Fwd: TaxGuru : “Colourable Device and Gains Taxable In USA Parent’s Hands , Sale of shares of foreign company taxable if object is to acquire the Indian assets” plus 18 more

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From: TaxGuru.in - Daily Tax and Corporate Law Update <info@taxguru.in>
Date: Sat, Jul 16, 2011 at 9:52 AM
Subject: TaxGuru : "Colourable Device and Gains Taxable In USA Parent's Hands , Sale of shares of foreign company taxable if object is to acquire the Indian assets" plus 18 more
To: palashbiswaskl@gmail.com

TaxGuru : "Colourable Device and Gains Taxable In USA Parent's Hands , Sale of shares of foreign company taxable if object is to acquire the Indian assets" plus 18 more

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• Colourable Device and Gains Taxable In USA Parent's Hands , Sale of shares of foreign company taxable if object is to acquire the Indian assets
• ICSI issues Guidelines for Peer Review of Attestation Services by Practising Company Secretaries
• ICAI extends Common Proficiency Course (CPC) Registration Date to 5th October, 2011 foe Exam to be held in December, 2011
• ICSI extends last date for payment of Annual Membership Fee for 2011-12 to 31st August, 2011
• ICAI announces Date for CA Final, PCC, IPCC exams to be held in Nov 2011
• Transfers and Postings Of Deputy / Assistant Commissioners of Income-tax vide CBDT Order No 122 of 2011 dated 15.7.2011
• Govt to implement Scheme of Assistance for Prevention of Alcoholism and Substance (Drugs) Abuse
• India to Host 14th Annual Meeting of Asia/Pacific Group on Money Laundering at Kochi From 18th to 22nd July, 2011
• 3 New Judges Appointed in the Bombay High Court
• Committee recommends tax incentives to revamp Export Oriented Unit (EOU) scheme
• SC directs Sahara to approach SAT against SEBI order directing to return the money collected from investors for an OFCD scheme
• Empanelment with UCO Bank for Concurrent Audit for CAs – Last Date 31.07.2011
• DGFT – Extension of period for document submission, scrutiny and issue of registration certificate for export of cotton [ITC (HS) Code 5201 or 5203]
• Exempts specified goods from customs duty for sale in Kalaichar and Balat border haats at Indo-Bangladesh border- Notification No. 60/2011-Customs
• NBFCs – RBI's Master Circular, dated 1-7-2011 on Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977NBFCs : RBI's Master Circular, dated 1-7-2011 on Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977
• RBI's Master Circular dated, 1-7-2011 on Fair Practices Code
• RBI's Master Circular dated 1-7-2011 on Corporate Governance
• RBI's Master Circular dated 1-7-2011 on Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007
• Hero Group paid Rs 811 crore as capital gains tax – CBDT

Colourable Device and Gains Taxable In USA Parent's Hands , Sale of shares of foreign company taxable if object is to acquire the Indian assets Posted: 15 Jul 2011 08:43 PM PDT Aditya Birla Nuvo Limited vs. DDIT (Bombay High Court) TIL cannot be said to be unaware of the fact that the shares of ICL held by AT&T Mauritius did not belong to AT&T Mauritius because TIL was party to the Shareholders Agreement, wherein... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI issues Guidelines for Peer Review of Attestation Services by Practising Company Secretaries Posted: 15 Jul 2011 07:16 PM PDT With a view to regulate the profession of Company Secretaries and in terms of the powers vested, the Council is thus authorised to issue these guidelines for Peer Review. These guidelines serve as a mechanism intended to further enhance the quality... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI extends Common Proficiency Course (CPC) Registration Date to 5th October, 2011 foe Exam to be held in December, 2011 Posted: 15 Jul 2011 07:10 PM PDT In view of the closure of banks on account of half yearly closing on 30th September, 2011, the last date for registration for Common Proficiency Course (CPC) shall be 5th October, 2011 for being eligible to appear in the Common Proficiency Test... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICSI extends last date for payment of Annual Membership Fee for 2011-12 to 31st August, 2011 Posted: 15 Jul 2011 07:08 PM PDT The Annual Membership fee and Certificate of Practice fee for the year 2011-12 became due for payment w.e.f. 1st April, 2011. The last date for payment of annual membership fee was 30th June, 2011 which has now been extended upto 31st August,... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

ICAI announces Date for CA Final, PCC, IPCC exams to be held in Nov 2011 Posted: 15 Jul 2011 07:05 PM PDT The next Professional Competence Course (PCC), Integrated Professional Competence Course (IPCC) and Final Examinations of the Institute will be held from 1st November, 2011 to 17th November, 2011 at the following centres . The last dates for receipt... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Transfers and Postings Of Deputy / Assistant Commissioners of Income-tax vide CBDT Order No 122 of 2011 dated 15.7.2011 Posted: 15 Jul 2011 06:58 PM PDT Vide Order No 122 of 2011 dated 15.7.2011 the CBDT has transferred and posted Deputy / Assistant Commissioners of Income-tax with immediate effect [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Govt to implement Scheme of Assistance for Prevention of Alcoholism and Substance (Drugs) Abuse Posted: 15 Jul 2011 06:52 PM PDT Ministry of Social Justice & Empowerment implementing a Scheme of Assistance for Prevention of Alcoholism and Substance (Drugs) Abuse for the 'Whole Person Recovery' of the addicts as part of our community based intervention and treatment... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

