Monday-July-2009-07-27-Indian-Statutes
07/29/2009

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Online PR News – 29-July-2009 – – Case Laws-Corporate Laws -From Sc/Hc

Sanction to a scheme of arrangement involving financial restructuring of a company and its equity shareholders under section 391 read with section 100 of Companies Act, 1956 - If the equity shareholders or the stakeholders of the company have resolved consciously and approved the proposed scheme, it is not open for the Company Court to sit over the said view as an Appellate Court, unless the same was against the framework of law or public policy; there is nothing wrong in the decision taken in the proposed scheme to spread out or adjust and write off all the expenses - Hindalco Industries Ltd., In re [Company Petition No. 293 of 2009 connected with Company Application No. 234 of 2009]

Direct tax laws -From AAR

AAR on tax rate applicable to a foreign company on long term capital gains accruing to it on sale of listed shares of an Indian company - The benefit of lesser rate of tax conferred by the proviso to section 112(1) of the IT Act, 1961 can be invoked by a non-resident foreign company as well; the expression” before giving effect to 2nd proviso to section 48” cannot be construed as a condition precedent for invoking the proviso to section 112(1); hence, the applicant-foreign company is liable to pay tax at the lesser rate of 10 per cent as per the proviso to section 112(1) apart from the surcharge and cess - Fujitsu Services Ltd., In re [AAR No. 800 of 2009]

From itat

Allowability of provision of depreciation claimed by a Bank on transfer of securities from available for sale (AFS) to held to maturity (HTM) category - In view of the clear cut guidelines of the RBI regarding transfer of AFS category investment into HTM category investment, the claim of the assessee-bank towards provisions of depreciation on account of transfer of securities from AFS category to HTM category is to be allowed - State Bank of Mysore v. DCIT [ITA No. 647/Bang./2008]

From Sc/Hc

Disallowance under section 40A(2) - In order to be covered within ambit of section 40A(2), it is necessary that expenditure incurred by assessee should be proved by Assessing Officer to be excessive or unreasonable - Income-tax Officer, Ward 14(3)-3 and 14(3)-4 Vs. M.M. Textiles - [2009] 31 SOT 207 (MUM.) [IT APPEAL NOS. 2547 AND 7418 (MUM.) OF 2007 AND CO NO. 48 (MUM.) OF 2008]

TDS under section 194C - For applying of provisions of section 194C there has to be a contract in existence involving a contractor and a contractee and contract must be for carrying out of ‘any work’ and further, there must be payment of amounts to contractor by contractee and such amounts must not be advances, to be adjusted against future payments - Muktha Arts Vs. Assistant Commissioner of Income-tax, TDS 2(2) - [2009] 31 SOT 244 (MUM.) [IT APPEAL NOS. 755 TO 757 (MUM.) OF 2007]

Section 80G deductions - A Cheque is a movable property and an unconditional handing over of cheque by donor to donee leads to transfer of property in cheque to donee - Housing & Urban Development Corporation Ltd.(HUDCO) v. Deputy Commissioner of Income-tax, Circle 12(1) - [2009] 31 SOT 259 (DELHI) [IT APPEAL NOS. 2826 AND 2827 (DELHI) OF 2004]

Securities Laws -From Sat

Payment of compensation to investors from Investor Protection Fund on account of default of members - No exchange can defeat the claim of an investor, if it is otherwise eligible under the guidelines issued by SEBI on the Investor Protection Fund, merely because it failed to amend its trust deed or rules governing the Investor Protection Fund in accordance with said guidelines - Harinarayan G. Bajaj v. The Investors Protection Fund of Stock Exchange, Mumbai [Appeal No. 153 of 2008]

Service Tax -From Cestat -From sc/hc

Charge of service tax - Taxable event in relation to service tax is rendering of taxable service - Commissioner of Central Excise & Customs v. Schott Glass India (P.) Ltd. [TAX APPEAL NO. 241 OF 2008]

Corporate Laws

Taxation of Limited Liability Partnerships - Press Note, dated 10-7-2009

Direct Tax Laws

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Section 90 of the Income-tax Act, 1961 - Double Taxation Agreement - Agreement for Avoidance of Double Taxation and Prevention of Fiscal Evasion with Foreign countries with the Government of the Republic of Tajikistan - Notification No. 58/2009-FT & TR-II [F.No. 503/10/95-FT & TR-II], dated 16-7-2009

Insurance Laws

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Unit Linked Products - Cap on Charges - Press Release, dated 22-7-2009

Securities Laws

Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2009 - Insertion of Chapter V-A - Notification No. LAD-NRO/GN/2009-10/12/169546, dated, 14-7-2009

Amendments to the Equity Listing Agreement - Circular No. CFD/DIL/LA/2/2009/21/7, dated 21-7-2009

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