Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Fri, Feb 18, 2011 at 9:44 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Comprehensive Revision Of The Companies Act 1956
• Convergence Of Indian Accounting Standards With International Financial Reporting Standards
• CBI To Approach CLB On Links Between Reliance Swam In 2G Scam
• Wide Differences Between Govt And Industry On Companies Bill 2009
• Sebi Proposes XBRL Reporting System For Mutual Funds
• IFRS Norms Format For Companies To Be Notified Soon
• Brought Forward Business Losses Can Be Set Off Against The Gains Arising From Any Business Or Profession Though Chargea
• Assessing Officer Can Determine The True Legal Relation Resulting From A Transaction On Substance Of The Transaction
• Under Explanation To Section 73 Of Income Tax Act 1961 Even Delivery-based Loss On Shares Is Speculation Loss
• Clandestine Removal- A Blessing For 100 Per Cent EOU
• DTH Service Is Also Subject To Entertainment Duty In Addition To Service Tax-P Amp H High Court
• Allowability Of Depreciation On Assets Forming Part Of Block Of Assets If The Same Was Not Used During The Year
• RBI Circular On All Deposit Taking NBFCs - CRAR Fifteen Percent W E F March 31 2012
• Regarding Levy Of Excise Duty On Goods Manufactured At The Site Of Construction For Use In Construction Work
• Custom Duty- Seeks To Amend The Notification 13 2010-Cus Dated 19th February 2011 So As To Extend The Stipulated Three Months Period For Re-export To Six Months
• Custom Duty- Amends Notification No 36 2001 Customs N T Dated The 3rd August 2001
• Amendments In The Reward Incentive Schemes Of Chapter 3 Of FTP 2009-14 - Appendix 37A And Appendix 37D Of Handbook Of Procedure Vol 1
• Amendment In Paragraph 2 63 Of Handbook Of Procedures Vol I 2009-2014 RE 2010 Regarding Issue Of RCMC By Director Handicrafts Government Of Jammu Kashmir
• DGFT- Regarding Prohibition On Export Of Onion Exemption For Export Of Bangalore Rose Onions And Krishnapuram Onions

Comprehensive Revision Of The Companies Act 1956 Posted: 18 Feb 2011 12:47 AM PST Keeping in view the developments taking place nationally as well as internationally and with a view to modernize the structure for corporate regulation in India and represent a major reform statement by the Government to promote the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Convergence Of Indian Accounting Standards With International Financial Reporting Standards Posted: 18 Feb 2011 12:45 AM PST Availability of essential financial information about a company to its shareholders and other stakeholders in accordance with internationally accepted financial norms is considered as an integral and important part of good corporate [[ This is a content summary only. Visit www.taxguru.in for full article ]]

CBI To Approach CLB On Links Between Reliance Swam In 2G Scam Posted: 18 Feb 2011 12:30 AM PST With the Reliance funding into Swan telecom under scanner the CBI will soon approach the Company Law Board to look into the association between Reliance Group and the controversial Telecom Company in the 2G spectrum scam nbsp The [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Wide Differences Between Govt And Industry On Companies Bill 2009 Posted: 18 Feb 2011 12:29 AM PST India Inc is not on board with the government on several key issues pertaining to independent directors managerial remuneration and rotation of auditors as proposed in the Companies Bill a senior official said on Thursday [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Sebi Proposes XBRL Reporting System For Mutual Funds Posted: 18 Feb 2011 12:27 AM PST Sebi has proposed a new reporting system for mutual funds based on XBRL technology a globally accepted standardised business reporting tool that enables easy dissection of bulk documents without delay The Securities and Excha [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IFRS Norms Format For Companies To Be Notified Soon Posted: 18 Feb 2011 12:19 AM PST The government on Thursday said it will soon notify the format that companies will have to follow while preparing their account books as per the international accounting norm IFRS from next fiscal nbsp In an official statement the [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Brought Forward Business Losses Can Be Set Off Against The Gains Arising From Any Business Or Profession Though Chargea Posted: 18 Feb 2011 01:24 AM PST Brought forward business losses can be set off against the gains arising from any business or profession though chargeable to tax under any other head of incomeDigital Electronics Ltd v ACIT135 TTJ 419 Mum ITAT nbsp Facts nbsp - [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Assessing Officer Can Determine The True Legal Relation Resulting From A Transaction On Substance