a turn for the worse, with the country's Central Bureau of Investigation (CBI) laying new charges against 10 defendants regarding fake invoices, inflated revenues, unauthorised loans and... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Provisioning Coverage for Advances – Second Quarter Review of Monetary Policy for the Year 2009-10 Posted: 02 Dec 2009 04:44 PM PST At present, the provisioning requirements for NPAs range between 10 per cent and 100 per cent of the outstanding amount, depending on the age of the NPAs and the security available. Banks can also make additional specific provisions subject to a... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

RBI circular on Credit Information Companies (Regulation) Act, 2005 Posted: 02 Dec 2009 09:02 AM PST As you are aware, the Credit Information Companies (Regulation) Act, 2005 has been operationalised with effect from December 14, 2006. In terms of Section 15(1) of the Act, every credit institution has to become member of at least one credit... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Establishment of Connectivity with both depositories NSDL and CDSL Posted: 02 Dec 2009 08:57 AM PST Establishment of Connectivity with both depositories NSDL and CDSL –Companies eligible for shifting from Trade for Trade Settlement (TFTS) to normal Rolling Settlement Related posts:Issue of No Objection Certificate for release of 1% of issue... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Financial Inclusion by Extension of Banking Services – Use of Business Correspondents (BCs) Posted: 02 Dec 2009 08:54 AM PST Banks are permitted to appoint the following entities as BCs, in addition to the entities presently permitted: (i) Individual kirana/medical /fair price shop owners (ii) Individual Public Call Office (PCO) operators (iii) Agents of Small Savings... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Debatable issues are not "mistakes apparent from the record" u/s 154 Posted: 02 Dec 2009 08:46 AM PST The assessee filed a revision petition u/s 264 in which it claimed that the subsidy received by it from the government was a capital receipt and not chargeable to tax in view of P.J. Chemicals Ltd 210 ITR 830 (SC). The Petition was allowed by the... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

No capital gains in a business reorganization if consideration not determinable. Transfer pricing law does not apply if there is no income Posted: 02 Dec 2009 08:37 AM PST The applicant, a USA company, held shares in an Indian company. As part of a bankruptcy reorganization process, the shares in the Indian company together with other non-Indian assets & liabilities were transferred to other USA companies. The... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Observance of ICAI Election Code of Conduct on the Date of Polling Posted: 02 Dec 2009 08:26 AM PST In terms of the Election Code of Conduct evolved by the Council of the Institute of Chartered Accountants of India and the subsequent instructions, by way of an Announcement, issued by the Returning Officer, under the Chartered Accountants (Election... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Appointments in Competition Commission of India Posted: 02 Dec 2009 08:15 AM PST Competition Commission of India has invited applications from experienced professionals in Law, Economics and Financial Analysis fields for direct recruitment to various posts of the level of Deputy Director, Joint Director, Director and Advisor in... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Finance Act, 2003, which deleted second proviso to section 43B, will operate retrospectively w.e.f. 1-4-1988 Posted: 02 Dec 2009 07:26 AM PST S. 43B (b) provides that any sum payable by way of contribution to a provident fund etc shall be allowed as a deduction only in the year of payment. The second proviso to s. 43B provided that the sums referred to in s. 43B (b) would not be allowed... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Johnny and Service Tax Refund Part – VI Posted: 02 Dec 2009 07:13 AM PST In this unbroken series of articles on the issues relating to the problems faced by exporters under refund claim mechanism we herein are unveiling the VI th part of the same. Herein we are uncovering the problems existing in the Service tax refund... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

Partial and Full Partition of Hindu Undivided Family (HUF) and Income Tax provisions Posted: 02 Dec 2009 02:47 AM PST Partition is the severance of the status of Joint Hindu Family, known as Hindu Undivided Family under tax laws.Under Hindu Law once the status of Hindu Family is put to an end, there is notional division of properties among the members and the joint... [[ This is a content summary only. Visit my website www.taxguru.in for full article ]]

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