CORPORATE AND PROFESSIONAL UPDATE FEBRUARY 14, 2016 DIRECT TAX TDS : challenge to the notices / summonses issued u/s 201 – no order u/s 201(i) can be passed for which limitation had already expired prior to amended section 201(3) as amended by Finance Act No.2 of 2014 – The impugned notices / summonses held to …
Consolidated FDI Policy by Department of Industrial Policy & Promotion (DIPP) on Agriculture Agriculture & Animal Husbandry Sector/Activity % of Equity/ FDI Cap Entry Route a) Floriculture, Horticulture, Apiculture and Cultivation of Vegetables & Mushrooms under controlled conditions;b) Development and Production of seeds and planting material; c) Animal Husbandry (including breeding of dogs), Pisciculture, Aquaculture, under controlled conditions; …
GUIDELINES FOR FOREIGN COLLABORATION Guidelines to be considered in connection with the formulation of proposals and agreements of foreign collaboration: Alternative sources – The collaborator should explore, to fullest extent possible, alternative sources of technology, evaluate them from a techno-economic point of view and furnish reasons for preferring a particular technology and the source of import. …
SPECIFIC POLICY FOR SUPPLY CONTRACTS The Standard Policy is a whole turnover policy designed to provide a continuing insurance for the regular flow of an exporter’s shipments for which credit period does not exceed 180 days. Contracts for export of capital goods or turnkey projects or construction works or rendering services abroad are not of …
ALP OF ROYALTY COULDN’T BE DETERMINED AT NIL IF ROYALTY PAYMENTS WERE PERIODICALLY APPROVED BY RBI DCIT v. Kirby Building Systems India Ltd. [Hyderabad ITAT] ITA No. 316 of 2015, dated August 07, 2015 Facts of the case The assessee-company was engaged in the business of manufacture of pre-engineered building system products. During relevant year, assessee …
CORPORATE AND PROFESSIONAL UPDATE ON DECEMBER 1, 2015 1. INDIRECT TAXES A. Chairperson of CBDT, Anita Kapur completes her tenure, now appointed as advisor on Tax Reform. B. Transfer of land under JDA in lieu of flats held as conversion of capital asset into stock-in-trade [2015] 274 (Hyderabad – Trib.) ACIT v. Medravathi Agro Farms …
PROFESSIONAL UPDATE Sum paid to foreign AE for secondment of high level managers is taxable as ‘FTS’ Food World Supermarkets Ltd. v. DDIT [ITAT Bangalore] ITA No. 1356 & 1357 of 2013, Date of Decision: October 28, 2015 Facts of the case :The assessee is an Indian company engaged in the business of ownership and …
PROFESSIONAL UPDATE CREDIT RISK A credit risk is the risk of default on a debt that may arise from a borrower failing to make required payments. In the first resort, the risk is that of the lender and includes lost principal and interest, disruption to cash flows and increased collection costs. From Today we will discuss about Export Credit Guarantee Commission of …
INDUSTRIAL UPDATES WASHINGTON: America’s multinational retail corporation Wal-Mart is suspected to have paid bribes worth millions of dollars in India, according to a media report. In a major report, The Wall Street Journal said Wal-Mart’s “suspected bribery” unearthed in India involves thousands of small payments to low-level local officials to help move goods through customs …
NO TERMED AS SERVICE OF NOTICE – POSITION WHEN DISPATCHING NOTICE AT INCORRECT ADDRESS Recently in case of Ventrapathi Financial Services v. Superintendent of Central Excise (2015), honorable Andhra Pradesh high court held that dispatching of notice at incorrect address could not be deemed as service of notice and accordingly entire proceedings are liable to be set …