Of The Transaction Posted: 18 Feb 2011 01:20 AM PST The Assessee borrowed money from a sister concern at 18 per cent interest and purchased shares from another sister concern carrying a dividend at 4 per cent The Revenue thought the device was colourable and disallowed the interest [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Under Explanation To Section 73 Of Income Tax Act 1961 Even Delivery-based Loss On Shares Is Speculation Loss Posted: 18 Feb 2011 01:10 AM PST Under Explanation to section 73 of Income Tax Act 1961 even delivery-based loss on shares is speculation loss nbsp Brief - nbsp i The Explanation to s 73 creates a fiction that the loss suffered by certain companies fr [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clandestine Removal- A Blessing For 100 Per Cent EOU Posted: 18 Feb 2011 12:07 AM PST Introduction Ill gotten gains are not the ill-ones if caused due to the interpretations of law To survive in the cut-throat competition the EOUs were allowed to clear the goods in Domestic Tariff Area Being allowed the benef [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DTH Service Is Also Subject To Entertainment Duty In Addition To Service Tax-P Amp H High Court Posted: 17 Feb 2011 11:55 PM PST Punjab and Haryana High Court in a recent case namely Tata Sky Limited v State of Punjab and another 2011 38 PHT 160 P amp H has held that levy of entertainment duty on providing entertainment by broadcasting signals on TV sets i [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Allowability Of Depreciation On Assets Forming Part Of Block Of Assets If The Same Was Not Used During The Year Posted: 17 Feb 2011 01:44 AM PST Allowability of depreciation on Assets forming part of Block of Assets if the same was not used during the year CIT vs Oswal Agro Mills Ltd Delhi High Court - TA No 161 of 2006 and others dated 24 December 2010 Facts - The As [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI Circular On All Deposit Taking NBFCs - CRAR Fifteen Percent W E F March 31 2012 Posted: 18 Feb 2011 12:59 AM PST RBI 2010-11 408 DNBS PD CC No 211 03 02 002 2010-11 February 17 2011 In terms of paragraph 16 of Non Banking Financial Deposit Accepting or Holding Companies Prudential Norms Reserve Bank Directions 2007 every deposi [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Regarding Levy Of Excise Duty On Goods Manufactured At The Site Of Construction For Use In Construction Work Posted: 18 Feb 2011 12:56 AM PST Notification No 01 2011 Central Excise N T New Delhi the February 17 2011 nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp nbsp G S R nbsp E Whereas the Central Go [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty- Seeks To Amend The Notification 13 2010-Cus Dated 19th February 2011 So As To Extend The Stipulated Three Months Period For Re-export To Six Months Posted: 18 Feb 2011 12:50 AM PST Notification No 9 2011-Customs New Delhi the 14th February 2011 G S R 93 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 sati [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Custom Duty- Amends Notification No 36 2001 Customs N T Dated The 3rd August 2001 Posted: 18 Feb 2011 12:48 AM PST Notification No 12 2011 - Customs N T New Delhi 15th February 2011 S O E In exercise of the powers conferred by sub-section 2 of section 14 of the Customs Act 1962 52 of 1962 the Board being satisfied that [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendments In The Reward Incentive Schemes Of Chapter 3 Of FTP 2009-14 - Appendix 37A And Appendix 37D Of Handbook Of Procedure Vol 1 Posted: 18 Feb 2011 12:43 AM PST PUBLIC NOTICE NO nbsp nbsp 33 RE2010 2009-14 nbsp DATED 15th February 2011 Subject Amendments in the Reward Incentive Schemes of Chapter 3 of FTP 2009-14 - Appendix 37A and Appendix 37D of Handbook of Procedure Vol 1 n [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Amendment In Paragraph 2 63 Of Handbook Of Procedures Vol I 2009-2014 RE 2010 Regarding Issue Of RCMC By Director Handicrafts Government Of Jammu Kashmir Posted: 18 Feb 2011 12:35 AM PST Public Notice No 32 2009-2014 RE- 2010 The 15th February 2011 Subject Amendment in Paragraph 2 63 of Handbook of Procedures Vol I 2009-2014 RE 2010 regarding issue of RCMC by Director Handicrafts Government of Jammu [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT- Regarding Prohibition On Export Of Onion Exemption For Export Of Bangalore Rose Onions And Krishnapuram Onions Posted: 18 Feb 2011 12:32 AM PST Policy Circular No 21 RE-2010 2009-14 nbsp Dated 15th February 2011 Subject nbsp nbsp nbsp Prohibition on export of onion Exemption for export of Bangalore Rose onions and Krishnapuram onions nbsp Export of Onio [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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