Fwd: TaxGuru.in : Legal & Tax Updates

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From: LEGAL & FINANCIAL UPDATES FROM TAX GURU <info@taxguru.in>
Date: Tue, May 3, 2011 at 9:39 AM
Subject: TaxGuru.in : Legal & Tax Updates
To: palashbiswaskl@gmail.com

TaxGuru.in : Legal & Tax Updates

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• Bad upkeep of I-T offices shocks CBDT chief in surprise visit
• Green Initiatives in the Corporate Governance- Clarification
• FCRA Comes into Force W.E.F May 2011
• Transfer/Posting of Commissioner/ Director of Income Tax Vide Order No. 76 of 2011
• SC adjourns Sahara case, allows more time to file documents
• Clarification in respect of General Circular No. 2 /2011 dated 8th February, 2011
• Approval of Ministry of Corporate Affairs for appointment of agency for providing electronic platform for electronic voting under the Companies Act, 1956
• E-Form No. 32 – Companies Act, 1956 – filing of conflicting return by contesting parties
• Marking a company as having management dispute by Registrar of Companies under MCA-21 system
• Opening of Escrow Accounts for FDI transactions – A. P. (DIR Series) Circular No. 58 Dated – May 02, 2011
• Pledge of shares for business purposes -A. P. (DIR Series) Circular No. 57 Date – May 02, 2011
• Compliance with Corporate Governance Guidelines (CG Guidelines)
• 2G Scam – I-T dept to file status report in SC on Tuesday
• Macroeconomic and Monetary Developments in 2010-11
• IRDA – Selection of Implementation Agency (IA) for Business Analytics Project
• Excise – Regarding Clarification on issues relating to CENVAT Credit Rules 2004
• Download ITR 7 in excel format for A.Y. 2011-12- Financial Year 2010-11
• Which is / is not an Arbitration Agreement
• What, If A Point Was Argued, But Not Dealt With In The Judgment
• DGCA asks airlines not to charge exorbitant fares
• Mortgagor can come to the Civil Court before sale with a civil suit
• How to Draft a Valid Jurisdiction Ouster Clause
• If 'No Debt Due', No Liability Is Incurred By The Guarantor
• Different Principles for Prosecuting Civil and Criminal Cases
• Correcting an error committed by the draftsman in legislative drafting in CPC, 1908
• Banks duties before declaring NPAs
• PVAT – Circular on Deferment from payment of Entry Tax in Punjab
• Various MVAT Notifications as per Budget Speech- 2011-12
• Permission to export 2,50,000 MTs of wheat, in the year 2011-12, to Afghanistan, upto 31.03.2012
• Maharashtra Tax Laws (Levy, Amendmend and Validation) Act, 2011 with Date of effect Notification for provisions of certain sections
• Finance Minister Pranab Mukherjee to leave for Hanoi Tomorrow to attend ADB's 44th Board of Governors' Annual Meet
• Are The Banks / Financial Institutions Above Law?

Bad upkeep of I-T offices shocks CBDT chief in surprise visit Posted: 02 May 2011 09:04 PM PDT The Income Tax chief recently made surprise visits to some offices in the department and found to his dismay their poor maintenance and the indifferent attitude of senior officers towards their juniors. During his visit to have a first hand feel of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Green Initiatives in the Corporate Governance- Clarification Posted: 02 May 2011 10:02 AM PDT The Ministry of Corporate Affairs has clarified that only a duly approved agency approved by it will have to be appointed for providing and supervising electronic platform for electronic voting to have a secured electronic platform for capturing... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

FCRA Comes into Force W.E.F May 2011 Posted: 02 May 2011 10:00 AM PDT Foreign Contribution Regulation Act (FCRA) 2010 has been notified and it has come into force with effect from 1/5/2011. FCR Rules 2011 have also come into force from 1/5/2011. Key features of FCRA 2010 include the following- Concept of 'permanent'... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfer/Posting of Commissioner/ Director of Income Tax Vide Order No. 76 of 2011 Posted: 02 May 2011 09:44 AM PDT ORDER NO. 76 OF 2011 - The following local transfers/postings in the grade of Commissioner/Director of Income Tax are hereby ordered with immediate effect and until further orders: [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC adjourns Sahara case, allows more time to file documents Posted: 02 May 2011 09:36 AM PDT The Supreme Court today adjourned the hearing of the petition filed by the Sahara Group against the orders of the Allahabad High Court which necessitated the company to share full details of investors participating in its fund raising exercise with... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Clarification in respect of General Circular No. 2 /2011 dated 8th February, 2011 Posted: 02 May 2011 09:26 AM PDT General Circular No: 22/2011, It has been observed that certain companies are seeking clarification in respect of circular No. 2/11 dated 8.2.2011 issued by the Ministry in respect of exemption u/s 212 (8) of the Companies Act, 1956. The point... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Approval of Ministry of Corporate Affairs for appointment of agency for providing electronic platform for electronic voting under the Companies Act, 1956 Posted: 02 May 2011 09:21 AM PDT Circular No.21 /2011, Section 192A of the Companies Act, 1956 read with Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 already recognizes voting by electronic mode for postal ballot. Some of the listed company have already... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

