News
Third party payments for export/import transactions – Conditions relaxed
19 February 2014
The Reserve Bank of India has liberalized norms for third party payments in foreign trade transactions.
Interim Budget – Relief to certain sectors
18 February 2014
In the Indian Interim Budget 2014 certain changes have been made in the tariff structure in respect of excise and customs duties besides extending exemption from service tax to two sectors.
ITAT examines ALP and market price and carbon credit
04 February 2014
Dealing with an interesting basket of disputes, the ITAT, Jaipur, on 27th January, 2014, decided two important questions. One related to the ‘market price’ of power purchased (consumed) calculated at ‘arm’s length’ by the assessee, and other relating to carbon credits.
Unwritten contract restraining competition is anti-competitive
29 January 2014
Unwritten contract between the two opposite parties that it will not allow the competition of informant with one of the opposite parties has been, prima facie, held as anti-competitive by the Competition Commission of India (CCI).
Penalty for non-disclosure of share-holding pattern
27 January 2014
Penalty for non-disclosure of share-holding pattern was at the center of disputes this month before the Securities Appellate Tribunal (SAT).
Pricing Guidelines for FDI instruments with optionality clauses
27 January 2014
The Reserve Bank of India has laid down guidelines for buy-back of certain securities from investors residing outside India, who had been issued these securities under the Foreign Direct Investment (FDI) Scheme.
Registration under Insecticides Act when process patented by another
16 January 2014
The Division Bench of Kerala High Court recently declined to interfere in the grant of registration under Insecticides Act, for manufacture of a particular insecticide, when the process of its manufacture was patented by another company-appellant in this case.
Exploiting elements in public domain
16 January 2014
‘What one man can invent, another can discover’ – Arthur Conan Doyle’s words spoken through Sherlock Holmes on deciphering the code which used figures of dancing men. Perhaps, it could apply to the imagination of a creative human mind.
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.