News
Cenvat credit and physical fitness of employees
16 January 2014
The CESTAT in a recent case has held that service of gym instructor is essential for the physical fitness of employees and being necessary inputs, Cenvat credit of Service Tax would be admissible on such service.
Construction of floating restaurant is works contract
16 January 2014
Contract for construction of a restaurant that was supposed to be floating on the lake will amount to works contract and not outright sale of movable property, according to a recent ruling of Division Bench of the Kerala High Court.
ITAT examines purchase of goods in India for the purpose of export
16 January 2014
In its recent decision dated 10-1-2014, [Tesco International Sourcing v. DDIT] the ITAT (Bangalore) had occasion to examine ‘Purchase of goods in India for the purpose of export’.
TP adjustment on delayed receipt of sales proceeds
16 January 2014
The issue of interest on delayed payments, since the payer is to benefit from interest free funds has given rise to many disputes on whether adjustment should be made and if so what would be a reasonable rate at which such interest will be deemed to have been earned.
IPRs on the rise – WIPO Report
18 December 2013
WIPO released the 2013 edition of World Intellectual Property Indicators, earlier this month. It is based on data from national and regional offices, WIPO, World Bank and UNESCO.
SC on powers of TRAI and TDSAT
17 December 2013
The Supreme Court of India has held that exercise of power by the Telecom Regulatory Authority of India (TRAI) under Section 36(1) of the Telecom Regulatory Authority of India Act, 1997 is not controlled or limited by Section 36(2) or Sections 11, 12 and 13.
Transmission Licence – Fee reimbursement from beneficiaries
17 December 2013
The Electricity Appellate Tribunal has held that the transmission licensee, not paying any license fee prior to the amendment, is entitled to reimbursement of the said licence fee paid by it later and that the same can be directed to be passed through to the beneficiaries.
ITAT discusses FII’s loss on derivative transactions
13 December 2013
Is loss on derivative transactions assessable as business loss? This was the question before the Tribunal in Platinum Asset Management Ltd v. DDIT.
US Supreme Court to debug software patent eligibility
12 December 2013
12 December, 2013 The Supreme Court of US admitted the petition of certiorari filed by Alice Corporation to review the judgement of the Federal Circuit in CLS Bank Int’l v. Alice Corp.,717 F.3d 1269 (Fed. Cir. 2013). The petition prays for clarity and certainty in testing patent-eligibility of c
Consensus on global trade deal at Bali Ministerial meet
09 December 2013
Bali witnessed a meeting of minds and WTO members managed to agree on certain items of the vast agenda which was on the table.