E-Form No. 32 – Companies Act, 1956 – filing of conflicting return by contesting parties Posted: 02 May 2011 09:16 AM PDT General Circular No. 20/2011, Dated: 02.05.2011 - E-Form No. 32 - Intimation to Registrar of Companies regarding particulars of appointment of Directors etc and changes therein in the company pursuant to section 303 (2) of the Companies Act, 1956 -... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Marking a company as having management dispute by Registrar of Companies under MCA-21 system Posted: 02 May 2011 09:11 AM PDT General Circular No. 19/2011 The Registrar of Companies shall mark a company as having management dispute in only those cases where the court or Company Law Board has directed to maintain the status-quo with reference to any e-forms including status... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Opening of Escrow Accounts for FDI transactions – A. P. (DIR Series) Circular No. 58 Dated – May 02, 2011 Posted: 02 May 2011 08:24 AM PDT A. P. (DIR Series) Circular No. 58 It has been decided to permit AD Category – I banks to open and maintain, without prior approval of the Reserve Bank, non-interest bearing Escrow accounts in Indian Rupees in India on behalf of residents and/or... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Pledge of shares for business purposes -A. P. (DIR Series) Circular No. 57 Date – May 02, 2011 Posted: 02 May 2011 08:20 AM PDT A. P. (DIR Series) Circular No. 57 Shares of an Indian company held by the non-resident investor can be pledged in favour of an Indian bank in India to secure the credit facilities being extended to the resident investee company for bonafide... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Compliance with Corporate Governance Guidelines (CG Guidelines) Posted: 02 May 2011 07:40 AM PDT I. Annual Filing of Compliance Status- a) All insurers are required to file a Report on status of compliance with the C G Guidelines on an annual basis w.e.f. the Financial Year 2010-11. This report shall be filed within 90 days from the end of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

2G Scam – I-T dept to file status report in SC on Tuesday Posted: 02 May 2011 04:10 AM PDT The Income Tax department will file its first status report on investigation into tax evasion in the 2G spectrum allocation scam on Tuesday in the Supreme Court. The department, according to sources, has reportedly traced instances of tax evasion... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Macroeconomic and Monetary Developments in 2010-11 Posted: 02 May 2011 04:02 AM PDT The Reserve Bank of India today released the Macroeconomic and Monetary Developments in 2010-11. The document serves as a background to the Monetary Policy Statement 2011-12 to be announced on May 3, 2011. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

IRDA – Selection of Implementation Agency (IA) for Business Analytics Project Posted: 02 May 2011 03:53 AM PDT Based on the detailed scrutiny of the Technical & Commercial Proposals submitted by the Shortlisted IT firms and further evaluation based on Combined Quality Cum Cost Based System (CQCCBS), M/s L & T Infotech has been formally selected as... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Excise – Regarding Clarification on issues relating to CENVAT Credit Rules 2004 Posted: 02 May 2011 03:47 AM PDT Circular No.943/04/2011-CX, Can credit of capital goods be availed of when used in manufacture of dutiable goods on which benefit under Notification 1/2011- CE is availed or in provision of a service whose part of value is exempted on the condition... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Download ITR 7 in excel format for A.Y. 2011-12- Financial Year 2010-11 Posted: 02 May 2011 03:18 AM PDT For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D) have to furnish Income Tax Return in ITR 7 and Format of the same for A.Y. 2011-12 is as give below:- ITR 7 in... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Which is / is not an Arbitration Agreement Posted: 01 May 2011 11:25 PM PDT Purpose of Arbitration Act-The purpose of Arbitration and Conciliation Act, 1996 ('the Act') is to provide quick redressal to commercial dispute by private Arbitration. Quick decision of any commercial dispute is necessary for smooth functioning of... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