India to Host 14th Annual Meeting of Asia/Pacific Group on Money Laundering at Kochi From 18th to 22nd July, 2011 Posted: 15 Jul 2011 06:50 PM PDT The Government of India will host the 14th Annual Meeting and 10th Annual Technical Assistance and Training Forum of the Asia/Pacific Group (APG) on Money Laundering at the Le Meridien Hotel, Kochi (Cochin), Kerala, India, from 18th to 22nd July... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

3 New Judges Appointed in the Bombay High Court Posted: 15 Jul 2011 06:48 PM PDT In exercise of the powers conferred by clause (1) of article 217 of the Constitution of India, the President is pleased to appoint (i) Shri Justice Kamalkishor Kapoorchandji Tated, (ii) Shri Justice Prasanna Bhalachandra Varale, and (iii) Shri... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Committee recommends tax incentives to revamp Export Oriented Unit (EOU) scheme Posted: 15 Jul 2011 06:46 PM PDT A committee has recommended a host of tax incentives like exemption from customs duty, central excise and service tax to revamp the 30-year old Export Oriented Unit (EOU) scheme. After expiry of tax benefits for the EOUs, the government in February... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

SC directs Sahara to approach SAT against SEBI order directing to return the money collected from investors for an OFCD scheme Posted: 15 Jul 2011 02:26 PM PDT NEW DELHI: The Supreme Court today directed Sahara Group firm Sahara India Real Estate Corp to approach the Securities Appellate Tribunal against market regulator SEBI's order directing the return of money collected from investors for an OFCD scheme... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Empanelment with UCO Bank for Concurrent Audit for CAs – Last Date 31.07.2011 Posted: 15 Jul 2011 05:05 AM PDT UCO Bank invites applications from practicing firms of Chartered Accountants of India, in the prescribed format, who are willing to have their firm empanelled as Concurrent Auditors, in the Bank. CA firms should preferably be a partnership concern... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

DGFT – Extension of period for document submission, scrutiny and issue of registration certificate for export of cotton [ITC (HS) Code 5201 or 5203] Posted: 15 Jul 2011 04:37 AM PDT Public Notice No. 65 (RE-2010)/2009-2014 Through Public Notice No. 55(RE-2010)/2009-14 of 17.06.2011, close date for document submission, scrutiny and issue of registration certificate for export of cotton was notified as 15.07.2011. Requests have... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Exempts specified goods from customs duty for sale in Kalaichar and Balat border haats at Indo-Bangladesh border- Notification No. 60/2011-Customs Posted: 15 Jul 2011 04:35 AM PDT Notification No. 60/2011-Customs Central Government, being satisfied that it is necessary in the public interest so to do, hereby exempts the goods specified in column (2) of the Table annexed hereto when imported into India from Bangladesh from the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

NBFCs – RBI's Master Circular, dated 1-7-2011 on Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977NBFCs : RBI's Master Circular, dated 1-7-2011 on Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977 Posted: 15 Jul 2011 04:32 AM PDT CIRCULAR NO. DNBS (PD) CC NO. 230/03.02.001 These directions shall be known as the Miscellaneous Non-Banking Companies (Reserve Bank) Directions, 1977. They shall come into force with effect from the 1st July, 1977 and any reference in these... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated, 1-7-2011 on Fair Practices Code Posted: 15 Jul 2011 04:26 AM PDT CIRCULAR NO. DNBS (PD) CC NO. 232/03.10.042/2011-12 Guidelines on Fair Practices Code for NBFCs -( i) Applications for loans and their processing (a) Loan application forms should include necessary information which affects the interest of the... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on Corporate Governance Posted: 15 Jul 2011 04:24 AM PDT CIRCULAR NO. DNBS (PD) CC NO. 234/03.10.001/2011-12, Rotation of partners of the statutory auditors audit firm - With public deposits/deposits of Rs. 50 crore and above- 1. The need for good corporate governance has been gaining increased emphasis... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

RBI's Master Circular dated 1-7-2011 on Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007 Posted: 15 Jul 2011 04:22 AM PDT CIRCULAR NO. DNBS (PD) CC NO. 225/03.02.001/2011-12, DATED 1-7-2011 These Directions shall be known as the 'Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007'. (2) These Directions... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

Hero Group paid Rs 811 crore as capital gains tax – CBDT Posted: 15 Jul 2011 04:05 AM PDT The BM Munjal-promoted Hero Group has paid Rs 811 crore as capital gains tax for buying out erstwhile partner Honda from their joint venture -- Hero Honda , Central Board of Direct Taxes (CBDT) today said. Hero has paid the entire tax amount of Rs... [[ This is a content summary only. Visit www.taxguru.in for full article ]]

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