What, If A Point Was Argued, But Not Dealt With In The Judgment Posted: 01 May 2011 11:16 PM PDT Hon'ble Supreme Court in Mohd.Akram Ansari Vs. Chief Election Officer & Ors , observed that it is not ordinarily open to the party to file an appeal and seek to argue a point which even if taken in the petition or memorandum filed before the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGCA asks airlines not to charge exorbitant fares Posted: 01 May 2011 11:11 PM PDT Civil aviation regulator DGCA today asked private airlines not to charge exorbitant spot ticket prices and ensure that these were not more than the maximum fares published on their website. The directive came at a meeting DGCA chief E K Bharat... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Mortgagor can come to the Civil Court before sale with a civil suit Posted: 01 May 2011 11:01 PM PDT Under Securitisation Act, if the secured creditor is acting in violation of the rights, duties and obligations, the mortgagor can come to the Civil Court before sale with a civil suit for injunction for staying the sale. In Mardia Chemicals Ltd.. Vs... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

How to Draft a Valid Jurisdiction Ouster Clause Posted: 01 May 2011 10:57 PM PDT Therefore, it is explicit that more than one Court may have jurisdiction in respect of the same subject matter as per the circumstances of the particular case. In such a situation, the parties may enter into an agreement and confer exclusive... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

If 'No Debt Due', No Liability Is Incurred By The Guarantor Posted: 01 May 2011 10:54 PM PDT Essential Feature of Guarantee-Recoverable Debt Necessary - The purpose of a guarantee being to secure the repayment of a debt, the existence of a recoverable debt is necessary. It is of the essence of a guarantee that there should be someone liable... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Different Principles for Prosecuting Civil and Criminal Cases Posted: 01 May 2011 10:48 PM PDT Hon'ble Supreme Court in the case of Vishwa Mitter v. O.P. Poddar - (1983) 4 SCC 701, has, inter alia, held that if any special statute prescribes offences and makes any special provision for taking cognizance of such offences under the statute,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Correcting an error committed by the draftsman in legislative drafting in CPC, 1908 Posted: 01 May 2011 10:43 PM PDT Hon'ble Supreme Court in Afcons Infrastructure Ltd. & Anr. Vs. Cherian Varkey Construction Co. (P) Ltd. & Ors. {(2010) 8 SCC 24; Decided on 26.07.2010} held as follows in para 13.5 and 16 respectively. A classic example of correcting an... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Banks duties before declaring NPAs Posted: 01 May 2011 10:34 PM PDT Before declaring NPAs, Bankers have numerous duties to perform including rehabilitation not only once but multiple times – Important Information for Borrowers and their advocates. Our Associate and Banking Expert has drawn attention to the following... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

PVAT – Circular on Deferment from payment of Entry Tax in Punjab Posted: 01 May 2011 10:24 PM PDT As we know the Hon'ble Punjab & Haryana High Court has already stayed the levy of entry tax in Punjab in the case of M/s Bhushan Steel v State of Punjab case on 28-03-2011 and also in other similar writ petitions challenging the levy of entry... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Various MVAT Notifications as per Budget Speech- 2011-12 Posted: 01 May 2011 10:17 PM PDT Various Notifications as per Budget Speech- 2011-12 VAT.1511/C.R. 54(1) to (6)/Taxation-1 dated 27th April 2011 In exercise of the powers conferred by entry 82 of SCHEDULE C appended to the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005),... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Permission to export 2,50,000 MTs of wheat, in the year 2011-12, to Afghanistan, upto 31.03.2012 Posted: 01 May 2011 10:11 PM PDT Notification No. 44 (RE-2010)/2009-2014 - Central Government hereby makes, with immediate effect, the following amendment in Notification No. 27(RE-2010)/2009-2014 dated 28.02.2011 read with Notification No. 33(RE-2007)/2004-2009, dated 08.10.2007 .... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Maharashtra Tax Laws (Levy, Amendmend and Validation) Act, 2011 with Date of effect Notification for provisions of certain sections Posted: 01 May 2011 10:04 PM PDT MAH. ACT NO XV OF 2011- Maharashtra Tax Laws (Levy, Amendmend and Validation) Act, 2011 with Date of effect Notification for provisions of certain sections. Maharashtra Value Added Tax Act Notifications - MAH. ACT NO XV OF 2011. [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Finance Minister Pranab Mukherjee to leave for Hanoi Tomorrow to attend ADB's 44th Board of Governors' Annual Meet Posted: 01 May 2011 09:55 PM PDT Union Finance Minister Shri Pranab Mukherjee will call on Vietnamese Prime Minister during his two days visit to Hanoi, Vietnam beginning tomorrow i.e. 3rd May, 2011. Finance Minister Shri Mukherjee is visiting Hanoi in order to attend 44th Board... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Are The Banks / Financial Institutions Above Law? Posted: 01 May 2011 04:28 PM PDT Why a Bank does not agree to any of the rights conferred on sureties by section 133, 134, 135, 139 and 141 of Contract Act, and any Rule of Law or Equity? A Case Study– Dena Bank (Letter of Guarantee):- Extracts of Paragraph nos. 4, 5, 6, 10 and 15... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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